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  1. Scam Investigations Committee

    Joined:
    Mar 2, 2008
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    We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...

    FPA member Trader B and others had a forex account managed by HSNNA.com. Their accounts were overtraded, generating large spread commissions for HSNNA, then the bulk of the money in the accounts was wiped out by poor trading decisions. The mislead Trader B by claiming that the broker required this IB arrangement that cost extra spread on all trades. This was paid to HSNNA as spread commissions. Trader B contacted them about excess risks before his account was too badly damaged, but his requests for controlling risk were ignored. After some communications about the issue with HSNNA, the website went down and all communications ceased.

    FPA Investigator Lt. Tessa also attempted to contact HSNNA. Messages were not replied to.

    It appears that HSNNA was more interesting in collecting their commissions than in creating a reasonably safe trade plan designed to generate profits for account holders.

    We consider refusing to speak with a trader to be unethical. We consider deception about IB commission structure to be unethical. We consider churning an account to generate excess commissions to be unethical. We consider failing to address a trader's concerns about risk to his account to be unethical. On this basis, we consider FPA member Trader B's scam complaint to be confirmed.

    Thus, we officially find that HSNNA is a scam.

    We offer HSNNA the chance to resolve this issue by returning to the negotiating table and returning their spread commissions to the traders involved as an initial sign they are willing to negotiate seriously.

    We extend our deepest sympathies to Trader B and others who lost money due to the actions of HSNNA. We thank Lt. Gerard for his efforts confirming this scam.

    HSNNA is hereby blacklisted by the Forex Peace Army. We urge the victims of this scam to band together to hunt down and seek legal redress from those behind this scam.


    Discussion thread for two managed account scams

    Trader B's original complaint about HSNNA
     
    #1 Scam Investigations Committee, Dec 23, 2008
    Last edited: Dec 23, 2008

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