Potential scam, MexGroup(BVI) Cancelled profits

[chitak]

I had been trading for a while with Mex(BVI) and also MexExchange AU(ASIC) for a while. I was spooked by Mex AU one day canelling some trades(not this account, will post about this separately), so I tried to withdraw all of my money from Mex(BVI).

The following day I got an email saying they're cancelling profits of USD5,882.80(they called this scalping profit). This was almost all the profit I had made on the account going back several months(since march this year), I had probably placed over 500 trades on this account, mostly 0.01 lots, up to 0.8 lots and anywhere in between. Basically all sorts of trades on various pairs at various times.

This all happaned on Sep 10th, when I tried withdrawing my whole account balance. I am attaching some screenshots of the emails from MEX.

I had been quiet about this because I had quite a large account at MEX AU, and I did not want to risk my account being held hostage if I filed a complaint with MEX(BVI). I have now withdrawn all my money from all MEX entities so I am proceeding with scam alerts, and after that complaints with regulators.

I'm just putting this out there for the community to judge, but my thoughts are that a broker can't just cancel trades like that, going back 6 months, and a broker can't just say 'your trades were scalping trades so they're invalid'

 

[chitak]

A quick update.

After I posted this here and emailed MEX, they called me on the phone to 'chat' and explain to me that it's their policy to not allow scalping, yet for 6 months they said nothing. I beleive the added this no scalping rule only recently, but even so, such rule does not look good, usually in my experience scam operations use this excuse to confiscate profits. I told the MEX rep they shouod remove this soet of rule if they want to be a good broker.

Issue is now escalated to management at MEX I am told, we shall see what happens in the next few days.

 

[FxMaster]

A quick update.

After I posted this here and emailed MEX, they called me on the phone to 'chat' and explain to me that it's their policy to not allow scalping, yet for 6 months they said nothing. I beleive the added this no scalping rule only recently, but even so, such rule does not look good, usually in my experience scam operations use this excuse to confiscate profits. I told the MEX rep they shouod remove this soet of rule if they want to be a good broker.

Issue is now escalated to management at MEX I am told, we shall see what happens in the next few days.

Let's wait for their resolution on your issue and if you will not get a satisfactory resolution or an answer then I`ll suggest you more steps to follow

 

[chitak]

Still waiting for MEX to follow up. If I don't hear from them by sometime next wek I will proceed with opening a court case here in the FPA as well as file complaints with the CFTC and NFA(becasue MEX is incorporated in USA) as well as the BVI regulator.

From MEX's website - 'MultiBank is the trading name of MultiBank Forex Exchange Corporation incorporated in California, USA with Company No. 3918038' It looks like the company was set up by Alan J Droste of Neport Beach, CA. A quick search reveals he is a lawyer - http://mcqueendroste.com/alan-j-droste/.

 

[chitak]

I've now filed complaints with CFTC and NFA. And I have opened a case here in the FPA.

Some more evidence that I found which I had not posted previously(attaching MEX's incorporation docs), MEX is incorporated in the USA - California, CEO is listed as Naser Taher. Some articles about Naser Taher and MEX

https://www.financemagnates.com/for...-singles-multibank-exchange-group-unlicensed/
https://directory.financemagnates.com/view-company/naser-taher/1059/


Looks like MEX is what used to be IKON. As far as I remeber IKON was a scammy operation, had I known that before I probably would have avoided them. It seems their CEO Naser Taher wants to run all his businesses as bucket shops.

 

[ngocvynguyen96]

Per a sealed court order, this post has been taken down. Whether or not the content of the post returns is up to the court.

 

[chitak]

Received a letter from the NFA that this company is not under their Jurisdiction, however they're forwarding the case to CFTC and the State of California for further investigation. I think that's a good step in the right direction in getting governent involvement