GUILTY Case# 2011-031 | Alex Kenuk vs www.INVESTTECHFX.COM

[Alex Kenuk]

Original FPA Traders Court Submission:

I am submitting the case against: www.INVESTTECHFX.COM

My Case is: My complaint is very similar to others on file here against this Toronto-based company. At the end of December, 2010 I located this company as I searched for a broker to establish an account with. I was totally green when it comes to Forex trading but had done a lot of researech and purchased the signal system from Currensys (which I have nothing but the highest regard for).

As you know, many forex brokers offer very generous bonuses for new account deposits at the end of the year. I found many offering 10 to 30% enticements. I unfortunately selected Investtechfx to establish a relationship with. They gave me a 31% bonus, immediately added to the $10,000 which I wired to their Toronto bank from my TDAmeritrade account at the beginning of January. Nothing in the account application stated any stipulation about restricted access to my funds for any period of time, though I admit that this would have been reasonable to secure such a generous bonus and I probably would have agreed to a minimum time comittment period.

Now, though I was a novice at Forex trading, I am a 15-year veteran floor market-maker on the PHLX options floor. I had great success in that career, sometimes trading as a specialist with Susquehanna International Group (SIG), who let me go in 2004. I traded rather successfully in my Investtechfx account during January and early February, increasing the equity to over $20,000 using the excellent Currensys system.

At that time I felt it was time to test the legitimacy of the company's withdrawal system so I followed their procedure to request a withdrawal, sending this email on Feb 4:
I need to withdraw $7000. USD from account 39340. Please advise how to do both using paypal (and fees involved) and by check.

Alexander Kenuk

Hearing nothing from them, I sent a second request on 2/7, to which they finally responded:
Dear Valued Customer,
We have received your request, and we will update you shortly. Thank you and have a nice day!
Yours sincerely,
InvestTechFx

I heard nothing more from them so wrote this on 2/10:
I made this request for withdrawal 1 week ago. You answered the request with a polite reply, THREE DAYS LATER!!!!!!!! If this is the type of customer service and responsiveness that I can expect from Investtechfx, please be assured you will not have my business for much longer!

YOU MUST RAISE THIS COMMUNICATION TO THE HIGHEST LEVEL POSSIBLE. LEGAL ACTION MAY RESULT OTHERWISE.

I, or any client cannot be put in the position of having no access to THEIR, NOT YOUR, funds for 1 week! If you do not agree with this basic princial, we cannot do business together. You have had a very profitable relationship with me for a very short time, and this could continue with the simple agreement that this lack of responsiveness is unacceptable.

Please respond immediately or expect immediate legal proceedings to follow.

Alexander Kenuk

They responded on 2/11:
Dear Alexander,
Good day sir, we would like you to be aware that we have indeed received your latest email message dated Feb 4th, 2011. We very much want to facilitate a solution to your particular case at this current time but unfortunately your account is that of VIP status group and is to handled by our VIP account managers. Therefore, you are automatically placed into a high security level account group that requires highly specific procedures that can only be carried out by your assigned VIP account manager.
Your latest email has been forwarded to our management team and they will be handling the matter. They will be in touch with you early next week to resolve the matter. Thank you very Have a nice weekend.
Yours sincerely,
InvestTechFx
Apparently this VIP status afforded me such great treatment that I had to wait more than a week to receive this feeble response. I responded on 2/15:

Please send me a name and telephone number for this supposed VIP group person. I need IMMEDIATE ACCESS TO MY FUNDS.

Alexander Kenuk

On 3/15, one month later I received this email:
Dear Mr Kenuk,
a member of our staff has been trying to reach you without success, please inform us of a suitable time to contact you so that we can resolve the matter as soon as possible. Thank you and have a great day.

Yours sincerely,
InvestTechFx

I responded on 3/17:
I am out of my cellphone service area for the time being. If you give me a name and number to call I can use my skype account to call you, or you could call my skype id, skenuk, if you have that capability.

Either way, you MUST resolve this issue immediately or you will be in violation of United States security laws.

A.S. Kenuk

I then waited 5 days until writing this to InvesttechFx on 3/22:
Steve Kenuk to Investtechfx
show details Mar 22 (2 days ago)

I have now waited 5 days since last trying to get a response from you. I will now proceed to file a formal complaint with FPA whom you are very aware of since you have been the subject of several "guilty" scam cases on that forum lately.

A.S. Kenuk


Once again I am asking for a response and some type of communication from you, at least an acknowledgement that you know I am your customer. If you fail in this minimal request EVERY ONE OF YOU, ALL EMPLOYEES OF INVESTTECHFX AND ALL MANAGEMENT, OWNERS AND INVESTORS WILL BE GOING TO JAIL. YOUR PASSORTS WILL BE CONFISCATED AS WELL AS ALL OF YOUR ASSETS.. If this warning falls on deaf ears, more power to you. You will certainly need it!

Please pardon the excessive frustration on my part.

While waiting for a resolution with InvesttechFx I had received an alert from the good people here at FPA, who are all looking out for us:
Hello Alex,

The CFTC is looking for information about InvestTechFx from US traders. From your IPs, it looks like you are probably in the US. The contact info is...

(Edited)
Commodity Futures Trading Commission
140 Broadway
New York, NY 10005
(edited)

I have since been in contact with the CFTC and they are actively pursuing these scammers. My hope is to receive my deposit and trading profits. I even offered to give up the $3100 bonus I received. I know you will all wish me well in this effort.

A.S. Kenuk

New thread in the Scam Alerts Folder:

• https://www.forexpeacearmy.com/forex-forum/newthread.php?do=newthread&f=30
  

Review is submitted by InvesttechFx.com on 03/24/11

The company was first contacted about the issue on 02/04/11 the last contact was on 03/22/11

Company representatives' emails: <info@investtechfx.com>

 

[Pharaoh]

I think this one should go straight to a vote.

 

[AsstModerator]

Agreed. InvestTech is going to end up with a scam finding very quickly if the FPA doesn't start hearing about some traders getting paid soon.

 

[Teodor Jackson]

It's not the first case new trader is attracted by high bonus only to end in a trap.

Unfortunately people don't realize there is no easy money (apart from Ben's money but they don't come down to the Main Street).
Brokers know the bonuses will come back sooner or later. Actually they never leave their accounts.
Of course I don't blame anyone for picking the best bonus offer - it's just a warning to be very careful if anyone offers money.
The higher is the bonus, the louder alarm bells in my mind.

Ah, yes. This is a kind of "automatic" case. We know everything from other cases. I hope CFTC will soon come with legal action.

Alex - I'd suggest to go trough other Investtech cases - some people already found some details about Investtech. Some already started legal actions.

 

[ArnieFX]

Alex Kenuk vs www.Investtechfx.com

I hope FPA goes strait to a vote as well. In additional to the CFTC another regulatory agency is the Toronto Fraud Department. Here is the contact information

Jim Makris
Financial Crimes Unit
Intake Office
416-808-7334

 

[JRusk]

felontechfx should be their name

I nominate investechfx for the 2011 scam of the year.

 

[Galina_K]

We very much want to facilitate a solution to your particular case at this current time but unfortunately your account is that of VIP status group and is to handled by our VIP account managers.

Therefore, you are automatically placed into a high security level account group that requires highly specific procedures that can only be carried out by your assigned VIP account manager.

This is exactly the identical pattern these thieves use for every client who sent them 5k or more.

These criminals belong behind bars for many years .

It must be made worldwide known that InvestTechFX is a criminal organization which is stealing money from "VIP" clients.

I vote "GUILTY" .

Mister Kenuk,
I know how much it hurts when you have sent your money to liars and scammers. They have no intention to send you your money.
They are laughing about all their victims and I wish with all of my heart that the authorities will stop these thieves.

The only thing which prevents other potential victims from registering an account with the thieves, is the FPA.
Good that you published your case.

 

[RahmanSL]

Any Broker who uses delaying tactics to pay or have no intention of paying profitable clients withdrawal is clearly a "Deposit only" broker.

What really raises my hackles is the use of the term "VIP status/client" which means it gives the scammers absolute rights to impose all sorts of restrictions on "VIP status/client" in withdrawing money.
If this is how these obvious scammer broker treat their "VIP status/clients", I can only imagine how their normal clients are treated.

In my book, InvestTechFX is only interested in their clients' money and have absolutely no intention of giving withdrawals.

Verdict: Guilty as hell.

P/S: Have anybody else notice that such brokers like to end replies to clients with, "Thank you and have a nice day!”??? This seems to be a common phrase of all Russian and Baltic states brokers.

 

[Paulo Melo]

Whose money is it?

How can a broker retain a trader's funds?
Thieves.

Obviously the bonus belongs to the broker (if the minimum trades haven't been accomplished), but the initial deposit and the winning trades are yours.

GUILTY

 

[FPAK47]

Guilty

it seems that all bad brokers have the same classic technique , any Initial deposits or profits should be withdrawn by the trader with no excuse , you are guilty till you give your traders their money.