Forex Capital Markets LLC Ordered to Pay More Than $14.2 Million to Settle CFTC Charg

Triantus Shango

Sergeant Major
Messages
1,372
The bad part here that all customers worldwide were gamed by FXCM & only US customers will be paied back as NFA forced FXCM to do so. Shows that FXCM looking only for fast profits & not so fair for customers in UK & elsewhere.

13

that's why i closed my account with them a long long time ago. ;)
 

OutsidetheBoxHK

Recruit
Messages
8
I used to trade with FXCM but banged my head against the wall too many times, and I guess finally smartened up, about the slippage and left. It was very unfortunate because I had a great account manager but the unjustified and excessive slippage (bottom/top of the move) forced me elsewhere.
I can't believe I'm learning about all of this now. So many years later.
I am running reports for those years, because even though I was responsible for some of my poor trading choices during those years, it looks like it will be very difficult to ascertain just how much of my loss was due to unfair back office slippage and/or dealing desks with inside information who were trading against me when the odds were stacked against me at certain entry levels etc.
Does anyone have any help on this one?
Here is who I have contacted so far: Joe Harari / Jaclyn Sales / Investor Relations / info@fxcm.com
 

OutsidetheBoxHK

Recruit
Messages
8
Hi thesaint226,

The settlement between FXCM and the CFTC was anticipated and previously disclosed on August 11, 2011, during FXCM’s Second Quarter Earnings Conference Call. At that time, the company established a reserve of $16 million in anticipation of the fines associated with the CFTC ($6 million) and the NFA ($2 million) settlements as well as restitution ($8,261,937) credited to affected clients. To date, the NFA fine has been paid and restitution to affected clients has been credited. The NFA and CFTC fines as well as restitution are all covered under that reserve, resulting in no negative impact to the net income of FXCM Inc.

Our full statement can be found here FXCM US Reaches Settlement with the CFTC for $6 Million

-Jason

I have made other attempts to reach Jaclyn Sales or Investor Relations, as I believe there were practices used during times when I was trading under FXCM relevant to the two cases below which I possibly should be credited for. I had to close a number of accounts due to losses I incurred, and it is possible that some of my losses were due to actions by FXCM that have been deemed fraudulent. I have not received a response up to this date.
I had been a long standing customer of FXCM US and then was switched over to FXCM UK. I am currently reviewing trades that I made on the FXCM accounts below and would like to be compensated as other customers have been according to statements I have seen online.
I have had 11 accounts total between both entities:
 

Clay Davidson

Recruit
Messages
80
I highly doubts that they will responce anything good for those who are not real US citiziens which is totally bad at all, I simply do not understand all what you mean here. So once again truth and law working for US people only and not for everyone else.
 

Notati

Recruit
Messages
114
Clay, I would not fully agree with you. I still believe in US law and justice, and I think that everybody can seek for justice no matter if he or she is citizen of the US or not. If US would like to continue to have free market where everyone is welcomed, than law should be applicable for everybody
 

Mazshura

Recruit
Messages
69
That's great that the laws are working and everything like that already damn settled anyway with whatever you want to and it will be really associated there no matter what . How can we explain all that later to us ? It's better to obey the law anyway.
 
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