OneCorpFX – Passing the Buck and Keeping the Cash

OneCorpFX – Passing the Buck and Keeping the Cash

OneCorpFX – Passing the Buck and Keeping the Cash

OneCorpFX.com aka OCFX aka One Corporation Forex Financial Group was a well rated forex broker. It had a 4 star rating from the FPA. Then something went wrong.

FPA member Aladar complained to the FPA in October 2010 about not being able to access funds after trying to get them out since July. He reports that initially, OnceCorp told him the account was being moved to eForex, but then told him that he's have to withdraw his funds and set up an account with eForex. He tried to withdraw his money and the buck started getting passed, but the money didn't.

In August, Aladar reports that OCFX claimed the money was with Boston Technologies. Later, they claimed to be preparing a lawsuit against Boston Technologies. Aladar called Michael Graham of OneCorp and was given contact info for William Loftus, a lawyer who was supposed to be handling the issue between OneCorpFX and Boston Technologies. Mr. Loftus told Aladar that he needed OCFX permission to discuss the issue first, but never got back to him.

Aladar contacted Boston Technologies and they replied...

"OneCorp seems to be informing it's clients that money it held for them was sent in it's entirety to BT and that BT was holding onto that money and not releasing it. Additionally, OCFX is claiming an accounting or technical error ocurred at BT that wiped out the OCFX account. Neither is true, BT is not holding on to any money of OCFX and no error ocurred either. The amount OCFX claims to have sent to BT is false. In actuality, money that was sent to BT by OCFX was lost through trading.

We have not been contacted by any attorneys of OCFX or any other for that matter."
FPA Investigator Ken asked Aladar to email OneCorpFX, their lawyer, and Boston Technologies. At first, there was no response. Then Boston Technologies contacted the FPA and explained that the original message sent to Aladar was still correct. Boston Technologies did not have the money and OCFX was just trying to pass the buck.

Aladar and Ken continued to email One Corp FX. There were no replies. In the opinion of the FPA, if money is placed directly with a broker, then the broker bears full responsibility for the safety and security of that money. All of the money was originally placed with OCFX and that company refuses to provide any additional information to Aladar or the FPA. From our point of view, OneCorp's attempt to blame Boston Technologies appears to be designed to evade or reduce blame. We feel that if there were really an issue like this, OneCorp would have at least had the courtesy to reply to the FPA and/or to Aladar.

Under the circumstances, we see no choice but to label OneCorpFx.com as a scam. If some other company really has the money, we consider One Corp Fx to be responsible for recovering it. We also feel that if this really were the case, OneCorp would have provided more information to Aladar. In our opinion, the silence from OneCorp makes it plain that they have no real response.

In case anyone thinks this only happened to one trader, please check the OneCorpFx discussion thread. Another FPA member tells of the same thing happening to him.


We wish thank FPA Investigator Ken for his efforts on this case. We thank Boston Technologies for contacting the FPA to discuss this case. We extend our regrets to FPA member Aladar as well as any other clients of OneCorpFX who can't access their funds. We encourage Aladar and others to contact the authorities and seek all legal methods of recovering their funds.


FPA Scam Finding against OneCorpFX.com

Aladar's original complaint against One Corp FX

FPA Review Page for OneCorpFX
 
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Edu Udo

Private
Messages
22
Can FPA explain one thing to me? why isnt Prime4x listed as scam when their deceit and unpaid claims is of a far worse situation?
 

marjiemiller

Private, 1st Class
Messages
35
I'll second that emotion about Prime4x. I can't believe they are still around and still ripping off new people everyday. I still get emails from them promising $1000 bonus if I deposit $1000, though they don't reply to my emails asking for my money back after I got a margin call with the "No Margin Call" margin call that they "specialize" in. I never did the $1000 for $1000 deal but I read on the net that this was just another one of their scams in which they ripped people off.
 
To declare a broker a scam when the broker is willing to talk to us and is working it's way through issues would not help traders get their money back. The FPA Scam Investigation Process is focused on getting traders the money owed to them, not on giving out scam labels as quickly as possible.

If you have a problem with Prime4x or any other broker, start a new thread for your issue in the Scam Alerts Folder and leave a review for the broker. Make sure to give your account number in the thread and the review. If you already have a thread or review, leave an update in the thread or a followup review.

The FPA has been in constant contact with Prime4x for many months. There are still big issues, but many traders have gotten their withdrawals processed. These payments are coming much slower than we would like, but Prime has been paying clients. If Prime4x stops paying, then that broker will get a scam finding very quickly.


In contrast, the FPA was unable to get OneCorpFX to even acknowledge receipt of emails. They appear to have taken the money and run.
 

marjiemiller

Private, 1st Class
Messages
35
By the way, great job on this OneFinancial investigation and report. I'm really impressed with FPA. Thanks so much!!! I was thinking of starting an account with them, and now I sure won't!!!
 

Edu Udo

Private
Messages
22
Scam

i like the explanation FPA. it makes alot of sense the way you handle matters with Prime4x and other brokers before declaring them scam. i find it hard to imagine that one corp would degenerate this much. i hope new and innocent traders dont fall into their dubious hands. thanks for all your hard work. we are all together in this...
 

aladar

Private
Messages
18
I'd like to thank FPA for their help.
It's a solace for me if there are people who won't choose them thereafter. I think this story is truly edifying. :(
 

nano_fx0

Recruit
Messages
2
after FPA declare this broker is a scam, then what?

Michael Graham is still out there loose, maybe he is planning another scam. who knows. As a community of conscious traders can we bring the guy to justice? We want this man arrested and prosecuted, can we do that?
 

Pharaoh

Colonel
Messages
19,786
An FPA scam declaration provides a broker with a ton of negative publicity and helps reduce their potential pool of victims. In some cases, this can help drive the worst brokers out of business.

The next step for people who got ripped off is to report this to the authorities. Start with the CFTC, the SEC, the NFA, and IC3.gov. If you are outside the USA, ask your bank for information about which government agencies in your country deal with online fraud.
 
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