Sibali takes GCI Financial to Court and Wins

[Scam Investigations Committee]

GCI Financial Loses in Court.
The FPA Scam Investigation Committee Commends Sibali​

We can't claim any credit for this one, but wanted to bring this to the attention of all FPA members.

GCI Financial LTD (gcitrading.com) has already been declared a scam by the FPA over an issued with FPA member Capital Trader. After the scam finding was issued, FPA member Sibali had his own problems with GCI. We always advise people to seek legal methods to continue to seek justice after the FPA's negotiations have failed. GCI not only refused to speak to the FPA, but threatened action against us if we tried to communicate with them again. Because of this, we told Sibali that there really wasn't much else we could do.

Both Sibali and Capital Trader complained to the regulators and police in Belize. Later, Sibali was the first to report that GCI Financial had withdrawn its license in Belize.

Sibali did something rare for a case like this. He didn't just threaten GCI with court action. He got a lawyer and went after them. Since they were operating from Belize at the time he had a dispute with them, he took them to court there and won.

The truly terrible part is that Sibali reports that he needed the cash owed to him for medical treatment of his son. The money didn't come and we are greatly saddened to report that his son did not make it. We offer our deepest condolences for his loss. Sometimes taking money owed to a trader can have fatal consequences. The people behind GCI Trading then tried to get Sibali to settle for a small percent of what they owed him. We would think that even the worst scammers would be smart enough to realize that a pathetic offer like that would be rejected under the circumstances.

We commend Sibali on his efforts. He stands as a shining example of how traders should go after scam brokers. If regulators won't fix the problems with the forex industry, then traders will have to do it one court case at a time.

We encourage all victims of scams to band together. File fraud complaints wherever possible. Share the costs of lawyers. Share your successes and your failures in going after scammers so others can learn from your examples. Make sure everyone knows which companies try to take your money. Give scammers no place to hide.


Sibali's legal triumph

Sibali opens his case against GCI Financial LTD

GCI Financial Limited withdraws from Belize

Capital Trader's Case Discussion

FPA Scam Finding against GCI Financial

FPA Review Page for GCI

 

[SHARKspear]

At the minimal, we should voice here so FPA can label SCAMMERS. This will save hundreds and may be thousands of traders.

 

[Pharaoh]

The wheels of justice can be slow, but it looks like they are finally starting to roll over the scammers at GCI. I just hope the rest of their victims decide to join in and wipe that company off the map.

Maybe those GCI weasels should have agreed to negotiate with the FPA. It would have been cheaper and easier than getting cleaned out in court.

 

[yaghiib]

At the minimal, we should voice here so FPA can label SCAMMERS. This will save hundreds and may be thousands of traders.

I can add Forexyard as well as IFC Markets in addition to GCI trading all of these are money scammers and that was as a result of an actual account with each of them, what I believe now is that all internet forex trading companies are virtual, I mean it is an emulation software that emulates the actual market, but at certain points of time this application emulates nothing but the local user, especially when you are not working with the trading application (offline) at this time the application is designed to do whatever it likes to do like moving prices up or down to suck your money off, such that you can't catch it even if you check up the graphs of other sites, or shift prices up or down to let you away from being a winner.
It is a very bad frustrating game through which you buy your miserable life by your money.
dont waste your time and money with the any kind of scam cold internet money exchange (Forex or whatever the name of the company is), and try any other kind of investment through which you can sleep without being worried about loosing all of your money within a socond.

 

[Stony]

In my eyes, the reputation of the Belize authorities has been improved considerably by this case!

 

[ahab666]

At last justice was served .....

hello,

this tragic case throws up at least 2 ethical questions of epic proportions

1. what is a human life worth ?

2. how should persons/companies/governments be punished if their actions or non-actions cause suffer or ultimately the death of a person / persons - especially if the suffering or deaths could have been avoided ?

imho - there is no price tag for a human life at all and the punishment should be as severe as possible, without being unethical itself .... well just my opinion ..

 

[hyper]

Those are big questions, and the scope of discussion is wide, far more than just the forex industry. Discussion could go on and on about insurance & claims, war & terrorism, execution & punishment, human rights, charity and humanitarianism.

I think in general, personal hardship is irrelevant to financial institutions and most other companies. Their only goal is to produce profit for themselves/shareholders. This reminds me of the documentary "The Corporation" - if a corporation were to be a person, it would be a complete psychopath.

 

[hyper]

It's not completely over yet as we need to wait until Sibali actually receives the money into his bank account. Only then can we truly celebrate.

We await this final outcome.

 

[hyper]

Because of this, we told Sibali that there really wasn't much else we could do.

This is very disappointing.

What would be good is if you could match traders with lawyers when all other avenues in a scam investigation have failed. In return you could earn a commission from the lawyer. Victims get the legal assistance that they need, lawyers get business.

Ideally it would be good to have a list of lawyers on hand who have solid experience in defending traders and have a high win rate. Another advantage would be if the lawyers themselves have been or still are traders, and/or have detailed knowledge of specific trading platforms like MetaTrader.

A lawyer service like this would be extremely helpful for traders and deservedly lucrative for you and the lawyers, whilst at the same time helping to rid the industry of bad brokers and practices.

 

[SAMMYFX]

Red Signal

This is a red signal to all those scammers out there. Once FPA declares you a SCAM, the very best thing for you is to sort things out fast with FPA. No normal thinking jury would reverse FPA's label once is sticked on you. Be WARNED!!!