GUILTY Case# 2014-072 | Chris To vs forexct.com.au/

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

  • Guilty

    Votes: 41 97.6%
  • Not Guilty

    Votes: 1 2.4%

  • Total voters
    42
  • Poll closed .
Have to agree with dtd, the actual amounts of the deposits DO look rather odd. Need more info on this one.
 
Hi FPA Family,

Without prejudice I also agree with the few who have voted against the verdict bearing in mind that issues of money laundering and terrorism has become very rampant. Sorry I do not mean to insinuate that our colleague could be involved in either, but the laws governing all these is very clear on what should be treated with suspicion and require investigations. In fact, I want to believe that they are doing this because they are regulated. May be Chris just needs to give them the 30 days they are asking to see what happens after that. That's my opinion I may be wrong.
 
GUILTY!
Two months have past since his account was blocked but Forexct hasn't contacted him with the result of their investigations.
 
Hi all FPA members

In general I agree with qwasi but it takes too long. Is there any act that determines legal time for filing and service of notice of such matter? I reviewed Australian Civil Procedure Act 2005 but didn't found appropriate paragraph. But there's often 3 months period mentioned as legal time for some procedures.
 
The invitation was issued 04/25. That should be long enough for some kind of reply. It always puts red flags up for me, when a company does not reply to legitimate questions. Also, there are other complaints listed about this broker. At this, with no explanation from the broker, the assumption must be SCAM.
 
The broker promised to investigate back in February. Since then, Chris To had been in contact with them. If they had bothered to even send a "we're looking into it" message to the FPA, this case wouldn't have gone to the open cases folder.

If a broker decides they want to suspend an account for any reason, they need to specify a reasonable time frame. If a broker decides to confiscate funds under AML rules, they need to provide the client with a real reason, not just vague accusations.

I see absolutely no reason not to vote GUILTY right now. If the broker suddenly pays or provides documentation about why they shouldn't pay, the verdict can be overturned.
 
From what I see presented, I cannot vote for this! Apart from the Deposit slips attached (5 in all), where is the rest of the documentation? I am referring to the usual stuff like a trading statement, as at March 2014 (Balance including winning trade), and the verbiage of the email that placed Mr. To under the investigation.

Peter
 
Part of the reason for documentation requirements is to prove that a person is a client. Some scam companies claim that every negative statement about them on the web is just a lie made up by the competition instead of something written by a true customer.

Yes, it would be nice if Chris added more documentation. It would have been far nicer if ForexCT had even bothered to say something like "We will look into it." Instead, they remained silent. Based on the available evidence (which I will admit could be more thorough), I'm comfortable having voted guilty.
 
Sorry to update you guys late.

I received a new e-mail reply from ForexCT Compliance department on 16/4 below.

Please see attached.

Dear Mr To

Further to our previous correspondence, we can confirm that a number of irregularities were identified in your trading activities.

Your account balance is $0.

ForexCT reserves its rights to take any and all legal action where necessary, including reporting any criminal activities to the relevant authorities.

If you have any questions, then please feel free to email compliance@forexct.com.

Kind Regards,

Compliance Department


After this, I keep calling them. However, I can just talk with their CS team, not their compliance department.
And No one ever reply to my e-mail.
I tried to find ASIC, but they refuse to handle my case and say I cannot get my money back, then refer me to Financial Ombudsman Service.
I am not sure ForexCT is the member of FOS or not. I just know ForexCT got the license of ASIC.
I tried to consult with my lawyer, he also say it's very difficult to chase back my money.

I feel so sad and helpless about my first overseas trading with a SCAM.
 
Please see the attachment:

chris.jpg
 
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