ForexGen (Case 1)

We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...

The brokerage company known as ForexGen had failed to return funds due to the trader known as Rashid as well as to other traders. Failure to return money to traders upon request is the primary definition of "Scam" for the members of the Forex Peace Army.

Further, we find that ForexGen's agreements with traders are written in such a way as to allow ForexGen to confiscate funds from the accounts of traders for a wide variety of reasons that are not clearly defined. Although not illegal, we feel that such terms are not fair to traders and allow a significant chance of additional behavior that would at best be described as unethical.

Thus, we officially find that ForexGen is a scam. We offer ForexGen the chance to resolve this issue by returning funds legitimately due to Rashid and other traders. Further, we would ask that ForexGen modify its agreements with traders so that there are clear definitions regarding possible actions that may result in confiscation of funds.

We extend our deepest sympathies to Rashid and our other fellow traders who lost money due to these actions of ForexGen. We extend warm regards to Rob Grespi and Felix Homogratus for bringing this issue to the forefront and gratitude to the many FPA soldiers who have helped bring forward additional evidence.

ForexGen is hereby blacklisted by the Forex Peace Army.

The original complaint is here...