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A Scam Finding is Lifted

Discussion in 'Scam Alerts' started by Scam Investigations Committee, Jan 26, 2009.

  1. Scam Investigations Committee

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    Today is a day for celebration. A company that had taken the wrong path has corrected its course. This is the first time a scam finding has been lifted. We hope it serves as a model for other companies to follow.


    In May of 2008, the FPA received a threat of legal action if a review talking about a link between InterbankUSA and InterbankGroup wasn't removed. After some investigation, it turned out that there was indeed a link between those companies. There were also links to a 3rd company, FxTrading. Further, there were fake 5 star reviews being posted by company employees on the FPA website and FxTrading has some incorrect information about the NFA status of their clearing house posted on their website. Under the circumstances, the FPA declared all 3 companies to be scam, and blacklisted them.

    Last week, the FPA received a communication from Chris Instasi of FxTrading asking how to get the scam finding lifted. We pointed him to the terms laid out in the original scam finding, and he successfully addressed each one.

    1. We require that a full, complete, and true statement of any and all relationships between these companies be posted on all 3 company websites as well as on the FPA review pages for each company.

    These were separate companies, but all were owned by Brian Johnston, so were related. InterbankGroup has since closed. InterbankUSA never had a functional website and is also closed. The relationship between the companies has been disclosed. Since there is only 1 company running at this time, we waive the requirement for this relationship to be posted on the website.


    2. That all 3 companies and their owners pledge to never again interfere with the integrity of FPA's review system by submitting false reviews or by threatening unfounded legal action against the FPA.

    We have received a pledge that FxTrading will not attempt to interfere with our reviews again and that the company and its owner will not threaten any unfounded legal actions against the FPA.


    3. That all 3 companies pledge that any information about themselves and any clearing houses they use be kept complete, true, and up to date.

    The incorrect information about FxTrading's clearing house has been removed from the website. FxTrading now runs managed accounts and serves as an IB for other brokerages.


    4. That the standards for hiring traders be clearly posted on the websites of these companies so that customers will know what sort of traders they might be dealing with.

    All forex account managers for FxTrading will require a Series 3 NFA license. This information should be posted on their website soon.


    All of the terms laid out by the FPA have been met. The scam finding against these companies is hereby lifted and they are no longer blacklisted by the Forex Peace Army. InterbankUSA and InterbankGroup are no longer in business. We now know of no reasons why anyone should not do business with FxTrading as an IB or as a managed forex company. As with any other forex company, we recommend that you exercise your own due diligence before investing.

    We thank the FPA Forums Team for conducting the negotiations from the FPA side. We thank Chris Instasi for dealing with all issues from FxTrading's side.


    Official Resolution Finding

    Original Complaint


    Special Note: FxTrading is NOT related to Fx Trading LLC. InterbankGroup and InterbankUSA are not related to InterbankFX/IBFX.
     
  2. Just1ForexMan

    Just1ForexMan Recruit

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    A first alright...

    Wow. This is a real first alright. Hopefully its an indication of improvement to the market place... well maybe that is reaching for now. Good job FPA.
     
  3. sadaqat

    sadaqat Recruit

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    well done

    Congratulation
    You have done a good job at last.
    Carry on the good work
    Sadaqat
     
  4. imran hashmi

    imran hashmi Recruit

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    well done FPA keep it up

    cleaning and removal of garbage is really a noble task to save the other mankind from these devils, My prayers are always for you and your team,
    Best of LUck

    imran Hashmi


     
  5. Kinzel

    Kinzel Recruit

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    Wohoo! :D


    Good job, guys!
     
  6. CraigFX

    CraigFX Recruit

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    Excellent Result!!! :D
     
  7. CHECK

    CHECK Recruit

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    a job well done
     
  8. illuminator

    illuminator Recruit

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    Reply Message

    This is all very nice news of course, however I have a belief. Once CORRUPT ALWAYS corrupt and I still wouldn't deal with the slimy mongrels no matter what resolutions they undertake.


     
    #8 illuminator, Jan 26, 2009
    Lasted edited by : Jan 27, 2009
  9. omo9ja

    omo9ja Private, 1st Class

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    greeeat job but i just hope this isn't a scam in itself. i mean its very possible to put things right only to win a few more hearts to scam ultimately.
    i am sorry if i am wrong but i just cant give a scam company a second chance.
     
  10. gidi

    gidi Recruit

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    EXCELLENT !!!
     
    #10 gidi, Jan 27, 2009
    Lasted edited by : Jan 27, 2009

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