BMFN (Boston Merchant) SCAM

ibham1

Private, 1st Class
Messages
55
In order to move this forward, I will be filing a case against BMFN via the trader's court. If BMFN still play hardball with FPA then I will take legal action against them to get my money back.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,578
I've just emailed Noah and BMFN's compliance department. I've invited them to post in this thread or to conduct discussions via email.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,578
BMFN Compliance sent this...

BMFN has been made aware of this issue and has exchanged emails with this client on the subject. The client has been made aware of BMFN's stance, including reliance on the applicable terms and conditions within the Client Agreement executed by and between the Client and BMFN. Terms and conditions agreed to which govern the client's account have been adhered to and upheld by BMFN.

Should the client wish to arbitrate this issue with BMFN he/she is able to do so in compliance with the terms and conditions of the executed Client Agreement. The Client has always been made aware of this and BMFN declines the offer to post such a reply in your forum.
 

ibham1

Private, 1st Class
Messages
55
I have fully adhered to BMFN's terms and conditions, BMFN have not provided me with any evidence to suggest otherwise. Also, I have been unable to discuss the matter with BMFN without constantly having the door slammed in my face. In the last email I received from them (12th March 2012), they stated "Lastly, no funds will paid to you by BMFN as none are rightfully due".

As per the FSA's instructions, I have made an official complaint, according to the FSA they should contact me to make me aware that BMFN's formal complaint procedure has been initiated. BMFN have not responded to the official complaint I made dated 4th May 2012.
 

Pharaoh

Colonel
Messages
19,837
Let's see if the FSA will do something about this. At minimum, they need to force BMFN to tell you why your trades weren't honored.
 

ibham1

Private, 1st Class
Messages
55
I have hit a brick wall in terms of the FSA helping me. Basically they have said BMFN are covered under the "Payment Service Regulations". So my complaint regarding the execution of trades is not covered. Is this something the FPA can pursue directly with BMFN?

Thanks
 

Pharaoh

Colonel
Messages
19,837
Why do people disappear for months on end? If you had updated more often, there might have been more advice given sooner.

You already pursued it and got a GUILTY verdict against them with your Traders Court case:

http://www.forexpeacearmy.com/forex...lty-case-2012-041-ibham1-vs-www-bmfn-com.html

My suggestion would be to look at RamanSL's post on page one of this thread. He said:

BMFS - Boston, United States
• Company registration: Boston Merchant Financial Ltd, Russia
Regulation:Australia ASIC #379035;
Russian FFMS #1220;
Bulgaria FSC MIFID BGR00195 and RG 03 220.
Have you asked ASIC, FFMS, or the Bugarian FSC to look into this?
 

ibham1

Private, 1st Class
Messages
55
The FSA has been messing me about for the past few months. I was told by the FSA to make an official complaint to BMFN and then complain to the Financial Ombudsman Service (FOS). I filled in a lengthy complaint form with all my evidence, FOS didn't even look look at it, they said my complaint wasn't covered as BMFN was only regulated under the payment services regulation - which has nothing to do with my particular complaint. I have no idea why the FSA didn't tell me this in the first place, it would have saved me alot of time and effort.

When I made the official complaint to BMFN (as instructed by the FSA), they told me that my particular BMFN account was held with a Russian broker regulated by the FFMS. The FSA, ASIC, FSC etc are not the appropriate or applicable regulators to contact and have no jurisdiction regarding issues with my account.

I then attempted to contact the FFMS, but am unable to contact anyone who speaks English or even find English documentation i.e. http://www.ffms.ru/eng/

I would appreciate it if FPA would assist me as I have hit a brick wall - Thanks
 

Pharaoh

Colonel
Messages
19,837
I ran it through google translate. So far, all I can find is phone numbers. No sign of an email address or contact us form.

Anyone here want to take another crack at it?
 
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