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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
.
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...
Yes we have been bought by another company that is not interested in retail forex but interested in introducing other financial products. We emailed all our members and informed them that we will be ceasing activity in "forex trading" and requested they send us their wiring instruction to send them their money back up to the last penny. The wiring back is happening on first come first serve bases and every day we are processing hundreds of wires. The whole process if our calculations are right should not take more than 6 weeks for everyone to get his money back. In summary to answer your main concern, we are paying everyone back as we are real and not a scam.
Thanks in advance.
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
.