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Figfx! Steal Trader's Profit!!! - RESOLVED

Discussion in 'Scam Alerts' started by Chanya, Sep 12, 2010.

  1. Chanya

    Chanya Recruit

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    I am trader from Thailand. I decided to invest with Figfx as their offer is very interesting as much as 100%....also their IB/Agent Program is also nice to join.

    I registered as IB/Agent with Figfx, and get the IB account no. 120595. Later, I registered for trader account through the main page of Figfx under IB/Agent account no. 100100) and get account no. 121216 (online support advise me to open the other account to trade, IB account for checking commission only)

    After my account was verified, I started fund and trade on account no. 121216, I made some profit and withdraw, Figfx return my withdrawal fast, I was really appreciate them in that time. I told my mom, How nice of Figfx, and mom wanted to invest with them as well. but due to we use the same computer, we sent the email to ask Figfx if it is alright to use the same IP, they replied "no problem" a month later, my mom registered and get account no. 122807. After account verified, she add fund and trade, both of me and mom accompany each other to trade when our free time match, also sometimes open the trade for each other when one of us away from computer, because needs to grab a good entry. (already ask online support, said we can do)

    Mom made some profit and withdraws all her money, because she needs to use money urgently. One month later, I did a bad management on my account 121216, my money was blown up. I told mom about my bad luck, she checked the market and see opportunity to gain money by Long EUR/USD, she said it already down a lot, can be retrace. She adds fund to her account 122807 and Long EUR/USD. She was right, EUR/USD come up and hit her take profit point, and she won 942 dollars. (Investment; 125 dollars), the balance became 1067 dollars

    Few days later, Figfx sent me and mom the email to inform that they do permanently blocked account no.121216 and 122807 by 3 reasons:

    1) Self Rebate
    You are an affiliate with account 120595, and own a trading account #121216

    ** No any commission on that account, moreover, I registered 121216 through IB/Agent 100100, how could I do self rebate? Also the support told me to open the account 121216 for trading. What is my wrong??? THIS IS ACCUSATION!

    2) False Identity
    Each of the two above accounts use a different address, residential address and telephone.

    **I can prove all evidence I sent them is real, if they doubt, why didn’t they ask for more documentation from me??? And my account was verified before deposit and trade, if false, why didn’t they deny me? I even asked them check with my Bank to verify my resident, but it seems they did not want the truth!
    THIS IS ACCUSATION!

    3) Account management
    You also operate a third account accessing our servers from the same IP address.
    This third account #122807, uses again a different residential address, and copies every single trade from that account above.

    ** That is not 3rd account. It is a real trader and she is my mother. We already asked your support about register by using same IP and Mr. Simon said no problem. We have three houses, two houses in Ubonratchathani, one house in Bangkok, my Dad own 1st house in Ubonratchathani, my mom own the 2nd house in Ubonratchathani, and I own the 3rd house in Bangkok, that is why my mom address appear in other Ubonratchathani, but she moving around between these three house, and she use the computer at house in Bangkok to trade! The address and the body must be always at the same place? And we have to trade from the address that appears on paper only???!!! I don’t think so.

    Now, what is our wrong?? If Figfx dislike my mom and I, because profit a lot, they can kick us off.. But must return our fund and profit that we made, we do not ask for anything more than our own money! I can be a witness that she activated the trade by herself, Not by robot or Figfx!!! So, And that profit belong to Phornphat Jitdee ONLY….

    HOW COULD THEY STEAL ALL THE PROFIT OF TRADER?
    THIS IS ALSO ACCUSATION!


    Mom and I sent them 3 emails, no reply!
    I catch online support, telling them my mom awaiting for 932 dollars profit (Fig return only 125 dollars investment), support said "your case has been solved and offline" without any explanation "How solved?" due to the both account were still Invalid and no any money return to pocket. Please see attached file as the evidence.

    ***The only evidence from them to prove that I broke the rule is “the print screen of accessing by same IP (truly nonsense because they already said “no problem”)


    WARNING EVERYONE!!!!!!
     

    Attached Files:

    #1 Chanya, Sep 12, 2010
    Last edited: Sep 17, 2010
  2. Javier Keeth

    Javier Keeth FigFx Representative

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    Hello,

    Thank you for the great post, and screenshots.

    1) In the email you received, It was noted to "make sure you read the terms at https://secure.figfx.com/earn.asp" did you?

    There it says:
    Code:
    These offer terms does not apply for fund/asset/portfolio managers with access to the referred accounts. [B]One account per house hold[/B], per partner is allowed to generate commissions. Any suspicious partner activity will be investigated and will result in blocking previously generated commissions. Please take benefit from this partnership opportunity in good faith keeping in mind that all partner accounts are constantly monitored.
    
    Now, your screenshots #2 & #3 show both accounts connecting from the same IP. You also declared connecting from the same IP and accessing each other's accounts. Which is an enough reason for us to block both accounts.

    Rules, are rules - and are meant to be the same for all to guarantee fair trading policies. No matter weather it is your mom, father, brother, friend, room mate, etc.. This is still called self-rebate. And in this particular case, it is unauthorized account management as well.

    Check the agreement you accepted upon signup:
    3.4. Customer has full beneficial ownership of Customer’s Account. Customer has not granted and will not grant a security interest in Customer’s Account with FIG Solutions (other than the security interest granted to FIG Solutions hereunder) to any person without FIG Solutions’s prior written consent. Customer has full beneficial ownership of all collateral and will not grant any security interest in any Collateral to any person (other than the security interest granted to FIG Solutions hereunder) without FIG Solutions’s prior written consent.

    Finally,
    If you still think you were accused of something you did not do, please feel free to consult with your lawyer.

    Good luck
     
  3. Chanya

    Chanya Recruit

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    Figfx, A big Liar!

    Mr. Keeth said: Thank you for the great post, and screenshots.

    ** Your welcome, it’s my pleasure to tell the world about your job

    Mr. Keeth said: In the email you received, It was noted to "make sure you read the terms at https://secure.figfx.com/earn.asp" did you?

    ** Yes, we did

    Mr. Keeth said: These offer terms does not apply for fund/asset/portfolio managers with access to the referred accounts. One account per house hold, per partner is allowed to generate commissions. Any suspicious partner activity will be investigated and will result in blocking previously generated commissions. Please take benefit from this partnership opportunity in good faith keeping in mind that all partner accounts are constantly monitored.

    ** I understood that this written of term use for the Affiliate Program, for IB/Agent who concerns the commission. In my case, my mom and I registered through the main page of Figfx as the individual trader. Yes, we come from the same family, But what commission I could generate from this registration? Because both of us (me and mom) didn’t register through my referral link. Please Do Not trying to mix up story for blames, please show evidence to prove if I lie. But if you cannot prove, you lie!

    Mr. Keeth said: Now, your screenshots #2 & #3 show both accounts connecting from the same IP. You also declared connecting from the same IP and accessing each other's accounts. Which is an enough reason for us to block both accounts.

    ** I never denied that my mom and I use the same computer (We have only one computer in our home and connect through a single LAN line) BUT before mom registered using the same computer, I already asked your customer support and I got reply that we are ALLOWED to do that! and please to be remind once again, both of us DID NOT register through my referral link. HOW COULD THAT REGISTRATION COUNTED AS "SELF REBATE"? you know what I thought after seeing you repeat this terms. You did not even investigate! that is why you keep talking about Self rebate.

    Please consider as two traders behind the computer, and trade. It is so far away from Account Management that you “blah blah blah…”

    If you said the above reason enough for you to block both accounts and take all my mom’s profit which totally 932 dollars…Wow, you can earn so easy money by STEALING, while trader trying hard earn money from investing, checking news, checking chart, worried with transaction all day and night, WHEN IT IS PROFIT…BANGGGG!!!! You shoot our head and pack all the profit away. It’s truly unfair and you are a REAL SCAMMER!!!


    Mr. Keeth said: Finally, If you still think you were accused of something you did not do, please feel free to consult with your lawyer.


    ** My mom is only asking for her profit from transaction which is 942 dollars and is not asking for anything more than that. We just want you to open your mind and listen to our reason (the reason of using the same IP address ). But you keep speaking something to break our heart. You do not need to ask me to consult to any lawyer, and until now we even do not know where your position is, because you are only appeared in virtual office

    How you dare to talk about the Law, while you are stealing trader's profit?

    -----------------------------------------------------------------------------------------------------------------------------------------------------------
    Dear FPA,

    Please contact me at chanya_18@yahoo.com I am pleased to give you the other evidence as needs.

    Regards
     
    #3 Chanya, Sep 13, 2010
    Last edited: Sep 17, 2010
  4. NickB

    NickB Forex4Noobs Rep.

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    My question is, have you received all the money in your account back or are they withholding funds?
     
  5. Chanya

    Chanya Recruit

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    Fig return only investment

    Fig return only 125 dollars(Libertyreserve) to my mom's account without the profit that she made from transaction, totally 942 dollars...

    Even both of us trying hard to contact them for verification, through emails (support@figfx.com), online support, or even phone (1.302.295.0959) no respond! until I post my case to FPA, someone named Javier Keeth pop up and said "Rules are rule...blah blah blah" without investigation. Because if he does investigate before reply me on this forum, he must realise already now that I didnt do a self rebate and I didnt create up or manage 3rd party acount as he understood. The reason he replied didnt concerns my case at all, moreover he never return mom's profit.

    In stead of do investigation and find out the truth to help his clients, he only challenge the client to consult lawyer, Is that a kind of good broker?
     
    #5 Chanya, Sep 14, 2010
    Last edited: Sep 17, 2010
  6. Stanislaus Arren

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    Let's consider,"Do you think Javier reason is lack of weight and need more evidence?"

    Hi Javier,
    I was working for leading forex broker; I want to share my experience about MT4 system. The FX broker who are using and buying MT platform, have a right to modify all the transaction and even account history. So, it is useless for the victim to sue Figfx in the court because all the evidence support come from your side. In this case chanya located in Thailand, Asian, which is so far away from Figfx, USA. How could the lawyer can help much in this case? This business is built on TRUST. I believe when trader send money to broker, they did not even think about how to fight in the court if broker cheat, that because they trust you.

    In my opinion, it is unfair for speaking without proven by evidence. You should show the evidence that she did a self rebate, and how you lose the benefit to her by this matter. (I hope you show the original evidence, without editing for fair).

    For account management, I disagree if you said she used her mother as the additional account. That sound does not make sense. Anyone could be a forex trader. It does not matter our parent is trader, daughter cannot be a trader, husband is a trader nor wife cannot be. All are their right and free to be. You cannot use this reason. I disagree.
    How could you definitely sure and prove "only one trader behind pc & manage various accounts" or "many of trader behind pc & manage their own account"? Please enlighten me.
    unless you have a camcorder to monitor behind the desk.
    :D
    So, fig could not say chanya did manage account, just because her mother is a trader too.

    I hope my information and opinion could be used for justice in this case.
    Good luck
    One more thing to be remind, I think no matter the case, the fund and profit belong to trader 100%. No any broker can take the profit from transaction. The same when trader made loss, broker will not take any responsibility. That is the fair policy for both parties!
     
  7. NickB

    NickB Forex4Noobs Rep.

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    Is this a joke you low life thief? Either your staff member is hugely inept or you’re scammers. My guess is that you’re scammers. Whoever replied to this man’s question said to him ‘no problem’. That means one of your employees told him it was “no problem” for him to sign his mum up on his computer. Now you’re back tracking and saying, that even though your idiot employee said “no problem” it actually is a problem as per your terms and conditions. Are you kidding me? What is the use are your staff if the advice they give customers contradicts your terms and conditions? What a pathetic attempt at shirking responsibility.

    Weather? The word weather is used to describe the state of the atmosphere with respect to wind, temperature, cloudiness, moisture, pressure, etc. I believe the word you’re searching for is ‘whether’. Whether is a conjunction used to introduce alternatives. As a representative of Figfx shouldn't what you write make sense? Are all the employees of Figfx slow? I am not a grammatical expert myself but then again I am not representing a brokerage company.

    Grammatical errors aside your statement is invalid. An employee of FigFx mislead this man. The employee gave this man written approval to sign his mother up using his computer. Written approval by an employee of your company actually overrides your terms and conditions. Therefore FigFX should reprimand the employee and give this man his money.

    As for keeping the profits earned from a trade. I have read through your (poorly written) terms and conditions. So far I have not found anything that states you have the right to keep profits if somebody is using a shared account. I read the section (3.4) and I understand it but I do not see where it says that you have the right to steal a customer’s profits. Could you please direct me to that section of the terms and conditions?

    Oh and by the way. Have your solicitor have a look through those terms. While I am no master of grammar I did note some truly idiotic grammatical errors. Legal documents should not have grammatical errors. They are the simple ones too affect vs. effect ect.

    It is my opinion that you guys are liars and thieves. Furthermore I believe that Figfx looks for any excuse to ban profitable traders and steal their money. Are you American? The statement "consult with your lawyer" is quintessentially American and in this case it is laughable. Nobody is going to consult an attorney and launch an international law suit to retrieve $900 is stolen profits. You already know that though, that is why you said it. Your reply reeks of superiority you pompous *******. I am astonished this broker hired you to represent them, you should be fired immediately. It shows how unprofessional Figfx is to hire a slow-witted moron with a superiority complex to represent them publicly.
     
    #7 NickB, Sep 14, 2010
    Last edited: Sep 14, 2010
  8. Javier Keeth

    Javier Keeth FigFx Representative

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    Please scroll this page above a few posts and read Chanya's text:
    Code:
    After account verified, she add fund and trade, both of me and mom accompany each other to trade when our free time match, also [U]sometimes open the trade for each other when one of us away from computer[/U], because needs to grab a good entry. (already ask online support, said we can do)
    
    As for your part about editing trades and history, I am not sure if your former FX firm did that, but we certainly do not, and do not want to get involved in such act.s This is one thing that can legally destroy a broker. In addition, we do not need to do it, yes, there is a $932 dollars profit, and yes, we have blocked the account, and a third yes, we believe we did that on a solid "term violation" basis. This is exactly why we feel so sure advising Chanya to consult a lawyer.

    NickB:
    An advice for good, I usually use it a lot in cases like yours where people know only how to scream and cry hoping for good.. go back to where you learned forex, and ask for a refund.

    Have a nice day
     
  9. yazzy

    yazzy Recruit

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    Well written! After so many complaints about FigFx on this forum, I am surprised that new traders still think they can make money trading with FigFx. FigFx knows that no trader will sue it as the amounts that it blatantly stole from traders (citing all sorts of ridiculous arguments about self-rebates, cross-management, household, etc.) are not big enough to pursue the legal action. For those who still think of opening the account with FigFx, stay away.

    The signatures of Keeth's replies here and of FigFx online support staffs all contain the same phrase "Have a nice day" make me think that they are one and same person.
     
    #9 yazzy, Sep 14, 2010
    Last edited: Sep 15, 2010
  10. Pharaoh

    Pharaoh Colonel

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    Javier,

    If your support staff was foolish enough to say "No problem", then just pay these people their money (current account balance, not just initial deposit) AND any IB commissions owed. Then terminate their accounts and also terminate whatever idiot at your company messed up so badly.

    Personally, I like Fig's policy that says that IBs can't manage their own clients. This makes account managers less likely to churn a losing account to get IB commissions. I wish all brokers had this policy. The problem is that your own chat reps are making Fig look like a scam by giving customers incorrect information.


    Sticking to a good policy is a good thing, except when your own reps tell people things that are at odds with the policy.
     

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