Lost all my savings - Is it possible to recovery any money from brokers? Please evaluate.

MikeER

Recruit
Messages
1
Hi! Recently I come across some companies helping recovering money lost in Forex. However, I’m not actually convinced if they are legit and hence I lost so much money and I can’t afford to lose any more, I would rather ask you guys if the money I lost are recoverable or not. I actually had two accounts with two different brokers. However, both of the cases are connected and I will try to briefly explain what happen.

Last year I come across a company selling education courses and Forex signals. The company is based in US, however, is not registered as investments adviser nor is regulated by any financial authorities.

Unfortunately, I trusted this company and I created two accounts for Forex trading. These were my very first steps on the financial markets.

1st account: Opened with an Australian Broker, I was inexperienced trader, I was following signals provided by the US company and lost approx. AUD $60.000. I have heard that the Australian Broker should conduct some survey before they allowed me to open an account with them. Is that true? If so, they did not and they let me trade straightaway.

2nd account: Opened with an US Broker, I opened this account under MAM (Managed account) and let the US company trade for me. Unfortunately, they lost all my approx. AUD $40.000 deposits. They asked me to deposit more to recover the loses which I did, I borrowed money from my friend because I believed they will recover the loses but they lost that money again.

I feel so stupid and naive and I lost all my savings and ended up with a dept to my friend (paying him off on monthly basis). Please don’t hate me, I know I was stupid. Do you believe that there is any chance to recover any money from either broker?
 

The Reaper of F

Sergeant
Messages
198
You agreed to it by consent... if you were to hand this issue to an authority, they would have said it's your fault. Unless, you'd sign an agreement (A contractual paper) reinstating that they are the one whom brought you in and were also liable for everything in the process of trading, to which I believe you didn't. All in all, to recover this lump sum of money... it's nearly impossible so to speak. Even if you brought them up to court, what would be the evidence of you swaying the judge that they scammed you? Plus, in the first case, you were trading solely on signals provided by a provider, in other words = You are trading on your own in a discretion manner. Hence, when you accepted the signal, you agreed to it that you are liable for it as well.

Two, yes you can sue them for being unlicensed and unregulated because you said that they are trading for you. Hence, it's possible to obtain your money back but you've to launch an investigation unto them. Since, there are no contractual agreement made prior, it might be difficult for you to defend yourself but likewise, if they are unlicensed you can get them either way. File SEC report, hire an attorney/fraud lawyer and have the company liable for AML and KYC policies, and this > https://www.fincen.gov/ https://www.usa.gov/stop-scams-frauds

This way, when they are dead trap, all the money will be released back to the clients scammed. Though I am still unsure if there are any possible options for you to tap into to make an official complaint to. That's it and don't fall for any internet scams (Those whom promises great deliveries of your loss money to you in several days/weeks/months. Forget about it).
 
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FxMaster

Lt. Colonel
Messages
9,556
Hi! Recently I come across some companies helping recovering money lost in Forex. However, I’m not actually convinced if they are legit and hence I lost so much money and I can’t afford to lose any more, I would rather ask you guys if the money I lost are recoverable or not. I actually had two accounts with two different brokers. However, both of the cases are connected and I will try to briefly explain what happen.

Last year I come across a company selling education courses and Forex signals. The company is based in US, however, is not registered as investments adviser nor is regulated by any financial authorities.

Unfortunately, I trusted this company and I created two accounts for Forex trading. These were my very first steps on the financial markets.

1st account: Opened with an Australian Broker, I was inexperienced trader, I was following signals provided by the US company and lost approx. AUD $60.000. I have heard that the Australian Broker should conduct some survey before they allowed me to open an account with them. Is that true? If so, they did not and they let me trade straightaway.

2nd account: Opened with an US Broker, I opened this account under MAM (Managed account) and let the US company trade for me. Unfortunately, they lost all my approx. AUD $40.000 deposits. They asked me to deposit more to recover the loses which I did, I borrowed money from my friend because I believed they will recover the loses but they lost that money again.

I feel so stupid and naive and I lost all my savings and ended up with a dept to my friend (paying him off on monthly basis). Please don’t hate me, I know I was stupid. Do you believe that there is any chance to recover any money from either broker?
My first advice is do not send any upfront to anyone in the name of recover your funds.
And second I suggest you to open separate thread in scam folder with broker name and details.
 

OldManIan

Private, 1st Class
Messages
29
My first advice is do not send any upfront to anyone in the name of recover your funds.

This is true. It is a sad fact of this world, and a bad indictment on humanity, that there will always be people who will seek to take advantage of the vulnerable and the confused.

Just like picking a surgeon for yourself before you go for that spine operation, I would if I were you be checking their credentials, their stated experience, actual reference people you can speak to to check out how their case was handled etc, how long have they been in business, where they are incorporated (look, no use picking a Latvian debt recovery service for a Seychelles broker, eh?), examples of work that they had done (e.g. documents they had to send to XYZ broker) and documentary proof of successful recovery.

I'd think the first I'd be checking of the above, is whether they are located in the same territory as that where the broker is registered; and doing your own (not their recommended) reference checks.

OMI
 

FxMaster

Lt. Colonel
Messages
9,556
This is true. It is a sad fact of this world, and a bad indictment on humanity, that there will always be people who will seek to take advantage of the vulnerable and the confused.

Just like picking a surgeon for yourself before you go for that spine operation, I would if I were you be checking their credentials, their stated experience, actual reference people you can speak to to check out how their case was handled etc, how long have they been in business, where they are incorporated (look, no use picking a Latvian debt recovery service for a Seychelles broker, eh?), examples of work that they had done (e.g. documents they had to send to XYZ broker) and documentary proof of successful recovery.

I'd think the first I'd be checking of the above, is whether they are located in the same territory as that where the broker is registered; and doing your own (not their recommended) reference checks.

OMI
Also, don't share your email or number publicly, if you do so means you gave them permission to contact you again and again with trapy schemes.
 
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