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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...
One of our reviewers left a review on July 12th 2009 about some NFA issues with CFS Capital Management. A review moderators sent it over to the Scam Investigations Committee. Reading the NFA Case Documents was very interesting.
The NFA's Business Conduct Committee issued an extensive complaint against CFS Capital Management LLC ("CFS"), Brian G. Elrod ("Brian Elrod") and Andrew G. Elrod ("Andrew Elrod") on June 30th, 2009. The complaint includes things such as cheating, defrauding and deceiveng customers, providing false information to NFA Agents, and a long list of other items.
Charges like these can sometimes come from minor technical violations of NFA rules. In this case, the violations in the complaint are not minor. Allegations include shifting money from profitable customer accounts to those that lost money to try to cover up losses. There were also problems where certain portions of some accounts were supposed to be secured by treasury bonds that were not purchased for extensive time periods. The full document goes on for 18 pages.
Under these circumstances, we feel we have no choice but to declare CFS Capital to be a scam. The number of ethical and legal violations the NFA complaint lists is one of the most extensive we have ever seen.
CFS Capital Management is hereby blacklisted by the Forex Peace Army. We urge any customers of this company or any related company to contact the NFA immediately.
We offer CFS Capital an options to have this scam finding lifted. They need to prove that all of this is some sort of terrible misunderstanding with the NFA and to clear their name.
We wish to thank FPA Reviewer Robert M of Arizona and the FPA's Review Moderation Team for their contributions to this case.
Discussion Thread for this Scam Finding
NFA Case Summary
NFA Case Document
FPA Review Page for CFSCap.com
A copy of the Case Document is attached. You will need to be logged into your personal FPA Forums Account to view the attachment.
A copy of the Case Document is attached. You will need to be logged into your personal FPA Forums Account to view the attachment.
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One of our reviewers left a review on July 12th 2009 about some NFA issues with CFS Capital Management. A review moderators sent it over to the Scam Investigations Committee. Reading the NFA Case Documents was very interesting.
The NFA's Business Conduct Committee issued an extensive complaint against CFS Capital Management LLC ("CFS"), Brian G. Elrod ("Brian Elrod") and Andrew G. Elrod ("Andrew Elrod") on June 30th, 2009. The complaint includes things such as cheating, defrauding and deceiveng customers, providing false information to NFA Agents, and a long list of other items.
Charges like these can sometimes come from minor technical violations of NFA rules. In this case, the violations in the complaint are not minor. Allegations include shifting money from profitable customer accounts to those that lost money to try to cover up losses. There were also problems where certain portions of some accounts were supposed to be secured by treasury bonds that were not purchased for extensive time periods. The full document goes on for 18 pages.
Under these circumstances, we feel we have no choice but to declare CFS Capital to be a scam. The number of ethical and legal violations the NFA complaint lists is one of the most extensive we have ever seen.
CFS Capital Management is hereby blacklisted by the Forex Peace Army. We urge any customers of this company or any related company to contact the NFA immediately.
We offer CFS Capital an options to have this scam finding lifted. They need to prove that all of this is some sort of terrible misunderstanding with the NFA and to clear their name.
We wish to thank FPA Reviewer Robert M of Arizona and the FPA's Review Moderation Team for their contributions to this case.
Discussion Thread for this Scam Finding
NFA Case Summary
NFA Case Document
FPA Review Page for CFSCap.com
A copy of the Case Document is attached. You will need to be logged into your personal FPA Forums Account to view the attachment.
A copy of the Case Document is attached. You will need to be logged into your personal FPA Forums Account to view the attachment.
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