mxtrade: fraudulent bonus deposits

TBChris

Recruit
Messages
5
I have been a client of the company since around 22nd July 2015. I worked with Mr Korg Haynes who was assigned to me as my broker when I joined the company. I worked under the advisement and direction of Mr Haynes in a manner that was at all times, to my knowledge, within the bounds of the mxtrade's rules and regulations.

Around 22 October 2015 my account was disabled - I have not able to log into my account from my mobile device or desktop application since. I inquired about the matter with my broker and he advised me not to worry since my account was being moved to VIP and that Mr Michael Richardson would contact me on 23 October 2015, and later rescheduled to 26 October 2015. I was never contacted by Mr Richardson but by Mr Gavin Andersen (on 27 October 2015): he informed me that my account was in trouble and that he would help me "fix it". The brief that Mr Andersen gave was that Mr Haynes had made some fraudulent bonus deposits (to the value of $21 000) into my account, these deposits were made to save my account but nonetheless were against regulations and that I needed to pay the money for those deposits - if I did not pay the money my account would be closed and the company would take all my profits and capital investments.

I inquired further about the deposits to understand exactly what Mr Andersen was talking about. The outcome of my inquiry is that I am aware of those deposits and I explained to Mr Andersen that I had asked Mr Haynes about the context of the deposits at the time they were made: Mr Haynes informed me on one occasion that the deposit was a bonus from the finance department to help us trade - the company made profits when I made profits and they extended the bonus to further this cause. On another occasion I logged into my account and found a $10 000 deposit and I inquired about it, Mr Haynes informed me that he had requested it the night before, it was a bonus from finance that they would deduct from my account at a later stage. On a third occasion Mr Haynes informed me that if deposited and extra $500 over and above a $1000 deposit I had already made then I would qualify for a $3000 bonus from finance. I had screen shots of these Skype conversations and I shared with Mr Andersen. I addition to this, I had requested information from Mr Haynes in order to understand margin level requirements and the point at which a margin call would occur on my account, as well automatic closure of positions and accounts. Mr Haynes informed me that my account was far from a margin call and that I would only need to worry when my margin level was near 25% because that is automatic account closure.

After going through the information I provided, Mr Andersen contacted me on 28 October 2015 to inform me that the actual amount due for the fraudulent bonus deposits is now $12 000 - he sent me a credit agreement of that value to sign but I contested the proposition as I had not asked for credit. In conversation with Mr Andersen I expressed concern that at the time my account was disabled there were open positions and that something should be done to safeguard my account while the mxtrade was still investigating the issue - it seems this point is being used as leverage to urge me pay back the deposits before my positions turned negative.

I did not disagree with Mr Andersen that someone needs to pay back the deposits, however I disputed that I should be held liable for my broker having made illegal deposits on my account and misrepresenting the company. Mr Andersen insisted that no one but me is responsible for raising the money, reason being: the deposit was made to save my account, but how so if my account was never close to a margin call as indicated by my broker, but if indeed levels did reach those in line with requirements for a margin call, I was still denied the opportunity to make an informed decision on whether to close certain positions before they reached critical levels because of the false information that was presented to me regarding the company's margin level requirements. I also made subsequent deposits to my account after the fraudulent bonus deposits, so the company is unable to determine whether or not the bonus actually "saved" my account or not. Mr Andersen did not accept my argument and informed me that if I do not raise the deposit my account will be closed, the results of which is that I will loose everything.

I've been contacted by other mxtrade employees, but essentially from the the company's perspective what it boils down to is that if I do not make deposits to cover the fraudulent bonus my account will be closed.
 

Attachments

  • Screenshot_2015-10-27-16-31-14.png
    Screenshot_2015-10-27-16-31-14.png
    97.9 KB · Views: 0

Pharaoh

Colonel
Messages
20,125
Don't send them one cent. Tell them to cease ALL trading activity until this is resolved. Ask MxTrade for a copy of the report on these "illegal" bonuses that they should have filed with their regulator.

If all bonuses were removed, how much money is in your account?

Go ahead and leave a 1 star review for MXTrade if you haven't already done that. Invite MxTrade to join this thread and explain why you are being asked to pay money for bonuses they say should not have been granted.
 

TBChris

Recruit
Messages
5
Don't send them one cent. Tell them to cease ALL trading activity until this is resolved. Ask MxTrade for a copy of the report on these "illegal" bonuses that they should have filed with their regulator.

If all bonuses were removed, how much money is in your account?

Go ahead and leave a 1 star review for MXTrade if you haven't already done that. Invite MxTrade to join this thread and explain why you are being asked to pay money for bonuses they say should not have been granted.
Thanks Pharaoh
 

paul_higgins

Recovery room scammer
Messages
14
I have been a client of the company since around 22nd July 2015. I worked with Mr Korg Haynes who was assigned to me as my broker when I joined the company. I worked under the advisement and direction of Mr Haynes in a manner that was at all times, to my knowledge, within the bounds of the mxtrade's rules and regulations.

Around 22 October 2015 my account was disabled - I have not able to log into my account from my mobile device or desktop application since. I inquired about the matter with my broker and he advised me not to worry since my account was being moved to VIP and that Mr Michael Richardson would contact me on 23 October 2015, and later rescheduled to 26 October 2015. I was never contacted by Mr Richardson but by Mr Gavin Andersen (on 27 October 2015): he informed me that my account was in trouble and that he would help me "fix it". The brief that Mr Andersen gave was that Mr Haynes had made some fraudulent bonus deposits (to the value of $21 000) into my account, these deposits were made to save my account but nonetheless were against regulations and that I needed to pay the money for those deposits - if I did not pay the money my account would be closed and the company would take all my profits and capital investments.

I inquired further about the deposits to understand exactly what Mr Andersen was talking about. The outcome of my inquiry is that I am aware of those deposits and I explained to Mr Andersen that I had asked Mr Haynes about the context of the deposits at the time they were made: Mr Haynes informed me on one occasion that the deposit was a bonus from the finance department to help us trade - the company made profits when I made profits and they extended the bonus to further this cause. On another occasion I logged into my account and found a $10 000 deposit and I inquired about it, Mr Haynes informed me that he had requested it the night before, it was a bonus from finance that they would deduct from my account at a later stage. On a third occasion Mr Haynes informed me that if deposited and extra $500 over and above a $1000 deposit I had already made then I would qualify for a $3000 bonus from finance. I had screen shots of these Skype conversations and I shared with Mr Andersen. I addition to this, I had requested information from Mr Haynes in order to understand margin level requirements and the point at which a margin call would occur on my account, as well automatic closure of positions and accounts. Mr Haynes informed me that my account was far from a margin call and that I would only need to worry when my margin level was near 25% because that is automatic account closure.

After going through the information I provided, Mr Andersen contacted me on 28 October 2015 to inform me that the actual amount due for the fraudulent bonus deposits is now $12 000 - he sent me a credit agreement of that value to sign but I contested the proposition as I had not asked for credit. In conversation with Mr Andersen I expressed concern that at the time my account was disabled there were open positions and that something should be done to safeguard my account while the mxtrade was still investigating the issue - it seems this point is being used as leverage to urge me pay back the deposits before my positions turned negative.

I did not disagree with Mr Andersen that someone needs to pay back the deposits, however I disputed that I should be held liable for my broker having made illegal deposits on my account and misrepresenting the company. Mr Andersen insisted that no one but me is responsible for raising the money, reason being: the deposit was made to save my account, but how so if my account was never close to a margin call as indicated by my broker, but if indeed levels did reach those in line with requirements for a margin call, I was still denied the opportunity to make an informed decision on whether to close certain positions before they reached critical levels because of the false information that was presented to me regarding the company's margin level requirements. I also made subsequent deposits to my account after the fraudulent bonus deposits, so the company is unable to determine whether or not the bonus actually "saved" my account or not. Mr Andersen did not accept my argument and informed me that if I do not raise the deposit my account will be closed, the results of which is that I will loose everything.

I've been contacted by other mxtrade employees, but essentially from the the company's perspective what it boils down to is that if I do not make deposits to cover the fraudulent bonus my account will be closed.
did you lose the money you deposited?
 
Top