GUILTY Case# 2015-082 | jeff_calgary vs

Based on the available evidence, do you believe that is guilty?

  • Guilty

    Votes: 68 100.0%
  • Not Guilty

    Votes: 0 0.0%

  • Total voters
  • Poll closed .


Private, 1st Class
Original FPA Traders Court Submission:

I am submitting the case against:

My Case is: This is the worst broker I have ever used. And I have used a lot of brokers. They are the biggest scammers of all times. I deposited money with these theives and traded my account, and when I had a profit, I tried to test their withdraw method because I was interested in using them, as I ALWAYS test brokers by their withdraw process by the speed, etc.
I submitted the request for withdraw, and days went by with no response, then I went on chat to find out and they told me it usually takes 6-8 hours, and I should see the money shortly. Another day went by with no response. The chat group told me to contact support... another day went by with no response, they told me to contact admin,.... another day went by, chat group told me to contact accounts.... still no response. Finally a week later I got a response saying that they felt I acted improperly in my trading and refused to pay my profits. I confronted them that the only improper thing I did was make a profit. No response. To this day, still no response.

New thread in the Scam Alerts Folder:

Review is submitted by jeff_calgary on 05/11/15

The company was first contacted about the issue on 04/16/15 the last contact was on 05/18/15

Details: Upon reviewing the transactions within your trading account,
our Risk
Department has come to the conclusion that the trading
activities performed are
deemed malicious in intent subject to our Terms &
Conditions section 20
which states: “Any illegal trading activity will result in
closure of your
trading account and return of your original deposit only.
Illegal trading
activity includes, but is not limited to arbitrage,
churning, broker-broker
hedging, swap abuse, swap free abuse and insider

This is an official notice
that your account is now terminated.
You will find your original deposit in your eWallet. Please
request a
withdrawal through the same method that the funds were
originally deposited and
we will process it in a timely manner.

Company representatives' emails: <> <> <>




FPA Forums and Reviews Admin
Go ahead and request that initial deposit back now. Then we can fully focus on getting your profits.

I've just sent an email to CapitalTrustMarkets inviting Reza and the company to address this issue.


FPA Forums and Reviews Admin
Reza responded and requested a 3 way email dialog. I have already sent an email to Jeff and Reza.


FPA Forums and Reviews Admin
There was an initial reply from Capital Trust Markets...

Dear Jeff,

Please be advised that the company on more than one occasion has informed you that your trading methods were found to be illegal subject to our terms and conditions which specifies hedging broker to broker is strictly prohibited. We are well aware that you had the opposite side orders opened at another broker due to the fact that the gentlemen that brought you into the company specifically told us this was his method of trading. You are now contesting our Terms and Conditions which specifies that if a trader is found guilty of breaking our terms and conditions he or she will be subject to having their account terminated and initial funds sent back which is exactly what has happened. You have already received your initial funds and account has been terminated. If you feel you are wrongfully done you are now contesting our Terms and Conditions please be advised that we suggest you obtain legal counsel for this furthermore the claims you are making against our company and specifically in public forums is in fact statements of fact from you and not opinion and subject to charges in Canada under defamation and slander. We advise you to read the terms and conditions you signed originally and also speak with your "friend" who suggested you open an account with us as this african individual who is an unknown person to us is the one that originally asked if you could perform broker to broker hedging and when you make a deposit, take specific size orders, double up and immediately request a withdrawal, these are all clear indications to us and any other broker experienced in this field of broker to broker hedging.

Thank you for your time.
Jeff_calgary responded...

I have no idea what discussions you had with this person. All I know is that my trades were all legitimate trades and you cannot dispute that. I can send you the trade results if you like, but I am sure you have seen them. So, I am not clear what you are saying that I did. Are you saying that I was hedging at another broker? Why would I do that? You can't make profit if you hedge at another brokerage. I am afriad that you would have to prove that I did that (which I did not do, because in my mind, it is not possible to make money by hedging).

Oh, and one other note, you say that you warned me "on more than one occasion" that my trading was unacceptable in nature. The only time that this statement was issued is when I had asked for a withdrawl. Only at that time was I told this, at the same time that I was told that my withdraw would not be processed.

Thank you.
I also responded...

Hello Reza,

You say Jeff was repeatedly warned. Please provide copies of those warnings.

Hedging by itself is not illegal, except for US registered brokers. Please explain how this hedging scheme you claim is illegal was supposed to work.

Best regards,
There was no response. I sent another message the next day. There was still no response.

I made it plain to Reza that I would treat Capital Trust Markets the same as any other broker. Under these circumstances, any other broker's vote would start now. The poll on this case is now open.


Private, 1st Class
Did the company state the trading rule clearly on their website? If no, it is guilty to hold the profits of this customer.


Private, 1st Class
From an article in The New Zealand Financial Service Providers Register (FSPR) has deregistered the firm CTM GROUP LIMITED operating the forex brokerage Capital Trust Markets as of today, May 15, 2015. The FSPR is part of the New Zealand government under the Ministry of Business, Innovation and Employment.

Traders turned to the FSPR saying that CTM had ignored client requests for money withdrawals for the last several months, and within the last week their members’ page with account details was replaced with a white page and “Upgrade in Progress” message. This event seems to suggest that the FSPR does not intend to act against a firm whose clients raise complaints rather simply washing its hands of it.

According to documents seen by Finance Magnates, the clients were simply sent to seek help outside the regulatory system. The government response said: “CTM used to be registered on the Financial Service Providers Register (FSPR) which is overseen by the Companies Office however they have been deregistered from that and therefore no longer part of a disputes resolution scheme. You will need to seek legal advice about what other action is available to you.”

If this is the way the FSPR handles complaints, clients can question the whole reliability of trading with New Zealand registered firms, as when they need the help of the authorities they are turned away to a potentially costly legal battle. Finance Magnates posed a similar question to the New Zealand’s Financial Markets Authority (FMA) in the recent case of Insolvent Broker Forex Trend, and will update when the regulator responds as promised.

On its website, Capital Trust Markets still writes that it is “registered with the New Zealand business registrar (Registration Number: 4623222) and is regulated by the FSPR of New Zealand (Registration Number: FSP339386) and is also a member of The Insurance & Savings Ombudsman Scheme Inc.”
What you need to do is file a case with the Canadian Anti Fraud Center (CAFC) as the boss is a Canadian - he can't escape the authorities in Canada as he lives there. And also the CAFC has the jurisdiction to investigate and take action against Canadian citizens EVEN IF THE FRAUD HAS BEEN COMMITTED OVERSEAS!!!
Check them out - they are very friendly, helpful and determined!


Yes, if they cannot provide proof of the multiple warnings or back up the statement "they are very well aware of trades at another brokerage", then they need to pay out his profits.

I say Guilty, as I know FPA post absolutely everything and always give brokers a chance to either mend their ways or justify their actions with evidence, but if they cannot, that says it all really. Guilty.