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  1. Scam Investigations Committee

    Mar 2, 2008
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    FPA Scam Finding

    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...

    There is now one FPA Traders Court guilty verdict against this company.

    Case 1. FPA member Beneissa reported being called by a UK number on behalf of what appeared to be a licensed UK broker offering a managed accounts service. The claimed return was about 25% per month. Shortly after the money was sent, all contact was cut off.

    FPA member Ilearn2t found a warning about CityEQ.com at the FCA. The FCA stated that CityEQ.com was a clone firm using the details of a real company to gain investor confidence. The warning also stated that CityEQ.com was a boiler room.

    The FPA attempted to contact CityEQ.com to see if there was any explanation for not paying Beneissa. The website was down and all the emails bounced.

    Along with the information posted at the UK Financial Conduct Authority, Beneissa's complaint was considered to be enough for a Scam Finding.

    Under these circumstances, the FPA has no choice but to declare CityEQ.com to be a scam. We offer CityEQ.com the opportunity to have this Scam Finding lifted by meeting these requirements...

    1. Process all overdue withdrawals. Add a 0.5% compounded 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. Post a publicly apology on the CityEQ.com homepage to the real City Equities Limited firm for impersonating them.
    3. Process all new withdrawal requests in 10 business days or provide a valid reason for any delays. Any reasons for delays need to come with reasonable time frames for how long clients will need to wait until payments are sent.
    4. Get a real registration with the UK FCA and publish links to this registration on the homepage of all websites of the company.

    CityEQ.com is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company or with any company or website associated with it. If you have an account there, the FPA recommends contacting ActionFraud and the UK FCA as quickly as possible..

    We thank Ilearn2t for quickly finding and posting the FCA warning about CityEQ.com. We urge traders to do some research before sending money to any broker or account management company before depositing money.

    Discussion Thread for this Scam Finding

    Beneissa's original complaint against CityEQ.com

    Beneissa's Traders Court case against CityEQ.com

    FPA Review Page for CityEQ.com

    UK Financial Conduct Authority warning about CityEQ.com
    Ramin123 likes this.

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