GUILTY Case# 2015-020 | alshaibani vs algorates.com

[alshaibani]

Original FPA Traders Court Submission:

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

My Case is: I have done some research on a website called Algorates.com and decided to invest KWD 5.89 ()K with them back in August 2014. By the beginning of the year I saw a raise in my account to KWD 7.36 ()K, I sent an email to withdraw then all hell broke loose.


I didn't get any kind of response during my attempts to contact them, emails, call center tells me that someone will call you back and no one does, their website comments section, complaints email... Nothing.


Now I have KWD 176.75 () in my account, in less than a month I had lost KWD 7.07 ()K and no one is responding yet.


What do I do, how do I escalate this and how do I get my money back. Please help.

New thread in the Scam Alerts Folder:

• https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/38398-algorates-com-doesnt-respond-lost-all-my-money.html
  

Review is submitted by http://www.algorates.com on 01/31/15

The company was first contacted about the issue on 08/01/14 the last contact was on 01/30/15

Details: Thank you for your email.
I apologize for the lack of communication you have been receiving.

I am not sure if you are following the news but the Markets have taken a turn for the worst.
Unfortunately our Algorithms have also been effected,

Here is just one of many articles for you to review and understand the depth of the issue at hand.

"Why the Next Stock Market Crash Will Happen Any Day Now"!

There is overwhelming evidence that the next stock market crash could strike any day now, and a growing number of investors are turning to a noted economist to prepare for the “unthinkable.”

The message is clear: Despite the Dow hitting pre-crash highs, companies reporting positive earnings, and the financial media saying we are looking at the “beginning of a new bull market,” the stock market is on the verge of another historic collapse.

The evidence is in a group of charts released by some of the biggest names on Wall Street.
Individually, these charts may not mean much. But taken collectively, they are simply too much for any investor to ignore.

Read Latest Breaking News from Newsmax.com http://www.Moneynews.com/MKTNews/Market-Collapse-Finance-Stocks/2013/03/01/id/492699/#ixzz3QIbqzqZr
Urgent: Should Obamacare Be Repealed? Vote Here Now!

Please try to be patient with us and meantime we are doing all we can in our power to stabilize such a difficult period of time.

Kind regards,

Elliot.

Company representatives' emails: Elliot Taylor <elliot@algorates.com>
Aladin Tamimi <aladin@algorates.com>
Leo Wilde <leo@algorates.com>

 

[Pharaoh]

Yo AsstMod - I think this one needs a formal invitation as soon as you have a chance.

 

[AsstModerator]

Formal invitation issued.

 

[AsstModerator]

Algorates has agreed to discuss the issue by email. I've just sent an email to you and to their person.

 

[alshaibani]

Dear FPA,

As per the email sent from their representative, he said he would participate on Monday... still nothing.

 

[AsstModerator]

There was finally a reply, but I found it to be less than satisfactory. I've sent a followup email to the two of you.

 

[alshaibani]

Just to give a an update on the latest progress. They are liars and algorates is a scam. I'll be waiting for FPA's action from here. They stole my money and from many people on this forum which participated in my thread for very significant amounts of money. It's time for a verdict.

Oh and as for the insurance they claimed they had... yeah, it doesn't exist.

 

[AsstModerator]

There have been some email conversations behind the scenes for several weeks. I no longer have any confidence in a quick resolution of the issue. This moves to Open Cases now.

 

[alshaibani]

Dear FPA,

Algorates have deleted my account and any remaining amounts I had in it, I'm assuming would amount to $3.50 by now all the way from $25,000 my entire life savings. This scam is so complicated and detailed that it would seem legit, and that one's money would default because of a crash. Thank you for all the support, losing that money is hard, but knowing that other people could be effected as well was the true motivator to fight and not just let it go.

And to my surprise, there were many people that went through the same thing that I went through, I wish I had found a discussion about them that raised a flag for me before sending my money, and now there is. I hope no one else goes through this again.

Thank you for your dedication and creating this amazing platform.
-Alshaibani

 

[F***X]

DISLIKE the alleged "AlgoRates" off this planet!

Based on the evidence presented and the reply from the rep, an exposé of these alleged scandalous activities should be in the forefront of the minds of everyone researching this so call "AlgoRates".

I thought I've heard everything in this business, but yet another blatantly absurd and troublesome case. Is scam, bucket shop, boiler room, total incompetence, not to mention criminal securities fraud, appropriately the entitlement for the alleged?

Allegedly, "AlgoRates" et. al., who touts themselves as a "Revolutionary Investment House, flailing at the market with better than human automation, executing a glorified endless loop, and yet without any hint of capital preservation or risk management in place?

"I am not sure if you are following the news but the Markets have taken a turn for the worst.
Unfortunately our Algorithms have also been effected"

If this so called "revolutionary algorithm" was so clever, then how come an overfed chimpanzee hurling some chart-like fecal depictions up on the wall can achieve similar risk to reward ratios?
Assuming that the alleged "AlgoRates" has this so call "algorithm" why don't they use "PROTECTIVE STOPS" or even basic hedging for protection from catastrophic losses? How about elementary position sizing, like the 2% rule?

Shouldn't all this be coded into the so called "algorithm" so that it doesn't make the same critical mistakes as a generously compensated crackhead would make? What are these guys smoking?