Problem emtforex

[tim wills]

I have a managed account with emtforex. They advertised on the radio in New Zealand and seemed legit. I was contacted by a broker called Justin Alexander who contacted me from England and we set up an account. The first 2 months were good with 3 trades being made and I profited some money and made a withdrawal. I was however concerned with the lack of contact and found them very hard to get hold off. Justin said he would call me ever week but this didn’t happen and I became suspicious. I did not hear from them until I noticed that a call option trade was put on my account. I did not understand exactly how to make sense of this trade and desperately tried to get hold of them again. Justin finally called me and said a Dan Mason-chief FX trader will call me and explain. He did not but emailed me saying that he would call me soon – this has never happened and I have not heard from him again. The call option closed after a few months and was not successful and I see my account has been cleaned out. After many emails and discovering their phone numbers have been disconnected I finally got an email from Mark Sawyer apparently the director of compliance. His email was very confusing trying to explain how I could recoup my loss. I have again tried many time to contact them and have not been successful.

I do not understand how my account could be clean out on a call option when if you do not go through with the trade you only lose the commission. I was also told initially by Justin that I would never lose more than 2.5% per trade- this was part of the reason I went with them.

Since I have been investigating want is going on I have spoken to another NZer who also has a managed account with emtforex. He has also had a similar problem and cannot get any of his money out or is able to contact them. We believe we have been scammed!

What do you suggest I should do and can you help me get my money back?

 

[Roderick]

My wife and I have invested our life-savings into a company going by the name of EMT trading or EMTFOREX.COM(WHY TRADE THE FOREX) They are foreign exchange trading company, based out of Barcelona.

A friend of mine,had heard them on the 640 am radiostation in Toronto and got called by a man named Andrew Wasserman in Florida after sending for information.
He decided to invest with them and after a short while he was up quite substantial as the British Pound got shorted and the GBP indeed fell.

Thats when we decided we needed to get in on this as well. We talked to Andrew Wasserman and wired our first amount on the 9th of October 2008.

Shortly after that Andrews phone got disconnected. After inquiring at the 800 number we finally got called by another man called Justin Alexander from the UK, who usually only deals with clients of $250 k and up but due to all the turmoil had agreed "to put us under his wing" . He was apologetic and was saying how the North American office is poorly organized etc.. Justin called frequently and kept us up to date.

We are able to monitor the account on-line and were getting excited about the returns to a point were we decided to sent another wire to their bank in Mallorca. The market continued to be in our favor .

On the 30 th of December we decided to cash in some of our profits for the first time. Our emails weren't returned , nor the phone calls. We finally spoke to Justin Alexander who assured that there was no problem getting some funds returned and that we would be called by Mark Sawyer. He did call but said all our money was in a pool and that the trade would end in two weeks.
Our second wire was NEVER used in the trade and he was contradicting himself on another couple of points and finally said he would be in touch on monday at 0700. It is the 20 th of January 2009 today and still no reply.
We have now retained a lawyer and will be taking additional action if they don't comply.

 

[Peter R]

EMT Forex or European Marketing Team

I began trading with European Marketing Team (EMT Forex) last July 2008. I have since been passed on from person to person (FIVE people) for the entire time to date. I have seen Andrew Wasserman disappear off the face of the earth along with three other people from this company. At present I am dealing with a Justin Alexander and still it's hit and miss with communication.

Frankly I am very worried at this point about my funds and if I will ever see them again because each time I ask for any funds it is either deflected or ignored or excuses are given why I can't get them at this point.

Now the North American office of EMT Forex has also disappeared. No longer at their address listed on their website and their phone has also been disconnected. An answering service never seems to pass messages or they do and EMT chooses NOT to call me back.

There has been an incredible amount of 'cat and mouse' runaround with these people and I would advise in NOT dealing with EMT Forex AT ALL!

 

[nick carter]

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I have traded with emtforex and from my standpoint my account has been well managed. Any withdrawals are sent promptly and contact is regular and informative. Their trades ,GBP included, are well positioned and so far so good. I would certainly recommend them to anyone wishing to trade with them.

 

[Peter R]

EMT Forex, European Marketing Team games.

So I closed my account as per Clause C in the contract. Faxed from my bank, EMT Forex received my request to close my account and transfer the funds back. It has been well over a week now and no one has responded or gotten back to me. All e-mail responses have always been Auto-Reply. NEVER a real follow-up.

Both 'Mark Sawyer' and a 'Manfred' seem to be the people most avoiding us at the Barcelona office. Be aware that the fax number EMT Forex uses is also the same fax number for dozens and dozens of businesses and companies. I was told by 2 different people that there are 30 companies in that business centre and a receptionist told me there are 200 companies. EMT Forex is sleazy and do NOT expect a call to help you from any of these clowns.