GUILTY Case# 2011-070 | shizzler vs www.ecntradefx.com

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

  • Guilty

    Votes: 117 100.0%
  • Not Guilty

    Votes: 0 0.0%

  • Total voters
    117
  • Poll closed .

claretblue

Private, 1st Class
Messages
92
What I hate about these cases is the way everyone refers to these people as "brokers", even if it is in the form of "scam broker."
A broker simply does not behave this way, period! Therefore, these people are not brokers but crooks. If you behave like a criminal, you should be treated like a criminal.
Therefore, I find this crook GUILTY!
 

petermatt

Recruit
Messages
5
"Regulated Broker"

Given that New Zealand is an English speaking country if you check the English expression used in much of their Web site it is obvious that whoever wrote the Web pages is not a native speaker of English. Also of note is that there is no such place as Willing Town in New Zealand. I think what they meant to say is Wellington which is at the bottom of the North Island and is the country's Capital city and the seat of government. Sheesh I'm not even a Kiwi and I know that.

Also the link to the NZ FSPR (I assume the Regulatory body doesn't work but in any case the strict rules that govern brokers and financial services licences in New Zealand are not as strict as in many other countries as I understand it.
 

PistolDave

Corporal
Messages
105
Are they, or aren't they -- that is the question.

What I hate about these cases is the way everyone refers to these people as "brokers", even if it is in the form of "scam broker."
A broker simply does not behave this way, period! Therefore, these people are not brokers but crooks. If you behave like a criminal, you should be treated like a criminal.
Therefore, I find this crook GUILTY!
I agree with you 100% claretblue. These people are NOT brokers. They are scammers, crooks, and con men... in my opinion. Maybe they started out with good intentions and really tried to make a go at being a forex broker and failed -- or maybe their plan was to scam from the beginning by creating a legitimate looking brokerage business then just screw people out of as much as possible. Whatever the case may be, I can tell you from lots of past encounters from other similar schemes where I was taken in, that the biggest red flag you will ever get is when there is some delay or excuse they offer when you want your funds returned. That truly marks them as an amateur con man. A pro would happily send your small deposit back and you would go away convinced that they are top-notch business men who do what they promise and would advise all your friends to place funds there, or you may decide to deposit more since they are so "honest" to refund you as you requested. While risky on their part since they already have your money, the experienced con man knows human nature and realizes this would help them to even more rapidly build their ponzi scheme up until the time they decide the pool of suckers who will send more is about played out, at which time they will disappear with ALL the funds which would be vastly greater. That is the way a pro would operate. Kind of like the difference between a petty thief and one with a long-term goal. And I'm sure there are many variations of this theme but basically they only vary in sophistication. This kind of operation is getting worse and worse and we can expect much more government regulation over retail forex in the near future. I am from the US and they have really tightened up on all of it here and needless to say the more it's regulated the less freedom and opportunity there is for the small players. Again, a few greedy, dishonest, and immoral individuals are ruining one of the few opportunities for the little man to be able to achieve an honest living or even wealth.

The question you are wrestling with is; Are they a legitimate business who is having difficulties, or have they just tipped their hand and should alarm bells be going off in your head. In my experience the honest business will be up-front about problems they are having, will explain and answer your questions in a timely manner, and will never lie about anything. Remember, you are supposed to be their customer. They are there to serve you, not the other way around.

I advise taking all possible action to recover your funds. Never give up. Everyone from FPA is here to help. Fight the battle against fraud.
 

pravfx

Recruit
Messages
2
Guilty. It is the brokers duty to refund the clients money and also explain the reasons for possible delays in doing so. None of which this Broker did.
 

saminiazi

Recruit
Messages
6
Scam broker...

Message for those who want to open an account with this scam broker:

Be careful and DO NOT open an account with this scam broker.. In fact, it is not a broker. Its just a group of scammers....
 
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