GUILTY Case# 2013-103 | dafox vs www.forexoma.com

Based on the available evidence, do you believe that Forexoma.com is guilty?

  • Guilty

    Votes: 50 100.0%
  • Not Guilty

    Votes: 0 0.0%

  • Total voters
    50
  • Poll closed .

dafox

Private, 1st Class
Messages
64
Original FPA Traders Court Submission:

I am submitting the case against: www.forexoma.com

My Case is: First, I have already had a thread in the scams section for one month: http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/26322-forexoma-com-brokerage.html

Anyways, I'll quote my first post in that thread here:

"Anyways, I have quickly gathered all of the evidence that I possibly could related to my business with forexoma. The last time forexoma replied to any of my attempts to contact them about withdrawals was 09 July 2013. Prior to that date, customer service was superb, exceptional. Withdrawals were so fast and they answered support issues so fast. So, it was odd that they were taking a while to respond. I have followed FPA recommendations to try to contact them at least three times over a period of at least a week. No reply. Even wrote the accounts department. No reply.

The odd thing is that the MT4 server is still connected and I am still placing trades actively because I do not necessarily believe that they are gone for good. A broker with 5 star reviews for 3-4 years has no good reason to up and vanish after being in business so long. I would expect them to have done it sooner if they were a scam from the beginning. I hope that this is all a big misunderstanding, but I don't know and I have my doubts. They were just so good about withdrawals, etc. Maybe too good to be true?

Anyways, I do not know what information I should post related to the issue at this time. If a moderator would like to tell me what evidence I should post first, then that would be great.
I have been trading with them for 3 months fyi."

---------------------------------------------------

So, as you can see, I began having issues on 09July2013. I have since filed with paypal and recovered a little over half of my investment.

I have complained to sfc, cftc, and econsumer.gov

sfc says they can't do anything. cftc is silent on the matter.

The majority of traders who went with forexoma have not recovered any funds.

New thread in the Scam Alerts Folder:

Review is submitted by Don USA USA on 07/19/13

The company was first contacted about the issue on 07/09/13 the last contact was on 08/04/13

Details: None. They disappeared. They never replied to my tickets

Company representatives' emails: <help@forexoma.com>

 

Attachments

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dafox

Private, 1st Class
Messages
64
Please expedite this case as there are multiple complaints against forexoma
 

Pharaoh

Colonel
Messages
19,995
Definitely.

Yo AsstMod - I believe dafox was one of the very first to complain. Can we get this a case number and get it into Open cases today so it can be voted on next week?
 

George Mcall

Corporal
Messages
89
I agree that there are a lot of good reviews about Forexoma around the Internet. Indeed the FPA (I think) would have had a positive review. It maybe that Forexoma were running a form of a Ponzi scheme. The trick in running a good Ponzi scheme is that you offer excellent customer service including enhanced returns until the collapse and at that point you are only conspicuous by your absence. One of the masters of the Ponzi scheme was Bernard Maddoff who has had booked for him his hotel accommodation for the next 150 years. The thing different about Maddoff is that he has been made to face the music which is something that those behind Forexoma may not face. However the Judge when sentencing Maddoff gave him the maximum partly because he felt that Maddoff had not told all that he knew so it is likely that behind him there are those who are conspicuous only by their absence.

Clearly the absence of an insolvency specialist is very telling and I am in no doubt in respect of the guilt. When the time comes, I shall be voting accordingly.
 

George Mcall

Corporal
Messages
89
So, as you can see, I began having issues on 09July2013. I have since filed with paypal and recovered a little over half of my investment.


It would be really good if you could share with us your experience with PayPal. I use them for other payments and in particular payments I need to make when I buy stuff on eBay. I have always found them to be very good and I am very positive about them. Sharing your experience particularly since you have made a partial recovery would be very good.
 

dafox

Private, 1st Class
Messages
64
Well, you are correct on the Maddoff thing being similar to forexoma and I doubt that they will pay for it.

Paypal has a policy that disputes (resolution center) can be filed within 45 days of making an online payment. This also applies to forex deposits (I found out after filing for my forexoma deposits). I had remaining in my account a total of $6880 of my own money (not to mention $47,000 in profit), so I went to paypal just about 10 days into not being contacted by forexoma and found that I had 4 deposits less than 45 days old (totalling $3950). I decided to go ahead and file a dispute of course, which I then escalated to a claim shortly there after. Paypal had to wait 14 days for forexoma to reply, but they never did. Those were a nerve racking 14 days. Either way, by the end of it, Paypal decided in my favor due to the absence of forexoma in the matter.

So I recovered $3950 of the $6880 of the $54,000 that I supposedly had in my account.
Paypal is very good at what they do, but would not allow me to recover my other funds through them (older than 45 days). They said to go through my bank for that, but at that point I was just glad to have minimized the damage.

I paid with Paypal because I knew the risks of an unregulated broker. It turned out to be a wise decision. Fortunately for me, I had constant contact with forexoma help desk because I was depositing small amounts each paycheck. on 09July2013, I had the last response from forexoma. I followed the advice of paypal to wait at least a week and try to contact the seller 3 times. Then I filed with paypal.

I was fortunate because I was the first person to actually figure out that this was all very wrong and post it in the scam alerts folder. For many individuals, they did not find out until after it was past 45 days since they made a deposit, so they did not recover any of their funds. I tried to post as soon as possible to help others, but unfortunately for most, they did not even realize anything was wrong.

Paypal is the only way I will ever deposit with an unregulated broker. I'm trying to decide which broker to use in the United States at the moment... I do not think that I will be going with an unregulated one ever again... us regulations are stifling though.
 

George Mcall

Corporal
Messages
89
Well, you are correct on the Maddoff thing being similar to forexoma and I doubt that they will pay for it.

Paypal has a policy that disputes (resolution center) can be filed within 45 days of making an online payment. This also applies to forex deposits (I found out after filing for my forexoma deposits). I had remaining in my account a total of $6880 of my own money (not to mention $47,000 in profit), so I went to paypal just about 10 days into not being contacted by forexoma and found that I had 4 deposits less than 45 days old (totalling $3950). I decided to go ahead and file a dispute of course, which I then escalated to a claim shortly there after. Paypal had to wait 14 days for forexoma to reply, but they never did. Those were a nerve racking 14 days. Either way, by the end of it, Paypal decided in my favor due to the absence of forexoma in the matter.

So I recovered $3950 of the $6880 of the $54,000 that I supposedly had in my account.
Paypal is very good at what they do, but would not allow me to recover my other funds through them (older than 45 days). They said to go through my bank for that, but at that point I was just glad to have minimized the damage.

I paid with Paypal because I knew the risks of an unregulated broker. It turned out to be a wise decision. Fortunately for me, I had constant contact with forexoma help desk because I was depositing small amounts each paycheck. on 09July2013, I had the last response from forexoma. I followed the advice of paypal to wait at least a week and try to contact the seller 3 times. Then I filed with paypal.

I was fortunate because I was the first person to actually figure out that this was all very wrong and post it in the scam alerts folder. For many individuals, they did not find out until after it was past 45 days since they made a deposit, so they did not recover any of their funds. I tried to post as soon as possible to help others, but unfortunately for most, they did not even realize anything was wrong.

Paypal is the only way I will ever deposit with an unregulated broker. I'm trying to decide which broker to use in the United States at the moment... I do not think that I will be going with an unregulated one ever again... us regulations are stifling though.


Thank you for your response and share. That is very valuable information. Have you looked at UK regulated brokers? There are some very good ones and the regulation is world class as you would expect with London.
 

jazz_dragon

Private
Messages
17
Hi Dafox/ friends..


i am one of the Forexoma's victim as well. I am still want to invest in forex but this time i would be very careful in selecting brokers. Any idea of good and regulated broker so far?

thanks.
 
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