RESOLVED Forex-Metal

[Pharaoh]

Filing charges will be easier since you live in the USA.

First, the CFTC is getting much more active for all forex brokers that handle US clients no matter where they live. Second, there's this little outfit called IC3 that deals with internet crime. If some 3rd party stole your cash, that would qualify.

Sounds like it's time for you to visit www.CFTC.gov and IC3.gov

 

[Sycamore]

Thanks everyone for your input on this matter, as I know very little about forex brokers and some of the problems that can arise with them. I've been a trader since 2000 and have only used U.S. brokers for stocks and futures. I will continue to let everyone here know how this transpires until the very end.

As of this post, I still have not got a response from Forex-Metal regarding my last email a few days ago. I've been pretty patient up until now. For me, 2000 USD is not really a big deal, but I will not let this go. Just think if it was 20,000 or an amount even larger? I am not saying that Forex-Metal is directly at fault for the loss of the 2000 USD, but they are responsible and should conduct good business and reimburse me the full amount. At this point, I am not sure why they have not done this but can only speculate as to why. Hopefully by the first of the week, I can get some kind of response out of them.

Below is a screen shot of the chat conversation that I've had regarding my last attempt to contact them via email:

 

[Pharaoh]

Let their payments department and management know about this thread. Go ahead and contact the CFTC and IC3. Dragging things out and hoping the client will give up is one of the most common tactics that bad companies use to take money away from clients.

If they don't find your money in a few more days, open an FPA Traders Court case against them.

 

[Sycamore]

Forex-Metal has yet to respond to any of my recent emails. I've notified and alerted them to this thread. Also, I am making contact with both the CFTC and IC3. Hopefully, I can get this resolved before law enforcement agencies get fully involved.

Before opening up this forex account and joining this website, I never realized how many forex brokers there were operating around the globe. Also, it is disheartening to come to realize the high number of bad brokers and/or brokers who are blatantly scamming their clients. As of right now, I don't think Forex-Metal has blatantly scammed me, but is operating as a bad and irresponsible broker. I really don't wish to go through all this, but just want this situation resolved as soon as possible.

 

[Sycamore]

I've received a repsonse from Forex-Metal. I've attached a screen shot of the email response below. They claim that the investigation is still occuring and want me to be patient. There are some inaccuracies in which they state that they are not even sure that the third party agent received the money and that I am the only one who wired money after they made the announcement that they discontinued using this agent. I was never notified of these changes until a day after I did the wire. Notice the date on the email that I've attached informing me of the changes. The wire I sent went out on the 10th of August, the I received the email on the 11th.

 

[Sycamore]

I have fully logged a complaint against Forex-Metal with IC3, which is a partnership between the Federal Bureau of Investigations (FBI) and the National White Collar Crime center (NW3C) to combat internet crime. As far as I know, a complaint can be filed with the IC3 as long as one of the parties is located in the U.S. Later today, I hope to talk with somebody from the CFTC. Anyway, I will keep everybody informed.

 

[Pharaoh]

Check and see if you can find an email address for the Singapore police and/or banking authorities. Also, contact your bank and report that the money you wired seems to have gone missing and ask for advice on how to file complaints.

 

[Sycamore]

Forex-Metal issue RESOLVED

This morning, I checked my email and Forex-Metal informed me that they had funded my account with the missing 2000 USD! I checked and, indeed, they have!

Like I've said, I've never had an issue with this broker in the past year that I've been using them until this incident happened. Also, the missing money was not really their fault but, like I kept saying, was their responsibility. I am glad that they finally decided to take responsibility for this and funded my account.

I am not sure what made them do this, as they were adamant on waiting until the investigation ran it's course. Maybe it was my threatening them with the authorities. Who really knows, but I am glad this saga is over!

Thanks Pharoah and Forex Peace Army!!!


- Ryan

 

[Pharaoh]

I'm glad to hear that you got your money. I hope this was a one time glitch. The lack of response until you were ready to unleash the police and regulators doesn't give me a warm and fuzzy feeling of confidence.

 

[Player]

Once Bitten...!

Be warned ANYBODY thinking of using this broker. If I was with them I'd get the hell out now. The sofly softly approach increasing the pressure was a good tactical one recommended by Pharoah, but the fact remains that THEIR problem of your funds being lost had nothing whatsover to do with you. Your contract was with them. Period. Any fully legit and honourable company would have been falling over themselves apologising for THEIR problem - not passing it on to you if your account is correct.

I have little doubt the refund was due to their weighing up the consequences of not refunding! Am delighted a successful conclusion has been achieved, but be wary after this near miss! Well done FPA.