Original FPA Traders Court Submission:
I am submitting the case against: www.PellucidFX.com
My Case is: I started trading with PellucidFX in January this year. I traded successfully using my news trading strategy, and even referred a couple of customers into the company. Damon Hunt, the owner, even spoke with me directly and helped me out when execution looked poor.
I re-deposited in April as I was so pleased with the service (so now had deposited a total of 9740EUR.
ON or around the 23rd April my account was Disabled without warning. When I emailed the owner I received a response saying my account was part of a group being investigated for violating Terms and Conditions. I was told by the owner that this was because my account had been getting filled at prices which weren't available on the market (this is an ECN/STP account offering only Market Execution!).
Two weeks later on the 7th May I received a mail stating categorically that I was in breach of their Terms and Conditions as I had been exploiting the latency of their servers and that all profits would be cancelled. No evidence was given for this.
I spoke at length with the owner on Skype and over email, he would only say that because my account was being traded the same as some 24 others it was definitely an exploit and that I was scamming him. He went from very friendly to very blunt and frankly rude about it all; he refused to entertain any evidence of my trading method, stating that the investigation had been done and I was guilty. I can safely state that I have never once exploited Mr Hunt's service. Furthermore, he went on to repeat his accusation on the Scam Alerts thread here, again repeating that the evidence was the fact that multiple accounts had the same trades on them (nothing about latency) AND admitting publicly that he was setup to take the other side of the trade personally if the price had already moved on the market!! So essentially he was saying that he had his servers setup to fill at the requested price even if it wasn't available...something which happens regularly in news trading and usually a broker will simply return the message OffQuotes or Market Already Moved. Which is fine, it usually indicates the pace at which the price is moving due to spike and is expected. His naively being setup to fill whatever happens was entirely out of my control.
Now I am short 6813.98EUR profits.
He then took approximately 6 weeks to return my deposit - refused to return it to the original source, citing the payment processor as the reason (apparently Algo Charge didn't do card refunds - which I checked with them and my bank and they didn't know anything about it - said it was completely possible and not an issue).
It seems Mr Hunt has walked away with mine and several other traders' money as well as whatever commissions he made on our trades.
New thread in the Scam Alerts Folder:
Review is submitted by Will on 06/05/14
The company was first contacted about the issue on 04/24/14 the last contact was on 06/01/14
Details: From: Pellucid FX Support [mailto:support@pellucidfx.com]
Sent: 22 May 2014 18:04
To: wdlc@mail.com
Subject: Re:William Lewis [Id: S147224-T17368]
Hi,
Neither PellucidFX nor our LP needs or wants to make this exploit public. It is not profit stealing when there is only a loss. There are no profits in this kind of trading, that's why it is forbidden and illegal as per our T&A's.
Please provide your wiring information so that we may return your deposits to you.
Pellucid FX Support <support@pellucidfx.com> wrote:
Hi,
We are in the process of getting our payment processor to return the funds to your credit card. However due to the size of the transactions it is taking a bit longer than expected.
You will receive an email notifying you as soon as the funds have been sent back to your card.
Thank you for your patience.
From: Pellucid FX Support [mailto:support@pellucidfx.com]
Sent: 14 May 2014 21:56
To: Will Lewis-Clarke
Subject: Re:William Lewis [Id: S147224-T17368]
Hi,
Yes they are, however they must go back through the payment processor in order to be sent back to your card.
I expect to receive confirmation back within the next 48 Hrs. You will be notified as soon as the funds have been returned.
From: Pellucid FX Support [mailto:support@pellucidfx.com]
Sent: 16 May 2014 14:21
To: Will Lewis-Clarke
Subject: Re:William Lewis [Id: S147224-T17368]
Hi,
The payment processor has informed us that they cannot return your deposits to your credit card.
We are going to wire you the funds instead, please kindly provide your wiring information.
Thank you.
- Support Team.
From: Pellucid FX Support [mailto:support@pellucidfx.com]
Sent: 28 May 2014 15:37
To: Will Lewis-Clarke
Subject: Re:RE: Withdrawal Request Received [Id: S147224-T17761]
Hi,
Your deposits have been wired to you, you should receive them shortly if you haven't done so already.
I finally received the funds on the 1st June.
On Skype I have many threads from the owner, many along these lines:
"[12/05/2014 22:46:12] Damon hunt: You violated kyc. You have been banned. You are actively attacking pellucid and myself. I dont have anything more to say you. As for the limited company, you know more than I do about its structure. I already told you I am director of its growth not owner. The live chat is outsourced, its for newbies, any tougher questions are directed toward support email. We have upgraded to outsourced risk team, they still go by my guidelines in that they are not allowed to use broker advantage settings... I have emailed support for you they need to keep in better comunication. I am running out again. Bye."
In my submitted files the account statement is of the first account I had with them prior to the bad fills as discussed in the emails also attached where the owner recommended I just open a new account and transfer the funds. I was unable to get an account statement following their investigation as they disabled the MT4.
Company representatives' emails: Damon Hunt <hissst@gmail.com>
Pellucid Support <support@pellucidfx.com>
I am submitting the case against: www.PellucidFX.com
My Case is: I started trading with PellucidFX in January this year. I traded successfully using my news trading strategy, and even referred a couple of customers into the company. Damon Hunt, the owner, even spoke with me directly and helped me out when execution looked poor.
I re-deposited in April as I was so pleased with the service (so now had deposited a total of 9740EUR.
ON or around the 23rd April my account was Disabled without warning. When I emailed the owner I received a response saying my account was part of a group being investigated for violating Terms and Conditions. I was told by the owner that this was because my account had been getting filled at prices which weren't available on the market (this is an ECN/STP account offering only Market Execution!).
Two weeks later on the 7th May I received a mail stating categorically that I was in breach of their Terms and Conditions as I had been exploiting the latency of their servers and that all profits would be cancelled. No evidence was given for this.
I spoke at length with the owner on Skype and over email, he would only say that because my account was being traded the same as some 24 others it was definitely an exploit and that I was scamming him. He went from very friendly to very blunt and frankly rude about it all; he refused to entertain any evidence of my trading method, stating that the investigation had been done and I was guilty. I can safely state that I have never once exploited Mr Hunt's service. Furthermore, he went on to repeat his accusation on the Scam Alerts thread here, again repeating that the evidence was the fact that multiple accounts had the same trades on them (nothing about latency) AND admitting publicly that he was setup to take the other side of the trade personally if the price had already moved on the market!! So essentially he was saying that he had his servers setup to fill at the requested price even if it wasn't available...something which happens regularly in news trading and usually a broker will simply return the message OffQuotes or Market Already Moved. Which is fine, it usually indicates the pace at which the price is moving due to spike and is expected. His naively being setup to fill whatever happens was entirely out of my control.
Now I am short 6813.98EUR profits.
He then took approximately 6 weeks to return my deposit - refused to return it to the original source, citing the payment processor as the reason (apparently Algo Charge didn't do card refunds - which I checked with them and my bank and they didn't know anything about it - said it was completely possible and not an issue).
It seems Mr Hunt has walked away with mine and several other traders' money as well as whatever commissions he made on our trades.
New thread in the Scam Alerts Folder:
Review is submitted by Will on 06/05/14
The company was first contacted about the issue on 04/24/14 the last contact was on 06/01/14
Details: From: Pellucid FX Support [mailto:support@pellucidfx.com]
Sent: 22 May 2014 18:04
To: wdlc@mail.com
Subject: Re:William Lewis [Id: S147224-T17368]
Hi,
Neither PellucidFX nor our LP needs or wants to make this exploit public. It is not profit stealing when there is only a loss. There are no profits in this kind of trading, that's why it is forbidden and illegal as per our T&A's.
Please provide your wiring information so that we may return your deposits to you.
Pellucid FX Support <support@pellucidfx.com> wrote:
Hi,
We are in the process of getting our payment processor to return the funds to your credit card. However due to the size of the transactions it is taking a bit longer than expected.
You will receive an email notifying you as soon as the funds have been sent back to your card.
Thank you for your patience.
From: Pellucid FX Support [mailto:support@pellucidfx.com]
Sent: 14 May 2014 21:56
To: Will Lewis-Clarke
Subject: Re:William Lewis [Id: S147224-T17368]
Hi,
Yes they are, however they must go back through the payment processor in order to be sent back to your card.
I expect to receive confirmation back within the next 48 Hrs. You will be notified as soon as the funds have been returned.
From: Pellucid FX Support [mailto:support@pellucidfx.com]
Sent: 16 May 2014 14:21
To: Will Lewis-Clarke
Subject: Re:William Lewis [Id: S147224-T17368]
Hi,
The payment processor has informed us that they cannot return your deposits to your credit card.
We are going to wire you the funds instead, please kindly provide your wiring information.
Thank you.
- Support Team.
From: Pellucid FX Support [mailto:support@pellucidfx.com]
Sent: 28 May 2014 15:37
To: Will Lewis-Clarke
Subject: Re:RE: Withdrawal Request Received [Id: S147224-T17761]
Hi,
Your deposits have been wired to you, you should receive them shortly if you haven't done so already.
I finally received the funds on the 1st June.
On Skype I have many threads from the owner, many along these lines:
"[12/05/2014 22:46:12] Damon hunt: You violated kyc. You have been banned. You are actively attacking pellucid and myself. I dont have anything more to say you. As for the limited company, you know more than I do about its structure. I already told you I am director of its growth not owner. The live chat is outsourced, its for newbies, any tougher questions are directed toward support email. We have upgraded to outsourced risk team, they still go by my guidelines in that they are not allowed to use broker advantage settings... I have emailed support for you they need to keep in better comunication. I am running out again. Bye."
In my submitted files the account statement is of the first account I had with them prior to the bad fills as discussed in the emails also attached where the owner recommended I just open a new account and transfer the funds. I was unable to get an account statement following their investigation as they disabled the MT4.
Company representatives' emails: Damon Hunt <hissst@gmail.com>
Pellucid Support <support@pellucidfx.com>
