Problem FOREXGEN.COM SCAM Alert! Broker stole over $160K from our trader!

[YoungPipper]

haha

So, I'm a noob to Forex. In fact, I'm still in college. However, I am really interested in learning to be a good trader. Yes, I was an idiot and tried to trade already.

Anyways, I have some news considering Forexgen. They have copyright violations. I was referred to an excellent forex educational website (babypips.com). Forexgen has an educational section titled "The Academy" which is a direct rip of babypips.com. I contacted babypips and they are taking the appropriate legal action.

 

[piphog]

Guys, harrassing their online live chat isn't going to do anything. ForexGen has bogus contact info across the board and a really lame market-maker cheat software. They outsource their only legitimate contact point out to a third party company "liveperson.net," I used them for an internet company I ran for years. Anyone involved with these people should not be confused when their profit withdrawals meet resistance.

 

[mirdaniel]

Thanks Felix and Rob for all your infos. Get those f*****s. I hope Rashid will get his money back. I've learned so much because of you. I've been trading for more than 2 years now and I'm satisfied with my broker.
I really like your services!

 

[neo1001]

Chat log with scammers - See how they try to weasel out of my direct questions and how he calls himself a "technical support" only guy.


Please wait for a site operator to respond.

You are now chatting with 'Harry '

Your Issue ID for this chat is LTK7503836609X

Harry : Welcome to our live chat service.

Harry : How may I help you today?

Dan: hey I like to find out some information

Dan: on this scam alert put out on your company for stealing 160K from a customer

Dan: is it true?

Harry : Steeling is not our job sir

Dan: but can you comment on that please? Is there an ounce of truth in this allegation?

Harry : customers wining or loosing is up to them and their trading strategies.

Harry : Forex is a risky market and some people just can't take loss

Dan: it showed a 270 pips of loss on EUR/USD in one minute at 7:10pm EST... how is that possible?

Dan: Oct. 19 2007

Harry : I don't report exact cases

Dan: I dont understand you...

Harry : but it could happen if traded during news

Dan: no news at that itme

Dan: time

Dan: I checked with 5 other brokers, no one showed the price you showed...

Dan: how is this possible?

Harry : i have no track of prices sir

Harry : big loss also may be caused by big trades

Dan: are you aware of this allegation on your company?

Harry : i am aware about the truth sir, hope you are as well

Dan: you have never heard of this allegation against your company? Is this the first time you heard it?

Harry : i am aware about that aligation sir

Dan: so what is your response to the specifics of the allegation? I am not asking you generalities of the Forex market or how people lose money or make money or trading in news times, I am asking you, DO YOU DENY THE VALIDITY OF THIS ALLEGATION???

Dan: Do you?

Dan: it is a simple question... what is your response of the allegation?

Dan: you deny or you don't deny?

Harry : sure it didn't happen

Harry : loss is normally in Forex

Dan: so you deny the allegation 100%

Dan: it never happened

Harry : sir, i don't see what are you going for

Dan: I am asking a straight question

Dan: Harry, what is your last name?

Harry : you are asking a question irrelevant to you

Dan: I am a prospective customer, it is important to me because I'd like to open an account with you, if the allegations were false

Dan: how is that irrelevant to me?

Harry : I'm not entitled to discuss the details of another trader with a third part, but any problem of such nature is handled by the legal department

Dan: ok very well, what is your legal departments contact information

Dan: I like to get their official statement on the matter

Dan: also what is your last name? My last name is Liu, nice to meet you

Harry : pleased to meet you sir to, I'm Harry Nevell

Harry : hope that makes all the difference to you

Dan: not really, but at least I know who I am talking to

Dan: so what is your legal departments contact information?

Dan: Or better yet, please give me your company's attorney's information

Harry : please send an e-mail to info@forexgen.com requesting that information

Dan: you dont have it?

Dan: I am talking to LIVE support, and you can't suppor me by going to your company directory and get me that information?

Dan: surely it should be a couple of seconds of work for you...

Harry : Sure it will

Harry : but it's not my specialty

Dan: ok thanks in advance

Dan: for the information

Harry : this is technical support

Harry : is there any technical stuff i can help you with?

Dan: yes, is there a phone number I can call?

Harry : sure

Harry : +1 212 4613 279

Dan: what is your extension, Harry, since we have developed such rapport

Dan: I like to only talk to you

Harry : i'm not a telephone operator sir

Harry : you will find someone to give you all the info you need

Dan: you are not? so if I have technical questions who should I talk to?

Harry : you can ask me right now sir

Harry : or talk to a telephone operator

Dan: so you dont do any sales

Dan: you cannot help me if I want to open accounts

Dan: you are strictly a technical support guy...

Harry : i can help you if you want to open an account

Harry : or any other technical support

Dan: but nothing else...

 

[bbjservi]

God will continue to bless you, Felix. I am praying for you; please pursue this forexgen case to the end; these fraudstars will be rid out of the forex market.

 

[mirdaniel]

Funniest thing I ever read was the forexgen trading conditions. If they had wanted to keep it serious, they could have simply said "You are forbidden from making money"

Anyhow, the (abridged list)



- Illegal pip hunting.

* Remember pips are an endangered species, and hunting them is strictly forbidden. *

- Illegal scalping.

* This may have been ok for indigenous peoples in the US a few centuries ago, but ripping the hair and skin off people's living skulls is now considered impolite. *

- Suspicious hedging of the same currency.

* Suspicious hedging involved things like using privet hedges for currencies from hot countries, where it does not grow naturally. [But seriously, what the F*** are they on about?] *

- Harmful strategies.

* For example use of an assault rifle on the server, or dumping chemical waste. *

- Expert Advisor that are not approved by ForexGen.

* Ignorance is bliss. Any signs of expert knowledge or advice is utterly condemned. *

- Security threatening activities.

* For example, going up to a T-bond and saying "want to go outside and get laundered?" *

- Any other hostile activities that threatens ForexGen, its customers, business partners and counter parties.

* This really is a catch-all for any activity by customers that allows them to make money. ForexGen only likes losers. *

What a bunch of total A*******S ForexGen clearly are.

Elroch, you are so funny and so right! An a****** found a way to put such of a cr** on a piece of paper. I hope someone get his a**

 

[Joh]

Hi everyone.

Felix and Rob -you guys are absolutely amazing. Thank God Rashid has people like you behind him - as a small individual living in another country I can only imagine you can kiss the money goodbuy.

And Rashid if you were clever enough to turn 20.000 into 160.000 in a short period of time-you are an star and stars always shine- take heart!
Although this is awful and stressful for you - with the talent you have (and a good broker) you'll do it again and then some -goodluck Joh.

 

[agungsatriyo]

Thank alot for your info Rob

 

[njprunk]

The hard truth

Honestly I believe your chances of getting money back are close to zero because this company answers to no one. No regulatory agency, nothing. This is from there FAQ site.

"19.Is ForexGen regulated?

ForexGen is registered and regulated by itself and through its partners ForexGen is furthermore being audited by leading revision firms several times a year. "

HAAAAAAAAA regulated by itself, honestly if your care so little about your money that you will put it in a place that "regulates itself" what do you think was going to happen if you somehow made a good amount of money. So basically there is no recourse you can take, there is no arbitration service like the NFA might have nor do they have to worry about a tarnished image. Even somewhat sketchy operations such as FXCM still have to answer to the NFA so as long as there not going bankrupt, if you were wronged there is a good chance you will get your money back either through threats of filing a complaint, or actually going through the process. With these guys theres no where to go and that 160,000 is probably 10% of the their net capital. Don't think so? MB trading which is thought highly in this forum has fewer then 5 million in net capital last time I checked there website. Why would they give it back? You've basically given up your only thing you had against them, keeping this story under wraps, now that its out what do they have to gain? No one is regulating them, there reputation is already Sh*t, they're gonna just take the money and run. I know I'll get some crap for this and I really like that Felix and Rob care so much, but by blowing this up, informing everyone in the SFS, you may have helped the forex community, but you also helped screw this guy out of the little chance he had of getting back his $160,000. Maybe it was a last resort after numerous contacts but still, now they have no reason to give there money back and can even state there Terms of service saying he violated them.

 

[No Time]

Damn. I hope he get his $$$.

This is a good lesson for all of us to not only do our own research but also have LEGAL and FINANCIAL representation that specializes in Forex no matter how much it costs!!!!!