GUILTY Case# 2011-028 | Wally001 vs www.forexportfolios.com

[Wally001]

Original FPA Traders Court Submission:

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

My Case is: Total misconduct, negligence, lack of care and don't act for the best interest of their clients !
Such service should not be exist as it give bad name to every one authorizes and involves with them !!
How can any one explain lossing the entire $100,000 account in 3 days ! very hard to believe !
They were totally ignoring my deep concerns about the huge risk there taking and I kep getting assurance messages:
" Please don't worry, every thing under control, profits will be $45K in the coming hours" !

They need to be fully investigated, shut down completely and sued for such unethical, negligence, lack of care and misconducting behavior.

New thread in the Scam Alerts Folder:

• https://www.forexpeacearmy.com/public/review/www.forexportfolios.com
  

Review is submitted by Wally001 on 03/20/11

The company was first contacted about the issue on 03/11/11 the last contact was on 03/20/11

Details: see the attached file below

I'm happy to provide more information as needed.

Company representatives' emails: rami mansour <managed@forexportfolios.com>
susan <susan@forexportfolios.com>
<info@forexportfolios.com> <support@forexportfolios.com>

 

[vincam]

I see they say their "historical" drawdown was 5% but did they give you any kind of a contract or some statement they would only drawdown to a fixed number?

 

[AsstModerator]

A copy of the LPOA or a screenshot of any drawdown guarantees on their website would be useful.

 

[Wally001]

They didn't give me any fixed drawdown number.
They explained to me that my $100k would be spread over 3 accounts ($35k each) one will not be touched for capital preservation and the other 2 accounts will trade different strategy each. However, all 3 accounts traded exactly same positions at massive volume! I expressed my deep concern as shown in the initially attachment file ( which shows my correspondence with the company along).
I was initially told their main priority is to preserve capital and drawdown has not and will never reach more then 20% in any case !

They didn't practice their duty of care about my fund, taking massive risk, neglecting my concern and professionally misconducted trading my my accounts.
I can forward you a copy statement of my accounts since started on 10th of march until today which will show how I started with $100,000 now my balance is only $600 ! Please give me your direct email address and will do that straight away.

 

[Pharaoh]

Take a screenshot of the statement. Edit out anything you want to keep private, and then attach it to a post here. That way it's visible to everyone who can see this folder and will be visible to the world when it moves to the Open cases folder.

Were all those promises only verbal? If so, this could be a case of gross incompetence.

Where they acting as your IB (getting a cut of each trade)? If so, they could still have made money. If they didn't act as your IB, they wouldn't directly profit from wiping you out.

 

[Wally001]

www.forexportfolio.com

Hi everyone,

I'm so sorry I couldn't follow the case before. I was extremely ill after what happened to me from the above company.
Had severe nerves break down

Anyway, I have started a new case against them as I just found out they changed they URL address, now it's:
forex portfolio management

I also have attached copies of the March monthly statement to prove what I my case.

I trust your wise judgment in this case,

Regards,

 

[Wally001]

http://www.forex-portfolio-management.com

Check out the following link, where it clearly states the maximum drawdown is 10% :

forex portfolios management - management account programs

Regards,

 

[Wally001]

http://www.forex-portfolio-management.com/

Dear Admin,

Please find enclosed with this my THREE account statements which clearly shows how my account got mismanaged and unethically traded by Forex Porfolio management and their authorized forex broker ( Varengold Bank).

My Three accounts got totally demolished in a mater of days.

I was totally scammed and mislead by both forex porfolio managment and Varengold Bank.

 

[Pharaoh]

Looks like this one's back in the active pile again.

The correspondence shows that they kept reassuring you all the way to a margin call.

I see in your forums thread (https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/14339-www-forexportfolios-com.html) you say that Varengold should have shut them down. Did you ask Varengold about this? As far as I know, most brokers don't lock down accounts where the account manager breaks the LPOA. I wish they did.

 

[Laurie Gold]

I certainly would like to know what Forex Portfolios has to say. It is scary how fast they blew up all three accounts.