1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Hello EMPfx, when will these traders be paid?

Discussion in 'Scam Alerts' started by Scam Investigations Committee, Jan 7, 2010.

  1. Scam Investigations Committee

    Joined:
    Mar 2, 2008
    Messages:
    249
    Likes Received:
    16
    EMPfx was a very well rated broker. Back in October, they announced that the brokerage was closing and that all clients would be paid. Payments were received by some and not others.

    The FPA Forums Team contacted EMP fx on October 29th and asked what was going on. EMPfx support wrote back the same day and said...

    Payments continued to be made to some traders, but then ceased. After the 6 week mark passed, the FPA Forums Team again tried to contact EMPfx. There was no response.

    FPA member PipStar opened a scam complaint. FPA Investigator Tessa also could get no response from EMPfx. In order to be fair, she gave them until January 6th to respond, in case they were short staffed over the holidays. A final reminder also was ignored.

    Under the circumstances, we have to consider the possibility that some of the payments reported as received in our forums were not actual reports. Many of those posting on this issue were brand new members. It is possible that some forum accounts were created by EMPfx to make it appear that more payments were being sent even after payments had ceased.

    Whether that is true or not, we do know that EMPfx failed to respond to the FPA's followup inquiries and that FPA member Pipstar did not receive money owed to him or an explanation of why money wasn't owed to him. Failing to pay money owed to traders is the FPA's first definition of scam.

    We now consider EMPfx to be a scam. We recommend that anyone still owed money by them contact the proper government authorities and file a complaint. In the USA, ic3.gov would be where to start.

    Please post links to the proper place to file these complaints in other countries to this thread. If anyone finds out any information about how to contact EMPfx or who the people behind the company are, please post that information to this thread.



    Official FPA Scam Finding against EMPfx.com

    PipStar's original thread about EMPfx closing

    PipStar's thread in the FPA's Scam Alerts Folder

    EMPfx.com review page

    This article contains advice on splitting your trading funds between brokers

    .
     
  2. LEXngton

    LEXngton Corporal

    Joined:
    Oct 3, 2007
    Messages:
    88
    Likes Received:
    1
    I was one of the posters who reported they had recieved all their money back from EMPFX. I understand FPA hesitation to believe it though seeing EMPFX turned out to be such a scam company and never replied back to them after their first response. I'm also aware however of 2 other people who had live accounts with them who recieved all their funds back, one $2,000 and other over $13,000. I myself recieved little over $2,500. All 3 of us recieved our entire account balance eventually.

    Still its totally unacceptable that EMPFX paid out to some live clients, their full account balances, yet left others high and dry, not paying them a single dime! Their definately scammers in the end and anyone who did get scammed should take any legal action as FPA has suggested. Best of luck.
     
  3. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

    Joined:
    Dec 11, 2007
    Messages:
    5,344
    Likes Received:
    1,043
    I'm glad to see a reliable report of some payments. I personally have some suspicions about a few of the "1 post and gone" recruits who said they got paid.

    Anyone who did get paid, please ask your bank for as much information about the origin of the payment as possible. Post the information here. That may help those who didn't get their money to track down the people behind EMPFX.
     
  4. Propheteer

    Propheteer Private

    Joined:
    Dec 14, 2009
    Messages:
    12
    Likes Received:
    0
    a few questions

    once again i want to thank FPA for the valuable work and info we recieved.
    on the other hand i would like to know, how come brokers companies comes to an end like this? is because their members are making big profits, and the brokers are not able to cover their money? or some brokers are just scaming traders once their accounts are big enough to run away with others people money?
    Im trading with ACM and a feel very confident with them, however, it seems that in fx nothing can be taken for granted when it comes to brokerage.
    what do you think?
    once again thank you very much FPA.:nerd:
     
  5. stevesmain

    stevesmain Sergeant

    Joined:
    Jan 30, 2009
    Messages:
    227
    Likes Received:
    22
    info

    I was one of the fortunate ones who did receive all the account balance.

    I received some info that it was the chairman of EMP who shut the business down after making a poor decision, took the money and ran as they say. Not wanting to take the bad with the good!
    The staff got the shaft too!
     
  6. yurps

    yurps Private, 1st Class

    Joined:
    Dec 10, 2007
    Messages:
    71
    Likes Received:
    1
    SNW

    Ah so is this the brokerage that has been filling some traders using the Secret News Weapon? No wonder they didn't last long...the serial snipers probably were first to get out their profits.
     
  7. leob1928

    leob1928 Private

    Joined:
    Nov 16, 2009
    Messages:
    15
    Likes Received:
    0
    how to get money back?

    I live in South AMERICA and I do not know which entity to contact to get my money back.
     
  8. PipStar

    PipStar Sergeant

    Joined:
    Oct 14, 2007
    Messages:
    223
    Likes Received:
    5
    Thank you FPA and especially Tessa for looking into this matter.

    You'd have to think that any possibility of getting money from empfx is now remote. May be some traders got their money back but it looks like there wasn't enough to pay everyone. I didn't have much money with them only about 2k. But in the end empfx acted dishonestly and I particularly feel sorry for those who report having lost 10-13 k with this broker if not more.

    It is strange that they voluntarily sent everyone a withdrawal form only to fail to honour some. Normally, they would run away with all the money so you wonder why they paid some and then stopped. Just figure this: Without the FPA empfx would have got away quietly with this scam. Now that it is publicised on FPA forums and elsewhere I hope it brings some shame on them although we may never receive our money.

    Once again, thanks FPA for your efforts.
     
  9. B10BT

    B10BT Recruit

    Joined:
    Jan 6, 2010
    Messages:
    1
    Likes Received:
    0
    empfx root

    The website Free MetaTrader 4! MT4 - Expert Advisors - EMPFX is still live. The copyright notice refers to E-Money Power Ltd, which has the website E-Money Power | Forex Recommendations | Forex and Stock trading Online Courses | Currency Trading.

    The owner of that website is Ziad Melhem (whois info cut/pasted below). It's a good guess that the company Network Solutions is an IT service provider not connected with E-Money Power.

    There is a blogger Ziad Melhem at Ziad Melhem's Financial Advisory Blog.

    I have no confirmation that the two Ziad Melhem's are the same person. However there is a blog entry about the benefits of opening a demo account to practice trading. The blog entry contains a link which will open a demo account... at Free MetaTrader 4! MT4 - Expert Advisors - EMPFX


    Maybe the Army can take a look....



    Registrant:
    Melhem, Ziad
    ATTN: EMONEYPOWER.COM
    c/o Network Solutions
    P.O. Box 459
    Drums, PA. 18222


    Domain Name: EMONEYPOWER.COM


    Administrative Contact:
    Melhem, Ziad
    E-Money Power
    ATTN: EMONEYPOWER.COM
    c/o Network Solutions
    P.O. Box 459
    Drums, PA 18222
    570-708-8780
     
  10. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,655
    Likes Received:
    2,200
    Both sites claim to belong to the same parent company.

    The bad news is that Network Solutions is just a registrar, so the postal address probably won't be too helpful.
     

Share This Page