GUILTY Case# 2013-011 | ozberk vs www.sicfx.com

[F***X]

If all the evidence presented in this case is true and this "abuse of authority" and rush to judgement was made by the alledged "prince of S.A.'s" or staff without due process and cooperation by the lawful authorities, then I don't see any clear justification of why this brokers should freeze the account.

Am I missing something or does it seem to anyone else that this broker is attempting to keep the trader's funds by abusive and intimidating tactics? Are they hoping that ozberk (and possibly other trader in the same situation) would kindly forgive this broker's unethical behaviour and abandon their account balance in sheer terror for their well being?

If a broker at any time responds with an intimidating and / or legal manner to a simple request of account withdrawal, then shame on them.
And if a broker decides to call your trading "money laundering" or whatever they can think up, then shame on them AGAIN - why would they allow anyone to open an account and trade it in the first place if they think it's illegitimate?

I don't see anywhere on their website where they list any legit contact info or address, which is a huge red flag - why would you send your money to an email address?
I'm with pianoman959 and voting guilty - not because of ozberk's trading style but the purported unethical behaviour of the broker freezing an account without due process.

 

[Pharaoh]

The broker has frozen funds and won't let the client withdraw. Everything else is secondary.

 

[elkhorn]

I see no response/defense so in this case my vote always goes guilty. That much discrepancy in leverage will kill most EA traded accounts unless they are design for low leverage. The account was obtained from the client apparently by a false statement. Businesses are bound by the statements of their agents.

 

[gyanirahul]

This is stupid ! before depositing he neither check there regulation neither he check the actual spread is!and he is thinking about that after suffer a huge loss! why don't he direct email and contact Prince first before committed that much money with this scam broker..
Broker is Indeed a scam ! but he is stupid as well!

 

[Pharaoh]

Please be more gentle with your fellow traders. We were all innocent newbies in investing and other fields once. If there's anyone here who's never once made a single stupid mistake, please step forward and assume command of the world.

 

[cokemon]

SicFX is SCAM Brokerage

Although I had my reservations, in the end a YES vote was the only rational choice. SicFX not only portrays all the hallmarks (website alleges regulation without naming the regulator and licence details) of a SCAM brokerage but in the end also functions as one (refusal to honour client's withdrawal requests).

My reservations? Mr Ozberk, your LinkedIn profile says that your previous work was in the FX market. Therefore, in hindsight, shouldn't you have known better? Why would someone with as much experience as you have overlooked the regulatory issue? It makes no sense!!

Peter

 

[Denn112]

I would like to be able to vote Neutral in cases such as these, whereby its a case of reading the small print clearly enough and if not sure don't sign up to these brokers.

The fact of this matter remain that this is the first case being brought against this broker, if they continue in their fraudulent ways then more complaints are meant to arise, they did respond claiming it was their partners fault "liquidity providers" they should atleast give us a proof of this.!!! Let this broker bring us proof of this!!!!

hence for now i'd like to stay neutral and vote neutral if possible, when am sure beyond every reasonable doubt "just as in a court of law" that this broker is fraudulent. Then i will vote guilty.

 

[claretblue]

Money laundering? Since they accepted Ozberk's money in the first place, wouldn't that make them an accomplice in this "crime"?

 

[ezio123]

Big YES !!

 

[IAEBusiness]

I give them a Guilty mark

even me and all of us know the the normal leverage ( 1:200 in our example) is used with the major pairs and famous crosser only, and if he loss his money for his trade it will be his fault .

but i give them a Guilty for broker as they didn't provide a clear information, and they don't have a much information about the services they provide !! ( it appear that they are only a white Label form other broker )
this misleading information can lead to bad decision when enter a trade (ex. enter a with high lot ) that sure will hurt his account