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NOT GUILTY PER REGULATOR Case# 2015-004 | psunardi vs icmarkets.com

Discussion in 'Not Guilty Verdicts' started by psunardi, Jan 5, 2015.

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Based on the available evidence, do you believe that ICMarkets.com is guilty?

Poll closed May 31, 2015.
  1. Guilty

    47 vote(s)
    94.0%
  2. Not Guilty

    3 vote(s)
    6.0%
  1. dkami

    dkami Sergeant

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    P.S. the pole was closed!
     
  2. dkami

    dkami Sergeant

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    You got MC by ICM but couldn't prove your case with them!

    Just like the OP over leveraged!
     
  3. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    The verdict and a link to this thread are on the review page. There is also a caution note because of it. It generally takes 3 guilty verdicts to get an FPA Scam Finding, which is more widely publicized.
     
  4. RahmanSL

    RahmanSL Major

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    ..wow...pretty big bat....didn't see that coming from your direction :p
    It was NOT on margin call when the hedged account (all on USD/CAD) suddenly and inexplicably went into negative balance in matter of millisecond.
    I have compiled the "facts" on Excel spreadsheet extracted from "Account Detail Report" and the report shows: Start date & time: 2015.03.05 16:59:51 and Ended 2015.03.05 17:00.07

    When Margin call occurs and it falls further to below 50% Margin level, 1st forced closures take place with largest losing position, then, if margin level is still below 50%, it is followed by forced closure of 2nd largest losing position, and so forth/etc.
    However, on my ex-ICMarkets account, besides complete absence of margin call warning, many forced closures date & time took place out of sequence....i.e smaller losing positions were closed out ahead of larger losing positions (all opened positions were opened with same lot sizes).....and this should not and could not happen in that manner especially on normal hedged account and, most importantly, in reasonably normal market condition....and I have emailed screenshots of that account to ICMarkets for them to analyze.

    As already mentioned many times, I have gone through multiple margin call, forced closures of opened positions, and account stop/wipe out with EVERY brokers (more than 10) that I have live accounts with and probably hold the record for that.....and, coincidentally, I even have one existing live account with about the same size as my ex-ICMarkets account (which was in AUD) of over USD5K and all opened positions are also in USD/CAD.....BIG difference is that the account survived that huge >200-300 pips spike due to the BOC "surprise" rate cut, and further price movements on improved US housing market.

    Anywhere, one of ICMarkets top executive has decided to take a personal interest in my case and we have been in communication since late last week to get to the "bottom" of what actually transpired with my account. And that is a very positive sign that perhaps ICMarkets is going through some "house cleaning" to clean up their image.

    We shall see what happens and I shall report any new development as they arises.

    ================================

    P/S I have absolutely no qualms in defending a broker if I believe it is being "blackmail" by some Traders....and I have done that on a number of occasions here and elsewhere.

    ...and, after taking a closer look at and review of this thread, I see the complainant traded with 1-2.0 lot size trades on a >USD5K....about same as my ex-ICMarkets account....which I would not do even in my wildest dream as I traded only with 0.10 and smaller lot sizes.
    ...hummmm....perhaps I might have been too "trigger happy" and let my personal feelings override my impartiality with a guilty vote on this one!
     
    #44 RahmanSL, Jul 27, 2015
    Last edited: Jul 27, 2015
  5. RahmanSL

    RahmanSL Major

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    Okay Chief, got you! :cool:
     
  6. Pharaoh

    Pharaoh Colonel

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    Hey Rahman, there's no rule against an individual passing the warning on to other places forex traders have been known to hang out. ;)
     
  7. TSF

    TSF Recruit

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    Yes, I fully agree with him. My three accounts had been wiped out like this and I complain them but they said its market volatility etc.. etc. and never ever agree their manipulation.
     
  8. psunardi

    psunardi Corporal

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    did you file your dispute to FOS ?if not do it soon
     
    NanaR likes this.
  9. psunardi

    psunardi Corporal

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    After my long waiting almost 1,5 year , finally i have dissapointed with FOS decision . They stand in icmarkets side
     
  10. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    The Australian FOS published a version of the decision with the identifying information removed...

    https://forms.fos.org.au/DapWeb/CaseFiles/FOSSIC/404928.pdf

    I've read the decision. It is firmly in favor of IC Markets. Based on this, I am overuling the vote and marking this thread as Not Guilty-Per Regulator.
     

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