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FxTrading, Interbank Group, InterbankUSA - Resolved

Discussion in 'Scam Case Resolutions Folder' started by Scam Investigations Committee, Jan 26, 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...

    On May 16th, 2008 we declared FxTrading, InterbankGroup, and InterbankUSA to be scams. We placed 4 conditions for that scam finding to be lifted.

    1. We require that a full, complete, and true statement of any and all relationships between these companies be posted on all 3 company websites as well as on the FPA review pages for each company.

    These were separate companies, but all were owned by Brian Johnston, so were related. InterbankGroup has since closed. InterbankUSA never had a functional website and is also closed. The relationship between the companies has now been disclosed. Since there is only 1 company running at this time, we waive the requirement for this relationship to be posted on the website.


    2. That all 3 companies and their owners pledge to never again interfere with the integrity of FPA's review system by submitting false reviews or by threatening unfounded legal action against the FPA.

    We have received a pledge that FxTrading will not attempt to interfere with our reviews again and that the company and its owner will not threaten any unfounded legal actions against the FPA.


    3. That all 3 companies pledge that any information about themselves and any clearing houses they use be kept complete, true, and up to date.

    The incorrect information about FxTrading's clearing house has been removed from the website. FxTrading now runs managed accounts and serves as an IB for other brokerages.


    4. That the standards for hiring traders be clearly posted on the websites of these companies so that customers will know what sort of traders they might be dealing with.

    All forex account managers for FxTrading will require a Series 3 NFA license. This information should be posted on their website soon.


    We are satisfied that all of our requirements have been met sufficiently to remove the original scam finding and blacklisting from all 3 companies. InterbankGroup and InterbankUSA will remain in our reviews and be noted as being out of business. FxTrading is in business and we now know of no reason that they should be treated any differently than any other forex company. As with any other forex company, exercise your own due diligence before investing.

    We wish to than Chris Instasi of FxTrading for getting in touch with us about this and helping to bring these issues to a successful resolution. We thank the FPA Forums Team for conducting the negotiations from the FPA side.


    Discussion Thread for Resolution

    Original Complaint


    Special Note: FxTrading is NOT related to Fx Trading LLC. InterbankGroup and InterbankUSA are not related to InterbankFX/IBFX.
     
    #1 Scam Investigations Committee, Jan 26, 2009
    Last edited: Jan 26, 2009

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