Problem Pellucid FX - refusal to pay profit or disclose exact details of alleged breach of terms

[mfosterpsl]

Actually price ineffieciencies are very popular way to scam broker . Hope you are not one of that cute guys, who managed to do that

Bigdolly - I haven't been attempting to scam the broker - and have NOT been performing latency exploitation trades.

 

[mfosterpsl]

If that happened over "several months" then something is very wrong with their system because, with the brokers that I experienced such latencies, the trades were removed the next day....and, of course, I expected that to happen and never bother to "ask why" even though they never notify me officially.

PELLUCID Representative will be the best person to clarify this matter.

They are refusing to give me a list of trades which they claim are in violation. I have been trading on the account since December and they have withheld ALL PROFITS since my account opened.

 

[RahmanSL]

Try posting in PellucidFX "discussion forum"....maybe their founder Damon might be induced to reply directly to your problem.

 

[BlyPIPs]

Hi all

I am in exactly the same boat with Pellucid. They sent me the same email accusing me of latency trading. I have never done anything like this. I have offered repeatedly to evidence all of my trades from server logs - I can show the exact server CPU tick count times of getting the price from THEM and submitting my orders to THEM with THEIR platform on THEIR server! I have no way of accessing this to fiddle with it or whatever. All of my orders were placed using information THEY provided!! Sorry about all the CAPS, am really angry about this broker.

I have a full email chain, several chat sessions and whole raft of comms with Damon Hunt the owner. All along the way I've maintained comms with the guy (since before this all arose in fact). He has written very plainly that brokers can and will just walk away with your money and there's nothing you can do about it...now he's doing just that. He has gone from being really friendly to suddenly very venomous and snide towards me.

On top of losing the profits and the sheer audacity of the guy is the way in which he sells his service - he makes out that this is the most trader friendly setup you'll come across (should've set alarms ringing at that point alone).

He has at no stage provided any explanation for what is happening - just that HIS risk team had done two assessments and my account was flagged in a list of accounts exploiting his platform!! I have been completely open and honest with the guy, offering him any amount of logs and technical detail he wants and asked for the same back from him - all of this is very easily evidenced - but he now ignores me completely.

I've reported the company to various authorities but I feel like I'm banging my head against a brick wall - he's clearly protected by his lack of regulation.

Here's a starter:
"It is standard action for lp to fill our position like this. Its very very rare though unless someone is lag trading. There is no winner in lag trading. Believe me I have tried and been down that road, although I have heard it can be done in dark pools as the prime broker. I dont have millions to play though.
Pellucid is unregulated, regardless of regulation a broker can disappear with funds. I personally have 40k in pellucid. It better not disappear, its what I have to show for directing pellucid for a year and a half.
The way it would disappear is the way it does in any brokerage. If it gets shut down the companies pellucid has contracts with takes the funds right out of the accounts. Its pretty brutal. But any brokerage runs this risk even regulated. Its in the contracts that they can lock it up and take any funds they deem owing, Which is all of it as they have to pay lawyers to figure out where its owing, it almost always all gets eaten up. And if it is a regulator that shuts it down its even worse. I would take a big hit myself and dont intend to so I have pellucid running as safe as I can.
Pellucid is not over stretched by any means. We have accounting policy that is executed by accounts for that.
But your question about can a brokerage disappear with funds makes me worry that you dont understand the risks of any brokerage. The most regulated biggest US brokerages have gone bust in the past. I have friends who were caught and lost millions, im nit just talking forex. It comes out of the blue and is way out of brokerage control if it happens. But if you mean one of pellucids employees running away with funds thats highly unlikely due to banking policy which again is above brokerage control. Another bit of data for you is that the lawyer of a brokerage is the only one that can be single signatory, so if he wanted or needed to he could move all assets from accounts. This is normally how brokerages go down. For example: bill is not paid to prime, lawyer takes out funds to pay fine of one year billing to all parties including himself. Another example: law is broken by brokerage. Regulator shuts down banks, lawyer takes funds to pay all parties including himself.and no one including broker employees get any money. Its just gone. Here is another example with regulated brokerage: regulator shuts down broker, lawyer cleans accounts and freezes them for fines, contract payout and lawyer fees, lawyer fights with regulator till funds are all eaten, clients cannot get funds back, employees all not paid and no one but lawyer has access to funds. Its really crazy when you think about it.
Basically everyone gets the money but the client and anyone working in the brokerage. By the way I am talking segregated accounts too. There is no where the lawyer of a brokerage cannot access.
That being said, I do think pellucid is in shape for me not to withdraw my trading funds. But I know that any brokerage anywhere can have funds go "poof". I understand the risk."


"Please speak to support about this matter. It is not being investigated by me personally and I will only know the results when results are compiled. I am director but do not deal with tech/legal/support. I am charged with expansion of pellucid mainly.
The type of trade that is being investigated is when a trader looks for a lag in broker feed and pushes through an order very fast, it gets through pellucid servers but rejected at lp. It is extremely costly to a brokerage and can quickly bankrupt as they are stuck with order (it is not in the market it is directly against brokerage) it and is illegal per our terms and conditions.
I am sorry for the investigation but it is necessary or pellucid would not do it.
An investigation does not mean you are guilty. But they need to look."

So I'm being accused of exploiting his back-office setup?! I have no way of 'lag' trading, and certainly no way to know that he has his servers setup to accept ANY trade regardless of whether his LP will back it - seems a bit naive and more than a little risky to me.

Anyone?? F**kin seething here.

 

[BlyPIPs]

Oh yes, further to this - Pellucid would only refund deposits back to a bank account rather than refund the card I used. They would only say that the payment processor was 'Unable' to perform the transaction.
I spoke with HSBC bank payment processing (Merchant Services) and they confirmed that this was simply not true. My refund is yet to be seen in my bank account but I'm willing to bet it's coming back from Damon's own bank. This does lead me to believe that he's running a bit of a Ponzi scheme - given that the other poster (mfosterpsl) has stated something similar about getting withdrawals back a couple of months ago from Damon's own bank account - really dodgy that. Even some of the worst bucket shops I've dealt with have been able to process a card refund.

PellucidFX = Ponzi (or the guy is just so ignorant he doesn't realise the extent of his own scam)

 

[Pharaoh]

Inability to return money to the credit card could be due to changes on Pellucid's end, such as changing their merchant bank account.

Still, I'm very surprised no one from Pellucid FX has jumped in to go through these issues yet.

 

[BlyPIPs]

Pellucid scam

Inability to return money to the credit card could be due to changes on Pellucid's end, such as changing their merchant bank account.

Still, I'm very surprised no one from Pellucid FX has jumped in to go through these issues yet.

I'm not that surprised; Damon has been very reluctant to respond to questions or give any detail. Now he appears to be remaining silent...couldn't be guiltier.

I accept what you say about the merchant bank, but they could have said this to me many times and simply refused to give reasons.

 

[mfosterpsl]

Does anyone have any suggestion of how to progress from here as Pellucid seem totally uninterested in responding. Indeed, as copied above, my last email to them ended with: "We consider this matter closed"

I appreciate there is little chance of me getting my profits out of the company, especially seeing as they are unregulated, but want to make as many traders as possible away of the fact that this broker is untrustworthy and should be avoided.

 

[BlyPIPs]

Alright, First of all go here and make one star review Pellucid FX | PellucidFX.com reviews and ratings by Forex Peace Army.

After that Send them email again about this thread, wait till Monday for the reply.

Hi Pharoah

We're now on Wednesday and looks like no reply. How do we move this forward please?

 

[Pharaoh]

Pellucid's failure to respond has me very worried about the company's real intentions here.

At this point, anyone who feels defrauded could go ahead and file a complaint with econsumer.gov - Your site for cross-border complaints.