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ITrade Capital Markets: Funds Kept, Account Zeroed, Fraud

Discussion in 'Scam Alerts' started by marend, Feb 18, 2010.

  1. marend

    marend Recruit

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    This is a personal warning to everybody in this forum to bring a fraud case involving ITrade Capital Markets to your atttention.

    I have two accounts with ICM and even was an IB for them and sent a withdrawal Request to them a week ago.

    After many emails, chats and excuses (which i have all saved), they finally sent me this today:

    Dear XXX

    As per section 10, paragraph 'd' of your Risk Disclosure Statement:

    "Should quoting errors occur due to a dealer's mistype of a quote, errors in an automatic price feed, or an erroneous price quote from a dealer, such as but not limited to a wrong big figure quote, ICM will not be liable for the resulting errors in account balances. ICM reserves the right to make the necessary corrections or adjustments on the account involved."
    After reviewing your account we note that you have been consistently trading on price quotes that were not reflective of the true market prices. We have refunded the balance of what constitutes your original deposit and advise you to trade with a different broker.
    Best regards,

    Robert Keen
    Telephone +1 284 494 5504
    ICQ# 588499153 -- MSN# rk@icmtrading.com -- Yahoo# rk_icm@yahoo.com -- Skype# rk_icm
    iTrade Capital Markets Ltd
    Forex | Indices | Commodities | Futures | CFDs | Automated Trading | ICM



    To make it clear:

    1. They have untill now NOT refunded one cent to me, so the above is a blatant lie.
    2. Against my consent they simply zeroed both accounts and so far kept all the funds, causing me damages of more than USD 19000.

    If there are others in the same boat, let me know to discuss how we can proceed.

    It is a clear case of fraud.

    Does anybody know who is behind this company?

    It should be easy to obtain a judgement in court with the material i have.

    The guy on their voicemail has a german accent.

    BE WARNED!! Do not use this company, you probably wont see any of your funds ever again (unless you go legal), not to speak of the profits which they keep anyway.

    If anyone can help to tackle this issue, i will generously share a portion of the funds recovered with anyone who would assist.

    Screenshots, Trade Logs, Emails and Chat records are all available.

    my strongest recommendation: DO NOT TRADE with ICM, and if you do, try to get your funds out little by little.
     
  2. PipStar

    PipStar Sergeant

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    This broker does not even have a physical address. Whose to know where they are in cyberspace? Hopefully, the FPA can help you with this problem.

    Edit: After reviewing the FPA broker reviews, this broker appears to be in British Virgin Islands and there are other traders complaining about profits removed.
     
    #2 PipStar, Feb 18, 2010
    Last edited: Feb 18, 2010
  3. Pharaoh

    Pharaoh Colonel

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    I love how bucketshops always claim people are trading prices that aren't true market prices. Forex is decentralized. What your broker shows you is the true price for your broker. On rare occasions, a legitimate price feed error can happen, but this should be extremely uncommon - if not, then the broker is asking traders to trade blind without a reliable data feed. If they want to claim you have a faster price feed, ask them how a lowly trader can get faster and more accurate prices that a large brokerage firm.

    With that much money on the table, it might be worth seeing if you can hook up with one or two other people who've had problems and hire a lawyer. You should also submit a complaint to the BVI authorities. They usually don't do much, but if enough serious complaints come in, they might eventually act.

    If you are in the USA, get in touch with IC3.gov and see what they have to say. Outside the USA, ask your bank for advice on which government agency handles financial fraud.
     
  4. marend

    marend Recruit

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    Thanks everybody, these are great inputs.

    Here is what is happening right now:

    The communication we had with Mr. Robert Keen has been saved and and can be shown to the relevant authorities.

    We have engaged a BVI Lawyer to look at this and he sais it would be fairly easy to get a judgement and then transfer the judgement into other jurisdictions as applicable.

    We have so much proof, there is no doubt in my mind that i will eventually get all my money back.

    But here is the thing.

    The Funds where transferred through paypal to them.

    I have raised a dispute with Paypal and they have actually taken most of the funds in question of this brokers account.

    Now he can simply allow the refund or the issue will be escalated during which i have to proof my point, which with all the emails, chats, screenshots etc will be no issue whatsoever.

    So TO EVERYONE:

    Once you open a dispute for a paypal transaction, the funds will be taken of the brokers account, VERY EFFECTIVE.

    You simply have to have enough evidence to show paypal the real story and they will decide on the claim, not the broker.

    So for now, app. 85% of my funds are out of reach of ICM, which is already a huge step forward.

    Once the matter is over, i will consider releasing more info (emails etc ) here, but for now, i'd like to keep that confidential.

    Best regards, and thanks again!!

    Anybody who has similar problems with them, raise a paypal issue if you can and try to sort it out this way.

    Cheers
     
  5. Pharaoh

    Pharaoh Colonel

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    Brilliant! If more people would get their evidence together and file these types of complaints, then the bad brokers won't be able to take PayPal any more, since they'll lose the ability to use it very quickly. That would make accepting PayPal for an extended period into a sign that a broker might actually be legit.
     
  6. Sibali

    Sibali Corporal

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    Thats them... GCI
    They have this email saved and send them to each client they Screw.Should quoting errors occur due to a dealer's mistype of a quote.
    anyhow Buddy, they won't listen to your emails or yelling. Just hire an attorney and sue them. Thats what i did and i will be posting a winning Thread very soon with in 12 days :)
     
  7. Sibali

    Sibali Corporal

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    Buddy i have some insides news which will help your attorney. Sibali@ymail.com
     
  8. igauresh

    igauresh Recruit

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    hi,
    I have been trading with icm trading for the past week. I made something like 8000+ dollars of profit with their forex options (modified long straddles) and around 1000+ dollars trading forex.
    My initial deposit was just 500$. I will also tell you how I did this if anyone is intrested in knowing as its not that difficult.

    However, now they are not allowing me a withdrawal of my profits. They first said that I have increased my equity at a very high rate. So they need to check my account for trading off the market rates. The next day they tell me that my account is not supposed to trade more than 50 lots so those trades above 50 lots will be cancelled and the equity will be readjusted.
    They didnt adjust the equity on that day.
    The next day the account manager tells me that I have traded with profits of 1-2 pips which is also not allowed on the wintrader platform so my equity needs adjustment even for that which will be done by the technical team today. (as a reason for why the equity was not adjusted yesterday).

    And now its almost another day and they havent adjusted my equity or processed my withdrawals at all.

    I would also like to be a part of this lawsuit... can u tell me what evidence is needed.
    i may not have a lot of evidence... but i think i can still cancel my paypal payment if u can tell me exactly what i needed to furnish...

    Thanks a lot mates you seem to have given me a new hope to fight...
     
  9. geoffrey

    geoffrey Private, 1st Class

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    RE: ITrade Capital Markets

    A warning issued by a soldier last august, 2009 to the effect of Itrade Capital Markets, what has since been their response and attitude to the warning. Does any one have information to the contrary?
     
  10. GatorBait

    GatorBait Recruit

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    How were you doing this with straddles?
     

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