GUILTY Case# 2014-083 | burrocampeador vs worldwidemarkets.com

[burrocampeador]

Original FPA Traders Court Submission:

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

My Case is: I am a news spike trader, so I usually have a 30% monthly. I opened an account with WorldWideMarkets.com on July 2013. It was the recommended broker of a spanish-language news service called "Autoclick news institucional" (autoclicknews.com). The autoclicknews boys had an agreement with this broker (autoclicknews received 8% of the spread from every trade), so the broker knew perfectly, from the beginning, that we were doing news spike trading.

Prices were great for 6 months (you can see my trading history with them here: http://www.myfxbook.com/members/burrocampeador/forex-trading/749817), until I requested my first withdrawal on 20th December. Then, they dissapeared: they didn't confirm my withdrawal request by email, they didn't answer my emails... 3 weeks waiting to my money without news or answers. Finally, on 8th January, they emailed to me the following "suspension notice":

"Effective January 7, 2014, your Trading Account(s) with WWM is suspended per Section 18.5 of the Customer Agreement. WWM is conducting an investigation, which will be completed by January 21. During this time, you will only be allowed to close Open Positions. No trades may be placed, nor may funds be withdrawn."

Again, they didn't answer my emails asking for further information about the causes of my suspension. No feedback until they emailed me the final "account termination notice", on 22th January:

"Per our letter to you on January 7, 2014, we have conclude the investigation of your Trading Account(s) referenced above. WWM has concluded that these accounts have violated our Customer Agreement, specifically sections 14. Manifest Error; 15. Arbitrage; 16. Price, Execution and Platform Manipulation.
WWM is exercising its rights under the Customer Agreement to (1) void all trades and placed in the account; and (2) terminate your account and refund deposited funds from the applicable account unless withdrawn funds have exceeded the deposited amount."

Then, I asked for deeper explanations, but they never answered any of my emails. I tried to communicate with them using their live chat, but they never gave me relevant information. The same by telephone.

Reading the terms and conditions, I didn't violate any of the mentioned sections. There was no manifest error or price/execution/platform manipulation: I traded with the price they gave to me at each moment, using their MT4 platform. Of course, I didn't arbitrage... I did news trading, that is very different than arbitrage and it is a common and simple strategy. In fact, they allowed me to trade without problems for 6 months until I tried to withdraw my money on December 2013.

Finally, after a long wait without any answer of my emails, I received my initial money (not the profits) on 7th February. I lose about 19.000$ of profits.

To sum it up, they are "bad" market makers and it looks that, when you earn money, they loose. They give you very good prices, specially during news. But when you want to withdraw your profits, they cancel your account and all your trades. They never answer your emails and, after a long wait, they finally give you back your initial money (not your profits).

New thread in the Scam Alerts Folder:

• https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/33864-scam-alert-worldwidemarkets.html
  

Review is submitted by burrocampeador on 04/15/14

The company was first contacted about the issue on 02/24/14 the last contact was on 04/17/14

Details: The company never answered my emails.

Company representatives' emails: Legal Department <legal@worldwidemarkets.com>
Withdrawals Department <withdraw@worldwidemarkets.com>
Justin T. Liva <jliva@worldwidemarkets.com>
Maria Torres <mtorres@worldwidemarkets.com>
Accounts Department <backoffice@worldwidemarkets.com>
Support Department <support@worldwidemarkets.com>
Sales Department <sales@worldwidemarkets.com>
Thomas F. Plaut <tplaut@worldwidemarkets.com>
Arthur J. Dembro <aDembro@worldwidemarkets.com>
Bassam Maalouf <bmaalouf@worldwidemarkets.com>
Steven F. Santamouris <sSantamouris@worldwidemarkets.com>
Joseph Trevisani <jtrevisani@worldwidemarkets.com>

 

[burrocampeador]

I attach more evidences.

 

[burrocampeador]

I attach the last evidence file.

 

[Pharaoh]

Excellent. Someone who provides a lot of evidence. Usually, it's hard to get people to post it.

Yo AsstMod! Any word on getting caught up assigning case numbers. I haven't check the evidence files yet, but from what I read in the public thread already, I think this one can go ahead and proceed to a formal invitation to the broker.

 

[AsstModerator]

Formal invitation issued.

 

[burrocampeador]

Formal invitation issued.

Do I have to do something?

 

[Pharaoh]

Just keep your thread in Scam Alerts active. What AsstMod did was send an email invitation to the company so they would know the FPA is actively looking at the problem.

If there's no reply soon, your case will move to Open Cases.

 

[AsstModerator]

No reply. This now goes to Open Cases.

 

[Pharaoh]

Another broker that thinks it can use "arbitrage" as an excuse to confiscate money without providing evidence to the client.

 

[Master Yoda]

No reply. This now goes to Open Cases.

That's stupid not to answer such client on such accusations.