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RESOLVED Case# 2011-012 | Fabiano vs www.investtechfx.com

Discussion in 'Traders Court Resolved Cases' started by Fabiano, Feb 14, 2011.

  1. Fabiano

    Fabiano Recruit

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    Original FPA Traders Court Submission by Fabiano:

    I am submitting the case against: www.investtechfx.com

    My Case is: I´m Investtechfx customer since March 2009. With the following deposits:

    2009.03.01 15:22 balance Deposit by PayPal 150.00
    2009.03.03 01:19 balance Deposit by PayPal 1 000.00
    2009.08.11 22:33 balance Deposit by Credit Card MB 500.00
    2009.10.28 05:59 balance Deposit by PayPal 1 000.00
    2009.12.10 22:52 balance Deposit by PayPal 5 000.00
    2009.12.15 04:35 balance Deposit by PayPal 5 000.00
    2010.01.14 01:09 balance Deposit by PayPal 5 000.00
    TOTAL in Deposits: $17,650.00

    They gave me some bonus for my deposits:
    2009.12.15 04:35 balance Credit Bonus 1 000.00
    2010.01.14 01:09 balance Credit Bonus 500.00
    TOTAL bonus: $1,500.00

    They allowed me to withdrawal some money as follow:
    2009.04.06 20:13 balance Withdrawal by PayPal -645.96
    2010.01.05 03:42 balance Withdrawal by PayPal -500.00
    2010.02.16 01:06 balance Withdrawal by PayPal -2 000.00
    2010.04.05 22:24 balance Withdrawal by PayPal -200.00
    TOTAL Withdrawals: $3,345.96

    I´ve done some profit in that account in the total amount of
    $11,635.80

    I´ve paid $4,921.10 in comission to them (quite money)

    My actual balance is $27,439.84 (deposits+bonus+profits)-(withdrawals)

    In May 2010 I tried to do another withdrawal whem they told me my money was fully commited until December 2010 according with the VIP account disclaimer. I was very frustaded but, I decided to wait ultil the commitment end.

    In January 10th 2011, I asked for $25,000.00 withdrawal and them my problems started, after a week they asked me to call their manager Mr. Alan and after going back and forward he told me my withdrawal was not possible becouse I did not ask for the end of the commitment before December 2010. I told him that is not fair you statment say 12months of commitment, after one day or two I called him again and he gave me an option to receive my money in five payments, meaning five months. He asked me to send an e-mail saying I was ok with that, but I sent an email saying I did not agree with that, please see a copy of the e-mail bellow:
    -------------------------------------------------------------------------
    From: Fernando Fabiano <fabianof.oliveira@gmail.com>
    Date: Wed, Jan 19, 2011 at 12:34 AM
    Subject: Re: Account verification - To Mr. Alan
    To: Investtechfx Technologies <info@investtechfx.com>


    Dear Mr. Alan, I do NOT agree with the management proposal of execute my withdrawal spliced in five months.

    I will talk with my lawyer to find out my options.

    I got really frustaded with Investtechfx treatment for "VIP" accounts and that situation is no longer acceptable.

    Regards,

    Fernando.

    ---------------------------------------------------------------------
    Since that day I´m changing e-mails with them without any result. I asked for my money more than one month ago and they still send me e-mails and telling:

    We´re sorry..., I will try to solve this problem..., You will receive an update shortly...


    They have a statement in their web site telling all withdrawal will be processed in 48hours but, that never happened to me.

    I´m really frustaded with them and no longer want to maintain an account open. I would like my money with profits, back and end of talk.

    Thank you for you help FPA.

    New thread in the Scam Alerts Folder:
    www.forexpeacearmy.com/forex-forum/scam-alerts-folder/13567-investtechfx-unfair-unfair-unfair.html

    Review is submitted by Fernando, Canada on 01/24/11

    The company was first contacted about the issue on 01/10/11, the last contact was on 02/10/11

    Details: From: Investtechfx Technologies <info@investtechfx.com>
    Date: Fri, Feb 11, 2011 at 10:53 AM
    Subject: Contact Number
    To: fabianofoliveira@gmail.com


    Dear Mr Fernando F. Oliveira,

    Regarding this situation, one of the top managers would like to get in touch with you in order to find the best solution to this matter. Please provide us with a number that we can reach you on, at a time that is suitable for you. Thank you and have a good day.



    Yours sincerely,

    InvestTechFx

    Company representatives' emails:
    Alan<info@investtechfx.com>

    Attached Files:

    1. account-proof.jpg

     
  2. vincam

    vincam Sergeant

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    Hello Fabiano,

    These guys and their "commitment" times baffle me, I've never heard of such a thing, it sounds very Ponzi to me, so they can lock in enough money to pay out the others whose times have expired.

    Did you know about the commitment time when you signed up?

    Is there some fantastic benefit they offer to lock your money down for a year?

    Looks like we need an e-mail to Gerard in here to sort this one out also Mr. Mod, although he hasn't showed up for the other two complaints yet that are already in here...
     
  3. Fabiano

    Fabiano Recruit

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    New "update" from Investtechfx

    Yesterday they send me an e-mail asking for a phone number to call me. After I give my number they send me this mail:

    From: Investtechfx Technologies <info@investtechfx.com>
    Date: Mon, Feb 14, 2011 at 2:28 PM
    Subject: Re: Re: Fwd: Account verification - To Mr. Alan
    To: Fernando F <fabianof.oliveira@gmail.com>


    Dear Valued Customer,

    Our insurance company has deemed your trading activities to be unauthorized and classified as high frequency trading. Therefore, this is the main reason why we cannot release your funds postliminary to our contention with the liquidity provider. In order to come to an amicable solution we would like to correspond with you regarding finalizing the matter of your account status specifically in correlation to fund withdrawal in the most benevolent manner. Before we proceed to organize your withdrawal we require your agreement to commitment to withdraw all the total funds plus bonuses ensuing committance until the end of December 2011. InvestTechFX can bestow a 5 % annual interest on top of the amount until that time as well to offer more of an incentive. We look forward to your collaboration. Thank you and have a wonderful day.

    Yours sincerely,

    InvestTechFx

    --------------------------------------------------------------------------

    That is very interesting because I sent them an email in August 2010 asking:

    From: Fernando Fabiano <fabianof.oliveira@gmail.com>
    To: Info@InvestTechFx.com
    Sent: Sun, August 22, 2010 10:55:22 PM
    Subject: Trade compliance VIP Account

    Hello,
    I would like to have my account reviewed to see if all my trades are so far in compliance with Investtech rules and Disclaimer: Forex ( Foreign Exchange ) Trading Platform).

    Account: XXXX - Fernando Oliveira.

    Regards,

    Fernando.

    Let´s see their answer:

    From: InvestTechFX <investtechfx3@yahoo.com>
    Date: Mon, Aug 23, 2010 at 9:13 AM
    Subject: Re: Trade compliance VIP Account
    To: Fernando Fabiano <fabianof.oliveira@gmail.com>

    Dear Fernando,

    We checked your account and everything is good.

    Thank You

    Support Team

    InvestTechFX
    InvestTechFX Foreign Currency Trading

    -------------------------------------------------------------------------
    Judge for yourself.
     
  4. Fabiano

    Fabiano Recruit

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    I did not realize that commitment until I was locked in. For me there are no benefits at all. I was paying a high comission for them I paid almost 5K and my money was locked. If I had any benefit I didn´t see any.
     
  5. Pharaoh

    Pharaoh Colonel

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    They've been doing these long term (never-ending?) commitments to a lot of people. The excuses vary from "insurance company" and "high frequency trading" to "VIP status".

    Overall, I think it's an excuse. Even if you are a good trader, lock in 20 good traders for a year and some of them will make mistakes and blow their accounts. Keep all the money in as long as possible and then the broker can keep most of it.

    It makes me wonder if the money is really in your account or not. As Vincam said, there's shades of Ponzi to this whole thing.
     
  6. f-man

    f-man 4Xangels Representative

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    Hi Fabiano,

    I am really sorry that you fell victim to this broker. As you already read, there are two more cases in this folder and many cases in the Scam Alert Folder, but the members did not file a case yet.

    I really hope that there might be a chance to find a workable solution and get your money. It is an important amount of money.

    I would like to use your experiences with this broker, in order to try to avoid this happening to other investors in the future. This is one thing you can surely do against them, meaning stop all Forex traders in doing business with them, in case they don't find a solution for you.

    You could tell us, how you got in contact with them. I see that you made several deposits with them. This means that you fully trusted them. What methods did they use to gain your trust?
    Had you made some investigations regarding the specific broker?
    Did you hear about FPA, before you had this problem?

    These questions might sound a bit weird to you, but they could help other investors that might be reading this in the future.

    We will follow up this case and hopefully a representative of the broker will participate and find a solution for your problem.
     
  7. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    InvestTech has not responded to the FPA's request to join the conversation. This one now goes to the Open Cases folder to join the other 2 InvestTech cases.
     
  8. Fabiano

    Fabiano Recruit

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    Good update from Investtechfx

    I´ve received a call from Investtechfx manager, and their are solving that issue with my withdrawal.

    Thank you for your help FPA community.
    I´ll keep you updated.

    Fernando.
     
  9. Investtechfx

    Investtechfx InvestTechFx Representative - The FPA considers In

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    InvestTechFX official statement:

    InvestTechFX is in direct communication with Mr. Fabiano to settle this matter. We anticipate an amicable resolution of differences shortly. An active pursuit of a settlement satisfactory to all parties is currently proceeding.
     
  10. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    InvestTech did not want anyone to see the cases of Fabiano, Monkata and Gonzzo. Their lawyer demanded that the FPA remove these threads. They only replied in these threads after this demand was refused by the FPA.

    The threads are going to stay. Since it looks like InvestTech is in touch with 2 of these 3, I'm going to let this go for one more week. If the traders are not satisfied by then, I see no reason not to take the cases to a vote.

    One more note to InvestTech. It no longer matters if the end result is Guilty, Not Guilty, or Resolved. Once a case goes to the Open Cases folder, it doesn't get deleted and hidden from public view. Your days of trying to bribe and threaten your way out of having traders share their experiences are over.
     

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