Cysec vs. IronFx

AsstModerator

FPA Forums and Reviews Admin
Messages
5,562
Cysec has announced that they are investigating IronFx. They are encouraging clients with problems to file complaints with Cysec and the Financial Ombusman.

Here is the full text...


ANNOUNCEMENT

As a consequence of media reports and the increasing number of complaints submitted by investors against the Cyprus Investment Firm IronFX Global Ltd (the “CIF”), the Cyprus Securities and Exchange Commission (the “CySEC”) wishes to clarify that there is an ongoing investigation against the CIF with respect to possible infringements of the Legislation. Upon completion of the investigation, the CySEC will publish its findings and/or will proceed with further announcements in the meantime, if deemed necessary.

The CySEC examines the complaints submitted to it by investors, against any supervised entity, in the context of its statutory mandate. For complaints against Cyprus Investment Firms that relate to possible compensation claims, the investors are encouraged to contact the Financial Ombudsman, which is the competent body to examine compensation claims via an extrajudicial procedure, at complaints@financialombudsman.gov.cy.

Nicosia, 6 August 2015



Original Cysec Announcement
 

Pharaoh

Colonel
Messages
19,743
This should be mandatory reading for people who say "Don't bother to complain to the authorities since they won't do anything." By not complaining and by encouraging others to not complain, people like that make it harder for police and regulators to take action. Giving up and not complaining is EXACTLY WHAT SCAMMERS WANT.

EVERY SINGLE PERSON who has an issue withdrawing money IronFx needs to file a complaint with Cysec and the Cyprus Financial Ombudsman. Include as much information as possible, including any banking info used by IronFx to receive money.

Then, we all wait and see how long it takes for Cysec to act. Consider the fact that the US CFTC is probably one of the most effective financial regulators and it usually takes then a couple of years to get anything done. Maybe if Cysec is already investigating, enough proof from clients about withdrawals being blocked can trigger some emergency bank account freezes so that IronFx can't walk off with the money.
 

alexx71

Recruit
Messages
184
As we usually say... better later than never ! People can see that FPA warning is always many months in advance than regulators....
 

Dermolikesprofit

Sergeant
Messages
158
To top off this announcement by CYSEC, IronFX has issued an additional insult to traders whom cannot withdraw their funds, read below.

"The CySEC announcement is a standard announcement relating to our internal investigation of the abusive trading by clients in breach of our terms and conditions. We welcome the investigation that will prove there is no wrongdoing on behalf of the company and will put an end to the defamatory claims being made against the company. We have been working closely with CySEC to assist them and to date we have received no indications of wrongdoing. We have obtained several legal opinion and expert opinions supporting our actions to date."

"
 

alexx71

Recruit
Messages
184
Traders are now watching this issue, this will be a BIG test for CySEC credibility. Let see...
 

AdamC

Private
Messages
14
They're already bleeding...

The fact that IronFx uses the term "defamatory claims" in their statement is evidence that they already feel wounded by being accurately labeled as scam artists lol. I love that FPA has been the tip of the spear in the process of piercing these scammers who NEED to be defamed. Good stuff.
 

sandowner

Recruit
Messages
4
Maybe you can get UBinary and UFX investigated too as they are complete rip off scammers who steal your money and make it almost impossible to withdraw it too.
 

Haig Gocherian

Private
Messages
19
Having read all writings above concerning IronFX's wrong doing and CySEC's investigation into the matter, I am very surprised to see IronFX still advertising at every trading post. May be the masters of the webpages responsible for allowing IronFX to continue publicising, should be informed too, about IronFX's shortselling.
Regards,
Haig
 
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