Original FPA Traders Court Submission:
I am submitting the case against: www.cititrader.com
My Case is: Dear Traders, need your help, please look through the proofs closely to decide. I am filing a case against Cititraders/Citrades for destroying my account, that caused me a loss $16,000 within 6 months. This was 100% managed and traded by Cititrader. I have categorized the issues working with them as follows:
1. Misleading information and false claims
2. Irresponsible and poor money management (or maybe deliberate attempts) that caused huge losses
3. Platform makes it difficult to retrieve the account information for analysis.
4. Declined customer’s withdrawal request providing misleading account information
5. Not delivering the service as per the agreement
6. So far the settlement offers I received are either to invest more or messages that felt threatening, reference attachment “Settlement offers”
Misleading information and false claims, refer to the attachment “Miss-leading information and False Claims”
a. Advised me that it is ok for them to trade on my behalf based on US regulations.
b. Continued to tell me that my account is doing good whereas it was incurring losses
c. Showing these claims and extraordinary data of historical achievements forced me to keep pouring money into my account
Irresponsible and poor money management (or maybe deliberate attempts), that caused huge losses at multiple occasions. Thus preventing any chances of a withdrawal, while showing the positive outlook, blaming the past experiences on the platform issues and international crisis. Refer attachment “Cititrader Performance Analysis”. For example they did 12 to 14% volume per trade of the account balance around end Jun 2013, whereas Dave claimed that they do not do more than 5% on low risk account.
Declined my request to stop trading and funds withdrawal, saying that I am left with 0 balance in my account. Which was a lie as I had $10,000 over and above the bonus amount at that time. Reference attachment “Withdrawal request, Exhibit C & D - Post 40% loss offer & 100% Loss”
Service not delivered as per agreement
d. Claimed that Cititraer is started by the Wall Street brokers and is US based. Dave Johnson always used US number for the correspondence.
e. Promised minimum ROI per quarter agreed upon was 26% to 33%, reference “Exhibit Citi Con 01,02”. Dave made multiple calls to sell this contract, which was originally priced at $20,000 and then suddenly slashing it down to $8,000 towards the end of the month, giving the reason that he had worked a special one-time deal with his CEO to encourage serious investors, who otherwise won’t get a chance to avail this opportunity.
f. Bonus was offered with the false claim of achieving the necessary volumes in 7 to 8 months to allow withdrawal of entire account’s investment, bonus and profits.
g. The maximum amount per trade is capped at 5% of account balance amount per trade
h. The account lost 28% in little over a month.
i. Made misleading and false claims and started selling their medium risk account which makes 15 to 20% per month. Promised me that the head trader will trade the account. And promised me that I will be allowed to withdraw in 3 months (based on the volumes traded), instead of 7 to 8 months.
j. Same story repeated and account lost 40% in a quarter. Dave kept on blaming the platform issues/bugs and international issues to be the culprit.
I am still being offered to invest more and feel threatened by their correspondence (which is asking me to resume trading on the already destroyed account). Refer to the attachment “Settlement offers”
New thread in the Scam Alerts Folder:
Review is submitted by ai007 on 10/11/13
The company was first contacted about the issue on 10/04/13 the last contact was on 01/10/14
Details: Declined my request to stop trading and funds withdrawal, saying that I am left with 0 balance in my account. Which was a lie as I had $10,000 over and above the bonus amount at that time. Reference attachment “Withdrawal request, Exhibit C & D - Post 40% loss offer & 100% Loss”
I am still being offered to invest more and feel threatened by their correspondence (which is asking me to resume trading on the already destroyed account). Refer to the attachment “Settlement offers”
Company representatives' emails: Dave Johnson <davejohnson@cititrader.com>
I am submitting the case against: www.cititrader.com
My Case is: Dear Traders, need your help, please look through the proofs closely to decide. I am filing a case against Cititraders/Citrades for destroying my account, that caused me a loss $16,000 within 6 months. This was 100% managed and traded by Cititrader. I have categorized the issues working with them as follows:
1. Misleading information and false claims
2. Irresponsible and poor money management (or maybe deliberate attempts) that caused huge losses
3. Platform makes it difficult to retrieve the account information for analysis.
4. Declined customer’s withdrawal request providing misleading account information
5. Not delivering the service as per the agreement
6. So far the settlement offers I received are either to invest more or messages that felt threatening, reference attachment “Settlement offers”
Misleading information and false claims, refer to the attachment “Miss-leading information and False Claims”
a. Advised me that it is ok for them to trade on my behalf based on US regulations.
b. Continued to tell me that my account is doing good whereas it was incurring losses
c. Showing these claims and extraordinary data of historical achievements forced me to keep pouring money into my account
Irresponsible and poor money management (or maybe deliberate attempts), that caused huge losses at multiple occasions. Thus preventing any chances of a withdrawal, while showing the positive outlook, blaming the past experiences on the platform issues and international crisis. Refer attachment “Cititrader Performance Analysis”. For example they did 12 to 14% volume per trade of the account balance around end Jun 2013, whereas Dave claimed that they do not do more than 5% on low risk account.
Declined my request to stop trading and funds withdrawal, saying that I am left with 0 balance in my account. Which was a lie as I had $10,000 over and above the bonus amount at that time. Reference attachment “Withdrawal request, Exhibit C & D - Post 40% loss offer & 100% Loss”
Service not delivered as per agreement
d. Claimed that Cititraer is started by the Wall Street brokers and is US based. Dave Johnson always used US number for the correspondence.
e. Promised minimum ROI per quarter agreed upon was 26% to 33%, reference “Exhibit Citi Con 01,02”. Dave made multiple calls to sell this contract, which was originally priced at $20,000 and then suddenly slashing it down to $8,000 towards the end of the month, giving the reason that he had worked a special one-time deal with his CEO to encourage serious investors, who otherwise won’t get a chance to avail this opportunity.
f. Bonus was offered with the false claim of achieving the necessary volumes in 7 to 8 months to allow withdrawal of entire account’s investment, bonus and profits.
g. The maximum amount per trade is capped at 5% of account balance amount per trade
h. The account lost 28% in little over a month.
i. Made misleading and false claims and started selling their medium risk account which makes 15 to 20% per month. Promised me that the head trader will trade the account. And promised me that I will be allowed to withdraw in 3 months (based on the volumes traded), instead of 7 to 8 months.
j. Same story repeated and account lost 40% in a quarter. Dave kept on blaming the platform issues/bugs and international issues to be the culprit.
I am still being offered to invest more and feel threatened by their correspondence (which is asking me to resume trading on the already destroyed account). Refer to the attachment “Settlement offers”
New thread in the Scam Alerts Folder:
Review is submitted by ai007 on 10/11/13
The company was first contacted about the issue on 10/04/13 the last contact was on 01/10/14
Details: Declined my request to stop trading and funds withdrawal, saying that I am left with 0 balance in my account. Which was a lie as I had $10,000 over and above the bonus amount at that time. Reference attachment “Withdrawal request, Exhibit C & D - Post 40% loss offer & 100% Loss”
I am still being offered to invest more and feel threatened by their correspondence (which is asking me to resume trading on the already destroyed account). Refer to the attachment “Settlement offers”
Company representatives' emails: Dave Johnson <davejohnson@cititrader.com>
