GUILTY Case# 2012-083 | nicknick vs www.Universal-fx.com

Based on the available evidence, do you believe that Universal-fx.com is guilty?

  • Guilty

    Votes: 98 100.0%
  • Not Guilty

    Votes: 0 0.0%

  • Total voters
    98
  • Poll closed .
They've had plenty of chances to fix this and to come discuss it here.

I'm voting guilty. If they pay later, the case can be changed to "resolved". Personally, I suspect that they'll just keep finding new reasons to delay payments forever.
 
There is a fortune to be made by litigators going after co's like this.

This universal fx .com seem like a scam to me - oh man they eat the cake - people/clients are not allowed to say anything bad about them even the true bad things you have got to be kidding - controlling people like that make me sick -thank you FPA for showing them up for who they are - hopefully the tens and tens of thousands who read this give these jokers a miss - good riddance.

First let me say I know nothing about this company. I myself would never do business outside the USA as we seem to have the strongest stockmarket BECAUSE" we have the strongest laws. There seems to be a cottage industry in all small Internet brokers and system sellers that if they take your money, you will never complain, because the cost of hiring a lawyer would be more than the money lost. But...

1-What if a group of lawyers formed a company to go after these people on a contingency basis of say 1/3 of all recovered money. You would have to put up $200 to show you8 are serious. These lawyers would then set up alliances with special fraud and vice task forces to get these people into court in a very expediant time frame....before its all taken offshore and the predators disappear.

2-I personally lost 11k to a company run by a best selling author, a prop room where they let you make trades for a nickel per 100 shares commission. They went out of business in a year. Instead of running away and leaving the country, these guys just opened another company, fleeced more people at 10-12k a pop, and then went out of business and did it again. This is not possible in America.......but it is. What crooks depend on is that you will only worry about your own self and not help all the others who get scammed so you remain isolated. Maybe Forexpeacearmy could start a board or special website of people asking for help in obtaining refunds, and then it would attract attorneys and with luck law enforcement to step in. The list could be sent into craigs list and even watchdog groups who could spread it around. Naturally we would help all those who lost money thru any kind of brokerage scam or system or course that turned out to be fraud whether futures forex or stocks! What did I do when I got scammed? I emailed many many people that were scammed along with me, and none would take action. i ALSO WROTE ABOUT IT ON 20 OR MORE BOARDS LIKER THIS AND THE NAME OF THE COMPANY AT THE TIME WAS VELEZ CAPITAL MGMT. I think scams are going to get even more brazen where the scammer will claim association with a big brand name like Bank of America or Goldman Sachs and never even had met them. What can they lose, they are in another country. THIS IS GETTING WORSE AS YEARS GO BY. GENTLEMAN....how can we work to help each other?
 
Good idea. The problem is getting people to cooperate. So many victims seem to tire out after a short period of fighting, and the scammers depend on this.

Please start a separate thread for your idea in Scam Alerts. You can also start a thread dedicated to Veliz in the Non-Forex Scam Alerts folder.
 
Yo invito a todos los miembros de FPA, a que financiemos de alguna manera la creacion de un grupo de ´personas que se encarguen de verificar personalmente la exitencia de brokers serios y honestos para que los miembros de FPA, podamos trabajar tranquilamente con ese grupo depurado y seleccionado de brokers, creo que es la unica solucion para evitar estafas,,,,,
 
I've said once and I'll say in ten times again and again.

Stick to the brokers in the USA, Canada, Australia and the regulated EU countries. Stay away from the islands, Central America, Russia or any other Easter Europena places.

Even with the above, you STILL run the risk of being burnt. MF Global in the USA had 3 BILLION dollars vanish no one "knows where it went" and no one has been arrested. Peregrine Financial in the USA collapses and invenstors will see pennies if anything on the dollar.

It's ALL risky but you can cut the risk by staying "first world" to some degree.
 
Hi Pharaoh and Asst Moderator - just saw the results 100% guilty - You guys do a FANTASTIC job -Congratulations -:)
 
I had contact with this broker a few months ago and they don't accept any US clients. I tried it many times and also want to deposit a 6 figure amount. Without any success... So how can nicknick (which is new to the community) open an account with them? Also it's very strange that he claims to make a broker-broker transfer from ILQ to universal. An US based brokerage (which already had problems with the NFA) don't send money out of the US and NEVER to an offshore brokerage. We all know this, this is nothing new...

Take a look at NFA:
Case Summary

cheers
 
Hello Jackthepip,
NickNick is the owner of Euronis which trades public funds for clients, but excludes US citizens. It is organized in New Zealand.
The accounts involved here are professional, commercial accounts.
Under NFA rules, being a US citizen or US resident in and of itself is not a limiting criteria for doing business through foreign entities, even when owned by a US citizen or resident.
.
Certain funds that belonged to Euronis's trading account with ILQ were ordered transferred from that broker to the broker in question.
The fact that ILQ is a US entity is not a limiting factor under NFA rules, when such firm does business with a foreign entity, as long as the clients of the owner's entity are not US residents.
.
I did extensive due dilligence in aide of Nicknick in the preliminaries that led to this case. Euronis & Nicknick are not new members.
You will find Euronis reviewed here on FPA:
Euronis | Euronis.com reviews and ratings by Forex Peace Army
.
Anthony Ingrassia, CTA
NFA ID#: 0278164
 
Last edited:
I always got to admire when scummy brokers put rules which are in them self illegal to justify their actions.
1. It is not against the rules to voice your displeasure with a company.
I think someone had said it before me, the truth is the best defense against such claims.

I ALWAYS recommend that people before FUNDING an account with a broker, please read the TOS ( terms of service, also known as terms and conditions)
yes its boring, yes its very long ( some are 50 pages) but in those pages, you will see alot of clues as to what the broker actually does.

Many brokers will say on their site in bright letters ECN or STP... but in the TOS it will says market maker, or counterparty to your trades.

In this case, there is a letter that states the funds were sent, however they were not received. Yet in the email dated 10 days AFTER the said wire went out, he says that they will send the funds again. ( this time he is ok with sending it to USA)

IMHO, it means the wire bounced back, as no company in their mind will send you another wire unless they already got the money back. especially at 57,000+

(not sure how much help this way to you right now, but this should help those who are looking to open new accounts somewhere, please read the fine print)
 
Back
Top