GUILTY Case# 2015-099 | vgasper vs umofx.com

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

  • Guilty

    Votes: 61 98.4%
  • Not Guilty

    Votes: 1 1.6%

  • Total voters
    62
  • Poll closed .

vgasper

Sergeant
Messages
137
Original FPA Traders Court Submission:

I am submitting the case against: www.umofx.com/

My Case is: I opened my trading account in SEPT 2014. Since then I was trading and made profits, so my last known equity was
15682.38 USD. I started all on APR 14. 2015 when I wanted to withdraw some funds from that account (number of the account 657577). After one week I tride to contact their online support but nobody replied. Sudenly on 12.5.2015 they simply blocked my account and sent me this email:
"Dear Gasper,
Based on your trading record (Trading Account No: 657577,657356), our company detected suspicious trading condition where it meets the client agreement as stated below:
"The Company has the rights to suspend the Clients trading account at any time for any good reason with or without written notice to the Client."
As a normal company procedure and final decision, the account will be reset and your account will be disabling (banned) as decided by our company.

Your patronage is important to us, thank you.
Best regards,
Account Department
United Market Oracle International"

My type of trading is "SPIKE TRADING" and "GRID TECHNIQUES". I didnt do anything wrong!
So I lost everything because some fraud company in the middle of New Zealand!
Who is that company to decide to take the money when they just detect suspicious trading? They just decided to take me money because I was profitable and that is suspicious for them!!!


Thank you Gasper Vidic

New thread in the Scam Alerts Folder:
  • http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/40011-umo-fx.html

Review is submitted by fxbrokertester on 05/12/15

The company was first contacted about the issue on 04/20/15 the last contact was on 05/13/15

Details: Based on your trading record (Trading Account No: 657577,657356), our company detected suspicious trading condition where it meets the client agreement as stated below:

“The Company has the rights to suspend the Client’s trading account at any time for any good reason with or without written notice to the Client."

As a normal company procedure and final decision, the account will be reset and your account will be disabling (banned) as decided by our company.

Your patronage is important to us, thank you.

Best regards,

Account Department

United Market Oracle International
__________________________________________________
AND THEIR "REGULATOR" ANSWER:

Good morning

Thank you for your query to the FSPR Information Service.
As per our email below, the Financial Markets Authority are one of the New Zealand government regulators of financial market participants in New Zealand and they have the ability to investigate complaints however as this financial service provider was deregistered on 15 April 2015 they may not be able to assist.
You can contact them via their online complaints form here.
http://www.fma.govt.nz/contact/make-a-complaint/
If you would like this matter to be investigated or would like further information you will need to complete this online complaint form.
Kind Regards,

Megan Cook
Client Service Advisor, Financial Service Providers Register

Service Centre (Southern)
Ministry of Business, Innovation & Employment
Hikina Whakatutuki - Lifting to Make Successful

Freephone: 0508 377 746 | International: +64 3 962 6162

Feedback on our service? Fill in our customer satisfaction survey.

Company representatives' emails: Account UMOFX <account@umofx.com>,
UMOFX FINANCE DEPARTMENT <finance@umofx.com>

 

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  • MT4_account disabled_12.5.2015.jpg
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Pharaoh

Colonel
Messages
19,964
Yo AsstMod! Umo dumped their regulator and vgaser already invited them to the thread. Can you get a formal invite out soon?
 

vgasper

Sergeant
Messages
137
Dear G,

Thank you for this further clarification. I am again sorry to hear of this situation.

I note your comments that you feel that FDRS should be able to look at your complaint because you opened a trading account whilst this financial service provider was registered on the FSPR / a member of FDRS. However I see from your complaint form (and from the screen shots that you have provided) that the date on which the event occurred (that your complaint relates to) is 12 May 2015.

I wish that FDRS were able to help you. Unfortunately I have to confirm again that FDRS is not able to look at complaints about events that have occurred outside a membership period (as mentioned previously the membership for UMOFX ended on 17 April). FDRS does not have jurisdiction to hear the complaint.

I wish that I could provide better news.

If you believe that this company is still holding out (advising customers) that it is a member of the FDRS scheme and / or registered as a Financial Service Provider in New Zealand then you may wish to bring this to the attention of the regulator ion New Zealand the Financial Markets Authority (FMA) via https://www.fma.govt.nz/

Kind regards


Richard Hazelwood
Facilitator

T: 0508 337 337
Financial Dispute Resolution

Facebook_LIKE InBug-16px_0

Financial Dispute Resolution Service
PO Box 2272, Wellington 6140. L 9, 109 Featherston St, Wellington 6011


We would welcome your feedback about our service
 

1wildhorse

Private, 1st Class
Messages
434
ok reading this one i cannot in all conscience vote one way or the other.you have submitted no actual trades,and therefore there is no way to know if your trading methodology was within the mandates as set out by the company involved.whether or not they voluntarily withdrew themselves from the FSA is irrelevent unless i can actually see details of how the trades that you made actually transgressed their terms and conditions.
how exactly do they explain how you transgressed these conditions?i see no evidence of anything in all honesty,and therefore am unable to vote in any particular direction.hope that makes sense.i LOVE voting GUILTY to clear cases.this unfortunately is not one of them with the evidence that you have presented.

another question that leads from what i read was whether or not your initial deposit was returned,and also what particular reasons were given for withholding your profits?even scam brokers like instaforex have to actually provide written information regarding which particular clause you broke regarding your profits,and a company cannot just revoke your profits without providing clear and reasoned explanations as to WHY this decision was made.simply put your case has no hard evidence whatsoever,neither from yourself or the forex company involved.please go and actually get some real evidence and i will be happy to vote.

simply put.them saying this and me saying that is effectively hearsay,and constitutes no legal argument whatsoever.without further proof i would have to vote not guilty.because as far as im concerned case not actually proven.go do your homework.come back.

i honestly think people click the guilty button sometimes just because.....sorry i disagree.
 

anthony egbiwe

Private, 1st Class
Messages
29
ok reading this one i cannot in all conscience vote one way or the other.you have submitted no actual trades,and therefore there is no way to know if your trading methodology was within the mandates as set out by the company involved.whether or not they voluntarily withdrew themselves from the FSA is irrelevent unless i can actually see details of how the trades that you made actually transgressed their terms and conditions.
how exactly do they explain how you transgressed these conditions?i see no evidence of anything in all honesty,and therefore am unable to vote in any particular direction.hope that makes sense.i LOVE voting GUILTY to clear cases.this unfortunately is not one of them with the evidence that you have presented.

the truth here is very clear. some one has been trading with u for so long a time u never call is attention to the trades at any time . only to be disable without prio notification at the time of withdrawer is % scam
 

1wildhorse

Private, 1st Class
Messages
434
the truth here is very clear. some one has been trading with u for so long a time u never call is attention to the trades at any time . only to be disable without prio notification at the time of withdrawer is % scam
this is very true.however no actual details of reasonings as to WHY the profits have been removed from the account,nor whether or not the account holder was reimbursed the initial deposit have actually been disclosed.i need EVIDENCE to VOTE GUILTY.not just suppositions.

if you see my comments regarding the other 2 trials at this present moment you will see that i have been only too happy to vote GUILTY based on the EVIDENCE that has been PRESENTED.

i do apologise.i am one of those weird people that actually takes the time to read through the case and what is presented.and i vote accordingly,honestly and integrally.if i cannot in all honesty make a guilty vote,then my opinion has to stand with the law of the land which is innocent until PROVEN guilty.and thats the way it is.sorry it u dont like it.
 

vgasper

Sergeant
Messages
137
this is very true.however no actual details of reasonings as to WHY the profits have been removed from the account,nor whether or not the account holder was reimbursed the initial deposit have actually been disclosed.i need EVIDENCE to VOTE GUILTY.not just suppositions.

Tell me what do you need so i will put it here... Do you need all the reports of my trading?
 
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