Scam Reporters
Sergeant Major
- Messages
- 612
Usually we start with 'Exposing...' then followed by a scam/fraud broker's name, domain etc - for easy search. This time, however, it does not imply a simple scam setup. Actually, for the sake of the truth, Fortrade appears to be fully licensed, in multiple jurisdictions: UK FCA, Aussie ASIC, Loonie IIROC, Belarus NBRB (here we get confused, as Minsk is out of EU regulatory reach in general, much more then Ukraine for example) and an ex-unregulated FX Lider, now upgraded to Kapital RS Inc a.d. (RSSEC, Belgrade, Serbia, for local offer only). A bit strange setup, but covers quite a lot of geography. This is surely commendable and is not something a scam broker would do. Best case scenario, scam brokers sometimes acquire CySEC or even Bulgarian FSC, if they plan to exit scam-scene (which is a new trend, by the way). Being regulated does not mean one will not act in a wrong manner, accidentally or intentionally, but a client has a verified place to address its case. So, what is the problem with Fortrade really? Why so many negative reviews? Sure, it's a market maker taking the other side of client trades, spreads are high, support chases for more deposits, but that's part of the business and, unless line is crossed, it's allowed.
The real problem is Sales. Yes they are probably good for the company, but this means they are not good for the client. To conclude, all is out of balance and it comes from Sales and marketing approach, those who decide on how to do the business. Our thread was triggered by Tamarapl and other's posts link in an attempt to provide them with a shortcut to possibly resolve their problems in negotiating more directly&effectively, while pursuing FCA complaint, already lodged.
This brand started quite some time ago, however under different name, FX Lider. It covered Balkan regions, expanded to Turkey at some point, etc. At all times it was a classic Israeli Forex call-center setup, which is not necessarily a bad thing, but certainly not very positive, industry history taken into account. At some point expansion was inevitable, thus Fortrade was launched and is expanding. From FCA company statements (link, statements2018 page 20) one learns that UK based Fortrade has only 2 subsidiaries, one in Australia (licensed and regulated) and the other one in Israel (not mentioned anywhere across their websites?)
So there is also some Fort Securities Israel Ltd. Israeli companies are a bit hard to find, but there it is: https://www.israelbizreg.com/fort-securities-israel-ltd or here as well: link-use translator, link
That particular company should be in charge of IT, back-office, etc. Owner's details are not displayed without paying a fee to the registrar, so whoever wants to waste 50 usd or more, can do so. But who does Sales/call center activities? This is where the problem started in the first place.
The above info comes in a way from the call center operator himself, Mr. Zeevi (or Zeevy) Goldman, in an article by Macedonian online magazine Faktor.mk (link-use translator), where much is mentioned, among other we quote: '' FXLider is part of the International Leader Group, an international group. We are currently active in Turkey, which is basically our largest operation, where we have over 250 employees with two centers - one in Istanbul, one in Belitashir. Another important operation is Israel, where our technology, our operations support offices are stationed and from there we get all the support. We are also active in Baku, Azerbaijan, but also in Hong Kong, China, where we cover the Chinese market. For the territories of the former Yugoslavia, including Albania and Greece, we are working from the Belgrade headquarters. In total, this group has more than 300 employees'' This International Leader Group we cannot locate, but it's less relevant for the story.
Mentioned Mr Goldman apparently has a long and deep presence in the region, since early nineties after his discharge from the Israeli Army, started agricultural business in Serbia, Montenegro, then shifted to Forex space, at the time a lucrative business just starting to unfold its potential. After connecting to (probably) Saxon Financials (UK, Canada, link) Fortrade was launched. It remains unclear why the UK registrar shows some ownership changes via Liechtenstein trustee service Audina Treuhand AG (often found at ICIJ Offshore Leaks database) and Panama-based Alba Capital S.A. (link), (perhaps a change in ownership structure for an undisclosed member-silent partner, wishing to remain anonymous) but again it's probably not so important for the story. We will assume it's according to the Law.
Regional support center, as can be seen, is Belgrade, Serbia. The local company is called Global Marketing Solutions d.o.o. and has changed nominee ownership and addresses several times since 2013 inception, in the registrar (including a Macedonian and Irish citizens and an offshore SVG corporate btw 2015-2017). However, the beginning was registered properly:
To further back this text with fact based data and evidence, here is an interesting picture to point out the connection Mr Goldman obviously holds (year 2014 FX Lider office opening, Israeli ambassador cuts the tape, source: link)
Left: Z. Goldman, at the time FX Lider, right His Excellency, Israeli Ambassador in Serbia (2011-2016)
In case someone wants to check how out how staff and environment look like, visit this link.
But, things are not that perfect, as FX Lider received a 2014 slap on the wrist from Serbian SEC link - public warning that they were not a registered broker-dealer/investment advisor, but were openly soliciting their services to local public in 2013 (selling CFDs on Boeing shares and promoting market opportunities to inexperienced public), then doing the same to Croatian citizens in 2015 link, followed by very strict Croatian FSA (HANFA) for misleading public and braking market rules (no registered seat, no clear link to FCA Fortrade, no investment license, no tied agent etc):
Finally, it's Serbian registered investment broker-dealer (restricted to offering, but not holding clients securities/cash) Kapitalrs Inc a.d. actually got a 3 months ban in December 2018, link, for misleading inexperienced retail clients into complex derivative instruments, promoting simplified market opportunities without qualified staff (staff is comprised of salesmen, not brokers, investment advisors or qualified financial analysts). The company does have a qualified analyst, but sales staff should not do such activities. One more thing about Kapitalrs Inc - even though promoted as part of Fortrade group, the local company is actually incorporated as joint-stock company (mandatory for a broker-dealer per local laws) with a single shareholder: Mr. Bernhard Walter Wachter from Liechtenstein link. No mention of Fortrade...
With all the above stated and fact-supported, the unpleasant situation of FPA member Tamarapl with her account manager, salesman who can be found here on LinkedIn and others, is not surprising us at all. We again reiterate that Fortrade is not a scam broker, as it holds number of licenses. However, the misconduct at least as agent's behavior is evident and is nothing new. The main thing is the following - if the account manager made assumptions/recommendations on buy/sell of certain asset, then a breach of allowed activities did happen. If this is proved (with FCA or by other means) then clients have a good chance of getting the money back and a broker will get a penalty. It remains unclear if an attempt to discuss directly with Mr Zeevi Goldman of Global Marketing Solutions would bring any clarity to clients, but it seems logical to at least try to do so. And it would be very good to know why the entire business set-up is so mixed, misplaced and confusing. We hope it's not for the reason to divert potential claims.
And ultimately, there's a charge-back always. Every broker tangling with client in some way fears a justified charge-back and bank-related dispute as it tends to 'kill' facilitator of deposits - payment processor.
Good luck and keep FPA community posted on progress in your threads. We honestly hope this will be resolved to client's benefit and look forward to such news.
The real problem is Sales. Yes they are probably good for the company, but this means they are not good for the client. To conclude, all is out of balance and it comes from Sales and marketing approach, those who decide on how to do the business. Our thread was triggered by Tamarapl and other's posts link in an attempt to provide them with a shortcut to possibly resolve their problems in negotiating more directly&effectively, while pursuing FCA complaint, already lodged.
This brand started quite some time ago, however under different name, FX Lider. It covered Balkan regions, expanded to Turkey at some point, etc. At all times it was a classic Israeli Forex call-center setup, which is not necessarily a bad thing, but certainly not very positive, industry history taken into account. At some point expansion was inevitable, thus Fortrade was launched and is expanding. From FCA company statements (link, statements2018 page 20) one learns that UK based Fortrade has only 2 subsidiaries, one in Australia (licensed and regulated) and the other one in Israel (not mentioned anywhere across their websites?)
So there is also some Fort Securities Israel Ltd. Israeli companies are a bit hard to find, but there it is: https://www.israelbizreg.com/fort-securities-israel-ltd or here as well: link-use translator, link
That particular company should be in charge of IT, back-office, etc. Owner's details are not displayed without paying a fee to the registrar, so whoever wants to waste 50 usd or more, can do so. But who does Sales/call center activities? This is where the problem started in the first place.
The above info comes in a way from the call center operator himself, Mr. Zeevi (or Zeevy) Goldman, in an article by Macedonian online magazine Faktor.mk (link-use translator), where much is mentioned, among other we quote: '' FXLider is part of the International Leader Group, an international group. We are currently active in Turkey, which is basically our largest operation, where we have over 250 employees with two centers - one in Istanbul, one in Belitashir. Another important operation is Israel, where our technology, our operations support offices are stationed and from there we get all the support. We are also active in Baku, Azerbaijan, but also in Hong Kong, China, where we cover the Chinese market. For the territories of the former Yugoslavia, including Albania and Greece, we are working from the Belgrade headquarters. In total, this group has more than 300 employees'' This International Leader Group we cannot locate, but it's less relevant for the story.
Mentioned Mr Goldman apparently has a long and deep presence in the region, since early nineties after his discharge from the Israeli Army, started agricultural business in Serbia, Montenegro, then shifted to Forex space, at the time a lucrative business just starting to unfold its potential. After connecting to (probably) Saxon Financials (UK, Canada, link) Fortrade was launched. It remains unclear why the UK registrar shows some ownership changes via Liechtenstein trustee service Audina Treuhand AG (often found at ICIJ Offshore Leaks database) and Panama-based Alba Capital S.A. (link), (perhaps a change in ownership structure for an undisclosed member-silent partner, wishing to remain anonymous) but again it's probably not so important for the story. We will assume it's according to the Law.
Regional support center, as can be seen, is Belgrade, Serbia. The local company is called Global Marketing Solutions d.o.o. and has changed nominee ownership and addresses several times since 2013 inception, in the registrar (including a Macedonian and Irish citizens and an offshore SVG corporate btw 2015-2017). However, the beginning was registered properly:
To further back this text with fact based data and evidence, here is an interesting picture to point out the connection Mr Goldman obviously holds (year 2014 FX Lider office opening, Israeli ambassador cuts the tape, source: link)
Left: Z. Goldman, at the time FX Lider, right His Excellency, Israeli Ambassador in Serbia (2011-2016)
In case someone wants to check how out how staff and environment look like, visit this link.
But, things are not that perfect, as FX Lider received a 2014 slap on the wrist from Serbian SEC link - public warning that they were not a registered broker-dealer/investment advisor, but were openly soliciting their services to local public in 2013 (selling CFDs on Boeing shares and promoting market opportunities to inexperienced public), then doing the same to Croatian citizens in 2015 link, followed by very strict Croatian FSA (HANFA) for misleading public and braking market rules (no registered seat, no clear link to FCA Fortrade, no investment license, no tied agent etc):
Finally, it's Serbian registered investment broker-dealer (restricted to offering, but not holding clients securities/cash) Kapitalrs Inc a.d. actually got a 3 months ban in December 2018, link, for misleading inexperienced retail clients into complex derivative instruments, promoting simplified market opportunities without qualified staff (staff is comprised of salesmen, not brokers, investment advisors or qualified financial analysts). The company does have a qualified analyst, but sales staff should not do such activities. One more thing about Kapitalrs Inc - even though promoted as part of Fortrade group, the local company is actually incorporated as joint-stock company (mandatory for a broker-dealer per local laws) with a single shareholder: Mr. Bernhard Walter Wachter from Liechtenstein link. No mention of Fortrade...
With all the above stated and fact-supported, the unpleasant situation of FPA member Tamarapl with her account manager, salesman who can be found here on LinkedIn and others, is not surprising us at all. We again reiterate that Fortrade is not a scam broker, as it holds number of licenses. However, the misconduct at least as agent's behavior is evident and is nothing new. The main thing is the following - if the account manager made assumptions/recommendations on buy/sell of certain asset, then a breach of allowed activities did happen. If this is proved (with FCA or by other means) then clients have a good chance of getting the money back and a broker will get a penalty. It remains unclear if an attempt to discuss directly with Mr Zeevi Goldman of Global Marketing Solutions would bring any clarity to clients, but it seems logical to at least try to do so. And it would be very good to know why the entire business set-up is so mixed, misplaced and confusing. We hope it's not for the reason to divert potential claims.
And ultimately, there's a charge-back always. Every broker tangling with client in some way fears a justified charge-back and bank-related dispute as it tends to 'kill' facilitator of deposits - payment processor.
Good luck and keep FPA community posted on progress in your threads. We honestly hope this will be resolved to client's benefit and look forward to such news.
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