InvestTech FX Senior executives charged by Canadian Police over alleged fraud


FPA Forums and Reviews Admin
Words cannot express the gratitude of the FPA to the Royal Canadian Mounted Police for their actions in this case. I'd also like to thank PipStar and Forex Magnates for bringing this to the attention of the FPA.

Here is the text of the RCMP press release...

Investors lose millions in Forex trading scam

(Toronto, Ontario – December 3, 2013) - The Royal Canadian Mounted Police (RCMP) - GTA Financial Crime unit has charged the two directors of InvestTechFX Technologies Incorporated for allegedly defrauding investors out of millions of dollars.


Left: Rony Spektor; Right: Alan Zer

InvestTechFX Technologies Incorporated (InvestTechFX) is a web-based foreign exchange trading company. The RCMP’s investigation revealed a fraudulent scheme spanning over three continents and 10 countries, which has inflicted millions of dollars in losses for victims from around the world.

The RCMP alleges that between January 1, 2008 and November 25, 2013, Alan ZER (48 years old) and Rony SPEKTOR (51 years old) operated their website to draw foreign exchange investors worldwide into opening trading accounts. Investors deposited funds into the accounts believing that InvestTechFX was facilitating active trading in the foreign exchange (forex) market. However, the investigation has revealed that InvestTechFX did not honour the client trading orders. The funds were simply transferred into personal accounts of ZER and SPEKTOR. Investors’ attempts to withdraw their funds were denied by InvestTechFX through allegedly false, misleading and deceitful justifications.

On November 28, 2013, RCMP investigators executed a search warrant at an office in Toronto where the majority of the victims were enticed to transfer funds into their InvestTechFX accounts. During the search warrants, police found and seized evidence consistent with ‘boiler room’ activities. Three individuals found working in these premises were arrested and released on a ‘Promise to Appear’ at the Toronto West Courthouse (1000 Finch Ave. West) on January 3rd, 2014.

Warrants have been issued for the arrest of ZER and SPEKTOR, who are alleged to be the masterminds of this elaborate scheme. Their whereabouts remain unknown to police. RCMP laid ‘Informations’ on ZER and SPEKTOR at Toronto Old City Hall Courthouse (60 Queen St. West).

“Today’s frauds continue to grow more complex through the use of technology, which highlights the continued need for awareness and due diligence”, stated Superintendent Dave BELLAMY, the Officer in Charge of the RCMP GTA Financial Crime units. “We remain committed to detecting, disrupting and dismantling these types of organizations in our efforts to maintain investor confidence and protect the integrity of our economy.”

Investors who believe they have been defrauded by InvestTechFX Technologies Inc. are asked to contact the RCMP GTA Financial Crime unit at 1-855-253-7267.

The RCMP would like to thank United Kingdom’s National Crime Agency (NCA), the Hong Kong Special Administrative Region (SAR) of the People’s Republic of China and numerous agencies in the United States for their assistance in this investigation.

One sentence stands out...

Investors’ attempts to withdraw their funds were denied by InvestTechFX through allegedly false, misleading and deceitful justifications.

This activity is what lead to an FPA Scam Finding against InvestTechFx in 2011. It was so bad that InvestTech Fx won the FPA's 2011 Broker Scam of the Year award.

I'd like to encourage all ITFX victims who haven't already gotten in touch with the RCMP to do so as quickly as possible. You may get some of your money back. Your information may also lead to longer sentences for those behind InvestTechFx's fraud.

Link to RCMP Press Release

Discussion Thread for the Scam Finding against InvestTechFx

FPA Scam Finding against Invest Tech Fx

InvestTechFx wins FPA 2011 Forex Broker Scam of the Year Award

FPA Review Page for


this is a great news but what will happen to investors fund and more also which l think is the most important . l have an idea through which justice can be quickly carry out if it is followed through.
can FPA forward any broker that is given the scam award to not only forex regulatory body but also to the financial crime unit body where the broker office is located and another mail where the clients are located and advice the clients to do so also but back your mail up with the past scammers which you have unveiled and later on confirmed as scammers by government body . PLEASE don't use email alone but make it in written because written mail are more valued than email.
NOTE: financial crime unit body usually act on information receive . love to hear your views thanks .


Private, 1st Class
Excellent. Sometimes the long arm of the LAW moves slowly, but usually in the right direction. I think I'll go out tonight and get a cocktail. Or maybe two.


What goes round, comes round.
Well done FPA and all Organisations for such persistence in highlighting and bringing down these animals.
Well done also to everyone who played a part with their correct votes ..Guilty



If you are robbed, then only you have the right to file a police report. No one else can do it for you. The FPA does everything possible to point people to the correct places to file complaints. The issue is that 9 out of 10 victims who will complain in a forum or review won't bother to file a simple online report at or with any other regulator or police agency.

My suspicion is that this case took even longer to result in charges because the Canadian regulations for forex brokers didn't make it easy for the RCMP to gather evidence. In the USA, a police agency could easily check NFA and CFTC filings for a broker and work with those regulators to investigate anything unusual.

Lucy Wang

I was the luckiest one who got the full investment back under the FPA kind helps, and also filed complaint to FBI ( ic3) and RCMP in 2010. Since then, I have not logged in for a long time because of child care reason. Today, I seem to be driven by a hunch to login FPA . When I see this good news, I cried.

In past three years, I received a lot of email asking how to get their money back, their stories have broke my heart. I hate myself for not able to help them. Finally, Justice coming! I wish everyone can take their money back. Good Luck!

Thank you FPA ! Thank you Pharaoh !
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