1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Terminated! Broco won't be back.

Discussion in 'Forex Articles' started by AsstModerator, Jul 26, 2012.

  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

    Joined:
    Dec 11, 2007
    Messages:
    5,439
    Likes Received:
    1,134
    Terminated!
    Broco won't be back
    .​



    Brocompany.com, better known as Broco, has had a colorful history.

    In 2010, the SEC filed charges...

    Mauritius suspended their license in 2010 and cancelled it in 2011...

    This morning, I got a link from an FPA member connecting to a post on another forum saying that Broco has announced that it is shutting down. Before writing this, I cross-checked and found the same information on Broco's forum.

    The second post in that thread indicates that withdrawals can now only be made in writing...

    UPDATE: More information has been added to the posts in Broco's forums. There is now a format for written withdrawal requests...


    I'd like to thank FPA member Freddie Freeman for notifying the FPA of this.

    SEC Charges against Broco

    Broco's license in Mauritius revoked

    Termination of Broco Announcement

    FPA Review Page for Brocompany.com
     
    #1 AsstModerator, Jul 26, 2012
    Last edited: Jul 30, 2012
  2. edward2010

    edward2010 Recruit

    Joined:
    Jul 13, 2012
    Messages:
    2
    Likes Received:
    0
    Thank you for sharing this ..
     
  3. FreddyFX

    FreddyFX Sergeant

    Joined:
    Oct 3, 2007
    Messages:
    348
    Likes Received:
    137
    A pity these things need to happen, they were running a smooth platform.
    I have never traded real money with them.
     
  4. Kingrex

    Kingrex Corporal

    Joined:
    Apr 12, 2010
    Messages:
    83
    Likes Received:
    0
    thank you for sharing
     
  5. Sazu

    Sazu Corporal

    Joined:
    Jan 12, 2011
    Messages:
    98
    Likes Received:
    0
    Hey just like PFG only with a American twist!
     
  6. PistolDave

    PistolDave Corporal

    Joined:
    Jun 20, 2008
    Messages:
    105
    Likes Received:
    1
    Yes! Another step forward. Another scam broker shut down.

    According to the statement above: "However SEC-related resonance, tough actions inspired by competitors, the last serious of bankruptcy of US prime-brokers and the last wave of searches taking away almost all resources drew a line under “Broco”

    Really? These are nothing but vague excuses.

    Consider these principles: Run a business properly and it will not get shut down. There is always going to be competition. There is always going to be regulation (incompetent and inefficient as it may be.) There will always be searches and seizures by the authorities when they have good reason to suspect that you are running a business that scams, cheats, and otherwise damages the assets of your customers who trusted you.

    Good to be rid of them.
     
  7. Ntama Derick Mathatho

    Joined:
    Dec 5, 2011
    Messages:
    19
    Likes Received:
    0
    One dog got its day!!. Thanks for sharing Lieut.
     
  8. samob

    samob Private

    Joined:
    Apr 20, 2012
    Messages:
    21
    Likes Received:
    0
    are there any decent Russian brokers out there ????
     
  9. Steve R

    Steve R Recruit

    Joined:
    Jul 1, 2012
    Messages:
    2
    Likes Received:
    0
    Can we really trade in this market safely with anyone? Where are our regulators and watchdogs (in bed with the cons)? Every week we seem to have another shoe fall and then we wait for the next one. How many legs does this corrupt monster have? It's not just the smaller houses overseas like Broco that are corrupt. Segregated funds stolen at PGF Best and MF Global. How many Banks will be discovered to be involved in the Libor rate fixing scandal and how many billions in loan interest was overpaid (directly or indirectly) by all of us as a result? Who's next to be discovered?

    Financial institutions with rogue trader losses in the billions: Jerome Kerviel - $6 billion at Societe Generale, Yasuo Hamanaka - $2.6 billion at Sumitomo, Nick Leeson - $1.3 billion at Barings, John Rusnak - $700 million at Allfirst / Allied Irish and who knows how many billions is to be lost in the most recent scandal at JP Morgan?

    Recent Ponzi schemes that stole billions.: Bernard Madoff - $50 billion, Allen Stanford - $8 billion, Tom Petters - $3.7 billion, Scott Rothstein $1.2 billion and a host of others in the hundreds of millions.

    How much have we all lost to Insider trading? It seems to be everywhere (see Martha Stewart). Here's a list of those caught by the SEC in the recent past, but it's only the tip of the iceberg crushing all legitimate investors under it's massive weight.:
    2012
    Five Physicians - SEC charged five doctors with insider trading in the stock of an East Lansing, Mich.-based company at which one of them served as chairman of the board of directors. (7/10/12)
    Founder of Equity Research Firm – SEC charged the owner of the California-based equity research firm Insight Research with insider trading as part of agency’s ongoing investigation of insider trading involving “expert networks” that provide specialized information to investment firms. (6/28/12)
    Yahoo Executive and Ameriprise Manager – SEC charged a former executive at Yahoo! Inc. and a former mutual fund manager at a subsidiary of Ameriprise Financial Inc. with insider trading on confidential information about a search engine partnership between Yahoo and Microsoft. (5/21/12)
    Movie Producer and Ring of Relatives and Associates - SEC charged a Hollywood movie producer along with his brother, cousin, and three others in his circle of friends and business partners for insider trading in the stock of a company for which he served on the board of directors. (5/8/2012)
    Financial Advisors and Circle of Family and Friends - SEC charged two financial advisors and three others in their circle of family and friends with insider trading on confidential information about merger negotiations between a Philadelphia company and a Japanese firm. They made more than $1.8 million in illicit profits. (3/13/2012)
    Expert Consulting Firm and Owner - SEC charged John Kinnucan and his Portland, Oregon-based expert consulting firm Broadband Research Corporation with tipping clients with material nonpublic information obtained from prohibited sources inside public companies. Clients then traded on the inside information. (2/17/2012)
    California Hedge Fund Manager - SEC charged Douglas F. Whitman and his firm Whitman Capital for their involvement in the insider trading ring connected to Raj Rajaratnam and Galleon Management. Whitman's illegal trading resulted in nearly $1 million in ill-gotten gains. (2/10/2012)
    Hedge Fund Managers and Analysts - SEC charged multi-billion dollar hedge fund advisory firms Diamondback Capital Management LLC and Level Global Investors LP as well as seven fund managers and analysts involved in a $78 million insider trading scheme based on nonpublic information about Dell's quarterly earnings and similar information about Nvidia Corporation. (1/18/2012)
    Diamondback Capital Management Settles SEC Charges (1/23/2012)

    2011

    Former Goldman Sachs and Procter & Gamble Board Member - SEC charged former McKinsey & Co. global head Rajat Gupta with illegally tipping hedge fund manager Raj Rajaratnam while serving on the boards of Goldman Sachs and Procter & Gamble. (10/26/2011)
    Goldman Sachs Employee - SEC charged Spencer Mindlin and his father with insider trading on confidential information about Goldman's trading strategies and intentions that he learned while working on the firm's ETF desk. (9/21/11)
    Global Consulting Executive - SEC charged a former global consulting firm executive and his friend who once worked on Wall Street with insider trading on confidential information about impending takeovers of two biotechnology companies for more than $2.6 million in illicit profits. (9/15/11)
    Hedge Fund Manager and Company Insiders - SEC charged James Turner II and his firm Clay Capital Management with insider trading ahead of public announcements about corporate earnings and merger activity based on confidential information he obtained through his relationships with company insiders, who also were charged in the scheme that generated illicit gains of nearly $3.9 million. (8/31/11)
    Corporate Board Member - SEC charged former Mariner Energy Inc. board member H. Clayton Peterson and his son with insider trading on confidential information about the impending takeover of the company. The son also tipped several close friends. The Petersons and their tippees obtained more than $5.2 million in illicit profits. (8/5/11)
    Former Major League Baseball Player - SEC charged Doug DeCinces and three others with insider trading ahead of a company buyout and obtaining more than $1.7 million in illegal profits. DeCinces agreed to pay $2.5 million to settle the SEC's charges. (8/4/11)
    Emergency Action Against Three Swiss-Based Entities - SEC obtained asset freezes against entities charged with insider trading around an acquisition announcement. The asset freezes were intended to prohibit the foreign firms from transferring the proceeds of their illegal trading overseas. (7/18/11)
    Former NASDAQ Managing Director - SEC charged Donald L. Johnson, a former managing director of The NASDAQ Stock Market, with insider trading on confidential information that he misappropriated while working in a market intelligence unit that communicates with executives at listed companies about impending public announcements that could affect their stocks. Johnson obtained illicit trading profits of at least $755,000 during a three-year period. (5/26/11)
    Former FrontPoint Partners Hedge Fund Portfolio Manager - SEC charged Dr. Joseph F. "Chip" Skowron, a former hedge fund portfolio manager affiliated with a FrontPoint Partners LLC healthcare fund, with insider trading based on confidential information about negative details of an experimental drug that he received from Dr. Yves Benhamou, a medical researcher overseeing a clinical drug trial. (The SEC charged Benhamou on 11/2/10 for his misconduct in this matter). The material non-public information that Skowron received allowed the hedge funds that he managed to avoid losses of at least $30 million. (4/13/11)
    Insider Trading Scheme Involving Corporate Attorney and Wall Street Trader - SEC charged charged corporate attorney Matthew Kluger and Wall Street trader Garrett Bauer for their involvement in a highly organized serial insider trading ring that traded in advance of merger and acquisition announcements involving clients of the law firm Wilson Sonsini Goodrich & Rosati. The ring made at least $32 million in illegal profits between April 2006 and March 2011. (4/6/11)
    Kluger, Bauer, and Middleman Settle SEC Charges - Kluger, Bauer, and their mutual friend Kenneth Robinson agreed to give up their ill-gotten gains plus interest to settle the charges against them. (4/25/12)
    Insider Trading by FDA Chemist - SEC charged Cheng Yi Liang, a chemist at the U.S. Food and Drug Administration, with insider trading on confidential information concerning upcoming announcements of FDA drug approval decisions, generating more than $3.6 million in illicit profits and avoided losses. (3/29/11)
    Expert Networks Insider Trading Scheme - SEC charged a New York-based hedge fund and four hedge fund portfolio managers and analysts who illegally traded on confidential information obtained from technology company employees moonlighting as expert network consultants, in a scheme that netted more than $30 million in illicit profits.
    SEC Charges Hedge Fund Managers and Traders in $30 Million Expert Network Insider Trading Scheme (2/8/11)
    SEC Brings Expert Network Insider Trading Charges (2/3/11)
    Former Board Chairman of Home Diagnostics - SEC charged George Holley, a co-founder and former Chairman of the Board of Home Diagnostics Inc., with illegally tipping friends and business associates with inside information about an impending acquisition of the company. Holley's tips resulted in combined illicit profits of at least $170,000. (1/13/11)

    2010

    Former Law Firm Technology Manager and Brother-in-Law - SEC charged a former information technology manager at a Delaware law firm and his brother-in-law with insider trading on confidential information about impending mergers and acquisitions by the law firm's clients. The insider trading scheme resulted in over $182,000 in illegal profits. (12/7/10)
    Medical Researcher Tipping Inside Information about Clinical Trial - SEC charged Yves Benhamou, a French medical doctor and researcher, with tipping a hedge fund manager with confidential information about a clinical drug trial that he was overseeing. (The hedge fund manager was subsequently charged by the SEC on 4/13/11 for his misconduct in this matter). Benhamou tipped the hedge fund manager with non-public negative details about an experimental drug ahead of a public announcement by the company that manufactured the drug. Based on Benhamou's tips, the hedge fund manager sold his shares in the drug company, allowing the hedge funds to avoid losses of at least $30 million. (11/2/10)
    Pharmaceutical Company Insider and Former Hedge Fund Manager - SEC charged James W. Self, Jr., a pharmaceutical company insider, and Stephen R. Goldfield, a former hedge fund manager, with insider trading in advance of an announcement that AstraZeneca would acquire MedImmune, Inc. The material non-public information about the acquisition allowed the former hedge fund manager to realize illicit profits of approximately $14 million. (9/1/10)
    Asset Freeze for Insider Trading by Spain-based Traders - In an expedited investigation, the SEC swiftly charged two residents of Spain with insider trading and obtained an emergency asset freeze. The residents made nearly $1.1 million by trading while in the possession of material non-public information in advance of the public announcement of a tender offer by BHP Billiton Plc to acquire Potash Corp. of Saskatchewan Inc. One of the defendants was the head of a research arm at Banco Santander, S.A., a Spanish banking group advising BHP on its bid. (8/20/10)
    Former Banco Santander Analyst Agrees to Settle Insider Trading Charges (4/25/11)
    Former Deloitte Partner and Son - SEC charged Thomas P. Flanagan, a former Deloitte and Touche LLP partner, and his son, Patrick T. Flanagan, with insider trading in the securities of several of the firm's audit clients. The illegal trading resulted in combined profits of approximately $490,000. The former Deloitte partner and his son agreed to pay more than $1.1 million to settle the SEC's charges. (8/4/10)
    Corporate Insider Brothers - SEC charged Samuel Wyly and Charles Wyly with insider trading in the securities of a company in which they served as the Chairman and Vice Chairman of the Board. Through their positions on the company's Board, the Wyly brothers knew that the company had decided to put itself up for sale. Based on this material non-public information, the Wyly brothers made a large and bullish transaction in the company's securities that yielded over $31 million in illicit profits. (7/29/2010)
    Pequot Capital Management and CEO Arthur Samberg - SEC charged hedge fund manager Pequot Capital Management, Inc. and its Chairman and CEO Arthur Samberg with insider trading in Microsoft Corporation securities. The SEC separately charged a former Microsoft employee who later worked at Pequot for allegedly tipping the firm and Samberg with non-public information about Microsoft's earnings. Pequot and Samberg paid nearly $28 million to settle the SEC's charges. (5/27/10)
    Wall Street Securities Professional Using Coded E-mail Messages - SEC charged Igor Poteroba, an investment banker at UBS Securities LLC, and two others in a clandestine insider trading ring that netted approximately $1 million in illicit profits by trading ahead of at least 11 mergers, acquisitions, and other corporate deals. The traders used coded e-mail messages in an attempt to conceal their unlawful trading. (3/24/10)

    2009

    Insider Trading by Former Employees of Global Financial Firms - SEC charged Vinayak S. Gowrish and Adnan S. Zaman, former employees at major global financial institutions, and two of their friends in a serial insider trading scheme to profit on highly confidential merger and acquisition information. (12/16/09)
    Galleon Cases - In the Galleon cases, the SEC has charged 29 defendants for widespread and repeated insider trading in the securities of 15 companies generating illicit profits totaling nearly $90 million. The illegal conduct involved Raj Rajaratnam and his New York-based hedge fund Galleon Management making cash payments in exchange for material non-public information. The case eventually ensnared corporate executives, consultants, rating agency personnel, proprietary traders, hedge fund executives, and public relations personnel. To date, 12 defendants have reached settlements or otherwise resolved their claims with the SEC.
    SEC Brings Additional Charges in Galleon Case (11/12/10)
    SEC Announces New Developments in Galleon Case (1/29/10)
    SEC Charges 13 More in Galleon Insider Trading Case (11/5/09)
    SEC Charges Raj Rajaratnam with Insider Trading (10/16/09)
    Wall Street Lawyers and Traders - SEC charged three New York-based attorneys at the law firm Ropes & Gray LLP for tipping inside information in exchange for kickbacks and six Wall Street traders and a proprietary trading firm involved in a $20 million insider trading scheme. The SEC alleged that the three lawyers tipped material non-public information about confidential corporate acquisitions by firm clients to a network of traders and hedge fund managers in exchange for kickbacks.
    SEC Charges Attorney in Insider Trading Scheme (12/10/09)
    SEC Charges Wall Street Lawyers and Traders in $20 million Insider Trading Scheme (11/5/09)

    And don't forget the biggest thieves of all, our politicians. While stealing hundreds of billions of our tax dollars to prop up institutions like Ginnie Mae and Freddie Mac to encourage substandard loans to be guaranteed to buy votes from those should have never got those loans. Then padding the pockets of the loan companies that gave them campaign contributions and made billions making those worthless loans then selling them to Ginnie Mae and Freddie Mac. Some of those same crooked politicians got sweetheart deal loans from the likes of Countrywide (but that's not considered a bribe)? Those politicians playing with the Mortgage market is what caused the 2008 crash. Then they blame Wall Street for trading the worthless loans our government practically mandated be granted to buy votes. But then then they bail out the fat cats and leave the rest of us twisting in the wind. To make matters worse they use the crash as an excuse to bail out failing companies with taxpayer money just to turn them over to the unions (GM) and loan millions to the companies of their friends (Solyndra) and we get the bill.
     
  10. mrgummo

    mrgummo Corporal

    Joined:
    May 7, 2011
    Messages:
    128
    Likes Received:
    1
    No wonder only 5% of Forex traders are profitable--between gaining mastery of trading and finding a reputable broker, the odds really are against you!

    Thanks, LT. for posting this.
    Ron
     

Share This Page