CapitalOneForex.com and Samir Beool
We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
The FPA's problems with Samir Beool started before the existence of CapitalOneForex. In October 2011, when he was associated with HotForex, a 4 star review from Cyprus claiming to be from a “Msab Boul, Jordan” came in for HotForex that specifically praised Samir. In April and May of 2012, reviews attacking HotForex and RebateArmy came from the same location. By this time, the FPA had linked the IP address to Samir Beool. He claimed that someone else left the reviews. At the same time, Samir Beool had his own rebate site in direct competition with RebateArmy. It also received a review from a “Msab Boul, Jordan”.
In February of 2013, a 5 star review was submitted for CapitalOneForex from the same location as the fake reviews for HotForex and Rebate Army. This one was from Samir Beool's wife, and didn't mention anything about being married to the owner of the company.
In order to try to reduce the effectiveness of this Scam Finding CapitalOneForex.com now displays a fake FPA ratings widget on its homepage. This image makes it falsely appear that Capital One Forex has a 5 star rating from the FPA instead of a SCAM rating. It links to CapitalOneForex's own copy of the libel posted on InstaForex's anti-FPA hate page.
Thare are now 6 FPA Traders Court Guilty Verdicts against the company.
Case 1. FPA member fiogol reported an unexplained withdrawal in his account and other irregularities. He says that after 6 weeks of investigation, CapitalOneForex then claimed his account did not exist. He also reported being forced to leave a 5 star review in exchange for getting his money. The review was left. The money didn't arrive. There was some confusion about CapitalOneForex blaming TradersTrust. The FPA talked to both companies. Samir Beool made claims of meetings with TraderTrust. TradersTrust said they has not met yet. Based on other statements of both sides compared to both consistency and know facts, the FPA belives that Samir Beool was telling multiple lies to deflect blame from himself and Capital One Forex.
Case 2. FPA member Banca reported that his trading statement was altered to cause a significant loss on an old trade. He also reported positions he did no initiate opening while he was watching his trading platform. On Novermber 5th 2013, banca posted a chat conversation where a CapitalOneForex posted links to anti-FPA libel in response to him saying he would complaint at the FPA. Banca also reported that Capital One Forex offered to pay him, but only if he first deleted his negative postings about what happened at the FPA and posted that he'd already been paid. The FPA views a demand to hide facts while holding a trader's money hostage to be blackmail.
Case 3. FPA member MontyWilden reported that Enrico Falchi, his account manager at Capital One Forex, would not process a withdrawal for months. Monty says he reported the case to the NZ FSCL and that Enrico promised to process the withdrawal if the complaint was withdrawn. Monty says the complaint was withdrawn and there were new reasons why the money didn't arrive. Then CapitalOneForex was thrown out of the FSCL.
Case 4. FPA member Adriana55515 reported that after one successful withdrawal, a second withdrawal was met with his account being closed. Andriana also reports being blocked from live chat and being unable to get Enrico to communicate about the issue.
Case 5. FPA member mtuoliv reported that even after trading 40 lots, he was unable to withdraw profits or the initial deposit. He showed where the request was broken down into segments to match the 3 separate deposits, but still says he could not get his money. While this Scam Finding was being prepared, mtuoliv was blackmailed into submitting a 5 star review saying the problem was fixed. Even after that, Capital One Forex did not pay all the money owed.
Case 6. FPA member forexmann reported that his initial deposit of 500 EUR was shown in his account as 500 USD. He eventually managed to get his initial deposit withdrawn, but kept being blocked from access to any profits by requiring more and more lots to be traded.
There were other Traders Court cases that ended up getting resolved. Samir Beool was apparently trying to stay 1 step ahead of an FPA Scam Finding, but couldn't deal with 4 cases that came up for a vote the same week.
In the months of October-December of 2013, Capital One Forex received a large number of obviously fake and highly suspicious positive reviews. Most of these reviewers appeared to have no prior contact with the FPA, but many immediately wrote in demanding to know why their reviews hadn't been posted, using the FPA's mail email address instead of the Contact Us form. Many used very similar wording in their reviews and emails. Emails back to most of these people asking them to allow for the usual moderation time and to provide information to allow their reviews to be found and rechecked were mostly ignored and new demands for instant approval were sent.
Based on prior experience, this matched the pattern of one person paying many freelancers to flood the FPA with false reviews in hopes of getting some fakes through.
In December 2013, Jason Beool of CapitalOneForex posted private client information about the withdrawals of multiple clients in the FPA's forums. The FPA welcomes companies coming into the forums to defend themselves. Even in defense, private information should not be disclosed. To this day, we are stunned that any broker employee could perform an action like this.
The NZ FSCL terminated CapitalOneForex's membership on December 20th, 2013. The FPA has seen reports that TeamAccura, which had been doing accounting for CapitalOneForex.com, has also ended their relationship with the company.
While the scam finding was being prepared, the CapitalOneForex site had a fake version of the FPA ratings widget added to it. The real widget shows the true rating a company has earned in the FPA's reviews. This fake one had a false 5 star rating image and linked at an anti-FPA hate page. This means that Capital One Forex is lying about their real rating at the FPA, just like the dead scam site Red Uluru. The libel on the anti-FPA page is very similar to that at the scam sites InstaForex and InvestTechFx. Someone from Jordan submitted a review claiming to be from the UK. It included the false claim that the FPA's founder owns MB Trading as well as links to anti-FPA libel. It appears that Samir Beool is much more interested in trying to discredit the FPA than in paying money owed to his clients.
After that, 3 reviewers contacted the FPA to report that they were being given partial payments. CapitalOneForex then blackmailed the these clients into leaving 5 star reviews saying that all money was paid and promised to pay the rest later. Only 1 of the 3 reports getting all the money owed.
Under these circumstances, the FPA has no choice but to declare that Capital One Forex is a scam broker. This ruling applies also to Samir Beool himself and any other websites associated with this company or its owners. We offer Samir Beool and CapitalOneForex the opportunity to have this scam finding lifted by meeting these requirements...
1. Process all overdue withdrawals. Add a 0.5% compound interest payment for each full month compensation for any withdrawal that been delayed more than 2 months since the initial request was made by the client.
2. Take client privacy seriously. If this scam finding is ever lifted, it will be immediately reinstated if any employee of CapitalOneForex or any associated company disregards the privacy rights of clients.
3. Make certain that all clients can withdraw directly by filling out a form or contacting the accounting department without regard to anything an account manager may say.
4. Post the true FPA ratings widget for the company on the CapitalOneForex homepage for at least 1 month more than the time that the fake one is displayed.
5. Edit the anti-FPA hate page on the CapitalOneForex.com site. Replace it with an apology from Samir Beool for the lies. Clearly state that the FPA never ask CapitalOneForex for anything more than to be honest and to pay traders amounts that are legitimately owed. This must be linked from the CapitalOneForex.com homepage and be displayed for at least 1 month more the time that the false anti-FPA propaganda is displayed.
6. Never again blackmail any client. Demands to leave forums posts or reviews indicating that an issue is resolved or that payments have been made before the client has received all money owed are unethical.
CapitalOneForex.com is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company or with any company associated with it or with Samir Beool. For those who already have accounts with CapitalOneForex, we recommend that you attempt to withdraw all funds as quickly as possible. If you encounter any trouble getting a withdrawal processed within a reasonable amount of time, we recommend you leave a 1 star review, start a new thread in the Scam Alerts folder, and you file fraud complaints with the authorities.
Discussion Thread for this Scam Finding
Fiogol's original complaint against CapitalOneForex
Fiogol's Traders Court case against Capital One Forex
Banca's original complaint against CapitalOneForex
Banca's Traders Court case against Capital One Forex
MontyWilden's original complaint against CapitalOneForex
MontyWilden's Traders Court case against Capital One Forex
Adriana55515's original complaint against CapitalOneForex
Adriana55515's Traders Court case against Capital One Forex
Mtuoliv's original complaint against CapitalOneForex
Mtuoliv's Traders Court case against Capital One Forex
Forexmann's original complaint against CapitalOneForex
Forexmann's Traders Court case against Capital One Forex
FPA Review Page for CapitalOneForex.com