SCAM - Global Venture Financing

yuan86

Private, 1st Class
Messages
37
At 20 April 2012, market watch time @ 20.05 - 20.06, the system automatically set / take profit at 1.6350 (Size 0.2, sell at 1.5826) and 1.6380 (Size 0.1, sell at 1.5821) respectively for my two GBP/USD trades and caused the losses and account being blown out. But the ridiculous point is the market current price for GBP @ 20.05 - 20.06 was on 1.6122! At that time, in my account still have another 800++ USD free margin to let the market to float.

First I was thinking this is the procedure to freeze the account when top up money into the account (I was asking my upline to enter 1000USD into my current account about an hour before this incident happened.) But after I checking the "Account History" page, I found something wrong which is the take profit point was 1.6350 & 1.6380 and which is not set by me previously! I called and asking my upline whether is the procedure of top up money but she claimed that top up account shouldn't behave like this way, furthermore she haven't top up for me!

I been send 3 emails and asking for explanation but to date still yet to reply any single email I sent. Thus I decided to report and force them to give me a valid explanation.

account history.gifaccount history.gif
 

Pharaoh

Colonel
Messages
19,722
Send them a link to this discussion thread and let them know that everyone is watching.

I just put a horizontal line on a monthly GBPUSD chart at the bucketshop I trade with. The line is at 1.6350. Price hasn't touched it since August 2011.
 

yuan86

Private, 1st Class
Messages
37
Send them a link to this discussion thread and let them know that everyone is watching.

I just put a horizontal line on a monthly GBPUSD chart at the bucketshop I trade with. The line is at 1.6350. Price hasn't touched it since August 2011.
Thanks Pharaoh.

I've been emailed them several times earlier but they don't even bother, what if they ignore this thread? What should I do next?

Yuan
 

yuan86

Private, 1st Class
Messages
37
Sounds like it's time to open an FPA Traders Court case.

Forex Scam Resolution and Trader's Money Recovery

Also, see if you can find anything out about where this company is supposed to be located. There may be some regulators you can complain to.
Thanks Pharaoh,

I tried to open a Trader Court Case however FPA restrict I need to wait at least one week from the first date of contact the company. But obviously they didn't want to reply me a single email after I forward my email for 4th times!

This is the company info. Hope this can help. GVF - Contact Us.JPG

Thank you again. I believe there will be more and more same cases happen in short period. Hope we can stop this scamming company.
 

Hyjack

Recruit
Messages
2
Hi Yuan and Pharaoh,

They claim that they are US brokerage company located in UK with such address

New Bond House
124 New Bond Street
London, W1S 1DX

contact number : 08455575651

They also claim that they have office at Channel Islands, Denmark, Malta, The Netherlands, United Arab Emirates.

I could not find any regulation code in their website, I suppose that they are not even registered

and the way they replied the email was not professional at all.

I think someone have to really check on this broker before more people got scam!!

I hate scammers :mad:
 

yuan86

Private, 1st Class
Messages
37
Sounds like it's time to open an FPA Traders Court case.

Forex Scam Resolution and Trader's Money Recovery

Also, see if you can find anything out about where this company is supposed to be located. There may be some regulators you can complain to.
Dear Pharaoh,

They reply me this. Now I strongly believe they are just trying to push the problem to client with ignorance the FACT that the figure been triggered was 250 pips beyond the current price!

Dear client,


Kindly be informed that all orders can only be made by clients who hold the login password. Thus, we hold no responsibilities on any losses caused by leakage of password by the client him/herself


Warm regards,

Global Venture Financing
 

Pharaoh

Colonel
Messages
19,722
If your password was taken, that's another issue. Closing trades at impossible prices is a broker issue.

If they claim to be in the USA, contact the CFTC and NFA to ask about them.

Also, contact the UK's FSA and file a complaint.
 

yuan86

Private, 1st Class
Messages
37
If your password was taken, that's another issue. Closing trades at impossible prices is a broker issue.

If they claim to be in the USA, contact the CFTC and NFA to ask about them.

Also, contact the UK's FSA and file a complaint.
I checked the CFTC and NFA website, GVF not in the list. So is it I need to open a file at CFTC, NFA and FSA as well besides here?
Please advise. Thanks.
 

Pharaoh

Colonel
Messages
19,722
If they make any claim to being in the USA (even just having an office there), you need to report them to the CFTC and NFA. Being in the USA and not being registered is a violation of regulations. Since they specify a location in the UK, then also file a complaint with the FSA.
 
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