Dupont FX - withdrawals not processed

TK1

Recruit
Messages
7
I opened 2 accounts with Dupont FX about more than 6 months ago. The initial deposit sums were USD2000 and USD1000 and bonuses of USD1000 and USD500 were given respectively.

As at 8 May'14, the position of the accounts is as follows:-

A/C 1 :- Deposit [2,000] – W/drawal [1,000] + Wins [904] + Bonus [1,000] = Balance [2,904]
A/C 2 :- Deposit [1,000] + Wins [443] + Bonus [500] = Balance [1,943].
I have requested for withdrawals since 1st May and 6th May’14 for the total amounts of USD3347 which are my deposit sums (USD2000) and the winnings’ amounts (USD1347). The bonus amounts are not being withdrawn. At the accounts’ level, the amounts requested for withdrawals are USD1904 (A/C 1) and USD1443 (A/C 2).

In my teleconversation with an officer of Dupont FX (Mr Bader) on 7th May’14, I was informed that I am not allowed to make the above withdrawals as I have yet to transact the minimum number of lots (250 lots were mentioned). It came as a surprise as it was never made known upfront and even the customer service officer in my conversations with him all along had never mentioned these `so called bonus conditions’. I am not agreeable and I protested on these conditions. The officer (Mr Bader) said he will work out my so called entitlements and without prejudice to my rights, I agreed for him to work out and show me his computations. Since then I have followed up with 2 emails to him for his detail computations and the rules of the bonus conditions etc to support his computations.

It has been a week now since I last talked to the officer (Mr Bader) and about 2 weeks overall since I initiated the first withdrawal on the 1st May’14. They have yet to process my withdrawals and or otherwise to show me their computations nor have they contacted me or replied my emails. Based on the events so far, I am not sure of them refunding my monies which tantamount to acts of cheating and dishonesty.

Separately, I opened another account with Dupont FX in Apr’14 with a deposit of USD5000 and a corresponding bonus of USD5000. The account was blown away within 2 weeks and an analysis of the transactions show that they were highly irresponsible in their risk management. The details of these events are summarized in my feedback comments on the broker’s page and thread.

I note that 4XP, SkyFx, Sunbird FX, DupontFx and now Mercer FX are linked one way or another through a Mr Jake Amar/Mr Jacob Amar who is holding (or previously held) various positions and interests either as the owner, CEO, director, managing partner, partner, senior account manager, business development, support etc. The numerous complaints from the investors who had been trading with them would not all be coincidental. The sources of these information are attached.
20140513_124207.jpg20140513_151649.jpg20140513_152051.jpgScreenshots_2014-05-13-11-04-55.png
 

Pharaoh

Colonel
Messages
19,964
The domain dupontfx.com was originally registered to:

mgc capital partners
196 maple street
englewood, New Jersey 07631
United States
201-567-6598
 

TK1

Recruit
Messages
7
Dear Pharaoh and Eddiger

Tq for your kind feedbacks and advice. From the NFA website, the names of companies with the Dupont name are as follow:-

Name NFA ID Current Status
DUPONT CAPITAL MANAGEMENT CORPORATION 0344431
• EXEMPT COMMODITY POOL OPERATOR
• EXEMPT COMMODITY TRADING ADVISOR

DUPONT DENANT 0243821 NO CURRENT STATUS
DUPONT DIRECT FINANCIAL HOLDINGS INC 0307903 NO CURRENT STATUS
DUPONT GROUP, INC. F002864 NO CURRENT STATUS
DUPONT SECURITIES GROUP INC 0315513 NO CURRENT STATUS

I am not able to confirm whether DupontFx is run/managed by any of the companies above and they don't look like it. On DupontFx's website, the other names that I can picked up are Dupont Financial and FTD Market Research Ltd.

From scamadviser.com, I picked up the following information:-
Website: dupontfx.com
Title: Dupont FX
Domain Age: 1 Years, 64 Days
Website Speed: Average
Owner: Registration Private
Owner Address: DomainsByProxy.com 14747 N Northsight Blvd Suite 111, PMB 309
Owner City: Scottsdale
Owner Postcode: 85260
Owner Country : United States
Website Location : Israel
Probable website origin :-
63%; United States
19%; Israel
18%; Netherlands
Notes:-
The owner of the website is using a service to hide their identity
This website is 1 Years old
The website expected life (364 days) is relatively short.
This website setup involves countries known to be high risk

Would greatly appreciate your advice/guidance on what I should do next
 

TK1

Recruit
Messages
7
Call the NFA and confirm if DupontFx is related to any regulated company.

Hi Pharaoh, I got a reply from NFA that there is no record of registration or membership in any capacity or an application for registration or membership for Dupont Fx or Dupont Financial.

As noted in my earlier comment, Mr Jake (Jacob) Amar is the Owner CEO of Mercer Capital Ltd and the Managing Partner, CEO and Director of Dupont Financial. Mercer Capital is listed on New Zealand's Financial Service Provider Register (No. FSP347626) and is also a member of the Financial Services Complaints Limited. Mercer FX is a subsidiary of Mercer Capital Ltd. Do you think we should raise an issue with the NZFS that a CEO of one of its members has allowed another company under his stewardship (Dupont FX) to perpetrate dishonest/fraudulent events. Perhaps we can raise an issue on the character/background of one of its members. Also, I note that there is a Senior A/c Manager who is working for both brokerages (ie in Dupont FX and Mercer FX). Tq for your kind assistance/advice
 

Master Yoda

Captain
Messages
2,929
Hi Pharaoh, I got a reply from NFA that there is no record of registration or membership in any capacity or an application for registration or membership for Dupont Fx or Dupont Financial.

As noted in my earlier comment, Mr Jake (Jacob) Amar is the Owner CEO of Mercer Capital Ltd and the Managing Partner, CEO and Director of Dupont Financial. Mercer Capital is listed on New Zealand's Financial Service Provider Register (No. FSP347626) and is also a member of the Financial Services Complaints Limited. Mercer FX is a subsidiary of Mercer Capital Ltd. Do you think we should raise an issue with the NZFS that a CEO of one of its members has allowed another company under his stewardship (Dupont FX) to perpetrate dishonest/fraudulent events. Perhaps we can raise an issue on the character/background of one of its members. Also, I note that there is a Senior A/c Manager who is working for both brokerages (ie in Dupont FX and Mercer FX). Tq for your kind assistance/advice

Then file a complaint through the NZ regulator
 
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