FPA Scam Finding
Three Traders recently brought formal complaints against MFX Broker.
FPA Member Polinky could not get a withdrawal processed. MFX Broker's representative to the FPA publicly assured Polinky that the issue was being considered by executive management. Later, Polinky reported another MFX employee claimedthe money would be paid in 2 installments, but no payments were received.
FPA members Leesulin and Kwazycool both invested with MFX Broker's fixed rate investment plan. Both report being unable to withdraw their funds.
So far, MFX has ignored FPA invitations to discuss the issues before the cases went to a vote.
Compounding this case are two other incidents.
First, FPA member Pharaoh has been challenging MFX's fixed rate investment plan since it was first announced at the FPA. He believes it matches all the warning signs of being a Ponzi scheme. MFX Broker promised an audit to verify the plan was really able to make the claimed returns. It has been over a year and the audit never materialized.
Second, MFX posted a press release about being a Platinum Sponsor of an event staring Jordan Belfort, who is the real person behind the movie, The Wolf of Wall Street. Nowhere in the press release did MFX hint that Jordan was anything except a very successful Wall Street broker and saleman. There was no indication that his success was based on defrauding investors or that he was a convicted felon.
MFX's representative accused the FPA of losing its "brains, professionalism, and reputation" for interpreting the endorsement of one of the most famous scammers in the world as a bad thing. The FPA believes that MFX Broker's management lost their ethics, brains, professionalism, and reputaton by endorsing a convicted criminal while going to great efforts to point out how successful Mr, Belfort was without even hinting at how he stole millions.
Based on all of the above, we see no choice but to declare MFX Broker to be a scam. MXFBroker is hereby blacklisted by the Forex Peace Army. The FPA encourages traders not to open accounts there. The FPA warns against investing in MFXBroker's fixed rate investment plan. If you have money with MFX Broker, the FPA encourages you to withdraw it as soon as possible.
This Scam Finding may be lifted if MFX Broker meets the following conditions...
1. Repay all money owed to FPA members Polinky, Leesulin, and Kwazycool. For every full month of delay from their first withdrawal request, a penalty of 0.5% is to be added.
2. Provide audited statements by a certified auditing company sufficient to convince the FPA that MFX's fixed rate investment plan is not a Ponzi scheme. Otherwise, MFX may admit that it is a Ponzi scheme as long as all investors are immediately repaid their initial investments.
3. Publicly apologize to all traders about the poor ethics and judgement exercised by MFX's association with Jordan Belfort. This apology must be placed on all websites where MFX Broker made the initial announcement of this relationship with Mr. Belfort.
4. Apply for and receive regulation by a major regulator.
5. Appoint a new representative to the FPA who will quickly and professionally address all concerns.
MFX Broker review page at the FPA
Polinky's original complaint in Scam Alerts
Polinky's Traders Court thread
Leesulin's original complaint in Scam Alerts
Leesulin's Traders Court thread
Kwazycool's original complaint in Scam Alerts
Kwazycool's Traders Court thread
Initial post about MFX's Ponzi-like fixed rate investment plan (post #6)
Initial post about MFX's sponsorship of Jordan Belfort
FPA Scoundrel thread about MFX's sponsorship of Jordan Belfort