IntegrityFx RAS UAE potential scam

4evermaat

2nd Lieutenant
Messages
2,124
There has already been a 1 star review left on FPA reviews of NoIntegrityFx so I will go ahead and just restate some key facts.

Their website before it went offline. The entire website was not archived, only the homepage: https://web.archive.org/web/20141220234930/https://www.integrityfx.com/

- After over 5 months with no email contact and no phone response, their email response is that they weren't going to do anything and even threatened legal action for some negative comments on the internet. Here is a screenshot of that email in case you don't believe it:
https://www.dropbox.com/s/isj6gc1g64kzgnn/1020 integrityfx reply after over 5 months.png?dl=0

- And someone else reached out to me from South Africa insisting that between himself and his associates as an IB for NoIfx, they are owed over. Here is a copy of that email attached. I also copied the LinkedIn profile for Tim DuBose, president of IntegrityFx. I will copy the text of the email here so it will be searchable:

Dear Jon Grah,
It’s a pleasure to make contact with you.
Yes I was looking for you. I’ve seen your post via awarenessForex.com and we’re experiencing the exact same problem than you did with your clients.

Story is described below:

We have invested money with a Forex broker called "Integrity Ltd" aka “IntegrityFX”. They're registered with your authority (Ras Al Khaimah Investment Authority) and offers Forex Broking services. We have signed an Introducer Agreement with them a few months back and we have 2 clients that deposited their money with this particular broker. We're Forex traders, so we started trading the 2 accounts invested in the clients' names respectively, with Integrity FX. It all went well for the first few months, however just about over 2 months ago we started experiencing problems with their servers/bridges to their servers and from thereon we couldn't exit, place or amend any trades placed in the financial market. We immediately informed them about the problem, they were very slow to respond to our requests and in the meantime we couldn't do anything with the client accounts. The clients started to lose money, we've contacted the president of the company, however to no avail. Eventually they sent out a letter to clients explaining that they are experiencing problems and that they are working to resolve the issue, this was on the 30th October 2015. In the meantime our clients decided to withdraw their money to avoid further losses. After a while we had no connection to the server/bridge at all and we can't see balances or get access to anything. The IntegrityFX website also went down and isn't active anymore! We’ve contacted them numerous times and they haven’t responded back to us up to now since the last communication from them on the 30th October 2015.
We have many screenshots and correspondence records we had with them, however we heard nothing, get no communication or answers from them anymore (since the 30thOctober 2015). We're now in a position where we're very scared that the money deposited with them is now at risk and they’ve defrauded us. No information, no communication and no correspondence from their side, they Bank with “Emirates NBD”, however we believe that the President of the company resides in the United States of America (in Los Angeles, California)
We kindly ask you to please assist us with this matter.
Information on the company and its president is as follows:
To deposit funds by bank wire, print the Integrity Ltd. bank account details below and take them to your bank for processing.
Bank: Emirates NBD - GROUP HEAD OFFICE BRANCH
Address: Baniyas Road, Opposite Dubai Creek Tower, Deira, Dubai UAE
Beneficiary: Integrity Ltd.
Account Number: 0514866759301
IBAN: AE270260000514866759301
Swift Code: EBILAEAD
Western Union Money Transfer:
Timothy DuBose
951-807-6114
Riverside, California 92508 USA
timdubose@gmail.com
Western Union® Number. 108 098 514
Integrity Ltd. P.O. BOX 31291, Ras Al Khaimah, Dubai United Arab Emirates
Contact number: +1.844.495.4160
Email addresses:
accounts@integrityfx.com
Timothy DuBose <tdubose@integrityfx.com> (President)
Josh Habben jhabben@integrityfx.com (Accounts)
Support support@integrityfx.com
IntegrityFX
President & Founder
Tim DuBose
tdubose@integrityfx.com
http://www.integrityfx.com
skype: timdubose
info@integrityfx.com
Server IP address for Live Accounts: 38.76.4.122:443

As you can see above, exact same situation as you described.
We had around $15,000 + invested with them.

Get no communication from Timothy or the rest.

What can one do in such a situation? I mean I’ve already contacted the Ras Al Khaimah Investment Authority, but I have no idea if they would be able to do anything. I understand that Timothy himself lives in Los Angeles, are there any authorities we can approach in the USA, would you know?
This is blatant fraud if they did use the deposits of clients as operational money or personal use. The 2 clients we have invested with them are furious and wants their money back from us, so we’re in a difficult situation right now.
Worst is, Timothy has visited South Africa and had a meeting with one of our clients that invested around $40,000 with IntegrityFX which we traded, at some point this year the client decided to withdraw the money because they were building a house, they put in a withdrawal request and it was eventually actually honoured. Unfortunately the other 2 clients we have invested with them weren’t that lucky.
Do you have any suggestions for us as to what to do??
Your assistance would be much appreciated.
Kind regards,
Andries

I only hope not too many people have been taken in by him. or the group if there is actually more than 1.
 

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Pharaoh

Colonel
Messages
20,029
Send Tim a link to this thread and ask him to come and explain what's going on.

If you know anyone else who has an account, invite them to leave a review.
 

4evermaat

2nd Lieutenant
Messages
2,124
Send Tim a link to this thread and ask him to come and explain what's going on.

If you know anyone else who has an account, invite them to leave a review.

I have done this. I would prefer if someone from FPA staff does this also though, as they might actually reply to them vs me. That will be the last email I will send to them, there is nothing left for me to say and I'm not going to harass someone to do what they have requested. And they said themselves that "...There's nothing we will do for you..." (I attached the screenshot in case you don't believe it). While it would be interesting if they did actually reply [here on the forum], I'm ready to move on to greener pastures.

One of my associates had warned about retail brokerages and the reasons why hedge funds and larger prop firms tend to hesitate placing their funds there. They invest heavily into Prime/Prime of Prime direct market access (e.g. true ecn with clearing/trade receipts) because the stakes are much higher. Obviously not everyone has >5MM assets under management, but outside of a small test cent account or a small account for yourself, I think it is better for most people using retail brokers to stick to regulated jurisdictions and use either well capitalized market maker (e.g. Oanda, Gain Capital), or an STP/A-book broker with at least 1 verifiable Prime Broker/PoP (e.g. Interactive Brokers, Global Prime Au).
 

Justice Mc Gavin

Banned multi
Messages
12
Please keep posting more correspondence and evidence of what occurred please also make it downloadable. Integrity FX and Tim Dubose, Josh Hobben who has always worked for him from the beginning were also in another situation with the NFA in 2009.
 

Justice Mc Gavin

Banned multi
Messages
12
They were FTB Suspended with the IRS under Integrity FX, LLC. This means they should not have been doing any business out of the State of California. They didn't file taxes, if you read their NFA investigation, they also withheld personal bank account statements.
 

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4evermaat

2nd Lieutenant
Messages
2,124
Please keep posting more correspondence and evidence of what occurred please also make it downloadable. Integrity FX and Tim Dubose, Josh Hobben who has always worked for him from the beginning were also in another situation with the NFA in 2009.
I already listed everything that I have. I doubt I will receive anymore correspondence, those guys are gone.

Was there anything I posted above that was not downloadable? I can repost it if there is a problem viewing it or link to dropbox.

Come to think of it, a cftc complaint was filed a few days ago. Complaint Form 1512-2111-2548-77 But who knows what will become of it. Not sure if they will act if they did not have any US clients.
They were FTB Suspended with the IRS under Integrity FX, LLC. This means they should not have been doing any business out of the State of California. They didn't file taxes, if you read their NFA investigation, they also withheld personal bank account statements.

[strike]Can you please link to this NFA investigation(s)? You can also attach it here to this thread if they have pdf format or a screenshot if you can capture the entire page. (try to convert it into a pdf for easy reading).[/strike] I just saw the links. Sorry about that.


I do appreciate the extra research you uncovered. I originally posted here just for historical purposes, it pretty much speaks for itself. I do feel bad for those who deposited with them (my client personally lost $80k). I have to weigh time/benefit analysis of research and bitching on forums to actually trading and maintaining algorithms. We can't even launch a managed account product via FPA because the account is not active (a requirement for a paid product) So a year + down the drain.
 
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Justice Mc Gavin

Banned multi
Messages
12
They failed to cooperate in the NFA audit, they also did not file taxes. If you read the investigation there was over 10 million taken in. Sounds fishy to me, like they hide the money or put it somewhere else. If this company took money from me, with their history, I would report them to the IRS tax fraud department and FBI fraud investigation. Both take complaints online I believe. You never know maybe someone already has? The other complaints would be helping out the investigation?
 

4evermaat

2nd Lieutenant
Messages
2,124
They failed to cooperate in the NFA audit, they also did not file taxes. If you read the investigation there was over 10 million taken in. Sounds fishy to me, like they hide the money or put it somewhere else. If this company took money from me, with their history, I would report them to the IRS tax fraud department and FBI fraud investigation. Both take complaints online I believe. You never know maybe someone already has? The other complaints would be helping out the investigation?

You make a good point. I just got around to reading some of the individual case files 'complaint' (at the bottom of the page). You counted $10 million. Did you mean $1 million or $10 (ten) million?

To only have their NFA membership withdrawn with no monetary penalties was essentially a slap on the wrist. I'm glad I didn't invest with them (funds). But I understand how someone could be taken in if they didn't know what to look for. Definitely a "long con" as in some cases it seems that Tim or some other NoIFX staff member met with people face to face, shook hands, etc for the 'convincer' effect.

Maybe I'm in the wrong business.
Edit: Upon further reading, the losses might actually be close to $10 million.
 
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Justice Mc Gavin

Banned multi
Messages
12
Use a calculator and figure the numbers: All I see is that there trading any money was:

20. $1.79 million was lost trading forex through IFX's proprietary accounts.

Where's the rest of the money and where did it go? You can write off interest on taxes (borrowed money), you also have to lender shares if your selling shares. I'm pretty sure a tax return helps with all this. Nothing adding up to me. And your right a slap on the wrist? If they paid back loans with no profits, wouldn't that be a Ponzi scheme? Sounds fishy to me... I'd be willing to go out on a limb and say the name of the company was probably stolen too since they didn't even uphold what it stood for. NFA is a joke..
 

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