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Account Managers or Pirates of the Caribbean?

Discussion in 'Scam Alerts' started by Scam Investigations Committee, Apr 9, 2009.

  1. Scam Investigations Committee

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    Patrick Gallager and Mike Kritch of International Foreign Currency seem to have disappeared somewhere in the Caribbean. We already knew that Kritch liked to vacation there, but it looks like he may have decided to not come back after all the complaints lodged against him by some of his clients.

    The FPA first became aware of IFC when there Mike Kritch, a company representative left a review from the same location in the Bahamas as a review allegedly left by a client inside the US. Kritch later claimed that he was vacationing with the client and that a new review would be left when the client got back home.

    Later negative reviews were withdrawn by reviewers when IFC told them that reviews had to be withdrawn before any negotiations. As far as we can tell, these negotiations were never acted on. One review was even withdrawn by the reviewer after he received a legal threat from IFC. The FPA has a firm policy against withdrawing reviews based on legal threats made against us, but will sometimes allow reviews to be withdrawn by the reviewer to help negotiations or to protect the reviewer.

    Kritch and Gallager's offers to trade back losses resulted in nothing so far. Eventually, they stopped replying to emails and have not responded to messages sent by the FPA asking for their side of the story. Since they won't speak for themselves, we have no choice but to believe that all the accusations against them are true.

    Kritch threatened FPA member Jetset2009 and said he could wipe out Jetset2009's account with a single trade of 60 lots. Two weeks later, the bulk of Jetset2009's $141,000 account was wiped out in a single trade using 60 lots. FPA member Thasler reports that the limits of the LPOA for his account were violated, resulting in large losses.

    International Foreign Currency claims to have a Boston address, but seems to have no current registration with the NFA.

    As of the time this is being written, the performance statistics on their website have not been updated since September, 2008. As far as we can tell, all methods of communicating with them no longer function. It seems that they have disappeared, along with all the money they collected for trading.

    We don't know if they were swallowed up in the Bermuda Triangle or if they've decided to take up a life of piracy in the Caribbean. We do know that their actions more than meet the FPA's definitions of scam. We hope they meet up with the proper legal authorities soon so that they can be forced to answer for their actions.


    Official Scam Finding

    Original Complaint thread
     
  2. theluckyseven

    theluckyseven Recruit

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    Great work!

    Scammers should be HUNTED DOWN!

    Thanks to all the FPA members for making it possible
     
  3. CA26

    CA26 Recruit

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    Hi Guys:

    Here is the URL to the "Internet Crime Complaint Center" run by the FBI. I would definitely recommend for the FPA member to report this to them if they haven't done so already. That's a hell of a lot of money to be scammed out of. Here's the link...


    http://www.ic3.gov/default.aspx


    Best of luck. Please keep us updated on this one.

    Regards,

    CA26
     
    #3 CA26, Apr 10, 2009
    Last edited: Apr 10, 2009
  4. Mike Kritch

    Mike Kritch Recruit

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    This Is Crazy

    You Guys Are Nuts After Months Of Good Trading A Loss Occured And Now Everyone Is Pointing Finger's I Hate To Let You All Down But There Is No Conspiracy Or Sneaky Plan Just Some Bad Trading That Effected Me As Much As Everone Else You Did Not Have To Tell Us Not To Trade We Were Not Accepting Accounts Anyway Until We Back Test And Are Secure Our Strategy Will Work
     
  5. ernest8fingers

    ernest8fingers Master Sergeant

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    We've all heard that before

    Where are u currently? What is your address there? How can one contact u? No one believes you! U run away from problems its seems? U lose other peoples money AND THEN TAKE A CARIBEAN VACATION? I wonder if the trip cost exactly $141,000.00? If u were us,would you beleive u? LOL- Only a matter time before Karma(justice) gets u.:p
     
    #5 ernest8fingers, Apr 19, 2009
    Last edited: Apr 19, 2009
  6. Pharaoh

    Pharaoh Colonel

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    Awfully nice of Mr. Kritch to drop in only afterwards. I wonder where he was when the FPA was sending him emails?
     
  7. jetset2009

    jetset2009 Recruit

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    Time will tell

    Let time be the judge. If IFC wants to ever come back and trade respectably and have the posts dropped then trade us back or pay us back. FPA will accommadate restitution. You cannot say read the contract because it says we can lose. You stated many things regarding the trading or we would have all been gone if you never stated the conditions.
    . Kritch told us he was the owner. He never talked about Patrick Gallagher whose name is on the registration of the business, that he had a partner, Mike was always in charge front center stage. All about Mike. Not Pat, Mike.
    2. Kritch told us he only traded the fund. No one else touched the fund. He had his finger on the button on all trades. Nobody touched his fund. ??
    3. Kritch told us he only traded 4 currencies. The Swiss currency was not one of them that the fund was wiped out. ??
    4. Kritch told us he watched 9 screens and kept is finger on the button to start & stop executions of trade.
    5. Kritch told us the software told him when to trade, not that the software made the trades. He later stated in an e-mail there was a software error that wiped out the fund as if the computer traded it or to contend Riley or Gallagher screwed up the trade.
    6. Make sure IFC has a file with the NFA, CFTC, BBB, IRS, ETC.
    7. Mr. Kritch traveled extensively back and forth to the Bahamas' and trades were never executed over the 3 months we were clients. Only when he was gone Christmas week did the trade go down.
    8. We told Kritch trading us back would make all this go away. He hs traded us back before. He used his $20 million dollar hedge fund. A stop was not in or blown on that trade.
    9. You have to ask, What is IFC thinking? One client was left with $30,000 or so in his account and the money sat un traded after the loss. There was no intent to continue trading or trade on IFC's part the last 4 months. The client pulled his money from Taurus.
    10. Kritch told us he had $20 million in a hedge fund. Later in a January he said he needed to "find capital" to trade us back if that was the plan.
    11. Kritch said there were 93 of us who lost $24 to $27 million on the trade the numbers changed along the way. Several of us responded to the loss here by posting but not 93 people. Where are all the others?? Do they exist?
    12. Kritch said you could not pull your money out for 90 days. ??
    13. Kritch stated to us he has a residency and a boat registered in the Bahamas'.
    14. Question is how can you disappear for 4 months say if we trade you back it would be before 4/15/2009 and then start e-mails after that?
    15. IFC is registered in Boston and has a mailbox in the US with a street address in Boston. Yet they say they are not a US company? ??

    Trade us back or pay us back. This is totally negligent toward it clients as a company.
     
    #7 jetset2009, Apr 20, 2009
    Last edited: Apr 20, 2009
  8. jetset2009

    jetset2009 Recruit

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    Starting All Over - Restitution

    4/22/2009

    Everyone:

    Mike and I are emailing back and forth the last week. We use to talk everyday when we traded and had accounts. We were having fun talking back and forth everyday until this happened. I was up $41,000 due to Mike Kritch and his expert trading. This trade was not his doing or his fault. There seems to be some favorable talk moving forward and are in discussions. I told him if there was restitution of some fashion I am sure the FPA would be interested. Divided we all lose.

    Greg Baron
     
  9. Pharaoh

    Pharaoh Colonel

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    Arrrr matey! Is that treasure map he be offering in exchange for peace genuine or not?
     

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