Fx sumrin -A scamming company...

[FXCobra]

I have contacted the hotforex regarding this but they are not ready to help me. I told them that person sumrin has blocked me from skype and not giving me reply on hi website as well. But still they cant help me in this issue. I had an agreement with LPOA with him on hotforex. Hotforex is not giving me any information regarding this.

Are you really waiting or expecting hotforex to help you? You need help against it. It's regulated in the Republic of Mauritius.
Don't know how anyone can trust that regulation and get money back if cheated by the broker.

No personal information about the broker if good or bad, but its regulation is not trustful but you never know

Some brokers regulated in NFA, Bafin & CFTC cheated its clients but were fined and clients took back its rights but with other regulations such as Hotforex Mauritius, not expected to have same good results of funds back!

 

[Pharaoh]

No matter where a broker is or isn't regulated, reporting a rogue account manager to the broker is always one of the first things you should do.

Will the broker help get your money back - no. If the money was lost during trading, it's lost and the broker isn't going to send you cash to compensate for the actions of a bad manager. The reason to report is so that the broker can at least have a chance to block the bad account manager from damaging other clients. Most brokers prefer happy customers, so proactively blocking bad managers is in their best interests.

If a victim doesn't report the account manager to the broker, the victim is saying "it's ok for this account manager to wipe out the accounts of more traders at that brokerage".

 

[afridi009]

I have contacted to hotforex they are not even blocking his personal money on hot forex. sumrin is having a personal account in hot forex they are not blocking that account as well. They are just talking nothing regarding to help people.

 

[FXCobra]

I have contacted to hotforex they are not even blocking his personal money on hot forex. sumrin is having a personal account in hot forex they are not blocking that account as well. They are just talking nothing regarding to help people.

That's what I said in my previous post. A broker that needs someone to help it can't help you.

A broker that would not punish an account manager, not worth to put your money with.

However, the broker can't block an account manager account easily like this, especially if it's a personal one, nothing to do with him trading others accounts. There are rules and agreement between both which needs investigation to see if it was violated.

 

[Pharaoh]

You've done your duty and reported them. In a case like this, there are 2 possible outcomes.

1. The broker does nothing. Don't despair if this happens. At least you tried. Maybe more complaints will come and and the broker will act later. Even if the broker didn't, at least you provided the information.

2. The broker takes action.

If no one complains, then #2 is 100% guaranteed to never happen. If a lot of people complain, #2 gets more and more likely with each complaint.

 

[BigT1]

I have contacted to hotforex they are not even blocking his personal money on hot forex. sumrin is having a personal account in hot forex they are not blocking that account as well. They are just talking nothing regarding to help people.

Hello again afrid009,
.
I understand your frustration and truly feel for your pain.
.
When you overcome your personal shock and pain, please do the following:
1 - Print out the LPOA you signed.
2 - Set yourself aside, perhaps on a sunny afternoon in a chase lounge outside.
Read every word of the LPOA you agreed to, signed, and submitted.
3 - Once you have done that, go back to your account records and review the trades done on your behalf in your account by the Manager you hired, against the terms of your signed agreement.
Give the results an honest appraisal.
4 - Compare what you agreed to, versus what what you experienced in your account.
5 - Rate your trader/manager and yourself, on who violated the agreement and in what ways.
.
If you can earnestly detail a statement demonstating how the trader violated the agreement you signed, then you should compose a formal complaint against him with your firm's Compliance Department. If fruitless, then file with the regulator of the firms that sponsor him.
If you determine he did not violate the terms of the agreement, then it is time for an important self-assessment.
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If you are honest with yourself you will find within, all you need to avoid this travesty from repeating itself in the future.
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Anthony Ingrassia, CTA
NFA ID#: 0278164