Resolved: FBS managed account scam

TheAlert1

Sergeant
Messages
221
I am in South Africa

Here are the 2019 amendments to the IFSC law showing that FBS are responsible for their IB's and misrepresentations they make.

International Financial Services Commission (Amendment) Act, 2019
https://www.ifsc.gov.bz/wp-content/uploads/2019/10/act-no.-2-of-2019-IFSC-2.pdf

“IFS Practitioner” means any person or entity carrying on the business of international financial services (as defined by this Act) including all registered agents qualified or designated under section 43 of the International Business Companies Act, Cap.270 (as amended) but excluding the International Business Companies Registry, International Merchant Marine Registry of Belize and Belize International Services Limited;

27. pg.22
Liability of officers, IFS practitioner and managing agent
39.(1) If an employee or agent of an IFS practitioner or managing agent, or a person acting or purporting to act on behalf of the IFS practitioner or managing agent commits an offence against this Act or the International Business Companies Act, Chapter 270for which the IFS practitioner or managing agent would have been liable had it been committed by the IFS practitioner or managing agent on premises to which the licence relates, the IFS practitioner or managing agent is to be taken also to have committed an offence and is liable to the same penalty as is prescribed for the principal offence.


(2) An IFS practitioner or managing agent may be proceeded against and convicted under subsection (1) although the employee or agent has not been proceeded against or has not been convicted under this Act.

28. pg.23
(3) It is not a defence to an offence under the Act or Regulations to show that the IFS practitioner or managing agent did not know, or could not reasonably have been aware of or have prevented the offence committed by the employee or agent or had taken reasonable steps to prevent the commission of the offence.”.

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Where you would have to report and complain to IFSC:
https://www.ifsc.gov.bz/complaints/
 

TheAlert1

Sergeant
Messages
221
You don’t have any established brokers in south Africa or what ? WHY THE HELL YOU SEND YOUR MONEY TO F.up BELIZE BROKER !!!!!

I've seen their address being used on loads of scam sites and it's listed in the Panama Papers!!
Legal: Domain and all rights belong to FBS Inc.; Registration No. 74825; Address: Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
 

Lisamary

Private, 1st Class
Messages
30
Here are the 2019 amendments to the IFSC law showing that FBS are responsible for their IB's and misrepresentations they make.

International Financial Services Commission (Amendment) Act, 2019
https://www.ifsc.gov.bz/wp-content/uploads/2019/10/act-no.-2-of-2019-IFSC-2.pdf

“IFS Practitioner” means any person or entity carrying on the business of international financial services (as defined by this Act) including all registered agents qualified or designated under section 43 of the International Business Companies Act, Cap.270 (as amended) but excluding the International Business Companies Registry, International Merchant Marine Registry of Belize and Belize International Services Limited;

27. pg.22
Liability of officers, IFS practitioner and managing agent
39.(1) If an employee or agent of an IFS practitioner or managing agent, or a person acting or purporting to act on behalf of the IFS practitioner or managing agent commits an offence against this Act or the International Business Companies Act, Chapter 270for which the IFS practitioner or managing agent would have been liable had it been committed by the IFS practitioner or managing agent on premises to which the licence relates, the IFS practitioner or managing agent is to be taken also to have committed an offence and is liable to the same penalty as is prescribed for the principal offence.


(2) An IFS practitioner or managing agent may be proceeded against and convicted under subsection (1) although the employee or agent has not been proceeded against or has not been convicted under this Act.

28. pg.23
(3) It is not a defence to an offence under the Act or Regulations to show that the IFS practitioner or managing agent did not know, or could not reasonably have been aware of or have prevented the offence committed by the employee or agent or had taken reasonable steps to prevent the commission of the offence.”.

----

Where you would have to report and complain to IFSC:
https://www.ifsc.gov.bz/complaints/
Thank you for going the extra mile and ensuring this valuable info reaches me, you re one in a million! let me make follow up with both FBS and the regulator, thank you lots!
 

4evermaat

2nd Lieutenant
Messages
1,972
You don’t have any established brokers in south Africa or what ? WHY THE HELL YOU SEND YOUR MONEY TO F.up BELIZE BROKER !!!!!

There are only a handful of forex brokers in the whole world that are worth depositing your money to.
 

Lisamary

Private, 1st Class
Messages
30
Here are the 2019 amendments to the IFSC law showing that FBS are responsible for their IB's and misrepresentations they make.

International Financial Services Commission (Amendment) Act, 2019
https://www.ifsc.gov.bz/wp-content/uploads/2019/10/act-no.-2-of-2019-IFSC-2.pdf

“IFS Practitioner” means any person or entity carrying on the business of international financial services (as defined by this Act) including all registered agents qualified or designated under section 43 of the International Business Companies Act, Cap.270 (as amended) but excluding the International Business Companies Registry, International Merchant Marine Registry of Belize and Belize International Services Limited;

27. pg.22
Liability of officers, IFS practitioner and managing agent
39.(1) If an employee or agent of an IFS practitioner or managing agent, or a person acting or purporting to act on behalf of the IFS practitioner or managing agent commits an offence against this Act or the International Business Companies Act, Chapter 270for which the IFS practitioner or managing agent would have been liable had it been committed by the IFS practitioner or managing agent on premises to which the licence relates, the IFS practitioner or managing agent is to be taken also to have committed an offence and is liable to the same penalty as is prescribed for the principal offence.


(2) An IFS practitioner or managing agent may be proceeded against and convicted under subsection (1) although the employee or agent has not been proceeded against or has not been convicted under this Act.

28. pg.23
(3) It is not a defence to an offence under the Act or Regulations to show that the IFS practitioner or managing agent did not know, or could not reasonably have been aware of or have prevented the offence committed by the employee or agent or had taken reasonable steps to prevent the commission of the offence.”.

----

Where you would have to report and complain to IFSC:
https://www.ifsc.gov.bz/complaints/
i have sent FBS support and they are refusing to respond to that IFSC information, they are still saying their IB is free to walk he did nothing wrong and they will not help as FBS after coming to my emails midnight to early morning keeping me up saying to resend all i already had sent them so they can help only to maintain their stance they offer no help nothing has changed neither will anything change as their final decision.
It seemed they had reopened the case they already informed me is closed as i objected in light of supplied more than enough evidence to prompt them to act against their IB but they are discarding the evidence meaning nothing has changed in their posture and the reopening of the case was just another pretense as to appear doing something only to maintain their initial position has not and will not change.
Thanks a lot i have laid a complaint on the IFSC website i await their assistance.
 

FBS Official Rep

FBS Representative
Messages
188
Kindly take into account the following statements:
Taking into consideration all the screenshots sent by Ms./Mrs. Lisamary, the IB didn’t call himself “FBS account manager”. As far as we can see in the screenshots and in the message sent by ForexFamz to Ms./Mrs. Lisamary, the IB describes his services as “FX Account Management” without mentioning FBS. (http://prntscr.com/qkaov5)

According to the Customer Agreement (p.2.5, 2.7.), as far as trading operations are concerned the Company only provides execution, not providing any asset management or recommendations. Company’s services do not include providing recommendations or information capable of engaging the Client to perform any transactions. <...>
Which means that by accepting this Agreement Ms./Mrs. Lisamary has been informed beforehand that FBS does not provide such services as “account management” (!).

Initially the bespoken IB has asked to follow his referral link (!) which implies that he is acting only as a partner of the company (IB), not as employee of FBS.

Ms./Mrs. Lisamary has willingly given the access to her trading account to the aforementioned IB, therefore, this case, unfortunately, is out of FBS responsibility.

We are truly sorry that such situation has taken place. But in this case we can only recommend Ms./Mrs. Lisamary to read the Customer Agreement beforehand, contact our customer support to make sure that self-designated “account manager” is indeed employee of FBS, ask relevant proof from the IB stating that he is really an account manager of FBS and never disclose the login details of the trading account to the third parties.
 

compu-forex

Sergeant
Messages
149
@FBS Official Rep,

I'm sorry but now you are just flat out lying.

As it has been said already, the bespoken IB has been contacted, his social media channel has been checked. The IB has been made to remove the “FBS account manager” description.

The above is a quote from you in post number 9 in this thread. YOU contacted this guy and told him to take down the false information......and now you point out that the information is not there so there is nothing further to be said.

I indicated before that I don't buy into the fact that FBS is responsible for the IB's fraudulent actions, but you are responsible for your continued support of him after you have become aware of said actions. He has clearly breached his IB agreement with FBS which states that he shall not misrepresent himself to clients.

Accordingly you should terminate his IB agreement and withhold all IB commissions for use as reparations. Failure to do so means that you are happy to be represented by liars and fraudsters. I would have thought that is a bad look for FBS but perhaps I have misjudged when I said you were a reputable firm...........
 

Lisamary

Private, 1st Class
Messages
30
@FBS Official Rep,
your IB used lies to cause me to join FBS which is selfishly strategized to cause undue financial benefit to FBS and your IB, you say the official job you gave your fraudulent IB to do is get new clients to join FBS and he is doing that based on lies but apparently you do not mind my rights and free will being trampled on as long your client base and connected financial gains is growing regardless of the uncouth means you as FBS and your fraudulent IB are using to cause fraudulent benefits accrue you selfishly and unjustly, that makes it worse not better. Be flat out truthful and do not use lies to cause new clients to join FBS, it actually means you know you do not measure up to clients expectations and standards hence your resort to your IB fraudulent ploy support to make new clients join premised on lies for both your benefit since your protection and defense of your IB and self protection using excuses continues relentlessly even on emails. i wonder why you hope i will accept as your warped reasons for refusing to enforce my refund when all you need do is instruct your IB to fulfill his refund promise simply that.
your IB is owing and promised to refund in full but he has not done so and you do not care to see to it he refunds after intentionally blowing my account for whose benefit?
You said i did not make any lose why yet i funded with $200 and lost half the funded amount plus the blown extra funds?
I did not willingly join as misrepresentations and lies were used to deceive me into to joining, why do you pretend to be dumb as if you do not understand it is unethical to use lies to cause self enrichment?
As a new FBS client you think i would know difference between IB referral link and accounts manager link/ What you are simply doing by your ill advised excuses and defenses for your fraudulent IB is showing yourselves and happy to be associated with him and the financial benefits his lies are bringing FBS, appalling indeed.
When i took the wise decision to secure my account after months of inaction and lies by your IB he exploded on me yet to date my wise decision saved me from a huge negative that should still be running had i not taken action but your IB was angry and said he will fix me i should not have closed the trade he himself had been promising to close as it was not playing out well and open new trades he never got to doing for months which made me conclude he was not being truthful he was trying to use that as pretext to void my refund and if you look at the EURCHF chart to date you would see i did myself a big favor he even should be acknowledging but too much arrogance i wonder how his other clients are feeling who he said he told them not to worry he knows what he is doing by holding that trade, they should still be in huge losses if he is still being stubborn with a trade that is going against him for maybe 7 months now, it is the same mindset and misjudgment that caused him to blow the first funded amount yet i thought he had learnt his lesson not to fight the market by holding a losing trade to the point of watching it blow, i thought his declaration he was sorry and took full responsibility and would refund in full was acknowledgement he had learnt the market will not support his stubbornness over risking clients funds but he clearly does not deserve any clients funds by his ways of doing things neither should he have you protect and shield him in any way, he promised a refund and you simply must instruct him to fulfill it not to turn his lawyer against what he owes.
The only entities who benefited in this design is FBS and your fraudulent IB, return those undue benefits came about through lies fraudulently and stop client abuse and your games you only are enjoying months running.
 
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