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SigmaForex and Hossam Park - Resolved

Discussion in 'Scam Case Resolutions Folder' started by Scam Investigations Committee, Nov 6, 2008.

  1. Scam Investigations Committee

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    We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...

    Our member Hossam Park encountered significant delays receiving a withdrawal of funds from an account with Sigma Forex. Further, they suspended his access to his account. He opened a Scam Resolution Ticket with us.

    Click here to see Hossam Park's initial Complaint against Sigma Forex

    Lt. Tessa advised Hossam on further contacts with Sigma Forex and then contacted them directly. After some discussions, Sigma Forex refunded Hossam's initial deposit. Most of Hossam's profits were consumed while his account was suspended when Sigma closed 1/2 of a hedged position several days before closing the other half after price went 290 pips against the remaining position. Lt. Tessa did strongly suggest to Sigma that if such a situation arises in the future, they should close 50% of each half of a hedge rather than closing all of one side of the hedge, leaving the account open to a potential margin call and exposing Sigma to possible accusations of deliberately wrecking a client's account.

    We extend our regards to SigmaForex for cooperating with this investigation and transferring the remaining finds to Hossam. We thank Lt. Tessa for a job well done. We commend FPA Recruit Hossam Park for his perserverance and patience in dealing with this issue in a way that does credit to himself and the Forex Peace Army, and hereby promote him to the rank of Private.

    Click here to for more details and a discussion of this event
     
    #1 Scam Investigations Committee, Nov 6, 2008
    Last edited: Nov 12, 2008

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