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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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