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Broker Responds to Police Raid

Discussion in 'Forex Articles' started by AsstModerator, Apr 6, 2009.

  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    On Thursday, April 2nd, 2009, a large group of police from the Swiss Financial Guard, along with 4 judges, raided the offices of ACM (Advanced Currency Markets). One computer and a number of financial documents were seized. After an initial review of the evidence and interviewing many of the employees, no charges have been filed yet.

    This action was triggered by a complaint filed by a Mexican institutional investor who complained that AC Markets had manipulated prices. I've got a translated version of an article in French. ACM has filed its own complaint against this person, accusing him of blackmail, defamation, and forgery.

    I thought this story was something that FPA members should know about. I held off for one day so that ACM would have a chance to respond. I am very happy that they did.

    This is the official statement from ACM...



    I'd like to thank Patrick Bänziger of AC-Markets for replying to my inquiry. I'd also like to thank FPA member Ilya Paniotov for posting about this in the forums. There have also been a number of people who submitted links to the news stories in the FPA's reviews.



    Original article in Swisster

    Another article, in French
    English Translation

    One more article in French
    English translation


    This story is not over yet. Please post any links to any updated news stories in this thread.
     
    #1 AsstModerator, Apr 6, 2009
    Last edited: Apr 7, 2009
  2. charlyt

    charlyt Private, 1st Class

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    Do we know more information about this guy in Mexico? I can help.
     
  3. Ilya Paniotov

    Ilya Paniotov Private, 1st Class

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    ACM Busted by Geneva Police

    I would like to THANK YOU -- Forex Pease Army to maintain this webside,
    it is critical for traders to post they trading expirience with brokers.
     
  4. SAMMYFX

    SAMMYFX Corporal

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    Much information is needed from this mexican. His claim might be right. One can never know.
     
  5. Oohrhii

    Oohrhii Recruit

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    this is actually the first post am going to give here..so ill just use this opportunity to commend this site..of the great work and the updates..i think its really making the diffrence....knowing that atleast somepeople do care out there.
    more grease to ya'll elbow
    .....Oohrhii...professional...chartist and analyst..
     
  6. Ilya Paniotov

    Ilya Paniotov Private, 1st Class

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    This scandal with ACM may change Swiss regulations about Forex industry

    As far as I know, this is HUGE development about ACM for Geneva, and also will have some major impact on Forex trading regulations.

    The best way to find out about ACM dealing desk trading - is to see actual screenshots.
     
    #6 Ilya Paniotov, Apr 7, 2009
    Last edited: Apr 7, 2009
  7. leesystems

    leesystems Recruit

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    Question on ACM

    Perhaps I am not reading everything clearly....Somebody had a complaint, the Swiss authorities took strong action, the company responded, as yet, no charges against the company, and the company is filing charges against the complainant....

    So, who actually committed the 'wrong'? Everyone here has experienced a person unrealistically complaining about a company. Is it an unsophisticated trader with more money than brains? Is it a slick company who has continued to evade the authorities? Or, what? Do we have to wait for the authorities to finish their investigation and charge either party? How will this change how Forex is regulated in Switzerland?

    Regards,
     
  8. fanninson

    fanninson Recruit

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    fanny

    ....Since ACM's creation it has constantly experienced strong growth and has offices in Geneva, New York, Dubai, Montevideo and has recently opened an office in Zurich.....we should ask ourselves - where do these resourses comes from? these forex brokers nowadays are richer than I think they should. bye for now
     
  9. bamcoti

    bamcoti Recruit

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    Brokers and the amount of money they make

    One of the replies was that Brokers are making too much money. This insinuates that they are all crooked. I trade some very aggressive EAs on several accounts. I'm in the process of getting my CTA license. My IB rebates my accounts on my pip spread. I was astounded as to the rebates I could get because of my volume. I do over 1000 Round turn lots per month. Now when you consider that pip spreads are between 2 and 9 on the pairs I trade with the average of 6 or so ( a guess based on my trading) and the average tic value between $8.00 and $11.00 USD lets say ave. $10. They were earning $60k from my trading per month. That is with no dealing desk. So it does not take a rocket scientist to figure out that there is a lot of money in this for a broker. That is why the stock market and futures are such a rip. They add a fee on top of that. Since this is the least regulated investment with the largest leverage and potential for loss or gain, I do not think we should come down on all the brokers. Just the bad ones. They carry the risk of the traders abusing the margin and leverage. If that is not enough money for them do do a bit of pass through book keeping and then they do something bad on top of that, I say then hang them out to dry in the sun by their privates. As far as our regulators they have very little power since they did away with the NASD. Now we have self regulated private regulators that have very little authority and answer to other non government self regulated agencies. Go to the NFA, CFTC, SEC, or FINRA web sites. It will not take to much reading to figure out that even with all the talk of regulation, We are dependant on our Broker being his own self regulator. So pick a good one, that you can trust.
     
  10. betino

    betino Recruit

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    Are we close to the truth?

    An ex-employee of ACM who could bring some proofs, molested by an ACM "body guard" in a hotel of Geneva ??
    Threats and intimidation, strange practice !


    Ilya Paniotov is named in this article.

    http://www.letemps.ch/Page/Uuid/274f0db4-23b5-11de-bf8f-7af81e322a28|0
     
    #10 betino, Apr 8, 2009
    Last edited: Apr 8, 2009

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