Problem Is ArgoMarkets, FxPace, Notesco Pty Ltd Australia's new IronFx?

[4evermaat]

A friend of my received the most interesting email earlier today from a company called FxPace apparently out of Australia. It was originally sent in Chinese, but the few English parts showed a name "Notesco Pty Ltd".

That Notesco name sounded eerily familiar. A quick search had IronFx written all over it. It seems like their Australian business has gotten a few new names:

FxPace.com.au
ArgoMarkets.com
Notesco Pty Limited



And just a reminder of some of their past names:

IGHG Ltd, Terra Management Services Ltd, Gvs (au) Pty Ltd, Ironfx Global (Au) Pty Ltd, Ironfx (Australia) Pty Ltd, Etx Finance Group Pty Ltd, FxDirectDealer (FxDD Malta, Mauritius), Ironfx, FxGiants, OptionTitans, FXWin, FXOptiom, 8SAFE Pty Ltd, FxLift.eu, ArgoMarkets Ltd, Navitas Markets, IronXchange (IronX)



@AsstModerator @Scam Investigations Committee can you update their review page with the "other names" that are not already listed? There are several names that are missing. There are also several websites missing (FxPace.com.au, ArgoMarkets.com, FxLift.eu, IronX.com, FxDD.com)

I must admire the sheer guts and brazenness of Markos Andreas Kashiouris. Not only has he managed to bilk investors from around the world, but he somehow eludes regulators in broad daylight to this very day. Regulated fools and their money......



My initial analysis of all this: The artists formerly known as IronFx are trying to re-enter the Chinese market using FxPace/ArgoMarkets brand (they'll pick up a few Au regulated fools who want to "test deposit" also). But I assume the accounts will actually be opened at one of their offshore entities. I would be very surprised if they actually opened the individual retail accounts via Australian brokerage and held client money segregated and in an Au bank. That would open them up to all sorts of scrutiny. Especially after the ASIC recently demanded a bunch of information from Au licensed forex brokers about nearly every aspect of how they engage their clients.


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Oh.....and for some historical context:

The undisputed facts are:

1) IronFx has over 9 figures of client funds that went missing. No real explanation has been given as to why this happened besides SNB incident.

2) they have changed their name to Notesco Financial Services, likely to avoid more prosecution and still continue to use IronFx brand or churn new victims. Their underlying scheme is still the same. Some other former or current names: IGHG Ltd, Terra Management Services Ltd, Gvs (au) Pty Ltd, Ironfx Global (Au) Pty Ltd, Ironfx (Australia) Pty Ltd, Etx Finance Group Pty Ltd, FxDirectDealer (FxDD Malta, Mauritius), Ironfx, FxGiants, OptionTitans, FXWin, FXOptiom, 8SAFE Pty Ltd, FxLift.eu, ArgoMarkets Ltd, Navitas Markets

3) They have some legitimate regulation with their subsidiaries (In UK, Au, etc). These entities are used to provide a front of legitimacy, but they will then get investors to open accounts at their less regulated or non-regulated entities in Cyprus, St Vincent/Grenadines, etc without client knowledge or done in a way so that the client would not know which regulator they were protected with. Then when you complain to a regulator, the regulator will say they cannot help you because the account is not covered.

4) Merger with Nukkleus did not go through shortly after failing to get SEC approval. Although it appears that FXDD is now under IronFx/Notesco control. But they did manage to raise some $100MM in funding from some Middle Eastern [suckers??].

5) IronFx came back briefly to FPA forum in the 2nd/3rd quarter of 2018 and started to pretend to help. They paid a few people and tried to defend their "good name". I'm sure the various Cyrus ombudsman decision compelling Iron/Notesco to pay former clients what they were owed had something to do with this sudden change of heart I think this was a ploy to help set up their next scam by claiming that they have paid some people. Do you really think that after thousands of scam claims of people who have not had their withdraw requests honored for over 4 years that you can just come in 1-2 months and smooth everything over?

6) Several negative articles/videos on the internet revealing many of these truths about IronFx operations were scrubbed during this time, usually using either SLAPP lawsuits or using SEO to try to bury the negative articles deeper in the search results.

6) IronFx is not done scamming: They have launched a crypto exchange IronX in 2018 and somehow convinced some investors to give them more money. And now they are ramping up operations on their Au license via ArgoMarkets / FxPace for 2019.

Here is a good summary of the IronFx saga (other than what is already on FPA): https://www.wattpad.com/story/179457511-the-ironfx-story

TLR.....A couple of videos for your viewing pleasure:





here is a chinese article detailing some of this.

The real real mind-blower that ties this altogether:



Did I miss anything?

 

[marc56]

All true unfortunately .. this is really bad for the heart .. I, like thousands of people, have been waiting for my money for over 4 years. I tried everything, everything, 4 years of war, 4 years of suffering, 4 years of anger ... but nothing is served. The authorities do not do their job. Exhausted, destroyed, now few strengths .. iron buried their conscience underground, no dialogue, no explanation of what happened, silence. Behind this, in this theater, bastards who only want money, no matter where they come from, it's not important if it's the result of a family's work and savings, nothing shakes them, getting rich as soon as possible is their religion

 

[4evermaat]

2 more names to add:
globegain.com an IB for fxgiants UK(8SAFE UK LIMITED)
Notesco UK Limited
FXGiants


https://www.forexfactory.com/showthread.php?t=729507


Let's see if the company can answer the questions of whether or not all of the companies listed above are related in some way to IronFx

 

[4evermaat]

The OP has invited the company to this discussion on May 25, 2019 at 11:43 AM

 

[4evermaat]

Please note that FxPace.com and FxPace.com.au are two different websites that look very similar. Compare the screenshots of the homepage and the About Us page

FxPace.com is a trade name for Salvax Limited. Salvax Limited with registration number 53275 is a company registered in Bermuda.

Hmmm.....yet another name to add?
Salvax Limited

Screenshots of FxPace (Bermuda) and FxPace Au (Australia) homepages.



Looks very similar.

I wonder if scam investigation committee will label them all scam with their affiliation with IronFx.

This is what normally happens when a scam owner or person tries to open a new shop.

 

[FXPace]

HI to everyone following this thread.

In terms of full disclosure I work for FX Pace.

All of these brands that you are alluding to in the above thread are separate businesses. Brokers often form joint ventures and use their licensing. Sometimes these are white labels, sometimes these are joint ventures, sometimes these are just brand extensions. Often they will have different spread groups and risk profiles from the broker perspective.

Keeping also in mind that every license that a broker has needs to go under a business entity and often for many reasons these are not the same sane as the trading or brand name.

The structure here is similar if not the same as many other forex brokers.

Hope that helps.

 

[4evermaat]

@FXPace what an ambiguous response to concrete evidence. A new entity run by the same people who have been caught in major scams in the past.

Maybe FPA should not add all those names to ironfx/notesco profile. Anyone who invest in IronFx or any of their subsidiaries, white labels, et. al may actually deserve what happens next.

BTW, @FXPace what is your name and position at the company?

 

[FXPace]

I'm sorry if you found my answer ambiguous. I told you that we operate under the same license. Which is a statement of fact. And seemed to answer the initial post that FXPA asked us to answer.

In terms of licensing another statement of fact is that neither Iron nor any of its related partners have ever had a license revoked or suspended.

My name and position at the company are irrelevant to the question of whether FX Pace is a related entity to Iron FX, which I have already answered.

 

[toroks]

here you can find all the connections between the companies. read carefully page 26 https://s3.eu-west-2.amazonaws.com/...ca7fbe57d784943fe7fdc3ec19b8f352914203169b06f

 

[4evermaat]

I'm sorry if you found my answer ambiguous. I told you that we operate under the same license. Which is a statement of fact. And seemed to answer the initial post that FXPA asked us to answer.

In terms of licensing another statement of fact is that neither Iron nor any of its related partners have ever had a license revoked or suspended.

When FPA has already labeled a company as a scam, then any entity or representative that is a derivative of that same company and/or license is also automatically labeled as a scam. Especially if the shareholders are identical. No additional trader's court voting is required. This is normal procedure for FPA scam investigations committee, although @FPA Forums Team @AsstModerator or some senior users like @Pharaoh @FxMaster et. al. can correct me on this, or offer a counter argument.

I think the list of "IronFx" entities [IBs, subsidiaries, rebrands, alternate trade names, whitelabels, et. al) are worth repeating here:

FxPace.com.au
FxPace.com
ArgoMarkets.com
Notesco Pty Limited
Notesco Financial Services
IGHG Ltd,
Terra Management Services Ltd,
Gvs (au) Pty Ltd,
Ironfx Global (Au) Pty Ltd,
Ironfx (Australia) Pty Ltd,
Etx Finance Group Pty Ltd,
FxDirectDealer (FxDD Malta, Mauritius),
Ironfx,
FxGiants,
OptionTitans,
FXWin,
FXOptiom,
8SAFE Pty Ltd,
FxLift.eu,
ArgoMarkets Ltd,
Navitas Markets,
IronXchange (IronX)
globegain.com an IB for fxgiants UK(8SAFE UK LIMITED)
Notesco UK Limited
Salvax Limited

You can scroll back to posts #1, 3, 5 in this thread for the proof connecting all of these names back to IronFx, Markos Kashioris, Notesco Financial Services, and others that really got their start from.

I'm sure there are several more entities that I have missed, and I'm sure other FPA members will fill in these blanks.

My name and position at the company are irrelevant to the question of whether FX Pace is a related entity to Iron FX, which I have already answered.

Hmmm. Ok. And with your logic, not properly identifying yourself and your relationship to fxpace (or any of the other companies listed) would instill a tremendous amount of trust from the trading community. I guess it is up to the trader to believe whatever they want.

But remaining anonymous does not help make your "facts" any more credible. You are the one that claims to work for FxPace. What is your position to be able to make such claims? Who do you ultimately answer to in the company?