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Baron Forex - no return of withdrawl funds

Discussion in 'Scam Alerts' started by hal sollis, Oct 19, 2011.

  1. hal sollis

    hal sollis Recruit

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    I was with Baronfx for 2yrs. They closed the account because of rules and regulations relating to U.S. citizens. Sept. 27 2011 day of closure sent e-mail as valued client sent regret and withdrawl form attachment. Sept. 28 returned withdrawl form by fax. Sept 29 recieved e-mail Baron had recieved fax. They stated funds would take 1-2 weeks to process. On the 14th Oct. tried to make contact as to whereabouts of funds. They will not answer e-mails,phone calls,or web sight chat. The amount of funds is $15,180. thank you
     
  2. Pharaoh

    Pharaoh Colonel

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    Send an email to every address you have for them as well as a fax.

    Include a link to this thread. Let them know that if you do not hear back from them by the end of the business day on Monday, you will contact the CFTC, SEC, and IC3.gov

    If there's nothing from them by Tuesday morning, do all of that, leave a one star review, and open an FPA Traders Court case.
     
  3. Sylvie O.

    Sylvie O. Sergeant

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    #3 Sylvie O., Oct 19, 2011
    Lasted edited by : Jan 13, 2016
  4. Sycamore

    Sycamore Recruit

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    Keep on them and be relentless and, like the others have stated, threaten them with any authority/regulatory body possible. I recently had a problem with a forex broker while attempting to wire funds into my account. You can read the thread titled Resolved Forex-Metal. Anyway, in my case, persistence paid off. Good luck!
     
  5. PipStar

    PipStar Sergeant

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    Another broker called EMPFX 2 years back decided to close shop, they stated they will return all funds to clients, they sent withdrawal forms to everyone and said it will take 6 weeks to process all. I never received my funds from them.

    The above story is not related to BaronFX. I hope you have better luck with them in receiving your funds. But when they stop communicating with you like that, it is a definite red flag. You should immediately start a funds recovery process by contacting the authorities and opening a scam ticket with FPA.
     
  6. RahmanSL

    RahmanSL Major

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    1-2 weeks "processing time" means to buy time to pack their bags and disappear.
     
  7. PipStar

    PipStar Sergeant

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    That's exactly what EMPFX did at the time when they asked for 6 weeks to process all withdrawals. They misled everybody including the FPA, first by answering FPA by email, then that broker disappeared after 6 weeks. Don't give any broker more than reasonable time to process a withdrawal which means only a few days before you start funds recovery by all possible means.
     
  8. Pharaoh

    Pharaoh Colonel

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    Any more info on this? Personally, I consider any withdrawal delay of more than a few days to be a very big red flag.
     

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