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ACM In big truble

Discussion in 'Scam Alerts' started by Trend Fighter, Apr 13, 2009.

  1. Trend Fighter

    Trend Fighter Recruit

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    :hissyfit:Hi every body .........I found this post on another forum:

    A squad of 28 police officers raid the downtown Geneva offices of currency trading company ACM and seize documents, a computer and other evidence in a suspected financial fraud case. Swisster discovers the unprecedented affair, being directed by an inspector and detective for the cantonal force’s financial fraud brigade, may take weeks to unravel and has involved the questioning of top officials from the company, who are refusing to comment.

    http://www.24heures.ch/actu/suisse/r...one-2009-04-03

    ================================================== ===========

    Here is reasons why they got busted:
    1. Spread widening with no limits, to create FALSE market volatility.
    2. Margin manipulations.
    3. Dealing desk Trading against traders.
    4. 90% off trades was keeping on ACM books without banking licence, but they advertise thru STP
     
  2. ernest8fingers

    ernest8fingers Master Sergeant

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    Agree fully

    I am not sure how its done there, but in USA, 28 cops means (trouble*28). Nothing at all mentioned on website. I'm riveted to my PC,waiting for the next scrap of credible info. I wonder if there accepting new accounts? I wonder if there is a mass exodus from this company? All very exiting. :p
     
  3. Pharaoh

    Pharaoh Colonel

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  4. JSCoffman

    JSCoffman Private

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    Press Release

    PRESS RELEASE:


    On Thursday April 2, 2009 at 10:00 AM, 28 Geneva police officers and investigators raided the offices of Advanced Currency Markets (ACM). ACM claims to be the largest online Forex broker in the World. The raid was the result of months of investigations against ACM. This investigation was initiated by MBFX’s holding company MexGroup who filed a criminal complaint against ACM last year. MexGroup is based in Mexico City, Mexico and provides financial services to clients worldwide. MBFX was one of the largest customers of ACM from 2005 to 2008.

    Since MBFX traders are also skilled programmers, they suspected that ACM was engaging in illegal activities when the trading platform functions showed signs of manipulation. When challenged by MBFX traders, ACM staff directed the blame to their Liquidity Provider Banks, RBS, UBS, etc. (their Straight Through Processing platform which was supposedly feeding trades directly into the clearing banks). ACM insisted they had done nothing wrong. Statements of three ACM executives, questioned in preliminary hearings by the police, insisted that ACM was a completely legal business, while the evidence shows the complete opposite. MexGroup presented the court with sufficient evidence of criminal activities to prompt a court ordered raid of the ACM offices.

    MBFX attempted to meet with the owners of ACM and reach an out-of-court settlement before presenting the police with additional incriminating evidence of ACM’s wrongdoing. ACM refused to discuss the matter. The Swiss law firm representing MBFX filed the additional evidence with the court. In retaliation ACM filed a claim of blackmail and fabrication of documents on April 1st. The court ordered the raid on April 2nd in a dramatic showing that the court was not giving ACM’s claims any validity. MBFX had given the court evidence which far outweighed that which was provided by ACM.

    During the raid an expert provided by MexGroup guided the Geneva authorities through ACM’s back office trading platform, revealing hidden manipulation tools which ACM routinely used to sweep an investors account empty within a matter of seconds without regard to the actual market. The investigators were able to see this illegal manipulation tool in action on the day of the raid. The expert clearly demonstrated to them how it was actually done. To obtain undeniable evidence the police used the manipulation tools of the platform to manually inflict a margin call on a live account of a customer. The police also witnessed other manipulation tools in action and saw that ACM was only holding approximately 10% of client positions on STP, as opposed to 100% they had claimed and have advertised all along.

    MexGroup provided expert witnesses to give evidence to the criminal court that ACM’s trading platform was deliberately designed to steal from its customers. The expert called it “theft by design”.

    ACM was once owned in part by Refco. Refco was closed down in 2005 due to alleged illegal activities in the United States. ACM’s largest shareholder, Lloyd La Marca, was said to have fled the scene of the raid. The other ACM officers, Alexandre Axarlis and Nick Bang, have refused to cooperate with the authorities and were taken in for questioning.

    The ACM Geneva staff received an internal mailing on Friday, asking them to consider the case closed, work normally and report any questions from the outside directly to the management. The staff was told by the management that the police raid was a simple exercise by authorities and there is nothing to worry about. They were also instructed to tell customers that the media had blown the raid out of proportion and all was back to business as usual.

    MBFX has by Petition proposed to the to the Swiss court that it appoint an emergency crisis team to immediately take over ACM trading platform management to protect all ACM customers. The court ordered an overseer appointed by the Swiss authorities to insure that all current customers be immediately placed on STP and stop the dealing desk from trading against the customers as if they were a Casino. This will prevent the closing down or liquidation of ACM and serve to protect the Millions of Dollars of thousands of customer’s investment funds.

    MBFX has also petitioned the court to freeze ACM capital in a sufficient amount to cover the claim of theft made by MBFX until a settlement is reached, or the case goes to trial and a verdict is rendered.

    MBFX expert traders and programmers are on stand-by waiting to provide full assistance to the authorities.

    The criminal investigation into ACM trading practices continues.

    JC Harris
    Lead Counsel
    MBFX
     
  5. ernest8fingers

    ernest8fingers Master Sergeant

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    Looks like the end for these CROOKS!

    SEE, karma does WORK! We all know how Brokers "tweek" their pricefeed. If this last post is dead on(and we all know it is!) then I would buy the video of these bastards being burned at the stake. Maybe that would set a new precedent? The Swiss have a reputation of no-nonsense (and secretive) financial doings. Seems they didnt like those folks down at ACM tarnishing their image? Hope this sends message to the rest of the dirtbagBroker community. We got plenty of stakes!:p:p:p
     
  6. Trend Fighter

    Trend Fighter Recruit

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    You'r right Pharaoh sorry I missed the original thread , beleive it or not I looked for a thread on the same subject before I posted mine and some how I couldn't find any.......... too much trading i think:mad:
     
  7. katalin Kovacs

    katalin Kovacs Private, 1st Class

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    I am sad.

    I feel betray, i are reading all forums and papers for a few days. I believe Ilya for a while, my husband tell me to step back and look at whole picture, he alway suspicios of Ilya story. For mr. Coffmann and others, this News Relese you put here is same as sombody put on FX-Street, they say it is a Bllomberg news relese. FX-Street took it of because they say Bllomberg do not do news relese, they contact them and they denny it.

    FPA, why you not ask for link to this news relese? Why you not ask were is this to be found? Why you not ask like other FX sites for pure proof this is not all made up, fake pictures? My husband has use all the time your Crazy cat information to help trades, he now feel you are not protect yorself from association if all this is lies.

    I also read FPA scam review of Ilyas company Mexbank, it is all bad.
     
  8. Patroklos

    Patroklos Recruit

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    What? JSCoffman typed Press Release at the top? Well it must be credible then!

    If this is a press release, pray tell, who released it?? The answer is no one. Kovacs is right about the "press release" on FX-Street. It claimed to be from Bloomberg News, but Bloomberg has not published such story. I wonder about the motives and actions of people who will intentionally lie about who produced a press release. (Notice the side the individual who did so (styles himself Robin Hood) is on. They must be pretty desperate.

    Bloomberg News has been in possesion of a similar press release/story now for almost three weeks. Stop and consider...they haven't published it yet...why?? Because it isn't credible information - yet! Time will tell.

    Until then, Cover your ass Coffman, and be very sure you haven't thrown your lot in with a fraudulent and libelous organization.
     
    #8 Patroklos, Apr 23, 2009
    Last edited: Apr 23, 2009
  9. linda barnes

    linda barnes Suspicious person

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    Searching for proof

    My name is Linda Vivian Barnes. I am a court-appointed investigator from Montréal, Canada, engaging in collection of information of the Advanced Currency Markets // MexBank scandal. I will be traveling to the US, Mexico and Switzerland next week to search for the truths. If anyone has any leads or vital information on both sides of the story, please kindly share with me. Upon return, I will share my findings with you individually if the court permits. Thank you.

    mailto:lindabarnes414@yahoo.ca
     
  10. linda barnes

    linda barnes Suspicious person

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    Searching for clues



    Many viewers from this forum asked me had I any information to share. I am afraid I do not at this time. That’s the reason I am making this trip to the US, Mexico and Europe locations searching for clues. I have more questions than answers. If you do have some ideas as to whom I should be talking to or where I should be looking, please write again: lindabarnes414@yahoo.ca

    Thank you for your time.
     

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