Resolved - Sterling Gent Trading sends my deposit to another broker without authorisation....!!!

[Pharaoh]

I don't suppose Sterling Gent's representative could be bothered to come back and explain why a forex broker needs to open a secondary account in a different currency at another forex broker to trade currency pairs for a client?

 

[FxMaster]

Two suspicious guys created account to participate this thread and defend the broker, which is really weird.

@MasterYoda

B. I am not sure, but $1800 as conversion fees is a lot and we need to see the agreement where is says fees should be paid and by whom

The fees will be from you and it will goes to my account

 

[Master Yoda]

Two suspicious guys created account to participate this thread and defend the broker, which is really weird.

@MasterYoda


The fees will be from you and it will goes to my account

No discount for me?

 

[FxMaster]

No discount for me?

Okay 10% discount granted but rest I want in my account ASAP


By the way what about the victim so far?

 

[bigbird]

Glad you guys are taking this seriously.

I've filed the case at Trader's Court and am now in touch with the regulators.

 

[Sterling Gent]

We have given a full and open account of the proceedings and while Big Bird is well within his rights to go to our Regulator, if he thinks that he has been improperly treated, we again feel it necessary to explain these two basic points:
1. Why we needed to open another broker (LP) account: Big Bird’s Manager requested a trading strategy that required a specific setup via a Currenex API connection that was only available thru a particular Liquidity Provider (i.e. Gallant). In order to gain access and to accommodate Big Bird’s chosen trading strategy, SGT opened an account like we would with any other Liquidity Provider.
2. Notification of currency conversion: The Money Manager instructed this transaction be executed. (We did receive an email from the IB confirming that Big Bird had been advised of same.) This conversion from GBP to USD was the very first trade that took place over the account and the SOLE reason for Big Bird’s complaint. So, to be clear: The Manager, by way of a duly executed LPOA from Big Bird, was well within his rights to make this transaction.

 

[Master Yoda]

We have given a full and open account of the proceedings and while Big Bird is well within his rights to go to our Regulator, if he thinks that he has been improperly treated, we again feel it necessary to explain these two basic points:
1. Why we needed to open another broker (LP) account: Big Bird’s Manager requested a trading strategy that required a specific setup via a Currenex API connection that was only available thru a particular Liquidity Provider (i.e. Gallant). In order to gain access and to accommodate Big Bird’s chosen trading strategy, SGT opened an account like we would with any other Liquidity Provider.
2. Notification of currency conversion: The Money Manager instructed this transaction be executed. (We did receive an email from the IB confirming that Big Bird had been advised of same.) This conversion from GBP to USD was the very first trade that took place over the account and the SOLE reason for Big Bird’s complaint. So, to be clear: The Manager, by way of a duly executed LPOA from Big Bird, was well within his rights to make this transaction.

1. Is the MM authorized to open and sign an account on other broker on behalf of the client?

2. Again, under what authority the MM can perform such action through you?

 

[Pharaoh]

I've never heard of a forex broker opening an account on another broker like this.

Who's name was the Gallant account under?

 

[bigbird]

If they can provide one shred of proof that I was directly notified that my funds would be sent to another broker, that the base currency would be changed and that I was informed of the conversion charges - I will drop my case against SGT.

I think that the Gallant account was in the name of SGT but I have absolutely NO hard info regarding this - as nothing was sent to me.

 

[bigbird]

Having contacted the regulator, I've been made aware that my complaint was found to be no fault of SGT's and that it was Edward Haugh, the money manager, who was essentially to blame for my losses. The matter, as far as SGT goes, has been now been settled in a gentlemens' way and I look forward to working with them again.