GUILTY Case# 2013-081 | bronxfx vs https://everestmarkets.com/

[Ammihud7]

Have you looked into contacting Interpol for filing online fraud? I had a friend who was scammed by an individual for about $3000 and Interpol help him set the guy up and get an arrest. What many of these Individuals are doing is hiding behind a corporate vale to commit fraud they need to be held accountable for their actions. As long as traders are loosing they collect money no problem. When traders win they don't get paid, its an individual who makes that decision of whether to pay a client or not. So the fault lies with the individual who make the decision to breech the agreement lets put and end to this international fraud that "brokers" (individuals) are committing. They hide behind the fact that it has traditionally been difficult to coordinate legal action and get law enforcement involved across international borders. But Interpol worked for my friend and if these people dont respond spare no means to get your injustice settled. All the best!

Here is the link:
Internet / Home - INTERPOL

 

[Joh]

Hi bronxfx

Hi bronxfx

They 'Everest Markets' sound to me as all having the hallmarks of a bunch of unscrupulous scam artists. Man they make me sick-

So glad you told us bronxfx, the 50000+ readers are all grateful you have put the torch light on these scam operators. I hope you contact Interpol as well -let the whole world know who and what they are- a bunch of dishonest thieving rat bags.

Man i hope for you FPA gets them to the table and get your money back -if they or this Maxwell O Fuller by any chance want to salvage any of his reputation he better pays up quick smart - in case he does promptly i am more then happy to withdraw what i have written about them.

Good luck bronxfx i feel for you.

12th Aug 2013

This has dragged on since April (4 mnths) and this Everest Markets has stalled and stalled -
Bravo FPA for your patience and hanging in there to negotiate but as far as i am concerned i just do not buy their story -
Everest Markets conflicting evasive answers and the neglect to refund says it all - it staggers me and they have the temerity to state the are partners with Dukascopy--i like to have that confirmed by Dukascopy to see if this is true.
If at last they cough up and honour you and bronxfx they may only do this to save their hide - not out of respect or principle-

Thank you heaps for publishing all this- my view' STAY AWAY GUYS ' - Everest Markets sound like their name -a lot of thin air.

 

[Master Yoda]

sounds like a scam and fraud to me.
Looking forward to vote guilty

 

[Sector]

Hello Bronxfx, greetings! I am sorry for what this firm, or might I say office, called Everest Markets is making you go through! From their response so far, they seem unwilling to part with your money. If he claimed that the money had left their office or bank or whatever, did you see the proof in your trading platform? You can verify that claim by logging into you trading platform and clicking into your account history. Whether or not you can see the withdrawal there, it will be a good thing to post the statement from that history here too, so they "EverestMarkets" will be viewing it with the rest of the world when this matter gets escalated.
Also, Ammihud7's idea about Interpol is a very welcome one.
Together, we are an Army, many thanks to FPA and Mr. Homogratus!
Best of Luck!!

 

[bronxfx]

All,

thank for your support! I really hope that I can get my money with the power of all members. Ammihud7, thank for your link to Interpol, I will report this case if there is no progress.
I cannot access my MT4 account, the account is disabled / blocked. Everest market switched suddenly and unexpectedly to JForex without any prior notice! About one week no one had access to his account.
At this time I already submitted my withdrawal request.
I never got an JForex account.

 

[Everest Markets]

Dear Traders,

We cannot publicly comment on specific cases of current or previous clients, we can say that these issues are being addressed privately with bronxfx and the forum moderator. In this specific case (without making reference to the clients Name, Date of Birth, Location or by commenting on other personal information) we have sourced the following information that we wish to share on the FPA in order to resolve any misunderstanding between the parties involved.

There are two outstanding issues that are in mediation.
1. Compliance Issue: (awaiting updated documents, embassy confirmation)

2. Scalp Problem: (under investigation with Leverate)

3. Delays in response to compliance (irrelevant at this stage)

These issues have been raised with the FPA forum moderator and the FSCL complaints bureau of New Zealand, and are in mediation.

In order to clarify the accusations and comments made by members of the FPA, I have attached a clear history of Everest Markets Limited:

Everest Markets was founded in 2011 by 2 co-founders and was rebranded in Q4 2012 using Sirix a licensed MT4 Label from Leverate Technologies. With a proficient knowledge of the FX Market, Mr. Fuller and Mr. Watters have sought out to provide Forex, CFDs, Commodities and Indices trading at both affordable pricing whilst offering a high level of customer service relative to its competition.

Changing the direction of the company in Q2 of 2013, Everest Markets partnered with Dukascopy Bank SA to provide the Everest JForex trading platform. This innovative product provides access to direct ECN marketplace with Dukascopy Bank SA, through the SWFX (Swiss Forex Market Place).

This transition has resulted in many positive changes to Everest Markets; nonetheless, we have had a few complaints about the sudden change from MT4 to Everest JForex. This being said, from the brokers perspective and with the clients best interests in mind, we have streamlined the business to provide a more integrated CRM and CMS system, upgrading our website and email servers (some emails have changed, such as support@everestmarkets.com) and have brought on many experienced members to our team from across the globe.

Everest Markets stands strong amongst the competition, providing FX services with transparency and efficiency with low spread ECN model pricing.

Further comments on this case which are of interest to FPA:

- Everest Markets will not release the emails of our employees, partners, team members or directors (senior executives) in order to simplify the case to those who are familiar with it, and to push forward to a swift resolution.

- Everest Markets is available for any further comment on this post or any other post on FPA through: compliance@everestmarkets.com .
General enquiries can be made to info@everestmarkets.com for sales and support.

- Traders who have raised their concerns are being issues with refunds, and their cases are currently being mediated by the FPA and FSCL.

- SaxFX is in no way a subsidiary or affiliated with Everest Markets Limited.
SaxFX and Everest Markets Limited legally share the same office building in 100% segregation. No information, counter-party or partnership will ever exsist between the two entities.

Kind Regards,

Everest Markets
info@everestmarkets.com
www.everestmarkets.com
Tel. +44 20 36 034 054

 

[Pharaoh]

Too bad it took so bloody long for Everest Markets to start producing any clues about what's going on. This case wouldn't have gone public if communications with the client had been dealt with on anything approaching a timely basis.

I'm intrigued to see how this one proceeds.

 

[Master Yoda]

I am happy you decided to join us finally, however we should all wait to see what's going to be the update on that case.

 

[John Naluswa]

If the people behind Everest Markets were any where close to professionals, they would not have waited this long to respond to this issue. To me their response does not sound genuine, they could have been searching for some shady reasons to defraud the trader of his money. One of the problems pointed out is scalping. Why wait until a trader has accumulated gains and wants to withdraw them before you bring it up? Now suppose he lost on those scalps, would they come out and say "hey buddy, those losses were as a result of scalping, here are your funds" Of course not. Genuine brokers are making money easily and a lot of it, while dishonest ones will never last in the industry. They forget one important thing: one satisfied customer equates to a lot of other customers joining your company.

 

[George Mcall]

This seems a very open and shut case. My sympathies lie with Bronxfx who not only has lost his initial deposit but also quite a substantial profit. It is clear beyond reasonable doubt that Everest Markets are guilty because there can be no justification in their withholding payment. Their reasons, such as they are, lack any credibility.

I have looked at their website and the first thing I noted was the following:


HISTORY

Everest Markets Limited founded its online brokerage business in 2011. Headquartered in New Zealand the firm has grown into a multi-national business, providing FX (Foreign Exchange) services to private Traders (Self-traders), Money Managers (PAMM Accounts) and Institutional clients alike.

If they have their headquaters in New Zealand then they should be regulated by the Financial Service Providers Register. Here is a link to their website:

HomePage | Companies Office FSP


An interest article appears in Forex Magnetes on this matter. Here is a link:

New Zealand FSP ? Registration for New Zealand Based Companies | Forex Magnates

An interesting item appears on their website:

WHY WE PARTNER WITH NEW ZEALAND

New Zealand is a safe and stable jurisdiction where banking activities are respected worldwide and tightly regulated by both the FSPR and the FMA. Everest Markets prides itself on itself on its heritage but also opens itself up to clients from across the globe providing services for our clients in several languages.

As a New Zealand broker, we register and comply with the following government agencies:

FINANCIAL SERVICES PROVIDER

The FSPR or FSP is where all New Zealand brokers must register in order to provide FX and brokerage services. More information on the New Zealand FSPR can be found by clicking here.

FINANCIAL SERVICES COMPLAINTS

FSCL is an independent not-for-profit External Dispute Resolution (EDR) scheme approved by the Minister for Consumer Affairs under the Financial Service Providers (Registration and Dispute Resolution) Act 2008. It has been set up specifically to deal with disputes arising out of financial products and services. It is operated by financial dispute resolution specialists and is therefore not connected with finance industry groups or consumers.

Everest Markets also runs its own AML and KYC procedures:

AML (ANTI MONEY LAUNDERING)

Everest Markets abides with international Anti Money Laundering standards and procedures. All clients and entities with live accounts must complete and provide the requested documents.

KYC (KNOW YOUR CUSTOMER)

We believe that by establishing a long term relationship with our customers is the way forward. However, we still must verify your residential address and the source of the funds deposited. Further information may be required for companies or funds due to regulation requirements.

Clearly there are a lot of issues for the Financial Service Provider Register to consider. Throughout the website there are numerous claims with none really being substantiated.

The website contain the following logos:

It maybe that the banks associated with these logos would not want them to be used under these circumstances. Clearly there should be correspondence with each of these banks explaining the circumstances in detail.

Thus in my opinion - guilty as charged.