Resolved: FBS managed account scam

FBS Official Rep

FBS Representative
Messages
189
You FBS people are such a joke, as long as you acknowledge he is free to do what he wants then he goes of masquerading as an accounts manager you said you did not know about all these years he has been in operation neither do you approve nor give your blessing then you are part of the problem and solution.
You say to me he is free to operate as he chooses and he is using your FBS name, resources and platform to fraudulently represent himself as an accounts manager you said he is not, then turn and say you are not involved, you have given him free access to operate against what you said are violations only to change later then be saying he can now operate as a managed account, that is appalling.
The moment he failed to deliver on returning the blown funds and started his crude behavior after stopping for months to manage my account giving unfulfilled promises month after month i simply moved the funds i had funded as per his direction to trade and return the blown amount but he stopped trading and i moved the funds to my second FBS account for safe keeping out of his reach, as you are well aware i have also removed all my funds from FBS in revulsion and common sense and i will never return to such a broker any time soon so your deactivation offer does not make any sense and saves no purpose.
Obviously i will never use that managed service of his again nor your broker the way you are going on in his defense, there is nothing to deactivate, so that offer is immaterial and senseless.
You said i never lost money through the managed account against what i have informed you about and what you say you observed from my account yet the facts are clear, why do you insist on such flagrant actions or lack thereof against your clients in support of your fake accounts manager?
What is your benefit in this situation in your strange defenses for your IB?
Have you traced his IP linked accounts as you informed me you are investigating as to at least warn the connected clients of this great risk which they will not be assisted and protected in by yourselves?
Your new information saying your IB is now free to trade for people shows you working all processes for his advantage as i have always pointed out from the beginning, which then means your defenses have fallen away you have been using against me.
Had he presented himself as an IB to me guaranteed he was never going to be entertained hence his lies to cheat me into his managed services fraudulently, you have no right to protect such an offensive IB and should be distancing yourselves from such but then it shows your uneven standards which is a shame.
So with all you had informed me as to have taken action and blocked his services to return later saying you had not said such it actually means you have been deceiving me and leading me along just like your IB, you are of the same material and upbringing and you understand each other and it appears you are working well together.
Your IBs cannot be free to operate and maraud using your granted access and FBS resources to the disadvantage of innocent clients with your approval, you are under obligation to take action else it does not augur well for FBS and the connected regulators must then intervene and force the protection you are refusing to enforce for the advantage of your offensive IB for perceived benefits to yourselves as you have said his job is to bring you clients.
FBS neither allows trading on clients accounts, nor prohibits it, nevertheless we do not recommend such behaviour in any case, if it was claimed by you or any other client that the bespoken IB acted without your permission and you never gave login details to him, this would be absolutely different case and FBS would have acted differently as well, but, unfortunately, in this case IB acted on your permission and you are fully responsible for the result of account details disclosure. Regarding discrepancy in FBS agents’ replies, as it was already said in our first reply, we are sad to admit that this was due to the situation being very complicated and controversial - different agents were informed differently in the beginning, we bring our sincere apologies about it, though as soon as the case was investigated and the IB contacted, it became obvious that FBS bears no responsibility for the situation at hand and, moreover, any claim you have against this IB should be addressed to the bespoken IB, thus, the final decision of the company has been sent to you, and, kindly let us remind you that according to the Partners Agreement:
10.1. In case of any arguments between a Client and an Introducing Broker, the Company’s opinion will be final.
Have a nice day!
 

compu-forex

Sergeant
Messages
149
@FBS Official Rep,

If I may interject here. I trade with FBS and I am happy. I don't for 1 minute believe you to be a scam broker.

That said, I do need to point out that by your own admission, this forexfamz was masquerading as an FBS account manager. He was trading on your reputation and people got hurt. As a reputable broker, I think your actions should be far more assertive than to tell the guy not to do it. You should terminate his IB agreement and withhold his IB commissions for use as reparations. His actions are not acceptable and I am somewhat surprised at the laissez faire response to his misrepresentation. I can understand why your client is angry.

That said, Lisamary, apart from the actions I mentioned, the broker cannot be responsible for your losses when you hand your trading details to a stranger on the internet(even if he pretends to be FBS approved).

Furthermore, this guy blew your account, promised a refund and you then gave him more money. I would like to respectfully suggest that FX trading might not be the game for you.
 

Lisamary

Private, 1st Class
Messages
30
I will be in forex for a long time to come , i have updated my security beyond what i thought i had done prior to this unfortunate incident regarding brokers and will make sure i never again fall for the same gimmick as to make extra income on the side.
I had thought having observed this managed account running for years and seeing managed accounts results posted by forexfamz in the telegram group with individual testimonies from the group coupled with forexfamz own declarations to me i thought i had done enough due diligence only to find out with certain brokers that was not enough but i am learning and improving.

Thank you for pointers to FBS i hope they respond in kind, cheers.
 

Lisamary

Private, 1st Class
Messages
30
@FBS Official Rep,
Your tendency as FBS officials of communicating divergent views in the same breath about the same details and facts might depict you as shoddy if maybe you have not been aware, it appears then in that light you have no absolutes, you offer no opportunities to be trusted by how you have carried on leading me on and as a broker that is declaring itself as scrupulous and up to task, it presents a bad picture on yourselves and is a disservice to your clients.
You are the only ones in confirmed and successful contact with your IB as severally revealed and informed he has blocked me and those that appear trying to help me contact him on telegram yet you refuse to give me his details but keep speaking for and in his defense, that is not fair. In your instructions to him to alter his telegram description did you add the crucial that he adds his contact details so his access to his clients be not hindered and he not hide behind a wall hoping what he owes evaporates unjustly, so you will not be found speaking on his behalf after he blocks his management account clients on telegram?
If anyone else uses your platform and connected resources as done by your IB to mislead your clients the same blind eye will apply with you not taking action and declaring yourselves not involved and without a care in such situations, so we know how deep you are about this incident that normally should prompt any fair broker into action as you had initially misled me to believe only to discard your notifications sent me and changing as to declare your IB to not have done anything wrong in all that is before you?
As FBS you are enabling his services that are harming us, you are the major player wielding the necessary power and resolve for order and clarity to prevail for services under your rudder.
Against your protestations and defenses for your IB giving me the run around it is apparent you can fix this unsavory situation and i encourage you to so do so sanity prevails and you will retain lost trust and confidence.
 

Lisamary

Private, 1st Class
Messages
30
@FBS Official Rep,
This unfortunate incident compels your kind response and you are requested to exhibit care for your clients not that you discard the matter with a " i do not care mentality it is your fault".
It is an opportunity to kindly redeem lost trust that has been violated if you will rise to the occasion and enable restorations, it does not matter how far this has dragged the opportunity still is available to take charge over your IB managed account dues and direct him to fulfill and release what he himself knows he owes.
On behalf of all your clients i request that you revisit your IB policies and regulations so you may impose fines and restitutions as is clear in this case so your IBs know to conduct themselves above board with full transparency not that they should think they are free to use your platform and resources against FBS clients for their personal benefit unfairly.
 

TheAlert1

Sergeant
Messages
222
@FBS Official Rep,
This unfortunate incident compels your kind response and you are requested to exhibit care for your clients not that you discard the matter with a " i do not care mentality it is your fault".
It is an opportunity to kindly redeem lost trust that has been violated if you will rise to the occasion and enable restorations, it does not matter how far this has dragged the opportunity still is available to take charge over your IB managed account dues and direct him to fulfill and release what he himself knows he owes.
On behalf of all your clients i request that you revisit your IB policies and regulations so you may impose fines and restitutions as is clear in this case so your IBs know to conduct themselves above board with full transparency not that they should think they are free to use your platform and resources against FBS clients for their personal benefit unfairly.

I was looking at the Cysec website earlier today and then saw your thread about FBS (Tradesone Ltd) that are regulated by Cysec so I went to have another look at the actual REAL LAW that FBS are regulated by and not the made up one and statements they put in their client agreements that they keep referring back to "the FBS IB is not our responsibility" !!! It is FBS's responsibility. This is their IB and agent that has misrepresented themselves and caused your loss.

If the FBS IB was misrepresenting himself as an Official FBS Account Manager how would @Lisamary know he was an IB and not an official FBS Account Manager!? o_O and how was he to be paid for this service he was misrepresenting himself as, what was the purpose of him doing this, what does he gain from doing that if FBS doesn't pay him as an official Account Manager??? He must be paid commission only for introducing clients based on the deposit amounts therefore his intention was to blow the account and gain further deposits from @Lisamary to recover the blown funds thus increasing his own commission on further deposits!!!

@Lisamary if this isn't resolved here with FBS returning your $256 and terminating their contract with their IB 'forexfamz' please see the below to make the complaint to Cysec about Tradesone Ltd.


Tradestone Ltd
89 George A, Mairoza complex, block A, 1st Floor, Potamos Germasogeias, Limassol
Licence Number: 331/17
Licence Date: 07/08/2017
Company Registration Number: 353534
Approved Domains:
www.fbs.eu

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

Some points from the actual Law FBS are regulated by that might help:

https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=77e29980-c9c2-449b-b0b4-5da399bd1342

LAW WHICH PROVIDES FOR THE PROVISION OF INVESTMENT SERVICES, THE EXERCISE OF INVESTMENT ACTIVITIES, THE OPERATION OF REGULATED MARKETS AND OTHER RELATED MATTERS

"Cypriot Investment Firm" or "CIF" means the company that is established in the Republic and authorised by the Commission pursuant to this Law to provide one or more investment services to third parties or/and perform one or more investment activities;

“Investment Firm” or “IF” means any legal person whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities on a professional basis, and includes a CIF;

“tied agent” means a natural or legal person who, under the full and unconditional responsibility of only one IF on whose behalf it acts, promotes investment and/or ancillary services to clients or prospective clients, receives and transmits instructions or orders from the client in respect of investment services or financial instruments, places financial instruments or provides advice to clients or prospective clients in respect of those financial instruments or services;

pg.85
PART 2 Provisions to ensure investor protection
General principles and information to clients
25.-(1) A CIF must, act honestly, fairly and professionally when providing investment services, or, where appropriate, ancillary services, to clients, in accordance with the best interests of its clients, and comply, in particular, with the principles set out in section 26

pg.86
(3) CIFs must ensure that:
(a) all information, including marketing communications, addressed to clients or potential clients are fair, clear and not misleading, and
(b) marketing communications are clearly identifiable as such.

pg.91
(10) A CIF which provides investment services to clients shall ensure that it does not remunerate or assess the performance of its staff in a way that conflicts with its duty to act in the best interests of its clients. In particular, such CIF shall not make any arrangement by way of remuneration, sales targets or otherwise that could provide an incentive to its staff to recommend a particular financial instrument to a retail client when the CIF could offer a different financial instrument which would better meet that client’s needs.

pg.92
26.-(1) CIFs must ensure and demonstrate to the Commission, upon its request, that natural persons giving investment advice or information about financial instruments, investment services or ancillary services to clients on behalf of the CIF, possess the necessary knowledge and competence to fulfil their obligations under section 25 and this section. The Commission, shall publish, by way of directives, the criteria to be used for assessing such knowledge and competence.

pg. 101
Obligations of investment firms when appointing tied agents.
30.-(1) Without prejudice to subsection (5) the CIF may appoint tied agents for the purposes of promoting its services, soliciting business or receiving orders from clients or potential clients and transmitting them, placing financial instruments and providing advice in respect of such financial instruments and services offered by that CIF.

pg.102
(2)(a) Where a CIF decides to appoint a tied agent, it remains fully and unconditionally responsible for any action or omission on the part of the tied agent when acting on behalf of the CIF. The CIF must ensure that the tied agent discloses the capacity in which he is acting and the CIF which he is representing, when contacting or before dealing with any client or potential client.

(b) The CIF must monitor the activities of its tied agents so as to ensure that the CIF continues to comply with this Law, even when acting through tied agents.


(3)(a) Tied agents established in the Republic shall be registered in the public register established by the Commission.

(b) Tied Agents are only admitted to the public register if it has been established that they are of sufficiently good repute and that they possess the appropriate general, commercial and professional knowledge and competence so as to be able to deliver the investment service or ancillary service and to communicate accurately all relevant information regarding the proposed service to the client or potential client.

(c) The register shall be updated on a regular basis and shall be publicly available.

(4) The CIF appointing tied agents must take adequate measures in order to avoid any negative impact that the activities of the tied agent not covered by the scope of this Law could have on the activities carried out by the tied agent on behalf of the CIF

pg.103
(5) A CIF may only appoint as tied agents persons who are registered in the public register of subsection (3) or the respective public registers of other member states that have been established pursuant to their corresponding legislation enacted in compliance with Article 29 paragraph (3) of Directive 2014/65/EU.
 

Lisamary

Private, 1st Class
Messages
30
@ TheAlert1
Thank you for your valued response and your time, much appreciated. I have just reached out to FBS support but they are saying their decision not to take action against their offensive IB wont change and they wont help me get my money back me regardless of the information before them about their IB and they have closed the case. They say FBS is not regulated by Cysec but only regulated by IFSC only so they will not respond to Cysec information its not connected to them. I await @FBS Official confirmation to that notification also.
 

TheAlert1

Sergeant
Messages
222
@ TheAlert1
Thank you for your valued response and your time, much appreciated. I have just reached out to FBS support but they are saying their decision not to take action against their offensive IB wont change and they wont help me get my money back me regardless of the information before them about their IB and they have closed the case. They say FBS is not regulated by Cysec but only regulated by IFSC only so they will not respond to Cysec information its not connected to them. I await @FBS Official confirmation to that notification also.

Can I ask which Country you are in? is it not the EU? when you opened the account and provided proof of id to FBS they should have known what jurisdiction you are in and regulated by.

Here are the IFSC laws they are also regulated by for non-eu clients and I'll find the relevant points that FBS are still responsible for their IB agents actions and the cause of your loss. But are you EU based or non-eu?
https://www.ifsc.gov.bz/international-financial-services-commission-act/
 
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