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

[hp69flva]

i'm also having a bit of dificulty with this case as well and my sympathy goes out to Turki (that's alot of money that you lost!).

 

[George Mcall]

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?

In a criminal court the burden of proof is one of beyond reasonable doubt. In a civil court the burden of proof is on the balance of probabilities. I wholly agree that on the balance of probabilities, HFX are guilty. However that is not the standard of proof which is required. The standard of proof required is one of beyond reasonable doubt. In my opinion that standard has not been reached and thus the correct verdict to return is not guilty.

Further I have not been able to find any claim made on their website that they are regulated by any investment authority. In respect of Security and Regulation they say:

SECURITY AND REGULATION


HFX utilizes the newest and most effective security and protection software to ensure that each financial transaction takes place safely and securely. Our team of internet security specialists continuously monitors our network for potential threats and for any inconsistencies.

There is no mention of any investment authority under which they are regulated.

 

[Master Yoda]

Of course they will not claim in their website but they do it in personal conversation. Example: One of the clients has proved they are using Xforex and Windsor (by email sent to him by one of the reps)
What do you think of this?

https://www.forexpeacearmy.com/fore...e-2013-059-najeeb-buyabis-vs-www-hfx-com.html

 

[George Mcall]

Of course they will not claim in their website but they do it in personal conversation. Example: One of the clients has proved they are using Xforex and Windsor (by email sent to him by one of the reps)
What do you think of this?

https://www.forexpeacearmy.com/fore...e-2013-059-najeeb-buyabis-vs-www-hfx-com.html

The first thing is that if there is a claim by a broker that they are regulated then reference should be made to that regulatory authority. This would include any oral claim made in conversation with the broker or their representative. Only by telling the regulatory authorities what is going on will they have any chance of removing the rogues. You cannot expect them to do their job if no one tells them what is going on in the market. They may have many powers but mind-reading is not one of them. In respect of the case of Najeeb Buyabis, I do hope that what they say is genuine. It maybe that an otherwise good broker has hit some service issues and intends to get their act back together. I hope that is the case and that I am not being too naive.

 

[Pharaoh]

I agree. That information needs to be directly reported to the regulators.

 

[Master Yoda]

It was and Najeeb actually did a good job there.

 

[turki]

I have received a phone call from HFX asking me for my account number. After two days, they sent me the following email!


From: zornitsa@hfx.com
To: alshareef1978@hotmail.com
Subject: thank you for the call
Date: Wed, 7 Aug 2013 08:15:58 +0000

Hello Mr. Alshareef,

Thank you for our conversation the other day.
I have been investigating your case and have reviewed your whole trading history with us. From your trading report I see that almost all positions were opened in Saudi Arabia (Saudi Arabian IP addresses), which clearely indicates that you have opened all the positions by yourself.
I understand your dissapointment of loosing your money in forex and see that you have raised a case in the Forex Piece Army. I would like to understand what exactly do you expect us to do for you?

Thank you
BR




ZORI IVENS
CUSTOMER SERVICE MANAGER
Tel: +44-20-3150 0298
Fax: + 44-20-31501423
Email: zornitsa@hfx.com



I have asked them to prove the IP addresses and contracts opened by me! . NO RESPONSE YET


BR

TURKI

 

[Pharaoh]

Crazed broker employee placing trades while pressuring for more deposits. When you don't keep dumping in money, he loses your account for you.

As far as I'm concerned, any broker that allows an employee to trade on behalf of a client (with the exception of a client contacting the broker to request an order be opened, closed, or modified) without an LPOA is a broker you need to avoid.

 

[AsstModerator]

This makes 3 Guilty verdicts against HFX. If steps to resolve these issues are not made soon, there will be a Scam Finding.

 

[George Mcall]

I agree. That information needs to be directly reported to the regulators.

Does the FPA see that it is part of its role to report such matters to the appropriate regulator or must it be down to the individual? If the FPA see that it is part of its role to report matters to the appropriate regulator, it would be ood for every report to have its own thread so that people can follow the response made by the regulators. Each of us contributes towards the costs of ruining the various regulators by the fees that are paid through our brokers and taken as a tiny portion of the spreads we pay.