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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Later negative reviews were withdrawn by reviewers when IFC told them that reviews had to be withdrawn before any negotiations.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 One review was even withdrawn by the reviewer after he received a legal threat from IFC.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firm policy against withdrawing reviews based on legal threats made against us, but will sometimes allow reviews to be withdrawn by the reviewer to help negotiations or to protect the reviewer.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
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