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SCAM -Forexone AG

Discussion in 'Scam Alerts' started by Andreas64, Jul 24, 2009.

  1. Andreas64

    Andreas64 Recruit

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    Hello FPA!

    Several days ago we have been in contact because of a Scam with Forexone AG in Switzerland. The case is still actual, in the last days we were collecting some content for you to proof the allegation.


    Okay, let´s cut things short.

    Forexone is or better said was a Brokerage company situated in Switzerland. In the first years they had been an Introducing Broker of ODL Securities, based in the UK – regulated by the FSA.


    After doing two years of business with ODL they decided to go forward & they are now working as an independent market maker.

    Some weeks ago Forexone moved their company from Switzerland to Cyprus – we think that it will be easier for them to continue their cheating game outside the now more regulated Suisse.

    We don´t know how they did handle this movement to Cyprus with the other clients, but I didn´t have to sign anything about the movements of the accounts – or better said, I wasn´t asked for his agreement!

    We are able to deliver some insider information because it seems like several employees would like to leave the company.

    But now to the case of the fraud.

    Forexone posts on their website to offer every client a fixed spread of 2 (1.7pips for larger positions) on every market condition. In addition, they are allowing to hedge the positions – which is now not longer allowed in the US.
    By the way, Forexone never had the right to hold funds of the customers, which is perhaps also a important point. It is pretty sad for me not realizing this earlier - this my attorney found out talking to FINMA.


    Basically, I was more or less only trading the €/$, using the hedge ability. As I worked as a financial adviser for a long period I even planned to open several managed accounts with them.

    More or less I suggest that the potential of dozens of new large accounts was the reason why they didn´t shut down my trading earlier.

    Here are the facts – which are can also be seen in the attachments. Attachments are screenshots, a list of all trades and a letter of the attorney from Forexone.

    Forexone refuses to pay my € 314000 in gains . They claim, that they were not able to get a fill from their partner banks.
    As far as I was told by my insider contact Forexone worked with the UBS as their liquitity provider in the past to find out, that they could make even more money not routing the orders to the UBS - just matching the orders. As I was doing this very large amount of Volume they did need 30 other clients losses to pay my gains. This information was also delivered by my insider contact.
    I was also told that they were using Oanda data in the last weeks, but I
    don´t know if this is correct.

    I was told that there have been 12 cases with a quite similar amount of money, when Forexone refused to pay the gains of their clients.
    Through FPA I want to find some of the other victims of Forexone.
    I believe that FINMA as also the regulators on Cyprus have to realize that this fraud company should be closed or - their business behaviour has to be investigated closely.
    They do know also have an office in Germany - I will also contact BaFin about this.

    Rainer Rüttgers, the CEO of the company called me in my holidays that they haven´t been able to place my orders. In fact, I am able to deliver a list of my trades (given from my broker) which shows that my trades have been executed.

    I would like to ask every victim of Forexone to contact me -> andreas.girod@tele2.ch .
     
    #1 Andreas64, Jul 24, 2009
    Last edited: Nov 16, 2010
  2. Andreas64

    Andreas64 Recruit

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    additional docs

    There is a screenshot of my platform showing the ending balance.
     
    #2 Andreas64, Jul 24, 2009
    Last edited: Nov 16, 2010
  3. NorbertS

    NorbertS Recruit

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    Forexone scamed be as well.

    After some days of trading Forexone told me I am violating ther general terms and conditions:

    6.5 Should the frequency and timing or other circumstances lead to a suspicion that the customer may be involved in irregular trading practices, then the broker reserves the right to revoke transactions within 3 weeks.

    They refuse to tell me, what kind of "irregular trading practices" I might have used.
    They only tell me that closing position within 5 minutes is not allowed, as well as trading at "news times".

    This is already quite bad, but unfortunately they do not seem to be able to read their own reports correctly.

    After explaning them a couple of times that for example the position
    "Buy at 9:59:16 Sell at 10:17:30 has been in the market for more than five minutes."

    I have been told, that they will check this. Asking for the result two weeks later, their answer was "Still under investigation!" (To check the difference between two times?)

    Some more weeks later still no answer. If someone wants to follow up on this I will post the documents (available in German) showing the scam shortly.

    Norbert
     
  4. DeadEye96

    DeadEye96 Recruit

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    re: Can you trust a money manager using ForexOne?

    Andreas, an email sent to your posted address was returned


    I cannot add anything but, you have given me concerns about a money
    manager named Amasis Capital Management that uses them as their
    broker.

    Amasis Capital Management

    Amasis is swiss-based in Geneva and uses ForexOne. Fund management
    has sent me a trading performance record that has been stamped and
    signed as being true (certified) by a ForexOne managing Director named
    Vincenzo DiBartolo in Zurich. I just phoned to confirm verbally with
    him if he can attest to this performance (3.4% average per month after
    fees) and that is when they gave me his email address that had a
    Cyprus suffix though they say he is located in Zurich. Curious, I
    pursued until I discovered your post as I cannot find ForexOne
    registered with the CYSEC.

    Because of your experience and apparently being in Switzerland, can
    anyone dealing with this broker be trusted? Amasis supposedly has
    USD$100M under management and are also on a list of suggested money
    managers as provided by DukasCopy who I deal with now for trading.
    They use RBS Coutts Bank in Zurich and Julius Baer as custodians but,
    strict swiss regulations do not allow me to confirm this.

    Can you offer any suggestions about this relationship with ForexOne or
    how else I can confirm the legitimacy of Amasis as I am located in the
    US. Nearly half of the money you described is involved and I would
    travel to their offices if I thought it would help before I invest
    funds.

    Thanks and best wishes,
    Paul
     
    #4 DeadEye96, Sep 25, 2009
    Last edited: Sep 25, 2009
  5. Crnogorac

    Crnogorac Recruit

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    Amasis Capital

    Hi Paul
    One of my friends is client at Amasis Capital. I will talk with him about Amasis
    and come back to you

    Best regard

    Crnogorac
     
  6. Crnogorac

    Crnogorac Recruit

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    Hi Paul

    If Amasis works with Forexone then check the link

    Best Regards

    Crnogorac

    FINMA - Details
     
  7. enoba

    enoba Private

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    Amasis Capital Management

    Guys,

    Do you know how I can get information from Dukascopy if Amasis capital management is a member of Dukascopy managed account ?

    Please help, because I and many clients cannot withdraw our money from Amasis. They have been making so many promises but nothing is ever realized.

    Thanks
     
  8. JEdwardsII

    JEdwardsII Recruit

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    Dukascopy

    I don't know about Amasis Capital Managment, but I know of several good managers who were with Dukascopy and had a very terrible situation with them. I was with one manager last December who had severe losses in his managed account. The manager showed me from his reports how the spreads widened to 30-40 pips!! He was stopped out on all of his trades everytime he placed a trade on their platform! Prior to that incident, I was with this manager for 6 months and was extremely satisfied with his trading. The manager has since moved to Alpari UK and has been doing very well there.
    I know of many others who have followed his same path. I think Dukascopy may be running into some serious problems. Many good managers and traders were wiped out using their platform.
     
  9. GarciaH

    GarciaH Recruit

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    Dukascopy and ForexOne

    I agree. I know several managers and traders who were taken for a ride by Dukas at the height of the banking crisis. Including myself. The company is based in Switzerland, but the owners and most of the employees are Russian. Customer service is lousy and I had a hard time trying to understand their English. It took me 3 months just to get my account opened with them! When I first start trading on Duksa platform, I thought it was great. But once I started adding money to my account, I would no longer get fully filled and my stops were constantly being taken out. Several times the platform froze up and I took severe hits on the account each time. When I asked customer service why the platform froze, they just told me there's nothing wrong with the platform on their side! How convenient! I also experienced issues with the spreads widening by 30 pips! And it wasn't even during news time! I lost lots of money because of that incident! Their customer service told me that lots of traders were experiencing losses at the time and blamed it on the crisis. I think it was just a license to steal money from their traders. But of course I can't prove this. Suffice it to say, I've closed my account with Dukas. I'm now sticking with the big brokers such as FXCM.

    I do know some European friends who are trading with ForexOne AG and tell me they are a good broker. I may open a small account with them to test them out myself.

    HG
     
  10. NorbertS

    NorbertS Recruit

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    Forexone under investigation of Swiss regaulators

    The Swiss authorities took control over all Forexone companies in Switzerland:
    FINMA - ...as part of the subordination process

    The former signatories are no longer allowed to act on behalf of the company without consent of the mandated investigator.

    Do you want to give them your money HG?

    Norbert
     

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