GUILTY Case# 2011-076 | gaban13 vs www.goldermarkets.com

Based on the available evidence, do you believe that GolderMarkets.com is guilty?

  • Guilty

    Votes: 34 91.9%
  • Not Guilty

    Votes: 3 8.1%

  • Total voters
    37
  • Poll closed .

gaban13

Private, 1st Class
Messages
41
Original FPA Traders Court Submission:

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

My Case is: As IB, i'm providing free services to all my clients as my marketing strategy. i have transfer 7 account to golder markets. i am running all their account in my own server. On Thursday afternoon London time (which was 2 hours before the trade execution), 2 clients out of the 7 clients requested for withdrawal. Funds are also released to these 2 clients on Friday morning. i personally ask my clients to withdraw all their fund from golder markets because i know golder markets have problem.

On the balance 5 accounts, there are close to 15-20 GBPNZD trades executed in less than 15 minutes, all 0.5 standard lots per trade per account. All accounts were stopped out till the stage of negative free margin and even the credit bonus were all lost. for your information, my Expert advisor only trade EURUSD pair which have the lowest spread and never trade GBPNZD.

in journal history which golder markets gave me, they said the ip address who create the order is 110.159.13.240 which is absolutely not my ip address.i know they try to cheat me.

New thread in the Scam Alerts Folder:

Review is submitted by rizal on 09/12/11

The company was first contacted about the issue on 09/08/11 the last contact was on 09/16/11

Details: Hi Rizal,

First of all, we realised that you are holding on to clients' login details and trading the accounts without any Power of Attorney. Even with client permission, you should not be trading client account without MAM or LPOA.


Our Investigation
After a thorough investigation, we realised these 5 accounts were all stop out at around 19:00 platform time on Thursday. We looked into our systems and detected that they were multiple GBPNZD trades done on 5 accounts on this IP address 110.159.13.240, which is apparently in Malaysia. In fact, there are apparently 7 accounts concurrently trading on this IP address 110.159.13.240 over the last week including last Thursday incident.

On Thursday afternoon London time (which was 2 hours before these trade executions), 2 clients out of these 7 clients requested for full withdrawal. Funds were also released to these 2 clients on Friday morning - Tan Kah Siong and Ismail Bin Muhammad.


Suspected Churning of Accounts
On the 5 accounts, there were close to 15-20 GBPNZD trades executed in less than 15 minutes, all 0.5 standard lots per trade per account. From the frequency of the trades, it may be an EA that run the trades in a short period of time or perhaps fast finger all executed on 110.159.13.240.

All accounts were stopped out till the stage of negative free margin and even the credit bonus were all lost. We have attached and the log files (showing that IP address and activities in the accounts).

As GBPNZD is a high spread currency pair, the 25% commission you are supposed to receive totaled $2,223.67 with just these trades in 15 minutes.

Due to the seriousness of this issue, we had already informed the affected clients and suspended your IB account. Furthermore, we reserve all rights to pursue this matter.


--

Customer Service Team
Golder Markets Ltd

Company representatives' emails: Golder markets<info@goldermarkets.com>
support<support@goldermarkets.com>

 

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Pharaoh

Colonel
Messages
19,690
I vote we immediately invite the Golder Markets rep into this. The dispute over who really is a client vs. who is a fake client puppet being run by the company makes this very interesting.
 

gaban13

Private, 1st Class
Messages
41
I've granted access and issued an invitation.
thank you sir..could you please invite along my clients, Tan Kah Siong, the real owner who claim himself TanKahSiong in this forum?he is the best witness who can exposed Golder Markets's fraud.his email is tks6564@yahoo.com
i am sure Golder markets can verify his email is correct since they have all the information about their clients.
 

gaban13

Private, 1st Class
Messages
41
it's look like Golder Markets cannot defend themselves for their fraud. dont let this type of broker scam other people.
 

susan

Private
Messages
19
scammers

Hello Traders

As scamming is becoming a very norm way for most brokers, we are traders should be very careful do a thorough due diligence before depositing any money, as much we are going to help one another, loosing any money is painful and probably that would have been avoided if check was done say here in FPA.
Lets weed out out the scammers forever, and make the list of shorter every day
Good trading everyone!
Susan
 

kantungemas

Private
Messages
65
Smell like rats

i therefore find this 'rats' GUILTY and slap them with zillion euro :mad: I vote for GUILTY.
 

sc_trading

Recruit
Messages
6
Based on the presented evidence so far I would not vote guilty. More evidence required I'm afraid.:eek:oh:
 
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