1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

questrade scam and iroc doing nothing

Discussion in 'Scam Alerts' started by fxjon, Nov 2, 2008.

  1. fxjon

    fxjon Private

    Joined:
    Oct 4, 2007
    Messages:
    9
    Likes Received:
    0
    hi
    i complained to the canadian agency, iiroc, that is supposed to regulate the forex market but they are paid by the forex brokers so of cource they do and can do nothing. here is there reply to what questrade did to me. questrade put in a stop that i had removed and took over seven thousand dollars from my account.
    Dear Mr. Fisher,



    RE: Firm – Questrade Inc.

    IIROC File – 0955/Sep/08



    We are writing further to receiving your correspondence regarding your complaint against Questrade Inc. Staff of the Enforcement Department of the Investment Industry Regulatory Organization of Canada (IIROC) has completed a review of the matters raised in your correspondence and we provide the following response.



    As part of our review, we obtain information from both the registrant and the complainant in terms of their version of events, as well as any physical evidence that may exist to assist in our review of the allegations made. Upon receipt of all information and evidence, we then make a determination as to whether or not we possess sufficient evidence to determine if a regulatory breach has occurred. If it is determined that a regulatory breach has occurred and that there is sufficient evidence a regulatory action may be initiated.



    Mr. Fisher we have completed our review of your complaint. You indicated that on September 4, 2008, you attempted to cancel your stop loss and limit orders on your GBP/JPY short position; however, the system would not allow you to cancel the orders so instead you modified the price on both orders to zero. In addition, you claim that you were unable to access your account reports to verify that the order went through. Information from Questrade Inc. indicates that your stop loss order was modified several times on September 4, 2008; however, the price was never changed to zero. Based on our review, there is no evidence of a regulatory violation and we will not be pursuing formal disciplinary proceedings against Questrade Inc. We will therefore be closing our file.



    Please be advised that although IIROC has closed its file, it does not preclude you from trying to obtain financial compensation for any losses suffered. You may contact the Ombudsman for Banking Services and Investments (OBSI). OBSI provides independent and free investigation of customer complaints against investment dealers in order to provide an impartial resolution of customer complaints. You may also consider the IIROC sponsored arbitration process. There may be costs associated with the latter. You may wish to consult with a lawyer to consider other options.



    The contact for the OBSI is as follows:



    Ombudsman for Banking Services and Investments
    P.O. Box 896
    Station Adelaide
    Toronto, ON M5C 2K3



    Toll Free Telephone: 1-888-451-4519
    Toll-Free Fax: 1-888-422-2865
    E-mail: ombudsman@obsi.ca
    Web site: obsi.ca



    Further details regarding the IIROC Arbitration Program and the OBSI can be found in the IIROC brochure entitled Investor Protection for Clients of IIROC Member Firms that was previously mailed to you or you may visit our web site at home under the “Investors” section.



    Thank you for bringing this matter to our attention. Should you have any further questions or concerns, please contact me directly at the number noted above.





    Sincerely,



    Lindsey Sochaski | Case Assessment Officer, Enforcement Department | Investment Industry Regulatory Organization of Canada | Tel: 403.260.6290 | Fax: 403.234.0861 | lsochaski@iiroc.ca
     
    #1 fxjon, Nov 2, 2008
    Last edited: Nov 6, 2008

Share This Page