Scammed by Andrew Jeffery Marshall/ Forex Management Investment LLC

Damocles

Recruit
Messages
10
Hi everyone,


I was solicited for investment from Andrew Jeffery Marshall, Forex Investment Management, LLC. NFA ID - 0488774 for an investment into a Forex commodity pool.


The trading was significantly different from what was described to me when being solicited, I was told he rarely has a losing day, has not had a losing week for years, let alone a losing month. In fact 5 out of 10 weeks in my managed account was losing. He was running losses without stops and adding to the losing positions.


I became anxious.


I tried to cash some of my money out, but my request for a cash out was denied citing (LPOA clause).


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I did not think this was a valid reason since the drawdown limit set in the LPoA had already been hit. Trading should ceased, I was not even given this option and when I tried to ask just to cash out some of my money they blocked my access to seeing the trades being made and did not send me any statements for me to track my investments.


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But he said otherwise upon opening my managed account back in August 2015.


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LPOA also cite “the Company will detach Applicant’s trading account and/or equity from the master account within 1 (one) business day.”


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But he did not do so.

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I also was told just to ignore the minimum investment amount on the LPoA, as my intended investment was not as much as 10,000USD as cited on the LPoA. And also to ignore the performance fees upon opening the account, I would get a different one than contracted. Retrospectively, this was strange but I have very little experience with these things and just went along with it at the time.


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When my attempts to get my money were denied I started to do some more research on the company and the trader. I found the company had not even existed at the time when the trader was saying they had been generating the results with which he solicited me. It was a trading statement from March to July 2015, a 500k account with less than 1.4% Max Drawdown

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Forex Investment Management, LLC, under registered agent Andrew Jeffery Marshall was only registered on 12 July, 2015 according to the NFA website.

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They did not respond to my attempts to contact them and I was worried since I’d found the trading to be reckless in the past and now I had no way of knowing what was happening with my money.


I emailed the broker, Forex.com informing them of the situation and they informed me that the company did not have the correct licence to be trading my money and they have closed the account.


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He has now emailed me threatening he is going to take legal action on me.


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Last but not least, my trading statement that was captured the day before I requested my withdrawal and before he blocked my access to the managed account on 24 Oct, 2015

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Here you can see an example of the running losses without stops being added to.


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Drawdown agreement on the LPOA that we both signed

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He is a joke.

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To sum this up, he has been in breach of the contract I signed (by exceeding drawdown limits), solicited me with results that were not from the company I invested with and it turns out he was not even licensed to do this in the first place.


I have already contacted the NFA, I was wondering if some more experienced people here at the FPA would be able to help me in regards to other things I should do?


Any help would be very welcome.
 

FxMaster

Lt. Colonel
Messages
10,014
Lets start with inviting them to join this thread, Send them URL of this thread to every email address and ask them to clear the things over here.
 

Andrew Marshall

Recruit
Messages
4
Wade Kong has fallen victim to the idea that you can get rich quick in the forex market. In our FB messages, he was happy with returns and, on multiple occasions, requested that there be a increase in exposure (risk) so to increase the profits. After warning of the situation, I did agree on several occasions to increase the risk again, and again.

Two weeks ago, there were some trades that ran against me, but still not far enough to trigger the predefined SL, that obviously had Mr. Kong worried. The total DD with those trades was still comfortably in the terms Mr. Kong had requested for the "Max DD" on his account. He requested to withdraw his total deposit into the account, and there was an email sent back confirming that we would be closing the account in accordance to the agreement he (and every client of FIM) signed, which states that once the company receives the written withdrawal request, the company has 90 to get the funds back to you. This is normally not an issue, but we exercised that option to allow the trades to come to a more profitable position.

Just a WEEK after the withdraw request was received, (and everything was explained to Mr. Kong who obviously didn't even read the agreement prior to signing it) Mr. Kong contacts the broker concerning the account. The broker has assumed that there is a dispute between the ownership of the funds and has sent an email stating that until there is documented legal proof of who should receive the funds, they will be holding them.

Wade Kong would have received his withdraw within the time period stated in the contract if he hadn't of violated the contract by interfering with trading and contacting the broker. It should be noted that not all of the funds in the account are belonging to Wade Kong. Also the contract Mr. Kong signed states that any litigation arising because of his investment with FIM or either parties action will be processed in Russell County, VA. I do not plan on kicking Mr. Kong from this group, because I will be using this group as my means of "Service by Publication". Mr. Kong, I hope your bags are packed to come to the U.S.
 

Andrew Marshall

Recruit
Messages
4
If someone can direct me as to how to add screenshots from an Iphone I will gladly post pictures of the conversation where Mr. Kong request an a increase in exposure (and risk as I explained to him). I agreed. These request would come after Mr. Kong experienced gains in his account. The way he was requesting them could almost be considered martingale in circumstance, which will eventually lead to large losses.
 

Andrew Marshall

Recruit
Messages
4
It should also be noted that I did not solicit Mr. Kong' investment. I charge for entry into a mentorship program and after we had a couple of missed skype sessions, he requested that I manage his funds and that he have access to the funds so to learn from monitoring the account.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,629
Does this company have a website? I found a similarly named company, but it is owned by someone else.
 

Damocles

Recruit
Messages
10
I have never seen a website from him, another strange thing now I think of it.

Found his facebook page though.

He’d posted mid July of this year when they registered with the NFA, it is showing in Google but I think the post itself has been deleted by the page owner now.

I could not find any posts anywhere around the time the NFA website says they were registered.

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Forex Management Investment, LLC facebook page:
https://www.facebook.com/managedcapitalinc/timeline?__mref=message

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Damocles

Recruit
Messages
10
“requested that there be a increase in exposure (risk) so to increase the profits. “

I requested to have my account to be managed with a 20% Max Drawdown as the contract cited, not 67%.

I invested under the impression trading would stop long before this.


“Two weeks ago, there were some trades that ran against me, but still not far enough to trigger the predefined SL, that obviously had Mr. Kong worried. The total DD with those trades was still comfortably in the terms Mr. Kong had requested for the "Max DD" on his account.”

I wasn’t comfortable with the 67% Drawdown at all, it ran down over the predefined LPoA contract.

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“accordance to the agreement he (and every client of FIM) signed, which states that once the company receives the written withdrawal request, the company has 90 to get the funds back to you"

Contract is invalid, he has in breach of the contract by exceeding drawdown limits.

In the highest risk contracted it was 30%, I was told I was on 20%. In any case the Drawdown was exceeded.

I don’t think he can just ignore one part of the contract, break another part of it but then still hit me with the bit that suits him!

If this was valid with me not putting in the stated minimum, then he broke it on the Drawdown and by his terms should pay me my losses.

If this term was for any reason not valid, neither is the one he is trying to use against me.


"Just a WEEK after the withdraw request was received, "

A WEEK in which I could not see my trading results, contact Andrew and had to worry about wild losses floating against me that I could not see.

(I still do not know the losses incurred in this period)


"The broker has assumed that there is a dispute "

The broker did not assume, everything stated is true and proven. They have reviewed “FIM”, and stated that they did not have the appropriate authorization to conduct trading on behalf of other persons.

It was their decision to closed the managed account.

The fact he was doing something he was unauthorised to do does not entitle him to put legal threats on me because I was forced to take action to try and see what was happening with my money.

The fact he should not have been doing what he has done was not my fault. (Though I wished I’d known before).


"if he hadn't of violated the contract by interfering with trading and contacting the broker."

This would not have been a problem if he was not doing it illegally and running wild losses on account.

Maybe not a problem if he’d had the decency to at least send me statements to track my investment or reply to my emails.


"Also the contract Mr. Kong signed states that any litigation arising because of his investment with FIM"

Contract is null and void or this situation came about after Andrew had broken the terms of the agreement.
 
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