Original FPA Traders Court Submission:
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:
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>
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:
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>
