RESOLVED Case# 2011-080 | Alexander Godwin Ekpa vs www.masterforex.org

[AsstModerator]

It's now public and I'm sending a note to MasterForex asking them to visit and reply in this thread.

If you buy me a calculator, get me one with BIG numbers so I can see them.


To correct my statement above, it looks like if your account goes dormant for 105 days, Master Forex erases your records and keeps your money.

I'd like to hear how AML laws can allow client records to be deleted so quickly. I'd like to know why backups aren't made and kept.

 

[Larrydsimon]

As far as I am concerned this is theft! Guilty

 

[Tank]

contract

i dont know about the ethics (seems unethical) but if you bound yourself by those terms its contract law and probably legal..

thats my guess at least. not a nice broker

 

[Barryam]

Seems to me that the contractual right to archive an account is not the same as a right to confiscate the balance. Guilty.

 

[DougRH]

Screwed by the Fine Print! )< 8(

Hi,
It's hard to say what recourse you should have with this. According to their policy 'Fine Print', they acted as per their agreement with you.

Be that as it may, this is most definitely 'UnEthical' to say the least.

Do they belong to &/or are they members of any 'official' governing body? If so, present your case to them.

I rather suspect that you are screwed and unlikely to recover these funds.

I suggest that you inform them that unless you get your funds returned to you, that you will 'flame' them far and wide in any and all media outlets that you can.

But if you are going to do this, be VERY careful that you do NOT open yourself up to liable and slander. State everything that you can document EXACTLY as it transpired. Do not bias the facts, including by omission, in anyway in the least: STICK to the (documentable) FACTS!
Good luck and be prudent and do not expose yourself to even more risk.
You may just have to write this off as a loss in the ForEx market, just like money you may have lost trading.
Their are always disclaimers of the very high risks involved in trading the ForEx. Though it is not likely that you or any of us had instances such as this in mind relative to risks. But it STILL APPLIES: Do NOT put any money into the ForEx, or any other type of investment with the possibility of losing it (all) for that matter, than you can AFFORD to LOSE!
Though most of us do it, not reading the terms of service fully, completely and very carefully and get clarifications in writing on anything that you are unclear on or disagree with. Putting money into the hands of some unknown ForEx broker, who may just be someone operating out of their bedroom, is NOT like agreeing to and 'Rubber Stamping' the terms of service of something like joining a forum such as this online.

'Buyer Beware'​

FYI:
I have a couple of dormant Live accounts with FXDD Malta. Their isn't much in them and some of them have been dormant for quite some time now: over a year. But all I have to do is eMail them and they will reactivate the account for live trading again.
I know this for certain as I have done it with FXDD Malta with no problems whatsoever.

Regards and Good Luck!
DougRH

 

[Hermes Leao]

No shadow of doubt. GUILTY

 

[NetWoofer]

Harsh treatment

To archive then cancel the account is one thing, though harsh, but failing to return the client's funds is stealing. Guilty.

 

[Laurie Gold]

I agree with the ancient ruler, the policy is a license to steal. Guilty.

 

[cybergianni]

in which world do you live??

good morning everybody,
the excuses from masterforex are really from another world.. 1st they say if you keep your account inactive for a certain time then they stop it (and please tell me why when you owe them money this statement is not valid..)
but
the most important thing in real world is you have to pay taxes.
so brokers, banks and, in some countries, on line casinos they MUST keep record for a period depending from the applicable law.
in the more indulgent case, the lesser is 0NE YEAR.
so please do not pull our legs.
when allowed I will vote guilty
have a nice day
cyergianni

 

[SAMMYFX]

No back up? Unbelievable!!!
Just a smart way of scamming investors/traders their hard earned money.:unhappy: