RESOLVED - Dumped by her broker after 5 years

Sibali

Corporal
Messages
109
GCI Update

WELL WELL WELL
Listen to this. GCI's Staff have now orders not to make any communications with me.
I am calling them time to time, and when eva i call them, their Compliance office is busy in meetings.
 

Sibali

Corporal
Messages
109
Check this OUT

GCI and Vazquez Illegally Offered Forex Investments on Website; CFTC Settlement Order Requires Them To Cease Forex Operations

The CFTC also today filed and simultaneously settled an administrative action against Global Capital Investment LLC (GCI) of New York, New York and Mitchell Vazquez of Wilton, Connecticut, finding that they had offered illegal forex futures and options contracts to retail investors. The CFTC order issued against GCI and Vazquez, president of GCI, finds that from late 1999 through at least October 2001, GCI and Vazquez sold illegal forex futures contracts to retail customers through a website. On that website, GCI stated that they transacted nearly $2 billion per month in “spot foreign exchange” and invited customers to trade through GCI’s Internet trading platform. Contrary to their claim, the order finds that they were offering forex futures contracts. The order also finds that from at least December 21, 2000 through March 2001, GCI and Vazquez also solicited customers to enter into illegal forex options transactions. According to the order, the forex futures and options transactions were consummated off-exchange, i.e., not on a contract market or a derivatives transaction execution facility, designated or registered by the CFTC. The order finds that GCI and another forex entity acted as the counterparties to the forex futures and options contracts with the retail investors but were not lawful counterparties under the Commodity Exchange Act, as amended by the CFMA.

The CFTC order requires GCI and Vazquez to cease and desist from further violations of the CEA and CFTC regulations, imposes a $100,000 civil monetary penalty and requires them to comply with undertakings. Among other things, they undertake not to seek or claim exemption from registration with the CFTC for five years, not to engage in forex futures and options business for or on behalf of U.S. customers or cleared or conducted in the U.S. for three years, and to cease all current foreign currency operations. GCI and Vazquez recently represented that they have ceased operations and returned all customer funds in accordance with the terms of the order. In settling the action, GCI and Vazquez neither admit nor deny the findings in the order.

*************************************

In each of the federal court actions, the CFTC is seeking permanent injunctive relief, restitution for customers, disgorgement of ill-gotten gains, and civil monetary penalties.
 

Sibali

Corporal
Messages
109
CFTC's Order

CFTC's order can be found here.

http://www.cftc.gov/files/enf/02orders/enfgci-order.pdf
 
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Pharaoh

Colonel
Messages
19,899
Sounds like they moved offshore to avoid getting any more fines for breaking the rules.
 
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Agent86

Sergeant
Messages
195
WOW GCI a scam

Thank God for the Forex Peace Army

I was looking for higher leverage in other countries just to keep my options open in case there becomes a 10:1 leverage rule in the US then I will be considering a good company which to trade with higher leverage some place else.

But came across the GCI site which looks appealing, however figured I would check in with the old FPA to see the reviews.

WOW reviews saved me time,headache and cold cash.
Within about 10 minutes I read the scam articles and easily realized I don't even want to think about doing business with GCI

Thanks FPA.
I'm very sorry for those who suffered losses from these scammers, but am also very happy that their experience is paying off for others now that we know about these scammers.

Long live FPA
 

ajw17

Recruit
Messages
3
I never traded forex as it seems most brokers are crooked,and I think being in South Africa is being in the rear end of forex I was assured these brokers where great but thank goodness I am a memeber of FPA so I could check.

Can anyone recommend any honest brokers?
 

Krell

Recruit
Messages
1
Gcitrading - SCAM!!!!

All dirty tricks you can think of they do it!
Surely hope some good soul will hack gcitrading.com, and destroy them! And surely hope God will punish all these pigs soon!
 

mek

Recruit
Messages
1
YES

All dirty tricks you can think of they do it!
Surely hope some good soul will hack gcitrading.com, and destroy them! And surely hope God will punish all these pigs soon!
EVerything you say is true......how come they still exist? can't somebody stop them:mad:
 

Sibali

Corporal
Messages
109
GCI's hide out found

1. Edgar Hewlett - Sole shareholder and owner

BVI Passport no. 626019846

Date of Birth – 24 May 1937



Business Address:

Canonbury Holdings Ltd,

P.O. Box 119, Road Town,

Tortola, British Virgin Islands

Tel: 1-284-494-2452



Home Address:

Huntum’s Gut

Tortola, B.V.I.

Social Security No. 900036



2. Blair Baker - President

U. S. Passport No. 213 783729



Address:



796 East Johnstone Road,

OAKLEY M. I. 48649

USA



3. Ms. Indira Roberts - Director



Address:



44 Liberty Avenue,

Orange Walk Town,

Belize



Belize Passport No. P0021048
 

Pharaoh

Colonel
Messages
19,899
Excellent work digging up the names behind the company. If only we could get this information on all the scam brokerages out there.
 
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