We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...

A reviewer left a review on June 5th 2009 saying that he knew that the EA from Pips Leader was a copy of the free EA called Divergence Trader. Before any of our scam investigators had a chance to look into this, an email arrived from our friends at 4xProject with the same information.

The $87 PipsLeader EA is a slightly altered clone of the free Divergence Trader EA with some small modifications in the settings.. Taking an idea and reverse engineering it from scratch may be legal. In this case, most of the code appears to have copied, which would make this a direct violation of international copyright laws. Also, 4xProject has verified that the original author of Divergence Trader did not authorize this use of his software.

We conclude that both PipsLeader has engaged in software piracy and false advertising. Both of these are severe breaches of both the law and of ethics.

PipsLeader is hereby blacklisted by the Forex Peace Army. We urge traders to not buy this EAs. We encourage anyone who has already bought this expert adviser to immediately seek a refund from ClickBank We are happy to hear that the true owner of this software has already contacted ClickBank in an effort to halt sales.

We offer PipsLeader two options to have this scam finding lifted. The first is to prove that this EA is not an illegally pirated copy of Divergence Trader. The second is to admit what they have done, pay the appropriate civil and criminal penalties, and then to seek proper licenses to legally sell copies in an ethical fashion.

We wish to thank Robert Morton, Ron Thompson, the FPA's AsstModerator and 4xProject for their contributions to this case.

Discussion Thread for this Scam Finding

4xProject report on PipsLeader

4xProject Home Page – has link to get settings to make Divergence Trader operate identically to PipsLeader

FPA Review Page for PipsLeader.com

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