GUILTY Case# 2015-158 | Benny Tay vs coliseumfx.com

[F***X]

This so called Coliseumfx.com "account manager" is totally incompetent and does not understand even the most fundamental rules of trade management. I wouldn't allow this clown to manage a one man chimpanzee circus, because it too would be a total disappointment and a hazard to the chimp who is probably a better trader than this "Coliseumfx.com" bozo.

 

[carmex30080]

Why is this company even still around??? people has been experiencing negative service since a year ago..sigh..
lets stop this together. be aware, they may come up with more fly-by-night service plans..

 

[Benny Tay]

This so called Coliseumfx.com "account manager" is totally incompetent and does not understand even the most fundamental rules of trade management. I wouldn't allow this clown to manage a one man chimpanzee circus, because it too would be a total disappointment and a hazard to the chimp who is probably a better trader than this "Coliseumfx.com" bozo.

Indeed, this guy and his stupid company is a real scam, let's all be aware and dun fall into the trap by Coliseumfx.

 

[ruseneca]

Just saying "Your account was blown but it was not me" is a pure scamming! The investor says that there's a deal between ColiseumFX and him ( although this is a verbal deal ). There's no written agreement, there's no Power of Attorney or at least limited power of attorney. This is the way to scam a person! In order to manage others' accounts you must comply with certain rules like being licensed and sending a copy of Power of Attorney, plus a legal document where Manager states all of his/her commissions. Based on these documents, the broker must allow managed trading. Although I voted that ColiseumFX is guilty, I believe that the broker is also guilty for allowing other to trade on another account without documents. This is illegal!

 

[Dermolikesprofit]

Sorry to hear your account was blown out by this guy, I see the link you gave to him no longer works, has he vanished, probably just to set up under a new name down the road.

As many have already stated above, account managers usually only have a Limited Power of Attorney agreement to trade your account on your behalf and do not to give them your username and password.

As for not being responsible for the blown account, well is B.S. he was the one trading it. Looking at the trades he lost on, it seems he was going in the right direction with the sell trades in the morning and would have been a different story for your account if he kept selling, but then disaster struck when as bad news broke for China and commodity currencies crashed, he started fading the drop and increasing the position size on the worst day it could be done as the NZDCAD cross tumbled 492pips on the day, as I said if he had stayed short he would have made a fortune. Even if he took the hit on the first trade and analyzed the market news before placing another trade would not have been so bad. It was a huge news day ( Links below) and most traders would have either stayed out if they had no position open.
I wonder if it was an EA that was placing the trades automatically, no one in their right mind would keep buying a crashing market like that unless you wanted to decimate your account on purpose.
I am sorry to say if the trades were placed on the market with your broker then the money is gone, unless the broker refunds your money which is highly unlikely

www.theguardian.com/business/live/2015/aug/24/global-stocks-sell-off-deepens-as-panic-grips-markets-live
www.reuters.com/article/2015/08/24/us-markets-global-idUSKCN0QT00B20150824

 

[Gladiator76]

GlobalPrime has a very good reputation and should block those people from dealing with them. I really hope GlobalPrime can do something to assist you in getting your money back from those people.

 

[Benny Tay]

GlobalPrime has a very good reputation and should block those people from dealing with them. I really hope GlobalPrime can do something to assist you in getting your money back from those people.

Hi Gladiator76,

I agreed with you, GlobalPrime has very good reputation, but unfortunately the Scammer website Coliseumfx.com was down since 24 Aug 2015. He is waiting for opportunity to set up a new one sooner or later I guess.

 

[MMInc]

Hello Benny Tay,

I hope you are doing well after your run in with ColiseumFX. I've actually been asked by another person to do some homework on this person and I can help you in getting some justice. I do know there are US citizens that were hurt intentionally by this service provider who claimed to be a professional forex trader. Are you a US citizen? If not where are you from? I have some information that will be valuable to helping people seek further justice and can help guide in the process. There are no fees. If it is ok with FPA, I can also help guide others that were hurt here previously as well.

 

[MMInc]

Here are some things you will need:

#1. Proof of payment that you paid for services and/or agreement of service even if verbal
#2. Complete trading history
#3. Any email correspondence with ColiseumFX

After we get some clue in here, I will give you some information and would request you update your official complaints made on rip-off report etc to reflect the information I will relay to you.