uses legal threats to try to hide its connection to


FPA Forums and Reviews Admin
I usually try to be a nice person. I try to give people a chance to work things out peacefully. I'm sick of people who think that they can control information that's posted in the forums and reviews by using legal threats. In this case, there's plain evidence showing that the threat was made to hide facts. Can someone who does that be called a Scoundrel? I think so.

This came in from Core ECN...

Subject: Forex Peace Army Forum Contact Us Form - FAKE REPORT

Dear Sir / Madam:

I received a called from a client mentions that we have wrong advertising in your website. I was looking, and I found out that our Financial Institution CORE ECN are vinculated to a third party. We are not related company with Inovatrade, also neither other forex companies in Panama as: Sparen FX, Finanzas Forex, etc.

We are contacting our regulator regarding this fake information. Also, we wants requesting formally to your company "delete" and banner the user that posting fake information regarding companies or competitors. If you want to send us your legal advisor, we can put it in contact with our Legal Department.

Sincerely Yours,

Alexander Lawrence

PD: Link of the Fake Report

Inova Trade | reviews and ratings by Forex Peace Army

Jill California, , USA
Date of Post:
Looks like he's trying to start a new company called : Core ECN in Panama. I had trouble with Inovatrade 9 months ago when they said my money wasn't in my account after I sent it a month earlier. Hope he gets caught soon.

It wasn't a direct legal threat. The mention of legal departments was enough to get me to start doing some research first.

From the context of the reviews around it, Jill's review appeared to be referring to Michael Alcocer, who is mentioned as the CEO of InovaTrade in another review. I did some more digging and went ahead and asked Alexander a question...

Hello Alexander,

I'm in charge of the FPA's forums and reviews.

Jill's review seems to be referring to Michael Alcocer. Are you saying that he's not involved with Core ECN?

Bill K.

Alexander replied...

Dear Bill K.

We are not related with Michael Alcocer or any other third party.

Saludos cordiales | Wishing you all the joys | Sincères salutations

Alexander Lawrence

Core ECN | Torres de las Américas | Torre A - Suite 904, Punta Pacífica | Panamá, República de Panamá

Current Whois records for both and show both are registered through Identity Protect Limited. Historical records show that InovaTrade's registration was associated with Michael Alcocer in the spring of 2011.

Historical whois records also show that CoreECN,com was first registered in July 2011. Before the registration was made private, it belonged to Michael Alcocer.

Being a very nice guy, I decided to give Alexander a reasonable chance to explain. I wrote...

Hello Alexander,

Has there ever been any prior relationtionship with Michael Alcocer?


I also emailed Michael Alcocer at an InovaTrade address he used to communicate with the FPA over a review issue. I asked for him to tell me if he was involved with Core ECN or not. He didn't reply.

Alexander did reply. He said...

Dear Bill,

Again, we are not related with Michael Alcocer or any other third party.

Saludos cordiales | Wishing you all the joys | Sincères salutations

Alexander Lawrence

I decided to give him one last chance. I didn't want to tell him exactly what information I had. I've seen too many companies suddenly "remember some minor detail" when confronted with proof that the official story is untrue. I wrote...

Hello Alexander,

I've already found information elsewhere linking Michael Alcocer to CoreECN. I find it hard to resolve that information with your statements.


He decided to play the legal card...

Dear Bill,

I've commented on several occasions that neither Michael Alcocer and Mark Rice, or other person having business in Panama, which is external person has no relations with our firm.

It seems very suspicious this link and it seems unfair competition by a competitor. We have filed in the National Police, the cyber crime division, a report on this incident. In addition, we have communicated to our regulator a record of this incident.

I formally request within 72 hours removing the fake publication on your website, because contain false and incorrect informacióm, representing unfair competition to our company.

Failure to comply with such a request, please provide the legal name of your company and contact information, and the name and contact information of your legal representative.

Saludos cordiales | Wishing you all the joys | Sincères salutations

Alexander Lawrence

It makes me sick to my stomach that some people think all they have to do is say "lawyer" and all bad information about them will magically disappear. It makes me furious when I have proof that what these people want erased is provably true.

FPA policy does require me to give fair warning...

Hello Alexander,

I tried to be nice about this, but you have just crossed the line and made a legal threat against the FPA for a 3rd party posting. You have 72 hours with irrevocably retract that threat.


And he replied...

Dear Bill,

We have never had the intention to have an aggressive behavior to you or your company. We have no knowledge of your company or its services. But should understand that as we are a regulated company, and we can not under any circumstances this type of situation outside our company. We do not know the laws of your country, but the laws that apply to us is considered these criminal activities, and we are forced to take legal action.

I have asked politely as administrator of the site, the removal of a false and incorrect information. Also, very politely asked her lawyers to communicate with our people to resolve or clarify any further questions.

In addition, I have kindly clarified that we have no relation to either Michael Alcocer, Mark Rice, David Murcia, Inovatrade, Sparex FX, E-Forex, Finanzas Forex, or other relationship with third Panamanian companies engaged in the forex business. We are not dedicated to Forex retailing business, and we have customers in retailing. We will only provide managed forex account our own customers as permitted by law.

We are trying to change the image of forex in Latin America, and remove the bad image of the word forex in our market. We are actively working with regulators about new regulations that expanded the activities of forex in our country, and allow both brokers and customers to have a set of regulations to help avoid conflict and, as seen in the past .

You must understand that my choices and my actions are restrictive under the laws governing the company. Please let me know as suggested resolving this situation, because my options are limited.

Saludos cordiales | Wishing you all the joys | Sincères salutations

Alexander Lawrence

If he's dropped the threat, I'd have told him that deception is not going to help the image of his company or of forex. I could have explained how honesty and transparency are the path to gaining client trust instead of using legal bully tactics to try to hide true information about his company. With the legal threat in place, I replied...

Hello Alexander,

The FPA does not negotiate while under legal threat.


The 72 hours is long up. Per FPA policy, I'm publicizing the threat. I don't know how much involvement Michael Alcocer of InovaTrade has with Core ECN. The fact that Michael Alcocer is the one who registered the domain name about half a year ago is all the proof I need to convince me that there is at least some link. It looks like Lawrence is misleading me by claiming that there is absolutely no link and is trying to use legal threats hide facts from traders.

What makes this a little more interesting is that I went ahead and listed CoreECN in the FPA's reviews last week. The website wasn't even fully functional yet. As I'm writing this, the website is down. I can't tell if there's a webmaster doing work on it or if it's being abandoned in favor of a new website not so easily linked to InovaTrade.

Inova Trade review page - see the review from Jill on 2011-11-14

Core ECN review page
super action

I want to Thank You for showing us Your courage in case of "legal threat" which scares a lot MANY people.
I know many people which paid after FAKE legal threat they got for DOING NOTHING.

Keep doing what You do !
Given the fact that most bogus brokers (like the one mentioned here or those in Trader's Court) are either unregulated or regulated in some lax jurisdiction (offshore). Wouldn't it be more prudent for the FPA, if it began giving MORE importance to broker regulation. I would not hesitate to say that brokers who are handling third party's hard earned cash should be made accountable, and this cannot be better served than by adhering to strict regulation.

I think the FPA community would find it comforting if, on your Broker Review page, you could have space for regulator/s. This would drive home a message that broker excellence is best achieved if it allowed itself to be scrutinized by a regulator.
Does that pea brain Alexander Lawrence realize the significance and intricacies involved in international legal lawsuits???
And they want FPA's to "please provide the legal name of your company and contact information, and the name and contact information of your legal representative."......Well, at least they were polite about it and did wrote "please" :p

I wonder whether his idea of "taking legal action" means going to their local police station and making a report against the FPA and then expect the local police to go arrest the CEO of the FPA. Real pea brain!
Bravo! I appreciate the extent you have gone to, to help us and all of our members see the legitimacy of your reports. It lends great credibility to you and to this website. And thanks for not backing down "while under legal threat." Otherwise, any scammer could simply threaten you, and continue to "scam" us with no recourse. Again, bravo! All the best, Howard :cool:.
So why don't you sue FPA ?, Oh right, you have no fact to sue FPA.
Here @ FPA we're just bunch of good people sharing good thing. Oh right, you're only good to yourself and not to the other, and you scare that we may expose the real you.
well done FPA.. I am using your site for past 1 year and u also know that.. appreciate ur bravo act.. we always with u..
from Puerto Vallarta - Mexico

Hi Bill.

Having lived most of my life in the Netherlands Antilles, I had numerous cases where American visitors would threaten with their lawyers when they could not win a case of causing damage to my rental cars and getting billed on their credit card for it.

Funny part is, ONLY in the freaking USA the society thrives on these sort of behaviors, as in the normal world one would need to file a case at the court and a judge would evaluate if it is a valid claim or not before wasting the courts time on the issue.

As you most probably know, most suits in the USA do not even get in front of a judge, as there is more money to be made settling outside of court. Suppose one was wrong and the judge would fine the agressor, lol.

Thanks for doing a GREAT job. :)

One day would like to shake your hand. :cool: