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GCITrading.com – GCI Financial Ltd. - Resolved

Discussion in 'Scam Case Resolutions Folder' started by Scam Investigations Committee, Jul 21, 2009.

  1. Scam Investigations Committee

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    UPDATE: GCI and Capital Trader have reached a mutually satisfactory agreement. The FPA considers this issue to be fully resolved.

    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 Capital Trader complained to the FPA on June 3rd 2009 about her IB contract with GCITrading (aka GCI Financial) being canceled with no warning. GCI Trading approached her about becoming an IB. She had been a customer and IB there for about 5 years.

    Between the cancellation of trades and the removal of 2 months of IB commissions, this cost Capital Trader over $10,000.

    FPA Investigator Gerard tried to help negotiate with GCI. He got one response claiming that Capital Trader was trading “off-market” and that most of the commissions were from her account. When Capital Trader pointed out that it was GCI who requested that she become an IB and that her trading style had not changed in 5 years, there was no response. Then Gerard asked about why a customer of 5 years standing couldn't get an answer to these questions. GCI's IB Payments office threatened to file complaints against the FPA if any further contacts were made. Capital trade continued to try to get answers but received none.

    We consider breaking such a long-standing business relationship to be highly suspect. Combining this with a refusal to provide any real answers to a customer is at minimum unethical. Since GCI would not provide any more information either to the FPA or to Capital Trader, we have no choice but to take her version of events as the complete truth. Failure to pay money owed to a trader is the FPA's first definition of scam.

    Under these circumstances, GCI Trading has forced us to declare it to be a scam. We offer GCI the opportunity to have this scam finding lifted by meeting 2 requirements. First GCI must publicly apologize to Capital Trader for failing to talk openly and honestly about this issue. Second, GCI must conduct proper negotiations to determine how much money she may or may not be owed.

    GCITrading is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company. For those who already have accounts there, we recommend that you close them.



    We wish thank FPA Investigator Gerard for his efforts on this case. We extend our regrets to FPA member Capital Trader for her loss of funds. We are pleased to hear that she has contacted the regulators in Belize. We look forward to finding out just how much regulatory power they really have.



    Discussion Thread for this Scam Finding

    Capital Trader's original complaint

    FPA Review Page for GCI Financial Ltd.

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    #1 Scam Investigations Committee, Jul 21, 2009
    Last edited: Jan 25, 2013
  2. Scam Investigations Committee

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    #2 Scam Investigations Committee, Mar 22, 2010
    Last edited: Jan 25, 2013

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