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GUILTY Case# 2012-024 | Raimundas vs www.fxdd.com www.fastbrokers.com

Discussion in 'Guilty Verdicts' started by Raimundas, Mar 13, 2012.

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Based on the available evidence, do you believe that FXDD.com and FastBrokers.com are guilty?

Poll closed Jun 17, 2012.
  1. Guilty

    75 vote(s)
    97.4%
  2. Not Guilty

    2 vote(s)
    2.6%
  1. Raimundas

    Raimundas Corporal

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    Original FPA Traders Court Submission by Raimundas:

    I am submitting the case against: www.fxdd.com www.fastbrokers.com

    My Case is: My father and me have a joint account with FXDD. It was opened through introducing broker FastBrokers and we have a special Rebate agreement with FastBrokers. After ~1 year of successful trading on this account, the FastBrokers company denied to pay rebates. They are motivating by absurd things: "...after carefully reviewing your account they (FXDD - edited) have found out that you are somehow manipulating and exploiting their execution process. They (FXDD - edited) say that you are able to get filled on requotes and other instances where you should not".
    Does anyone can imagine this??? The trader is "manipulating" dealer's execution process... The trader is "getting filled on requotes"... - Bulls***. Requote is requote: once the trader gets a requote - it means, the order is not filled. Once the trader's order is filled, it means the dealer was able to cover his trade. Now, the FastBrokers company owe us the sum of $1231.25. We cannot reach the rebate payment in good will, thus I'm here...

    After the FastBrokers denied to pay rebates, we have noticed, that the dealer disabled our joint account. I contacted the FXDD's support asking about the reasons to disable the trading account. Initially, FXDD's response was as follows:
    "Please be advised that your account has been archived. If you wish to reactivate your account, please send a request to [email]support@fxdd.com[/email] stating that you want to reactivate the account."

    Then I requested to reactivate our (it's a joint account) account. After this, I got different response - see below:
    "Please be advised that the trading account has been disabled by our compliance department. Please call and speak to James Green from our compliance department at your earliest convenience."

    Then I requested for the Mr. James's Green's explanation. After few weeks of silence, at 30th November the sum of $3642.68 vanished additionally without any explanation from the balance of trading account. Finally, on the next day I have got the James's Green's reply:
    "After analyzing all records related to your account, FXDD has determined that you have violated the terms and conditions of your customer agreement. Specifically, you have violated the provision set forth below. As a result of your off market trading activity, FXDD will return your deposited funds to you and disable your account. Any profits attributed to off market trading will be withdrawn from your account. You will be prohibited from trading at the firm in the future."
    Our reply together with James's Green's prior post you can find it on the attached file "Vladimiras_and_Raimundas_Zaksas_reply.pdf". Please, read the James's Green's post in the form of quoted message first and then our reply.
    The next James's Green's reply was very short: "FXDD’s decision is final."

    After this, I have submitted negative review (see the review dated at 2011-12-05) on the FPA FXDD's page: [url=http://www.forexpeacearmy.com/public/review/www.fxdd.com]FXDD | FXDD.com reviews and ratings by Forex Peace Army[/url]
    Additionally, I've sent all correspondence of FXDD representatives, statements and other proofs to the FPA's investigator Mr. Gerard.
    As I understand the NFA rules, dealer have less than an hour after a trade closes to cancel if it's a pricing issues. Hereby, the FXDD has brutally broken the NFA rules and I decided to fill the complaints on the NFA's ( [url=http://www.nfa.futures.org/NFA-about-nfa/contact-us.HTML]Contact Us[/url] ) and CFTC's ( [URL]https://www.cftc.gov/ConsumerProtection/RedressReparations/InformationReportingForm/index.htm[/URL] ) Websites. As outcome, the NFA started the investigation. The NFA's investigation is not finished yet, but we have won the first our battle: at 17th Feb, 2012 the FXDD dealer has been obligated to refund our profits and the trading account balance has been successfully restored. But it's not the happy-end of this story...

    Suddenly, I've gotten the summons in a civil action against FXDD and the whole bundle of judicial documents today (see the attached file "Gmail - FXDirectDealer.pdf")... This time, the case has involved couple (total number of defendants is 10) unfamiliar defendants. The mentioned documents are full of flaws, lie and slander. I have sent all these documents together with my thoughts and my findings to the FPA's investigator Mr. Gerard.

    New thread in the Scam Alerts Folder:
    www.forexpeacearmy.com/forex-forum/scam-alerts-folder/19265-fastbrokers-fxdd-case.html

    Review is submitted by Raimundas on 12/05/11

    The company was first contacted about the issue on 11/04/11, the last contact was on 01/31/12

    Details: All the correspondence with FXDD and FastBrokers representatives, statements, other proofs and documents are sent to the FPA's investigator Mr. Gerard in chronological order. In the section #8 of this page are only few files.

    Company representatives' emails:
    James E. Green <jegreen@fxdd.com>
    Giovanni La Scala <glascala@fastbrokers.com>

    Attached Files:

    1. Vladimiras_and_Raimundas_Zaksas_reply.pdf
    2. Gmail - FXDirectDealer.pdf

     
    #1 Raimundas, Mar 13, 2012
    Last edited: Jun 6, 2012
  2. Pharaoh

    Pharaoh Colonel

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    So you dared to agree to a requote and then had the gall to still make a profit? :p

    Any chance of posting that civil action summons in your thread in Scam Alerts? That's the kind of thing the world needs to see.
     
  3. Raimundas

    Raimundas Corporal

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    Yes :)...

    I did it yesterday... See the direct link to that message: Civil action summons .

    Best regards,
    Raimundas
     
  4. Raimundas

    Raimundas Corporal

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    Mailing list

    Finally, I become lucky... After one day of efforts I've gotten the full list of defendants' E-mails. Let's think, what we can do with it:

    Edited: List of Defendants' E-mails has been removed.


    Best regards,
    Raimundas
     
    #4 Raimundas, Mar 15, 2012
    Last edited: Jul 12, 2012
  5. Pharaoh

    Pharaoh Colonel

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    Send a separate email to each (a group email would be sharing their emails to each other - some may be very upset by the breach of privacy). Send each a copy of the part that includes his/her name. Ask them all to come and join the party in Scam Alerts. This thread isn't publicly accessible (yet), so make sure to give the link to Scam Alerts thread.
     
  6. Raimundas

    Raimundas Corporal

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    Currently, they know emails to each other: it's not my fault...

    Done. Only one ( Edited: Defendant's email isn't a public information ) replied to me yet. This guy resides in XXXX (Edited: Defendant's address isn't a public information) and his English is even worse than my :)...
     
    #6 Raimundas, Mar 15, 2012
    Last edited: Jun 6, 2012
  7. Pharaoh

    Pharaoh Colonel

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    I look forward to this case going up for a vote.
     
  8. csloh

    csloh Private

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    This is BULLYING; I am also looking forward to this case going up for a vote.
     
  9. Trader Gaz

    Trader Gaz Recruit

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    This is a ridiculous case and charge by FXDD. How a trader can manipulate the dealers price is well beyond me, however I read frequently as to how FXDD manipulate retail traders with the use of their 'Virtual Dealer Plug-in' they use. This plug-in's user manual is a frightening read to a retail trader.

    It seems to be getting hard to find anything positive about FXDD these days. What a sorry state of affairs certain Brokers are allowing the profession to drop to.

    Look forward to seeing how this case plays out.
     
  10. elkhorn

    elkhorn Private

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    Went to FastBrokers site and started to comment on the live chat window. Entry going fine but as soon as I typed FPA everything was erased.
    elkhorn
     

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