Problem BroCo account arrested by District judge

[released]

So what is that you are suggesting for us to do, forexjosa after reading interesting article from securecomputing.net.ua? Is everything that is published in this esteemed website in Ukraine has more value than SEC, or just this particular piece? I've seen a lot of the latest news online already telling that the District Court is not a Federal Court at all and that the perpetrator has confessed, thou the case is civil and it is hard to understand why and where he should confess in a civil litigation.
Are we to expect that BroCo will tell us truth if they are guilty? Will they announce in advance: "hey dear traders, grab your money and run -- we are going to jail soon!"
Yeah, if you are that brave give them the benefit of the doubt and wire your money back (BTW now they are apparently in Mauritania, wherever that might be -- don't loose track) . They will be there for you forever, I am sure.

 

[forexjosa]

Answer your question, what I suggest you to do it depends how are you involved with this process.

If you are a Broco Client, then you probably want withdrawal your money until all this thing is solved. Then, go to the site and request a withdrawal.
Of course you may just want to keep trading, and, then is up to you, because everyone, special every broco clients, are aware about all these SEC allegations by now. So is up to each one to choose their move.

If you are a interested fellow trader, that want to contribute to the traders community, but don´t have your money with broco, then you already made your point, this all thing is following its path now, and what I suggest is for the sake of the broco clients is that you and all of us wait for more facts about that case. I think you agree with me that alleged that they are scam, just like that and before any more facts, it won´t help broco clients.

By the way, the original last news about broco cooperation with SEC come out in a very well known and respectable uk site. This one:
hxxp://www.v3.co.uk/v3/news/2259869/russians-sec-working-together

 

[released]

And it was not BroCo itself who wrote this piece using their editorial page?
After all, that is the most well known financial news outlet called "Incisive Media" or V3 from GB. It is even better known and way more reputable than "securecomputing" from Ukraine. That is for sure, ask anyone on the street : Do you know V3? You'll see-- they all know it!
The only problem is that while being so reputable and well-known they do not warrant the accuracy of their online content:
"Incisive Media ... does not represent or warrant the accuracy, timeliness, completeness or suitability of the content."
So yeah you are right lets help the BroCo client by keeping them calm and relaxed and confused and defrauded...

 

[ernest8fingers]

Since I do love throwing fuel onto ANY fire-the most disturbing post today on this issue was their rep Natalie posting her thank you but not posting ANY information concerning this "alleged" theft by their CEO. Her silence in itself is cause for alarm. The more I am told to "not be concerned" the more I would panic? Maybe I am not normal though?

 

[forexjosa]

Let me get this straight: I am an independent trader and an independent user of this site. Dont´owe nothing to broco. Happen only to be a broco client (as I am client for other brokers), because I need a broker to trade forex, which I like.

So I just add some information and my judgement to the first news here. I don´t want to get the side of broco, just because if something sometime be proven that this broker or any other with I may be a client, is a scam, I will come back here and accuse them!

And for this case in particular, I will do that no matter what I wrote until now, because if you read carefully I just gave my opinion consider the facts we know for now!

Having said that, I wonder what moves you against that broker, and why you elaborate so much such a conspiracy theories. Just don´t get it.

So let me see if I understand you:

the link I post from securecomputing (Home > SC Magazine Australia/NZ) you says it is a ukraine site?!? I would say, consider the extension ".au" that is a australian site. But why in the hell a IT ukraine magazine will have a site with ".au"-(hxxp://www.securecomputing.net.au/) and ".uk"-(hxxp://www.scmagazineuk.com/) and ".com"-(hxxp://www.scmagazineus.com/) extension?!

That is really new for me! But yet you write with such a conviction, that I have to believe in you.

But wait a minute. You just can see who this site is here: "hxxp://www.securecomputing.net.au/Info/Default.aspx?si=About"
... and that really don´t seems a ukraine site for me!
"We've been doing this since 1989, when we first began campaigning for organisations' information security leaders, making it the longest established IT security title in the United States"

So, then you find out that no one knew about v3.co.uk ! Ok, I believe you, afterall you are a sharp guy... you easilly discovery that securecomputing.net.au is afterall a ukraine site!

Anyway I will give you another link:
hxxp://news.cnet.com/8301-27080_3-20000806-245.html

cnet.com ... of course you will discover that is may be a bielorussian site?!?!

who cares, afterall, even if this one article is signed for a supposed "bielorussian" girl that is called "Elinor Mills", anyway she is probably a Broco employee disguised... she even have an alibi:

"Elinor Mills covers Internet security and privacy. She joined CNET News in 2005 after working as a foreign correspondent for Reuters in Portugal and writing for The Industry Standard, the IDG News Service, and the Associated Press"

The ironical of all this is, I au contrair than you, am not here to proof broco guilty or not-guilty... that is not my responsability. I just limited to gave an opinion about the facts known until now, and what would be the better way to deal with, concerning mainly the broco clients... not anyone else!

I will come back here, if happens that broco will be proven as guilty. And I will sustained then what I wrote now as the best for all broco clients, even if that happens to be the case, I also will show my delusion about broco, if that allegations turn the truth. But by now, we don´t know that. So I think is a best service for all traders, special those with broco, that we be encircle with the facts instead of just slander this firm.

 

[ernest8fingers]

Forexjosa-maybe in your country freedom of speech is a luxury? Its our way of life in USA. I dont see any slanderous comments (yet) by previous posters. Your opinion is as valid as any other. All every other poster is saying(except Natalie & yourself) is what any concerned BroCo client must be thinking? What the h_ll is going on over there and should I now protect my investment until some one/some where/some how gives me some details. BroCo hasnt exactly helped by saying nothing! I dont wish another criminal Broker gimmic on anyone-but you seem to be in denial? Good luck all the same and I sincerely hope this is one big misunderstanding. My gut feeling is (of course) its not.

 

[forexjosa]

Ernest8fingers,

I really feel that I was push to extreme my positions, which I really don´t like, just because I watch as a argue against this broker many skew comments like "they are thiefs, run, that news that come out is for a ukraine site!!! ...) ... And I just insist since my first comment here, that those way to put things is not the best consider broco clients. I insist on this point: broco clients.

Lets say they are guilty: if you just maximize all this thing, don´t you think that you will jeopardise those folks that are trying to withdrawal money from there? Are you guys following me now? The fact is that as it comes to my knowledge for several friends I have that are clients there, is that they are honoring the withdrawals (with a serious delay thought), so why saying they are not?

We just don´t need to invent facts now, because every broco clients by now is well aware of that SEC allegations. So there is not the danger that someone is just distracted!

The fact is that second news come out in a serious well known sites... So why said that they are manipulating "ukraine" sites? You just don´t have the reason to do that...

That is not my concept of "freedom of speech", and luckily in my country, freedom of speech is something that we earn and conquer in the last 36 years, so we really value freedom of speech... that is why I am writing this here.. (in fact I double post previously just because what I wrote, for the first time, had to be seen by a moderator?!... so, for a moment I just thought about that freedom of speech thing...)

By the way, I have send a review on broco page "hxxp://www.forexpeacearmy.com/public/review/www.brocompany.com" at some days ago. I did that because I had live accounts with theme as per the rules (in fact I was just giving them 3 stars, because how they are dealing with this situation - they honoring the withdrawals until now- and I was waiting for the end of this thing to turn it on a 4 stars... or 1 star)... but unfortunately, in spite of this site accustom me to freedom of speech, I don´t get that review published... yet (since 4 days?!).
So, could the forexpeacearmy freedom of speech department just look that for me?

thank you.

 

[released]

You are very persistent, forexjopa, I give you that!
It might be also true that you have trader's best interests on your mind, thou I doubt it. But assuming so, here is where you are mistaking:

1. No matter how many obscure publications you will dig out from the Internets, only one of two web-sites can influence public opinion at that stage: SEC or Federal Court's(for the Southern District of N-Y).
Everyone, who ever dealt with the Federal Court system in U.S. know that it is efficient and expeditious in cases like this. If both parties to a lawsuit cooperate, there is no argument left and it could be settled in a matter of 1-2 days. But if the settlement has not yet been reached -- no article by a bielorussian correspondent of cnet will prove anything. These are just rumors, man. The facts are in the Court.

2. As you saying yourself, you have managed to withdraw your money from BroCo. So how are you trying to help the rest of it's clients, after admitting a strong possibility that their funds could be in jeopardy?
You throwing at them smoke and mirrors that you patiently dig up (or maybe seeded yourself?) from all kind of unrelated Internets, so that they would not follow your example! And why do you do this? According to you, the best way for them to protect their moneys is to keep them up to the very end (and you are saying yourself that it will be likely a disaster in the !) in a rapidly sinking mauretanian company. So you are trying to confuse them to calm them down.
I and many others here simply can not understand that logic. In fact I think there is none.

3. The freedom of speech doesn't mean a freedom not to follow the private forum's rules, so better than complaining on moderators check up if followed them first.


To finish this discussion, I would never sleep one nite if there would be a hundred dollars of mine left in any BroCo's account, is it lazer or mt4 doesn't matter. And I do not know anyone who is not a complete moron but would chose your follow your advise and "save" his money by keeping it in a burning fireplace.

P.S. I know that I will never be able to post last, you'll beat me no matter how hard I try, so I give up - I have better things to do. But you keep on going!
I'll come back to enjoy reading your posts, I promise

 

[forexjosa]

Dear fellow,

please just copy-past any sentence of mine that I have written point out that traders should keep their money there. I never wrote it, and I never advise it. But I think you know it.

A SEC allegation is a serious thing. I admitted that before, of course.

But that is it. Else, every fire we put in that are not help anyone, either if they want to withdrawal that money, or keep trading.

I only limited to pass one idea, and that is that until now this broker didnt act as scammer, and I had a good experience with them trading, until now. I tried already 7 or 8 brokers, live, and consider good experiences (besides my trading strategies) I remember just a couple.

So I have not my money with them now, that is right. If I had, I probably withdraw it. That is also right. But If I were in a process of withdrawal I am pretty sure I wouldnt like to see too much flame and fire here, supported in rumors and not in facts (I am not talking about the SEC allegation, but all the other focus, like the mauritania headoffice, and the ukraine and obscure sites...).

And I still have 13 fellows with them, the majority withdrawal or are in a process of do it, and 4 or 5 are just keep trading. So for them also, I think being fact oriented is the best.

Of course my position is too expose, anyway it seems I am defend the "bandit"... afterall, for us traders, sometimes a broker is really the bandit. So I may pay that expose. But I am faithful with my principles, and I have some friends, traders and not brokers employees,that already thank me to calm down people while this thing resolves or they decide and succeed in withdrawal.

So I will be ok with my conscience, either SEC allegations proof to be true or false.

I guess in your case, you already judge them, so you only expect one thing: that they be really a scam, and that they run away with all the clients money. If happens that will be truth, congratz, you were right, but anyway is not your money.

If happens that don´t be true, I guess don´t matter, because in one way or another you haven´t risk your money with them, so... no one will point you out for this 4 post of yours that you posted here only to telling people to run away from broco(as if people that have money with them could just run away just like that!)

Anyway, I also like read from you, special those theories about ukraine sites and so, so, I promise, I will let you post last.

Have a great weekend and lets just think forex or go out and have fun... and less about broco, brokers,... or ukraine sites!

 

[Pharaoh]

Dear fellow,

please just copy-past any sentence of mine that I have written point out that traders should keep their money there. I never wrote it, and I never advise it. But I think you know it.

This "don't panic" post comes pretty close:

But now please just follow me: if you have money with a broker, like fxcm as you said, and they are being accused of such a odd scheme, what you think is better for you and your money - just jump to a conclusion that that broker is a scam and get in panic, even before you get really proofs and while the situation is clarifying, or..., trying to be calm, following the situation, and decide to withdrawal in a slow pace ... or just being with them and keep trading?

The panic is not only awful not only to broco, but mostly for those fellows who have money with them... so lets just calm down, and let the things show its ways.

Think of the SEC filing like a fire alarm going off in a large office building. Just because it could be a false alarm or a drill is no reason not to immediately head for the nearest exit. One hopes that the building isn't really on fire, but waiting around to see is sure way to get burned if it is. Telling others to wait for more news before evacuating is just plain wrong.

My personal advice to anyone with money at ANY broker facing serious charges (not just another NFA spanking for paperwork and advertising issues) is to pull out most or all of your money IMMEDIATELY. You can always put it back later. It doesn't matter if the broker is some tiny offshore startup or one of the largest brokers in the world. When criminal charges start coming in, grab your cash and head for the nearest exit.

It's YOUR money. YOU need to take steps to protect it. Don't wait for more info or a conviction of your broker is up on serious charges. Anyone who advises you otherwise is just like a person saying to wait for more info or proof that the building really is on fire.