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Acm Usa

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

  1. chapmagorge

    chapmagorge Recruit

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    The following statement is fact.

    I had a corporate account with ACM USA.

    On 8 January 2009 they closed my account and one open trade, a EUR USD short I had opened on a swing basis at a loss of almost $ 3,000.

    ACM USA state they are not responsible for my losses and refuse to reimburse me.

    They state I was informed by email that this would happen, like this makes it ok.

    My argument is that email is not adequate for something as serious as this. I asked why they hadn’t programmed the platform to display a warning on log in and execution which would have, without fail notified all account holders of the intention to close ACM USA.

    Despite requesting my funds be wired to my business account they sent a cheque, which took so long to come, at the time of writing my account has been closed 18 days yet my funds still haven’t cleared.

    I am unsure preparing my complaint for NFA and other financial watchdogs will help as they appear to have withdrawn their membership.

    Trust ACM Geneva, not likely, apparently they can close any position without conscience or liability.

    Trade with them at your own risk.
     
  2. Pharaoh

    Pharaoh Colonel

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    Did they say why they closed your account and your trade?
     
  3. chapmagorge

    chapmagorge Recruit

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    Yes, it is because they applied for Swiss Bank status. My contact told me that they transferred some accounts 'as is' but closed the rest.

    In my world, if it was their decision to close my trade then they should pay, ironically the Eur Usd short was at 1.3450 area and was taken on a swing with a target of 1.26 to 1.28 zone (documented in a recorded telephone conversation).

    So not only did they stop me out for almost 3k I missed out on a further 6k and they essentially say tough, you were warned.

    When I asked why they hadn't placed code to execute on the platform so everyone would be aware they admitted they hadn't considered it.
     
  4. Pharaoh

    Pharaoh Colonel

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    When they say they warned you, was there some sort of notification like "we may or may not close your trades due to our application for Swiss Bank Status" message sent?

    It might be a good idea to drop a note to the Swiss Regulators and ask their opinion of this issue.

    More and more, I am thinking that "Swiss Forex" is like Swiss cheese - full of holes.
     
  5. chapmagorge

    chapmagorge Recruit

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    LOL, My sentiments exactly.

    They sent a email on 12/30/08 stating ACM USA would close and all open trades would be closed. Trouble is they sent it from clientrelations@acmusa.which never found it's way into my ACM folder which was set up to accept email from my contact.

    My contact said he accepts it was obvious I was unaware as I was flat on the 7th but he saw I opened about 6 trades only hours before they closed, he said he tried to call but must have had the wrong numbers.

    He agrees with me that they should have had their programmer code a warning on the platform instead instead of sending an email.

    I told him that I also trade from a PDA which I don't have setup for email so the warning via email is clearly inadequate, but he tells me the powers that be say 'tough'.

    I will write to the Swiss regualtors, and for what it's worth the NFA.

    Thanks
     
  6. Erik La Ramka

    Erik La Ramka Recruit

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    you should check their GENEVA entity

    chapmagorge,

    you should check out the stuff thats been unfolding on the ACM page, specifically fraud allegations:

    http://www.forexpeacearmy.com/forex...brokers-fake-publicity-blitz-fpas-forums.html

    and also their attempt to scam the forums:

    http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/4480-acm-big-truble.html

    all in all, the US clients of ACM USA should definitely claim their money back! as you will notice from ACM's past practices, they like to change their conditions when you least expect it, such as public holidays, wild markets or your low margin.
     
  7. French Lawman

    French Lawman Suspicious person

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    ACM USA suspenses US operations

    Below was posted on ACM USA's web site home page on January 8, 2009::::


    Important Notice from ACM USA

    ACM USA’s white-label licensor, ACM – Advanced Currency Markets SA (“AC-Markets”), announces another milestone in its already impressive and successful history: the formation and creation of ACM Bank. The ACM Group proudly announces the planned reorganization of the ACM Family under the new ACM Bank.

    In an effort to ensure greater security, safety, and enhanced banking and investment services to their clients, ACM Group is in the process of applying for its Swiss banking license.

    As a result, for the short term ACM USA will no longer be an active NFA member. This means that ACM USA will no longer act as a counterparty to forex positions and will not continue to service client accounts. Instead, ACM USA will remain a licensed office to AC-Markets assisting in the opening of forex trading accounts directly with AC-Markets and in the future with ACM Bank. AC-Markets is not a National Futures Association (“NFA”) member firm and cannot accept U.S. customers until the approval of its Banking license.

    Please note the coming date which is of importance to your ACM USA forex trading account.

    * On January 8, 2009 at 9:00 a.m. EST, all open forex positions and accounts will be closed at the prevailing market price.

    You may continue to trade or close your ACM USA account until the above mentioned date. However, should you not take any action before the above mentioned date, your account will be closed and the account balance will be returned to you by check.

    If you have any questions or concerns please do not hesitate to contact our office at (212) 758-7200 or customersupport@acmusa.com.

    Best Regards

    ACM USA
     
  8. ernest8fingers

    ernest8fingers Master Sergeant

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    another one bites the dust

    Its about time! USA doesnt want u anyway! Maybe freddy4x still cares but no one else,I'm sure!:shocked:
     
  9. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    There's another mystery in this mess. Normally, I wouldn't give out information like this. The whole ACM debate has been anything but normal. I've got 2 users who only want to talk about ACM who seem to have some things in common.

    Linda Barnes
    Claims to be a Canadian investigator.
    Has a yahoo.ca email address.
    Posts from Mexican IP addresses.

    French Lawman
    Sounds French.
    Has a yahoo.ca email address. Maybe he's French Canadian.
    Posts from Mexican IP addresses.
    Sometimes the same IP addresses as Linda Barnes.
     
  10. ernest8fingers

    ernest8fingers Master Sergeant

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    Gorden Gekko

    This entire ACM affair reminds me of that movie WALL STREET(of course with a Mexican flair). Maybe in 5-10 years when the Swiss authorities get around to this case we may have the facts. Of course by then no one will care.
     
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