Bring out your dead! More scam companies go offline.

[AsstModerator]

Bring out your dead!
More scam companies go offline.​

I was editing Sive's latest Forex Military School lesson. I noticed that he linked to the list of scam companies in the reviews and mentioned that over half were out of business. I decided to check.


I'm pleased to report that 4 more Scam companies have gone offline. Here they are...

Trend20Forex.com was listed as a scam for posting obviously fake trading results on their advertising pages. TrendForex is by the same company and is also gone.

Article about Trend20's Scam, includes screenshots.


USDBot was selling an illegal copy of a free EA as their own. They later released an "update" that was really a different EA.

FPA Scam Finding against USDBot.


PipsLeader was also a free EA that was illegally copied and resold as a commercial product.

Article about PipsLeader's piracy.


Last and not least, 4sqa.com and all other sites I've found that belong to Danny Wall are currently listed as suspended. Danny Wall claimed to be the world's greatest forex trader and gave lucky clients opportunities to send him money. For some reason no one has been able to figure out, the "world's greatest forex trader" had a problem finding any money so send back to clients.

Article about Danny Wall's method of scam.

Danny Wall also won the 2010 Non-Broker Forex Scam of the Year Award.

I'm hoping to read that the authorities having finally caught up with Danny Wall. I think I'll be reading that sometime very soon.


A handful of the companies listed as scams were killed by regulators before the FPA became aware of them. Others were on our radar, but only got scam findings when the authorities acted. In several cases, an FPA scam finding was later followed by legal and regulatory actions against the scammers.

As of today, the FPA lists 59 company review pages as scams. Of those, 46 of those have closed their websites. Only 13 remain online.

I think these numbers say a lot about how effective the FPA is. I think they also say a lot about how the FPA does not hand out scam findings without a very good reason.

 

[Joh]

Thank you Lieutenant for the above and all the amzing work you guys do to look after/protect us. It does not cease to amaze me how many scam/con artists are out there and how quickly you are on to them - please keep up the good work and thank you again

 

[FreddyFX]

EXCELLENT work and honored to be part of this elite group.

 

[samob]

go go FPA

 

[prabakarv1990]

Nice work FPA.....................

 

[BackSpace]

Very good FPA. Keep up the good work.

Unfortunately I still have a big problem with my broker, ITFX.
ITFX is already listed as a scam so I am not very hopeful.

 

[susan]

Hats off again FPA keep up the good work! and thanks for hard work!

 

[Bob4rex]

I salute you guys at the FPA for a great job of keeping our stupid asses from getting scammed by these con-artists. Let us contribute in whatever way we can to make FPA stronger and keep these scammers out for good. Thanks again.

 

[mrgummo]

Thank you for providing a "global neighborhood watch" to Forex! As someone who walked into a "pile" of ECNalpha and ACME Hedge, I know all too well the value of sharing forex experiences...Kudos! (still trying to get that "pile" off my shoe--lol).

 

[onewithzachy]

promotion to mr morten

Salut to Mr Morten for pointing that out.
Indeed Mr. Morten deserve some promotion !