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My account manager at BForex placed a crucial trade in the wrong direction causing my accounts Liqui

Discussion in 'Scam Alerts' started by gbpaving, Nov 10, 2014.

  1. gbpaving

    gbpaving Recruit

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    I believe i have been cleverly scamed by BFOREX. My account manager whom i believed was helping me but in fact was leading me into a pricarious position and the getting me to deposit more and more capital ( saying i will be able to make good money and rescue my account untill i had no more money. With most of my trades hedged or partialy hedged he then placed a trade in the wrong direction. I noticed this emediatly but was unable to contact him nor did he return my urgent requests to contact me. Only days later did he contact me. My account was liquidated.Its been 2 months now and i am getting nowhere. My accounts manager tried to evade the facts and now has said my case is closed! Now it seems as if Bforex has taken all my money! What can i do now?
     
  2. Pharaoh

    Pharaoh Colonel

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    What country are you in?

    How did you deposit money into Bforex? Bank wire, credit card, or something else?

    How much did you deposit?
     
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  3. Master Yoda

    Master Yoda Captain

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    I assume that this account manager is not a licensed fund manager, and even if he is, he can't work with a broker and manage funds of his clients.

    You should make a complain to your local regulator (Bforex is not a regulated company) and to econsumer.gov - Your site for cross-border complaints.
     
  4. Master Yoda

    Master Yoda Captain

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    One more thing in their website they are mentioning a Cypriot address

    Clearing Support:
    Cubbon Services Ltd.
    Trident Centre
    115, Griva Digeni Avenue
    3101 Limassol
    Cypruss

    Tel: +357-22022663

    How about you drop a complaint through the Cypriot regulator Cyprus Securities and Exchange Commission with mentioning the above mentioned address
     
  5. gbpaving

    gbpaving Recruit

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    I am in South Africa. Deposits were made by credit card. About 8000 USD.
     
  6. Pharaoh

    Pharaoh Colonel

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    First, gather up all your documentation. Get screenshots of their TOS and any emails where your account manager made any promises.

    Contact your credit card issuing bank. Ask to speak to the fraud department. Carefully explain how the company appears to have deliberately wiped out your account in order to keep your money. Ask if a chargeback is possible.

    Ask your bank and local police if there is any place in South Africa where you can file an online financial fraud complaint. If they do name one, please report back here.

    Go ahead an file a complaint with econsumer.gov - Your site for cross-border complaints.
     
  7. Master Yoda

    Master Yoda Captain

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    And don't forget to complain as I have suggested you
     
  8. gbpaving

    gbpaving Recruit

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    Thank you . I will follow your advice and report back soon.

    Mike
     

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