Problem BroCo account arrested by District judge

[released]

It is an old news already, but I did not see it here yet. Read about the fraud on SEC site:
BroCo Investments and Valery Maltsev

I expect they will attack the messenger - me, as they are doing very aggressively everywhere else. They also like lengthy "Official Statements" and offer bonuses. However, you people are the first place I go to if concerned about a broker. And you need to know the truth so to make an educated decision who to trust your hard-earned money. So that is my contribution.

For those who will be forced to read an "Statement from President" from BroCo, do not hesitate to compare the facts with the SEC complain, in full here:
http://www.sec.gov/litigation/complaints/2010/comp21452.pdf

So as you can see they really need your money now, no bonus is too big.

 

[Lenar]

Hello everyone!

Concerning Broco.

Yes, the case has place. But, please, don't do any summary. Don't forget about presumption of innocence. Let's wait for judge's decition. Otherwise it is only a slander.

 

[ernest8fingers]

is BroCo extinct?

Natalie-where are you? Strangely silent these last few days? Please let your customers know what is going on? This is what YOU promised in your last post.
I guess employees at BroCo are busy processing withdrawal requests? Or packing suitcases? Sad really-yet one more reason to avoid ANY investment in
a Russian company.

 

[forexjosa]

It is an old news already, but I did not see it here yet. Read about the fraud on SEC site:
BroCo Investments and Valery Maltsev

That is indeed old news that were already posted on other part of the forum.

Anyway here it is an updating:

hxxp://www.securecomputing.net.au/News/170201,russia-and-us-working-together-to-shut-down-stock-hacker.aspx

So what to say about that? Hard to believe that what come out on the first news will be proven to be true... because is just a such dumb stupid scheme, for someone that has so much to loose.

So, by that way of thinking, the second news is more likely to be believed...

But only justice will tell in the end.. I just hope, for broco sake and all those satisfied customers (there are plenty of them, being me one of them) that they clarify this asap...

 

[ernest8fingers]

That is indeed old news that were already posted on other part of the forum.

Anyway here it is an updating:

hxxp://www.securecomputing.net.au/News/170201,russia-and-us-working-together-to-shut-down-stock-hacker.aspx

So what to say about that? Hard to believe that what come out on the first news will be proven to be true... because is just a such dumb stupid scheme, for someone that has so much to loose.

So, by that way of thinking, the second news is more likely to be believed...

But only justice will tell in the end.. I just hope, for broco sake and all those satisfied customers (there are plenty of them, being me one of them) that they clarify this asap...

You may have indeed had a good experience trading with BroCo. Maybe you even managed to make money? I trade with MBT & FXCM and if their CEO's were accused of the same "monkey business" as Valery Maltsev- I wouldnt wait to withdrawal my funds. I would be shopping for a Broker offering "less drama".

 

[forexjosa]

You may have indeed had a good experience trading with BroCo. Maybe you even managed to make money? I trade with MBT & FXCM and if their CEO's were accused of the same "monkey business" as Valery Maltsev- I wouldnt wait to withdrawal my funds. I would be shopping for a Broker offering "less drama".

I can assure you that I have make a nice money trading through them.
I also understand your point. I am in vacations, so, in fact I have withdrawal my money, as I always do during my vacations time.

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.

 

[ernest8fingers]

I can assure you that I have make a nice money trading through them.
I also understand your point. I am in vacations, so, in fact I have withdrawal my money, as I always do during my vacations time.

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.

Depends on how much is in account. I never have more than 1500 bucks in any one account. I just harvest profits when realized. This way no matter what-I cant be "cleaned" out. And yes, I would still err on the side of caution
by removing my money. You can always re-open or re-fund but not if your money is gone? I learned long ago-do not "marry" your broker-or your trades.
Honesty(for me) is very important in a Brokerage. Break that trust in any way-even once-and they are history. I also "see" your point-I just dont agree with it. Good luck though.

 

[Pharaoh]

I'll definitely take E8F's side on this. If one of my brokers had any sort of accusations like this, I'd pull most or all of my money out. If they get cleared, then I'd put it back in. Why take a chance?

A presumption of innocence means I won't demand to see anyone jailed until a proper trial results in a conviction. My money doesn't need a legal ruling to be moved to a safer location when there are warning signs.

 

[cowmadagan]

Buy the rumor, sell the fact.

Buying the rumor means buying currency against the possibility of a drop. When it comes to brokers, withdrawing funds is buying currency against the potential loss.
Selling the fact is putting it back in.

 

[forexjosa]

Fellows, of course we need caution. I am not against of withdrawal. But I have several friends with them, and I still think that the better way to deal with it is calm down, and follow a slow pace, either that be withdrawing or keep trading. Else, panic won´t help, special those who have money in there.