GUILTY Case# 2013-083 | turki vs www.hfx.com

[George Mcall]

With all due respect, Turki and other people who complains showing evidence which is support their complaint and which is examined by the relevant parties.
According to what you are saying, the best solution for companies to avoid guilty decision is to ignore the FPA official invitation. FYI, in this case the company did reply once or twice but nothing really happened since then.
Generally speaking, the FPA is a well-known platform for complaints and most companies are taking complaints seriously and resolving cases before it gets to court. Of course even if the company ignores, it doesn't mean that any unanswered complaint is going to court.

Thank you for your response. I am not saying that the best solution for brokers is to ignore this court. What I am saying is that it must be the duty of each accuser to prove their case beyond reasonable doubt. In this case Turki has failed to do so and thus I must enter a verdict of Not Guilty. It maybe that an accuser misrepresents the facts. If the broker does not respond, then guilt could be found on those misrepresented facts. Clearly if the broker responds, the record can be put straight with the brokers good name being upheld.

 

[precap2]

I do not in any way like or approve of hfx.com manners and morals, but I think there is also problem of excess liquidity here. How can I have business expectations from you, and none of them is ever met yet someone always demands for more money. I find it difficult to even think that possible with me.
The method used by hfx is typical of SCAM, they continue to demand for more and more money until they find your limit. They swallowed a whooping 20k$ and asked for 100k$ more - like money grows on trees.
This money could easily buy me a nice small car!

 

[macrader]

Macrader. scamadvisor.com has them based in the Netherlands, but HIDING their Identity. This makes them immune to US laws and reg's I think....not positive on this. High risk (21%) rating. But they have been in business since 2001, and registered till 2016. That is a long time in FX, and nobody has caught up to them in all this time? Very odd, to say the least. Not a fly-by-night scamer. Can someone check their past history? They might have been honest at one time and were forcibly taken over by a criminal org. This is not that uncommon in the business world. Think Mafia. Maybe not them per-se, but someone like them, with Gov. connections perhaps? Something is keeping them safe.

 

[turki]

I disagree with the concept of finding guilt merely because a broker does not show up. It is a huge honour that we are able to vote in respect of conduct of brokers. FPA has a massive reputation which is respected throughout the forex world. It is important that people only vote guilty where there is guilt beyond reasonable doubt. If people vote guilty just because the broker does not show up, the court will become what can only be described as a kangaroo court and lose all validity. It is for that reason I am voting not guilty.

Dear George,

First, i truly respect your opinion, however, please continue reading this email and im hoping that you would disagree with HFX and possibly change your verdict to Guilty.

HFX has dishonoured their code of conduct by sending me an advise to open contracts against what they were saying in their advisory email. Also, when asked for the stop loss , they totally ignored my emails and calls.
If so, what this the activity of the broker other than taking commisions on every trade. What they did with me is indeed test my limit of payment, and when they found that i cant afford paying any more money - they gave me the Kiss of Death. Similar to a Ponzi scheme, where they ask for money to invest, return some of it and then run away with the rest.! For 22K to boil down to 0K is unacceptable by all means. Im curious, what would you do if this happened to you ?


Regards

Turki

 

[LoRio]

This is a weird one.
on the non guilty scale :
-you had them manage your account and forex is risky
but
on the guilty scale :
-i knew someone who when told "I trust you ,dont lose my money" , refused to provide
services to that person and gave them a brief explanation of what forex is.
so.
If you bought a coffee shop and it failed , would that condemn all coffee shops?

...not guilty.

 

[Pharaoh]

Thank you for your response. I am not saying that the best solution for brokers is to ignore this court. What I am saying is that it must be the duty of each accuser to prove their case beyond reasonable doubt. In this case Turki has failed to do so and thus I must enter a verdict of Not Guilty. It maybe that an accuser misrepresents the facts. If the broker does not respond, then guilt could be found on those misrepresented facts. Clearly if the broker responds, the record can be put straight with the brokers good name being upheld.

Not all cases make it out of the Case Preparations folder. The whole purpose of the Traders Court submission process is to force traders to slow down and post evidence instead of just screaming "SCAM SCAM SCAM! LABEL THEM A SCAM!"

Turki has evidence that, with a lack of response from the broker, was sufficient to bring the case up for a vote based on the available evidence. The actions of the "account managers" as described are very similar to the actions that resulted in UFX Markets getting a scam finding.

Based on the available evidence, I am voting GUILTY.

 

[JXXXX]

Yes, but was the money ever really lost? My guess is that it was not and the company simply pocketed it - that is how these scams usually work. The people who run these companies know about trading and they will not simply trade away these kind of hefty sums in the way a rookie trader might.
This is what needs to be established, what really happened to the money?
Thjis company is a Scam, using multiple phones to banger people into making huge deposits is unethical for sure and if the purpose is to then steal that money it is illegal. The fact that many are easy parted from their cash is never a justification for fraud.
I am going to trust the FPA has checked this out reasonably well and vote guilty. These guys are scamming, whether they have managed to somehow stay within the letter of the law does not matter to us. People should be warned about them and stay away. GUILTY!

 

[George Mcall]

Dear George,

First, i truly respect your opinion, however, please continue reading this email and im hoping that you would disagree with HFX and possibly change your verdict to Guilty.

HFX has dishonoured their code of conduct by sending me an advise to open contracts against what they were saying in their advisory email. Also, when asked for the stop loss , they totally ignored my emails and calls.
If so, what this the activity of the broker other than taking commisions on every trade. What they did with me is indeed test my limit of payment, and when they found that i cant afford paying any more money - they gave me the Kiss of Death. Similar to a Ponzi scheme, where they ask for money to invest, return some of it and then run away with the rest.! For 22K to boil down to 0K is unacceptable by all means. Im curious, what would you do if this happened to you ?


Regards

Turki

Thank you for your response. Your case is very difficult. I really do feel for you having lost a very substantial sum of money. Clearly as an investment adviser, they are not to be recommended. In Scotland we have a third verdict which is sometimes called the bastard verdict. It is a verdict of case not proven and means quite simply that the prosecution has failed to prove the case. It does not mean that the defendant is innocent as would be the implication from a verdict of not guilty. Your case does trouble me and clearly HFX have been up to no good. However for me, to label them as scammers or fraudsters on the evidence you have produced is just pushing it too far for me. There has to be a dividing line somewhere and for me this case falls on the not guilty side. If there were a not proven option, I would certainly take it as I do think people should be warned of their tactics as they are not good. Further their activities almost certainly would be illegal anywhere in the European Union as to be an investment adviser, you must be regulated and clearly they are not. You have not said from which country you are from. It maybe that your investment authority could assist you. If you were in the UK, you should now contact the Financial Conduct Authority. It used to be the Financial Services Authority until their role was split between the Financial Conduct Authority and the Prudent Regulation Authority. Thus I recommend that you contact your appropriate investment authority and see if they can help.

Thus in answer to your specific question of what would I do if this happened to me, I would contact the Financial Conduct Authority and report the facts to them. Here is a link to their website:
http://www.fca.org.uk/

 

[Master Yoda]

Thank you for your response. I am not saying that the best solution for brokers is to ignore this court. What I am saying is that it must be the duty of each accuser to prove their case beyond reasonable doubt. In this case Turki has failed to do so and thus I must enter a verdict of Not Guilty. It maybe that an accuser misrepresents the facts. If the broker does not respond, then guilt could be found on those misrepresented facts. Clearly if the broker responds, the record can be put straight with the brokers good name being upheld.

I totally agree with regarding proving the case beyond reasonable doubt, well said. However, Turki reported that the company is totally ignoring him (which I think it's hard to proove), the man has deposited loads of money and they are ignoring the client. Think about it- what would a civial court would rule in such scenario?

As a money manager (are you?) you should know that a company with no regulation with employees that has no licenses for giving any investment advice- HFX has already failed there! They pretended to be regulated and their employees are managing clients funds and giving investment advice, isn't against the law?

 

[George Mcall]

I have just seen that you are from Thailand. If my understanding is correct the appropriate investment authority is the Bank of Thailand. Recently I see that they have made trading in Bitcoins illegal in Thailand. Here is a link to the report in Forex Magnets:

Thailand Bans The Bitcoin! National Foreign Exchange Department Rules Bitcoin Illegal, Trading Suspended | Forex Magnates