1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

ForInvests.net aka ForInvest Group

Discussion in 'Blacklisted Folder (Unresolved Scam Cases)' started by Scam Investigations Committee, Feb 16, 2010.

  1. Scam Investigations Committee

    Joined:
    Mar 2, 2008
    Messages:
    249
    Likes Received:
    16
    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 RahmanSL asked if anyone had heard of ForInvests.net in the FPA's forums. After a few messages were exchanged on the subject, 2 FPA forum accounts started posting statements that were primarily advertisements for the company and attacked anyone who asked questions about the company. One of these went by the name Swiss-Advisor, and it turned that both accounts and a number of fake reviews all came from the same location in Jordan.

    FPA member West Coast Pips complained in the FPA's forums about severe problems trading with ForInvests. He did managed to recover some of his funds, but reports that he took losses from trades that did not appear in his platform until later.

    Once Swiss-Advisor was revealed as not being Swiss and running 2 forum accounts, MarkZ started posting as the official representative of ForInvests. He continued the procedure of attacking those who questioned the company and ignoring questions about some of the claims on the company's website. He later asked to have his forum account terminated and still would not answer questions via email.

    The crux of the matter comes down to a statement MarkZ made in the FPA's Forums and reviews.

    ForInvests directly admits that they blocked an order from showing in a client account “as it was losing.” In our view, blocking a client's access to a running trade makes the brokerage 100% responsible for the best possible management of that trade.

    There were further wild accusations of a hacking robot being used that had some strange ability to manipulate prices. The truth is that West Coast Pips openly admitted to using SNW. All that program does is click buy or sell based on a news release. Many brokers ban news trading, but ForInvests claims that news trading is acceptable.

    When Gerard pointed out that the software could not perform any of the actions claimed, ForInvest representative Sheffer O. decided to use MarkZ's issue over his forum account as an excuse to cut off all contact. Gerard bypassed this and got one final message through giving ForInvests until Monday, February 15th, 2010 to negotiate in a rational fashion. The final response from ForInvests was to declare the case closed. Since ForInvests missed the deadline, we agree.

    Failure to pay money legitimately owed to traders is the FPA's first definition of Scam. Further, The ForInvest group has committed numerous acts on the FPA website that we consider to be extremely unethical. Under these circumstances, ForInvests.net has forced us to declare it to be a scam. We offer the ForInvests group a chance to have this scam finding lifted by meeting all of the following requirements. First, ForInvests must negotiate clearly, rationally, and in good faith to correct the problems this broker caused with trades placed by West Coast Pips. Second, ForInvests must publicly apologize for spiteful and potentially libelous statements made against FPA members West Coast Pips and RahmanSL. Third, the ForInvest Group must remove all false, unsubstantiated, and misleading statements from their website regarding their location, regulation, and their claim “Broker of the Year, 2009” award. Forth, the ForInvest Group must register with a real regulator and keep that information up to date on their website.

    ForInvests.net is hereby blacklisted by the Forex Peace Army. We urge all traders to not do business with this company. If you have an account with them, we recommend you withdraw all funds as quickly as possible. We urge West Coast Pips to file fraud complaints against this company.


    We thank FPA Investigator Gerard for his efforts on this case. We extend our regrets to FPA member West Coast Pips for his loss of funds.


    Discussion thread for the FPA Scam Finding against the ForInvest Group

    Original discussion thread for ForInvests

    West Coast Pips' Scam Complaint Thread

    Review Page for ForInvests.net

    2010-12-22 Update: The CFTC is looking for information from US Citizens who have been scammed by ForInvests.net.

     
    #1 Scam Investigations Committee, Feb 16, 2010
    Lasted edited by : Dec 22, 2010

Share This Page