Problem IronFX – Falsely Accused Broker

[Alphabeta]

Dear MB (name hidden to protect confidentiality),

Thank you for your comments, none of which is factually correct.

You chose not to disclose critical information in this public forum in order to create false and defamatory allegations.

The facts are as follows: you chose to refer your case to the FOS on 4th of February 2016 and a decision was issued AGAINST you on 31st of October 2017. Below you can find a copy of the said decision which is self-explanatory.

Please state the correct facts and full facts when making allegations against the company

For any further information please refer to post #1 of this thread.

We consider this false allegation now closed.

Sorry, but the Financial Ombudsman of Cyprus did not issue any decision against Martin.
The Financial Ombudsman just terminated the procedure due to formal issues (the deadline for complaining was expired).
The Financial Ombudsman used the excuse of the deadline for terminating a lot of disputes. As a matter of fact, at least 2500 disputes were filed to this understaffed office.
An infringement procedure for non-complaince with the ADR directive is pending against the Republic of Cyprus

 

[IronFX Officer]

You could regret to have opened this thread, because we are going to post here all sort of documents, which provide evidence for IronFx being a "scheme" since late 2014.

Let's begin with your financial statements 2014

These statements contain a lot of information, if you can read them. For example, on page 37 you find the amount of segregated clients' money being just $ "18,000,614" .

With 400.000 clients, they segregated just 18 million? This is evidence of fraud.

On page 17, read the figures related to bonuses for accounts "under investigation". With a little math, you can calculate how much money these clients deposited.

Please also read the Notes on the last pages. After the Swiss franc crisis, you had litigation with Sucden Financial Ltd., which you settled by accepting to pay them 2,500,000 in 10 installments.
Here you find a comment on these financial statements: http://bit.ly/2h8JE9g

Dear IRONFXSCAM,

You are kindly requested to provide us with your particulars (i.e.name and account number) in order to allow us to attend to any queries you may have. You can also write to us at responses@ironfx.com for any clarifications you may require.

For what it seems to be a blatant attempt to defamate the company by regurgitating information from clean audited accounts (or any other issues or repeated defamatory commentary or false allegations you want to post on the FPA site) please refer to the “IronFX – Falsely Accused Broker” thread: https://www.forexpeacearmy.com/community/threads/ironfx-falsely-accused-broker.54115/ and in particular Point (2), Point (3), Point (4) and Point (5) of the initial of the said posting.

Should you have any specific, factual complaint, we welcome you once again to identify yourself as a client of the company by providing the relevant details.

Thank you

 

[IRONFXSCAM]

We request IronFx to stop immediately posting the statement “we are FCA regulated”.

This statement is a lie and we will not tolerate the public diffusion of this lie any longer. The spreading of such misleading information to retail clients is not allowed under MiFID 2.

We remind you that the sanctions for infringements of MiFID 2 are at least € 5.000.000 (Art. 70). It will not come cheap for you

We will file a formal complaint and request the imposition of a high fine, if we read the statement "we are FCA regulated" again.

IronFx Global Ltd. was never FCA regulated and there is no such thing like a “group regulation”. For this reason the FCA has no supervision on IronFx and cannot impose sanctions on a Cypriot company.

As a matter of fact, there is loophole in the EU-regulation: Cypriot brokers can rob clients' money in all Europe, but underlie the sole supervision of the CySEC.

IronFx is a purely Cypriot company and is regulated in Cyprus.

The FCA regulation only applies to a small subsidiary of IronFx. This subsidiary was named “IronFx Ltd. Uk" but was forced by the FCA to change its name in "8Safe UK" Ltd.

8Safe UK is FCA regulated, but it is a very small company with no meaningful operation and therefore no wrongdoing. After abandoning its offices in London, it is a "letter-box company" .

8Safe UK does not have a full license, but only a license as "matched principal broker" (which is an agent).

Here you can read the filing history and the last financial statements of 8Safe UK: https://beta.companieshouse.gov.uk/company/08111366/filing-history

From the filing it is evident that the company has very small operation, only 3 staff, had to sublet the premises before changing to a PO box, and made a loss in 2016.

Please take this warning very seriously. Remind that under MiFID 2 (Art. 5) an investment firm must have its head office in the Member State in which it carries out its business.

 

[IRONFXSCAM]

Dear IronFx representative,

The undisputed facts are:

1.You have suffered a sharp decline in turnover and clients after refusing to return clients’ funds in a widespread and systemic manner. You never had 1 million clients: all Cypriot brokers together have 1,200,000 clients (CySEC report), the largest ones being XM and FxPro.

2.The idea of not returning clients’ funds by invoking “Abusive trading criteria” based on assumptions, without any evidence, was an idea of your jailed lawyers.
It was not an idea of sales people, because sales people know the huge impact of bad reputation on volumes and revenues.
(Instead of paying lawyers, you should pay your clients, it would come cheaper)

3.You are not FCA regulated and therefore you are not object of FCA supervision. You have a subsidiary which is FCA regulated, but this company has not a full license and no meaningful operation. As for the ASIC regulation, it only applies to a small subsidiary and the ASIC forced you to correct the disclosure.

4.There are a lot of judgments against you and please expect that they are made public. Let’s begin with adecision of the Financial Ombudsman, forcing you to return the funds of a clients which you had illegally withheld for 2 years

5.At least 2500 complaints were filed to the Financial Ombudsman against you. This is a huge number.

6.The investment with Nukkleus failed due to lack of regulatory approval. And the current investment by a Singapore company is still subject to regulatory approval (AML check pursuant to Art. 13 MiFID II)

7.A shortage of 176 million in clients’ money was confirmed by a public Cypriot authority. The General Auditor Report was not modified or retracted and is still a public document.
(BTW: Complaining to the General Auditor was a brilliant idea of your landlord)

8.The Petition before the EU Parliament has not failed at all, but is still open and there will be a new hearing. We expect the ESMA hitting you and/or the whole Cypriot forex industry the hard way : read the statement.

9.Retail traders are consumers: here the Decision of a Hungarian court of appeal and the Decision of Cyprus Consumer Protection Service.

10.The fine of 335.000 which you settled with the CySEC was almost the highest fine which is possible under the current legislation ($ 350.000).
But this legislation is to be changed in order to implement MiFID 2. The fines foreseen by Art. 70 MiFID 2 are at least € 5.000.000 or twice the benefit derived from the infringement.
(A fine of 352 million would be adequate in your case)

 

[Valeriy B502037]

Well, you try to say that you are not "Scam Broker". Then how would you explain such fact that you don't pay me my money even with the decision
13.29.004.521
from 29.09.2017 of the Cyprus Financial Ombudsman? I write to your e-mails all the time but still no one has replied to me!!! I see how you try to restore the confidance in your company, but your behaviour and your silence speaks to the contrary and that you are only make apologizings and do nothing!

 

[oscarra]

Well, you try to say that you are not "Scam Broker". Then how would you explain such fact that you don't pay me my money even with the decision
13.29.004.521

Valeriy, would be nice if you can post full FOS decision, evidently even with positive FOS outcome, the SCAM company don’t pay…..however this Iron guy keeps on bragging around here, maybe soon we need to kick his ass out of the community

https://www.forexpeacearmy.com/comm...re-of-your-pending-withdrawal-requests.54068/ post6 positive FOS decision

 

[Valeriy B502037]

In that topic, while the moderator for some reason did not approve the reference to the full decision of the ombudsman.
Here, for the time being, is the resolutive part.

 

[Alphabeta]

In that topic, while the moderator for some reason did not approve the reference to the full decision of the ombudsman.
Here, for the time being, is the resolutive part.

Did you send to the Financial Ombudsman the Solemn Declaration? You have to accept the decision with a solemn declaration

 

[oscarra]

In that topic, while the moderator for some reason did not approve the reference to the full decision of the ombudsman.

Good enough, do protect your online privacy, no names etc…otherwise exposed to further never ending scam line….

By now over 3 month’s Iron Officer had flooded various threads, without having solved any, just shows the company’s greedy stupidity, kind of embarrassing for remaining industry.

General Auditors main recommendations ending in the gutter, gives a very precise picture of the highly corrupted criminal environment.

Company’s criminal offenses wont remain hidden, the financial mediators been mislead from their local scam company’s is nothing new, courts will catch up, bypassing whatever FOS decisions.

 

[IronFX Officer]

In that topic, while the moderator for some reason did not approve the reference to the full decision of the ombudsman.
Here, for the time being, is the resolutive part.

Dear Valeriy B502037,

We have looked into your query and noted that the matter is being handled by the appropriate department which must have already contacted you with further instructions with regard to the completion of the said matter.

Please note that we have raised a query with the appropriate department for an update and we trust that we will be in a position to revert with further details on your query within the course of tomorrow.

Thank you