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ACTCFX.com aka AC Trading Co.

Discussion in 'Blacklisted Folder (Unresolved Scam Cases)' started by Scam Investigations Committee, Feb 23, 2010.

  1. Scam Investigations Committee

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    ACTCFX.com aka AC Trading Co.​

    We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...

    FPA member Amin El-Hakim complained to the FPA on February 6th, 2010 about problems he was having with ACTCFX.com. He had made some money and had successfully withdrawn his initial deposit. His trading went very well, and when he tried a new withdrawal, things started to go wrong very quickly. His requests for withdrawal of profits kept disappearing. Since they've worked together before, FPA Investigator Ken was assigned to Amin's latest case.

    Amin reports that after he said he was taking screenshots of withdrawals that kept disappearing from the online system, a couple of orders for 25 lots were opened in his trading platform. These orders couldn't be closed or modified. They've ignored all contact attempts by the FPA and by Amin. The conclusion is that these were likely placed by ACTC in an attempt to wipe out his account.

    Since ACTCFX refuses to even acknowledge emails on this subject, we have no choice but to accept Amin's version of events as the complete and total truth.

    Further, the Trading Agreement Amin showed the FPA indicates that the account is being handled by Gain Capital. When contacted about this issue, Gain Capital said that ACTCFX.com was not a partner of theirs and that Gain had no relationship with that company.

    Failure to return money legitimately owed to traders is the FPA's first definition of scam. No matter what the source of those two large orders, we consider ignoring a trader's questions about orders that can not be modified or closed to be scam, incompetence, or both. We consider failure to even talk to a trader about a trade dispute to be unethical.

    Under these circumstances, ACTCFX has forced us to declare it to be a scam. We offer ACTCFX the opportunity to have this scam finding lifted by meeting these requirements. First ACTCFX must immediately allow Amin to withdraw all the profits he earned. Since the 2 25 lot trades were unmanageable, even when they were well in profit, those trades are to be nullified. Additionally, ACTCFX must agree to never again provide incorrect information regarding relationships with other brokerage firms. Finally, ACTCFX must publicly apologize for this issue and provide proper and reliable contact info.

    ACTCFX.com is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company. For those who already have accounts there, we recommend that you close them as quickly as possible. We urge min El-Hakim and anyone else who had issues like this with ACTCFX to file a fraud complaint with the proper authorities in your country. In this case, we further recommend that Amin file a complaint with the NFA. ACTCFX has removed their NFA number from their website, but they are still listed as being registered under NFA # 0232831.


    We wish thank FPA Investigator Ken for his efforts on this case. We thank Gain Capital for helping to clear up any issues where ACTFX falsely tied their name into the situation. We extend our regrets to FPA member Amin El-Hakim for his loss of funds.



    Discussion Thread for this Scam Finding

    FPA Review Page for ACTCFX aka AC Trading Co
     

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