CFTC Sues 11 More Forex Companies

[merlin4x]

Why should the EU protect them? Switzerland is not part of the EU. In fact, several EU countries including Germany and France also forced Swiss banks to divulge details of their own nationals who were evading taxes.

Interesting logic.

Up to know Swiss banking survived all regimes for more that 500 years, WWI, WWII and Could War.

Now it will not survive Black Obama.

The point is that if no one will stop this USA socialism then we all will be losing.

I would like to see brokers in China.

That is probably the most safest place to trade today.

Anyone knows about any Chinese broker?

 

[nzanntao]

I also want to know why USA regulator is suing a broker which is NOT located in USA. This is very weired!!!

Calling Trading Point Representative !!! Where are you now and answer this question officially please!!!! We don't want to make a lot of assumptions!

 

[4xmets]

Well the US successfully forced all Swiss Banks to comply and gave up secret list of US citizens to the IRS.

Where is EU to protect the Swiss Banks?.... Huh.

People are losing their pensions on the Wall St. and that is a OK?

As long as world will rely on the US for money the US will run the show.

It is that simple.

And if you will be found guilty there is concentration camp in Guantanamo.

If this was about US citizens they should have sued them and not the forex brokers - and they should ask forex brokers to give them a list of their US clients (and then sue the clients).

I work in the legal field and i understand that each country needs to have full control of their taxes (and tax evasion) but suing a company that's not regulated by your country's laws is practically impossible. So that's why i think they are actually suing the US branches of the big companies (if they lose nothing will actually happen to the mother company, but still if there's a fine, they would still be the one who will have to pay - but license wise, the US govt can't do anything to a broker located outside of the US)

This is only for tax evasion purposes and i think US people will find a way to still trade with brokers from outside of the US, whether it be by using an offshore company instead of their own personal name for trading or anything else. They are just trying to stop globalization and keep all the money to themselves - just like they did with online gambling (didn't work - there are still some online casinos/poker rooms that accept clients from the US and are located outside of the US, they have no legal right of shutting them down and they can't even fine them - they can only sue the US citizens using those casinos).

 

[merlin4x]

If this was about US citizens they should have sued them and not the forex brokers - and they should ask forex brokers to give them a list of their US clients (and then sue the clients).

I work in the legal field and i understand that each country needs to have full control of their taxes (and tax evasion) but suing a company that's not regulated by your country's laws is practically impossible. So that's why i think they are actually suing the US branches of the big companies (if they lose nothing will actually happen to the mother company, but still if there's a fine, they would still be the one who will have to pay - but license wise, the US govt can't do anything to a broker located outside of the US)

This is only for tax evasion purposes and i think US people will find a way to still trade with brokers from outside of the US, whether it be by using an offshore company instead of their own personal name for trading or anything else. They are just trying to stop globalization and keep all the money to themselves - just like they did with online gambling (didn't work - there are still some online casinos/poker rooms that accept clients from the US and are located outside of the US, they have no legal right of shutting them down and they can't even fine them - they can only sue the US citizens using those casinos).

This is not about a taxation. If it would be the leverage, scalping and hedging would not be the CFTC's regulatory issues.

The CFTC simply makes trading impossible for traders with less than $10,000.

The CFTC rules do not apply on individuals trading with $500K plus.

So it is about sucking money from the US stock market.

It is also different than gambling which does not require to be connected to the US based clearing dealers.

The CFTC claims that: "often, the investor’s money is never actually placed in the market through a legitimate dealer, but simply diverted—stolen— for the personal benefit of the con artists."

So license or not a broker can't get connection to a dealer and that is the punishment they can impose in contrast to gambling which is in house operation.

I think the Trading Point may actually prevail but will have to dump US residents.

The US citizens must pay taxes even if they do not reside in the USA, so the first question under the penalty of perjury is "do you have any offshore income" even if you live offshore.

Eventually these rules will lead to a total world's financial collapse and start all over again.

 

[xausman]

The US govt can't do anything to a broker located outside of the US???

The Federation Government can do it anyway

 

[jbmaverick]

Trading Point - I hope you will stand your ground against the CFTC in this matter. This is nothing more than a U.S. regulatory agency arrogantly attempting to exert its power worldwide. I have a trading account with you, and am not the least bit worried about the safety of my funds.

 

[jbmaverick]

Uncle Sam *****slaps traders again

This is such a cruel joke. The ungodly hubris of the CFTC to think they have the right to regulate brokers all over the world - it would be laughable except for the fact that I have to deal with this crap.

I have a trading account at Trading Point, and am perfectly happy there, and have no fear of them running off with any of my money (by the way, they offer good spreads) - I hope they just tell the CFTC to go jump off a cliff. Unfortunately I fear that they will dump their U.S. traders, and I'll have to try to find ANOTHER broker beyond the regulation of Uncle Sam.

I am so sick of this. Dear CFTC - Drop dead!

 

[Pete B]

That's just it....there is no US-based Trading Point, rather the CFTC wants to crack down on all overseas trading companies that still accept US accounts. The US Government is deathly afraid of US residents trading overseas and, somehow, getting away with not paying US Federal taxes on their financial gains. It's the same basic kind of pressure that the US Government has been placing on the foreign banks (particularly the Swiss Banks) to open up their books on all American account holders. They want their money!!!

 

[jbmaverick]

Chris - PLEASE don't give in to the CFTC's outrageous attempt to rule the world. As a U.S. regulatory agency, they have NO legal authority over a private corporation in Cyprus.

I opened an account at Trading Point in order to escape the CFTC's onerous regulations myself. The idea that they're protecting investors is a joke - all they're doing is constantly grabbing for more power.

Please stay strong and independent, and I will continue to recommend Trading Point to other traders.

 

[PistolDave]

Agree with you.

Looks like they want US residents to only be able to trade with brokers registered inside the USA. That will make it so much easier to keep tabs on each and every dollar spent.

It is all about the agencies keeping up with what the brokers are doing and how much profit they are making. They want to know (and control) everything about the retail forex industry, just like they do in the stocks and futures arena. I doubt that they are concerned much about us losing our money by trading, even if it is caused by market manipulation or even outright fraud. They want to make sure they get their piece of the pie, which, as you know, is tax.

The tax man is coming.