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ForexYard and Simvin

Discussion in 'Scam Case Resolutions Folder' started by Scam Investigations Committee, Jul 13, 2009.

  1. Scam Investigations Committee

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    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...

    FPA member Simvin had an account with ForexYard. Simvin accepted a $500 deposit bonus when he opened the account, but kept his use of available margin very low. He withdrew some profits, early on and the this triggered some questions from ForexYard about his use of the bonus. He told them that he never needed the bonus since he kept his leverage low. When he attempted to withdraw profits again, trades and the bonus were initially canceled.

    There were accusations and counter-accusations. Our investigator, Gerard, joined the conversation between Simvin and ForexYard to try to help. Gerard was very surprised with Lee More, the President of ForexYard joined in.

    By the time it was over, Gerard learned a number of ways a trader could take unfair advantage of such a situation. He did manage to prove to Mr. More that Simvin wasn't doing any of these things.

    Simvin agreed to post a retraction of any negative statements about Forex Yard. He also stated for the record that he was not involved in any attempt to take unfair advantage of ForexYard's deposit bonus program. Lee More agreed to pay Simvin his initial deposit and all profits. He also agreed to look at the wording of the agreement for bonuses to reduce the chances of another problem like this in the future.

    Like many cases, this one turned out to be based on misunderstandings rather than deliberate misdeeds by either side. This is where the FPA can be helpful.

    This case is officially declared to be successfully resolved.

    We extend our thanks to Simvin for being fully cooperative and helpful with his case. We extend our deepest appreciation to Lee More of ForexYard for stepping in on behalf of his company and negotiating in a straightforward fashion. We congratulate FPA Investigator Gerard on a job well done.


    Discussion thread for Resolution

    SimVin's Original Complaint


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    #1 Scam Investigations Committee, Jul 13, 2009
    Last edited: Jul 13, 2009

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