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Forexoma, Where Is The Money You Took From Traders?

Discussion in 'Scam Alerts' started by AsstModerator, Sep 3, 2013.

  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    Forexoma
    Where Is The Money You Took From Traders?


    Forexoma didn't start out as a forex broker. It was a forex education, signals, and trading systems site owned by Vahid Chaychi.

    I got to know Vahid by email. He seemed like a nice guy, but he'd get very upset any time someone criticized him or his service. Sometimes he'd threaten to quit the industry, but he kept running the site.

    Sometime in late 2010 or early 2011, Vahid added broker services to his site. I suggested that he open the broker under a different domain name. That way the reviews for broker and non-broker services wouldn't be mixed. He seemed confident that there would be no problems.

    Later, Vahid contacted me and told me he was selling the company. I never found out who it was who was supposed to be taking control. The reviews continued to be good, so no alarm bells went off. Vahid later contacted me and asked for all mentions of Vahid and Vahid Chaychi to be removed from the review page. I told him this wasn't possible, since many of the older reviews were specifically about client dealings with Vahid.

    I don't know if Vahid retained any financial interest or a position in the company or not. I do know that he no longer emailed me when a negative review came in.

    The only other strange thing was the new owners not giving clear answers on whether or not Forexoma accepted US clients for its broker services. Once, they said that Forexoma does not accept US clients to its broker services. Later, I contacted them about a new review from a US client who spoke of have a broker account with them. They again said no, but quickly changed that to yes. This communication was using a very annoying helpdesk function that required visiting the site to see answers. I tried to get an email address, but they would not provide one.

    There were no other warning signs. The reviews weren't perfect, but were well above average for a broker. In July 2013, all of that changed. Forexoma went from being a broker to being a scam.

    The FPA began getting emails, Scam Alert threads, and reviews about withdrawals not being processed. There were mixed reports about parts of the website being down. I tried to contact Forexoma by their trouble ticket system and by email addresses provided by clients. There was no response. I tried Vahid's personal email address. There was no response.

    Then the website went down and the complaints increased. Shortly after that, the MT4 server went down and the complaints skyrocketed.

    At least one reviewer blamed the FPA for not sounding the warning. Other than being unregulated, there was nothing to warn about. Many brokers that run off with client funds start getting complaints months in advance. Those who complain early can often get their money. Forexoma was different. One day, withdrawals were processed. The next day, all withdrawal attempts were ignored.

    There are hundreds of unregulated brokers. Some keep running for years without any major trouble. If a trader wants to know if a broker is regulated or not, it is easy to check or to ask. I think regulation is a good thing, but being unregulated does not make a broker an automatic scam.

    I do have some useful information for clients.

    Some people have successfully gotten their initial deposits back by complaining to their banks, credit card companies, and to PayPal. FPA member Bates posted this...

    If you deposited by bank wire, contact the fraud department at your bank. If you deposited by credit card, contact the fraud department at the bank which issued the card. You may be able to force a return of your funds. Don't wait for deadlines to pass. Do it now.

    There are other thing you can do...

    People from anywhere in the world can file a complaint at econsumer.gov

    If you are in the USA, complain to IC3.gov and www.CFTC.gov

    If you are anywhere else in the world, ask your bank and police about where to complaint.


    I'm asking anyone who has information about Forexoma's bank accounts to post that in this thread. I've seen a few posts scattered around Scam Alerts.

    If you have any other information that can help track down the people behind Forexoma, please share it here.

    Putting those all in one place will make it easier for clients to add this information to their complaints to the authorities. Work together with your fellow traders and the chances of finding the people who did this gets better.



    FPA Scam Finding Against Forexoma.com


    Discussion Thread for this Scam Finding

    FPA Traders Court Case 1

    [Original Complaint Thread for Case 1

    FPA Traders Court Case 2

    Original Complaint Thread for Case 2

    FPA Traders Court Case 3

    Original Complaint Thread for Case 3

    FPA Traders Court Case 4

    Original Complaint Thread for Case 4

    FPA Review Page for Forexoma.com


    P.S. This is an FPA Scam Finding discussion thread. I know many of you are looking for a new broker. Please do not ask for broker recommendations here. No good broker wants to be linked to Forexoma's scam. If you need a broker, click here for links you can use.
     
    #1 AsstModerator, Sep 3, 2013
    Lasted edited by : Jan 13, 2016
  2. fffong88

    fffong88 Recruit

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    I have filed the issue with all the related authorities already and so far no feedback from any of them. As of now, only my bank revert to me that they are not able to take up my dispute for investment and the quality of service. It seems no way for me to get back my money.
     
  3. phy11icia

    phy11icia Recruit

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    Hi
    Need your advise.
    I would like to know what are the related authorities that I can file against such broker company?
     
  4. Pharaoh

    Pharaoh Colonel

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    Fffong88, did you deposit by bank wire? If so, post the details of the Forexoma bank account you sent the money to.
     
  5. Pharaoh

    Pharaoh Colonel

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    It depends on where you are. Go here:

    http://www.forexpeacearmy.com/forex...ave-you-been-scammed-how-complain-manual.html

    First, try the regulators in your country.

    Next, if you wired money to Forexoma, post the details of the bank account you sent the money to in this thread, then look up the regulators in the country that the bank account is in and file with them.

    Then ask your bank and police (local and national) about whether or not there is a place to report online financial fraud in your country. If so, post the information here and file the report.

    Finally, no matter where you live, file with econsumer.gov - Your site for cross-border complaints.
     
  6. Master Yoda

    Master Yoda Captain

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    Vahid should be behind bars in a high security jail. He is a criminal who stole his money from hard working people and disappeared like a chicken.
    I strongly recommend you traders to not trade with unregulated entities. Have you ever heard of a bank without a license? will you be working with such bank?
    The same answer should be for unlicensed brokers.
     
  7. jazz_dragon

    jazz_dragon Private

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    Hi...

    How do we know that a broker is US or UK based? And how do we really know that a broke is license or not?

    thanks.
     
  8. Master Yoda

    Master Yoda Captain

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    Basically if the broker must be NFA regulated to be US based
     
  9. Pharaoh

    Pharaoh Colonel

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    Any NFA or FCA regulated broker should make their license info very easy to find. Of course, it's ALWAYS a good idea to cross-check that information on the regulator's website.
     
  10. fffong88

    fffong88 Recruit

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    Below is the instructions given by forexoma for how to send them money.

    ---------------------------------------------------------------------------------------------------------------------------------

    Hi

    Thank you for your kind interest in our services.

    Before sending your money, please read the below instructions very carefully. Any mistake in any of items explained below can cause delays and problems in receiving your money.

    Very Important Notification:
    (Please read carefully before wiring your money)

    1. Do not add any extra information on your wire receipt, otherwise your wire will not be processed. Only the name of the sender is enough. No memo and no other information and explanation like "fund my account", or "Forexoma", or explanations like that. Leave the wire memo completely blank.

    2. Do not contact our bank in case of any question/problem about your wire. They will not help you, because they do not know you. Contact us and we will request the bank to resolve the problem instantly. There is nothing to worry at all. We have never had even one case of loss or any problem like that. Your money can never be lost and there is nothing to worry about.

    3. After sending the wire, please login to your Forexoma account at http://www.forexoma.com/products-services/ and send the "wire notification".

    Any problem in any of the above information can cause delays in setting up and funding your live account.

    Here is the bank account details:

    Note: Unique Developers Ltd is a subcontractor company that handles the bank transactions for us. They help us to have the maximum possible speed in our clients funding/withdrawal process. This company is a subcontractor and is not part of Forexoma management.

    Account holder name: Unique Developers Ltd.
    Account Number: 033 224536 838
    Beneficiary Bank Code: 004
    Swift Code: HSBCHKHHHKH
    Bank Name: HSBC

    Bank Address:
    HSBC, No 1 Queen's Road Central, Central, Hong Kong

    Beneficiary Address:
    Unique Developers Ltd, 68 Yee Wo Street, Causeway Bay, Hong Kong
     

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