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GUILTY Case# 2012-036 | Amin EL-HAKIM vs www.ecnalpha.com

Discussion in 'Guilty Verdicts' started by Amin EL-HAKIM, Apr 12, 2012.

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

Poll closed Apr 29, 2012.
  1. Guilty

    36 vote(s)
    100.0%
  2. Not Guilty

    0 vote(s)
    0.0%
  1. Amin EL-HAKIM

    Amin EL-HAKIM Master Sergeant

    Joined:
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    Original FPA Traders Court Submission by Amin EL-HAKIM:

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

    My Case is: Ok. Here's the story. I waited long enough to tell it. This is a 2 phase story where I will talk about the broker in one thread, and the account manager in another. And since I decided to give the account manager till the end of next week to resolve the issue, we will not mention his name in this thread and we will refer to him as X.

    Around the beginning of the year 2011, I was looking for a good account manager, and especially someone that would manage an account that's under my supervision, meaning I can withdraw money at any time, not the kind of account managers whom I would have to transfer my funds to. I scoped many forums and the FPA and I landed on a website called X. They had a fine reputation and a good performance on many account monitoring websites including the FPA so I went for it. They required a 10 k deposit and they assured that they will close all positions if losses exceeded 15% of the account equity. From there, things went smooth until a large drawdown was occurring in the account. I contacted them, and they assured that they will refund the account if it was wiped off. At this point, account had around 60% drawdown so there was no real damage control to be exercised. They offered to open and fund an account in my name with a broker called ecnalpha.com, which was a broker they knew, and they offered to scalp the losses back. They did, and funded the account with the 7k they lost and asked me to fund the 3k I had withdrawn from the old account which I did. Then I was contacted by ecnalpha offering to present a bonus for deposits over 15k, which was agreed between X and me to be split in a way that they deposit 2k and I deposit another 3k. So the total deposits are now 9k from X and 6k from me. From there all went well until I decided to withdraw. I applied for a withdrawal of 9k from the account (14/02/2012) and in a couple of days it was processed and I started checking my bank account. After waiting for around a week, I started contacting both X and ecnalpha asking for a swift copy so I could contact my bank and I was promised to receive, and of course, I never did.
    Then I saw the case against ecnalpha posted on the FPA and as usual, I went crazy. I knew I got scammed. I contacted X regarding the matter. Their answer was please don't post anything on the FPA. We have a good reputation and we will take care of your withdrawal and it's our responsibility.
    Then within a couple of hours, I got an e-mail from a so called John asking for 48 hours to solve the problem. (27/02/2012)
    Since I was monitoring the case on the FPA, I noticed that the trader with the problem mentioned that ecnalpha said they were having problems with bank transfers, so I said to myself, why go through the trouble, so I offered to accept my money through various payment providers (moneybookers, webmoney and even western union) and John welcomed the moneybookers idea saying they had a moneybookers account earlier which they will reactivate and send the funds from and since then, it's been stalling and stalling till I decided to check for their e-mails registration in moneybookers which to my surprise, I couldn't find one single e-mail of their e-mail registered with moneybookers. The deadline was for 2 withdrawals. 1st deadline was for Tuesday the 13th of March for the 9k withdrawal and the second was for Thursday the 15th of March for the 10.9k withdrawal. Then I was called later by John asking for more time on which I agreed to extend till the 24th of March and I sent an e-mail to X about the agreement on which he asked for a couple of days till the 27th when everything will be sorted out of course, the 27th is here and nothing.

    The FPA investigation team were contacted on 27/03/2012 and Ken was handling the case where the last so-called transfer was made on Friday the 06th of April via online transfer (banks were closed) but till the moment, Ecnalpha wasn’t able to provide a screenshot of the online transfer, nor a swift copy. If they were telling the truth, then the funds are on the way and this case will be deemed resolved before it’s started, but if there was no transfer, this proves more and more how much of a scam are these guys. I believe that 2 months is enough time to solve any problems especially that 15k of the funds were deposited and not profits. I’d like to remind ecnalpha that I will not accept stalling in public. Within 10 days I’ll ask the FPA team to forward this case to vote and send a scam alert to their database. I will also post on friends’ blogs where they have more than 100,000 hits. In addition to that, I’d like to remind ecnalpha that the case results on the FPA will appear between the first three results on google and yahoo and this will not affect the name of this company only but all the brokers in Panama if they decide to change the name of their company as most scam brokers do.

    Attached is also my ecnalpha statement. I masked account number and the name of the account manager. The way I see it, EcnAlpha and X owe me 19,922$. I don't care who pays it and how they pay it. The bottom line is they are both scam if my money wasn't returned.

    I’d like to remind X that he has till the end of next week. I need my money in my hand, I suggest he goes to the broker and withdraw the funds and transfer them from his own account.

    New thread in the Scam Alerts Folder:
    www.forexpeacearmy.com/forex-forum/scam-alerts-folder/19655-amin-el-hakim-vs-ecnalpha-com.html#post85855

    Review is submitted by Amin El-Hakim on 04/12/12

    The company was first contacted about the issue on 02/14/12, the last contact was on 04/12/12

    Details: Promises and Promises

    Company representatives' emails:
    John <support@ecnalpha.com>

    Attached Files:

    1. ECNalpha.pdf

     
  2. Romeo

    Romeo Sergeant

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    It must be really frustrating to go through this kind of experience. Most of the traders and investors that complain here at FPA, have set up accounts with scam brokers without checking on them before. The big difference in your case, is that you were dragged there by a reputable account manager and now your money is in danger. It was not your choice. Really frustrating:mad:

    Coming to the specific broker, it is really a big question mark for me. We are talking about $9000 that they already received from you through your deposit. It is not such a big amount of money. If they don't have that amount of cash to execute your withdrawal, what does it mean? Possible explanations:

    1. Their business is really very low and they don't cover their expenses out of the spreads, since they mention that they are not a bucket shop. They are close to bankruptcy.
    2. They might be a bucket shop and have too many profitable traders. This is an extreme scenario of course.
    3. They lost or spent the money in some way
    4. They are collecting as much money as possible and try to buy time in any way. At the same time they are packing their bags to disappear

    Any other possible explanations?
     
  3. Amin EL-HAKIM

    Amin EL-HAKIM Master Sergeant

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    Dear Romeo

    The deposited amount was 15k. 9k refunded for the loss from the account manager. And 6k transferred from me. And they added 1.5k bonus, so the profits are ridiculous. And the account manager sent an e-mail today assuring I will receive my funds within 5-7 business days. I've heard some rumors that the CEO took most of the money and fled. If they don't refund, I might ask for professional help or go to Panama myself. I believe a lawyer from Panama will be more than happy to get my money back for a 20% fee.
     
  4. Pharaoh

    Pharaoh Colonel

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    Keep us up to date, both here and in your thread in scam alerts. Let everyone know if this company pays you or not. They already spent a couple of months stalling on another case that just got set up for a vote.
     
  5. 2stylsh

    2stylsh Private

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    Looks like another guilty, hope it works out for the best, and either way makes you a stronger trader for going through it.
     
  6. mrgummo

    mrgummo Corporal

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    I'm using ACME Hedge and ECN Alpha. Short story is that what ACME Hedge puts on their website, concerning closing the trade when it reaches 15% drawdown is a lie. I am below 50% and it is still active. As for ECN Alpha, The margin call was supposed to be at $4800 (100:1 with 4 positions open at 1.2 lots each), yet this morning the account is already under that amount. When this all finally wraps up, I will post what the end results are. Good luck with your situation--I hope you have good news to share at the end of this "ride". Two lessons learned--one, only work with a registered broker, and two, manage your own accounts!
     
  7. Amin EL-HAKIM

    Amin EL-HAKIM Master Sergeant

    Joined:
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    Please submit your case to the FPA so we can rate them both scam. It needs several "scam" verdicts to rate services as scam on the FPA.I'll PM you regarding the case today also. Please check your PM list within 24 hours.

     

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