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GUILTY Case# 2011-020 | ArnieFX vs www.investtechfx.com

Discussion in 'Guilty Verdicts' started by ArnieFX, Mar 1, 2011.

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Based on the available evidence, do you believe that Investtechfx is guilty?

Poll closed Mar 13, 2011.
  1. Guilty

    101 vote(s)
    95.3%
  2. Not Guilty

    5 vote(s)
    4.7%
  1. ArnieFX

    ArnieFX Recruit

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    Original FPA Traders Court Submission by ArnieFX:

    I am submitting the case against: www.investtechfx.com

    My Case is: Re: InvesttechFX Complaint

    Dear FPA,

    I would like to file a formal complaint with your department concerning the business practices of InvesttechFX Technologies who is operating out of Toronto, Canada. It is my suspicion that they are possibly committing acts of fraud against citizens of Canada, the United States and other people abroad. I ask that you investigate them to determine if in fact their operation is engaged in such suspected practices. The following is an account of my experience with InvesttechFX.
    On January 13, 2010, I began a business relationship with InvesttechFX in which they began serving as a broker for my foreign exchange currency trading. According to the company’s website www.investtechfx.com InvesttechFX brokers foreign exchange currency trades through GIB Interbank located in London, United Kingdom. InvesttechFX provided me with an account to make an initial investment/deposit, account number 25710. On January 13, 2010, I made a deposit of $1,000 U.S. dollars into this account and began trading.

    Throughout the year I was successful in growing my account. However, in early October of 2010, InvesttechFX froze my account stating that it was under investigation for a substantial trade that occurred on October 4, 2010. Alan, an InvesttechFX Manager later informed me that the trade that occurred on October 4th was an error and if I would agree to keep the current balance in my account plus ten percent until October of 2011, they would unfreeze my account and allow me to continue trading. Being new to the foreign exchange trading I did not recognize the irregularity of this type of request. On October 29, 2010, I emailed Alan agreeing to keep the current balance plus ten percent which totaled about $7,700 in my account until October 2011, on the condition I would be allowed to withdraw any money earned above $7,700 with no problems or delays. In November 2010, InvesttechFX unfroze my account and I was able to commence trading.

    By December of 2010, I had grown my account to over $13,000 and on December 7, 2010, made a request to withdraw $1,000 from my account. I sent this withdrawal request via email as directed by InvesttechFX customer service and in accordance with the directions on their website. I was advised it would take three to five business days at the longest for my request to be processed. On December 12, 2010, InvesttechFX responded to my email stating that that they had received my request, sent it to processing and they would inform me as soon as it had “cleared.” By December 18, 2010, I had not received a response so I sent another email inquiring about my request. By December 22, 2010, I had still not received my withdrawal so I emailed them again asking them to honor my withdrawal request. On December 26, 2010, I received a response instructing me to contact Alan.

    I called Alan and he explained that I would have to call Rachael in order to get my request processed. I called the InvesttechFX customer service number three times and each time I was promised a return call from Rachael that never came. On December 28, 2010, I emailed Rachael requesting that she process my withdrawal request. On December 30, 2010, InvesttechFX responded to my email stating that my request would be finalized by “early next week.” By January 18, 2011, approximately 20 days later, I had still not received my withdrawal request so I emailed the company asking to close my account and send me the balance totaling $14,080. I received a response from InvesttechFX on January 19, 2011, stating that my request has been sent to their legal department in which they will be reviewing our agreement thoroughly and will update me in a few days. On January 27, 2011, I had still not received an “update” so I reiterated via an email my request to close my account and send me the balance.

    On February 2, 2011, I received a voicemail from Alan and was able to have a phone conversation with him on February 3, 2011. In this lengthy phone conversation Alan explained that InvesttechFX Management had agreed to send me my initial deposit of $1000 if I agreed to keep the rest of the money (approximately $13,080) in my account until the end of 2011. I explained that this was unacceptable and was in direct violation of our October 29th agreement to which Alan replied “business has changed.” Furthermore I stated that I no longer desired to do business with InvesttechFX and repeated my request to close my account and send me the balance of $14,080. I explained that if he would not send me the balance that I would have no other recourse than to report InvesttechFX to the United States Commodity Futures Trading Commission (CFTC) and the Foreign Exchange Peace Army (FPA) as well as the Toronto Fraud Department of Ontario Canada. To this Alan responded, “If you report us to any regulatory agency you will not see any of your money, this I promise you.”

    Initially, this complaint may appear as a common customer service complaint however, I am aware of at least two other people who have invested far more than me and have had the same problems with this organization. I believe there are two issues that I respectfully request be investigated.

    1. InvesttechFX Technologies’ failure to release funds from the customer’s account when appropriately requested by the customer.

    2. The bank GIB Interbank that InvesttechFX Technologies claims to use as their clearing department doesn’t seem to exist. All of my research into this bank suggests it is fictitious.

    I feel I have done all that I can do within my power to communicate with InvesttechFX and have provided them with more than a reasonable amount of time and opportunities to do the right thing and honor my request. Please help me!

    Thank you in advance for your prompt and thorough investigation into my complaints. If you should need any additional information please do not hesitate to contact me.

    New thread in the Scam Alerts Folder:
    www.forexpeacearmy.com/forex-forum/scam-alerts-folder/14096-arniefx-vs-www-investtechfx-com.html#post58397

    Review is submitted by ArnieFX on 03/01/11

    The company was first contacted about the issue on 12/18/10, the last contact was on 02/02/11

    Company representatives' emails:
    Alan <support@investtechfx.com>

     
  2. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    InvestTech doesn't seem to care to reply to cases in the Court Case Preparations folder. Between that and some interesting voting patterns in the 2 cases against them that are up for a vote, I'm moving this to the Open Cases folder now.
     
  3. Geert Anthonis

    Geert Anthonis Private, 1st Class

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    Does not look good!

    Hey nothing like a good threat to get things of on a good footing. Gangster tactics I call that.

    After reading the other pending cases against investtechFX I see a lot of heartbreak ahead for ArnieFx. Already they used the same tactics in order no tot pay him immediately. Also it seems to me that making money is very easy at investtechfx getting your hands on it is another question all together.

    What suprises me most is that outfits like this can keep operating even when based in country like Canada. Would not surprise me that their clearance bank GIB Interbank is owned by the same people that own investtechfx and in some offshore jurisdiction. But only through,through, through... You get the picture.

    All I can say good luck and we hope you get your money back. If not Guilty even though we can not vote yet.
     
  4. MichelAnge21

    MichelAnge21 Sergeant

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    Geert

    You are one person who is guessing right. I dont know when one of those investors will decide to go to the police, but I m sure the canadian police will find nobody really working for Investtech at their Toronto addresses....virtual offices....
     
  5. Alex Kenuk

    Alex Kenuk Recruit

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    I am a victim of Investtechfx.com also

    I also opened an account with Investtechfx.com in January,2011 with 10,000 US deposited. I received a 31% "Bonus" added immediately to the account but there was no time commitment agreed to. In one monthe I had traded the account to 20,000 and requested a 7,000 withdrawal. After 2 weekks of trying, I finally got Alan on the phone and was told I could not withdraw any funds until December,2011. I told him I would not do any more businessw with them. After reading these accounts I am now very doubtful I will receive any of my funds back.:p
     
  6. dkami

    dkami Sergeant

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    Scam Traders Stay Away

    With the closed cases and the ones still open there is absolutely no doubt in my mind Investtechfx is a scam no two ways about it guilty from me:mad:
     
  7. moogman

    moogman Recruit

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    I've just done some checking over at the FSA website. GIB Interbank that investtechfx claim to use is not registered to provide any form of financial services in the UK. One look at GIB's website and it sticks out like a sore thumb as non kosher. GIB would appear to be just one layer to a very dirty cake.

    So for starters they are claiming to use a UK Bank that is in fact not a UK bank or financial service of any kind. GIB appears to be registered by the now vanished Domain Discreet service out of Portugal. And low and behold not to my shock when you search on google with that former company's address in Portugal "Rua Dr. Brito Camara, n 20, 1 Funchal, Madeira 9000-039" A number of scam alert postings on various msg boards pop up as the first and foremost results. On the second page they are listed in a Fake Bank database in relation to 419 scams on the artists against 419 site.

    Now it may be that domain discreet was just a fav with scammers but I've a feeling that it was not and was infact what I would call a double cash-cow. A way to hide your groups sites reg info and make money from other people looking to hide domain reg info. And again to my shock the service also no longer exists making it hard to query where they where registering domains for people.

    Also Discreet domains last listed phone number in the WHOIS database is Canadian! (9027495331) and when I put that number into google low and behold it popped up once again linked to discreet domains and another scam.

    As I said befpre Discreet may just of been a fav with scammers but I doubt it very much the sheer number of scams showing up linked to them and the fact the DNS records for them are odd in that they where only a 3 month reg as opposed to a year. Make me think some our members have stumbled onto two of the layers of a very extensive operation.

    I also find it odd when you search out Investtechfx's registered addy it comes back to a virtual office company. Now while I understand alot of small buisness's use this type of service to keep costs down. But it also provides a good cloak of cover.

    All of this is circumstantial & can be taken either way. If you need all the info I used to get the information. Just ask and i will post it up.

    Either way it does not look good at all.

    Regards Moogman
     
  8. MichelAnge21

    MichelAnge21 Sergeant

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    Domain discreet belongs to register.com of Manhattan. It s simply their scammers division where people who want to hide their registration info use that proxy address in Madeira Portugal. The phone number is also in Madeira but the country code for Madeira is omitted. Some poor guy in Nova Scotia Canada is probably at a loss to understand why so many angry people are calling him.

    Note that most register.com clients who hide behind domain discreet also use a confidential postal service in Vancouver, WA to have their mail discreetly forwarded.

    GIBLTD.com is hosted on a register.com dns server in the USA.

    Of course GIB is a totally fictitious entity that belongs to the same people who run InvesttechFX. No british bank would make themselves untraceable that way.

    Another funny detail. The british postal code use a series of 6 characters ( letters and numbers ) The postal code on the GIB website has only 5 and is therefore invalid.
     
    #8 MichelAnge21, Mar 7, 2011
    Last edited: Mar 7, 2011
  9. marjiemiller

    marjiemiller Private, 1st Class

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    Alan and InvestTech will be jailed for Ponzi scam

    The day of the Ponzi scam is gone. All of Alan's and Investtech emails are now paper trail evidence for his conviction. There is no escape now: Interpol will be on their tail and their passports will be stopped at the border. Game over. Just saw an article about 21 airline executives who just went to jail for price fixing. White collar crimes are doing their time...:confused:
     
  10. Investtechfx

    Investtechfx InvestTechFx Representative - The FPA considers In

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    Official statement from InvestTechFX

    Official statement from InvestTechFX in regards to the comments made by ArnieFX: A very minute amount of customers have been very expressive in the FPA regarding disagreements with our company. We have thousands of customers, and our statistics show that less than 1% have complaints. The majority of these complaints arise from customers who have not complied with our customer agreement terms.

    According to a detailed review of ArnieFX’s trading account (which is similar to that of his father’s – known as user name Gonzzo), we have discovered that he has been utilizing unauthorized trading techniques. This individual’s case is currently being handled by outside legal counsellors and lawyers. Our policies are agreed to by each customer when they sign up for our provision of services. Each contract entered involves commitment from both sides. Simply put, InvestTechFX agrees to provide the MT4 platform to customers and customers agree to abide by the rules of trading associated with the aforementioned platform. A handful of customers break or disregard these rules, resulting in disagreements, such as ArnieFX.

    InvestTechFX
     

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