Terminated! Broco won't be back.

[forxme]

To bad those investors and/or Traders lost money. Will they get back any of it. Guess when I start trading I had better be careful who I invest with!

 

[miko432]

it's tough for FPA to link to the source of this story being FM? giving credit is hard eh?

 

[PipStar]

Terminated!
Broco won't be back.​

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

for requests for withdrawal
Russia, St. Petersburg, post office box - 210, be called for Valeriy Valerievich Maltsev
zip code: 197371
Your letters will be left on the post to called for Valery Maltsev personally and number 210 means that letters are addressed to him.
If you can, duplicate address by printed Russian address: 197371 г.Санкт-Петербург, а/я 210 Мальцеву Валерию Валерьевичу.
All requests are only submitted in writing, by post
[/B][/URL]

This is a big red flag. Why would Broco suddenly decide to only accept written withdrawals by post?
Answer: To create as much delay as possible. Or use the reason that withdrawal request was lost in the mail.
Or hope that people will eventually forget about this after a few months of unsuccessfully trying to withdraw by post. And possibly avoid payment.
There is no reason why these withdrawals can't be quickly done by email request. Even if they have to create a new email address.
I don't have any funds with Broco, let's hope those who do get their funds back but it's not looking good.

 

[howdizzle]

This is a big red flag. Why would Broco suddenly decide to only accept written withdrawals by post?
Answer: To create as much delay as possible. Or use the reason that withdrawal request was lost in the mail.
Or hope that people will eventually forget about this after a few months of unsuccessfully trying to withdraw by post. And possibly avoid payment.
There is no reason why these withdrawals can't be quickly done by email request. Even if they have to create a new email address.
I don't have any funds with Broco, let's hope those who do get their funds back but it's not looking good.

I think the red flag as given over the last year when withdrawals took excessively long. This suggests a ponzi scheme where Broco was only paying or allowing certain withdrawals expecting those same clients to continue trading and or add additional funding. I have around 3000 USD in my account of PnL. Indeed i feel that the tactic of making a paper withdrawal is to delay or give some excuse that the request got lost in the mail. Fair enough, but why bother? Broco closed, funds are presumably gone right? I'm pricing in a bad outcome but nonetheless i am going to send my paper withdrawal request in. The cost of sending a letter for the chance of getting my money back is worth the try.

 

[Onyebuchim C. Obike]

Oh my..... This is shocking. I'm really suprised. Even the mighty are falling. This is scary and unbelieveable.

 

[FringFX]

interesting development. another one bites it.
thanks Lt.!

 

[FringFX]

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?

wow, where did you get all that??

 

[Sub-zero]

The market just clenses itself. There were too many cases of Broco's misbehaviour and the OP post is just a logical conclusion of the company's saga.

are there any decent Russian brokers out there ????

I guess, there're some of them.

 

[Pharaoh]

Looks like we've got a major shakeout of bad companies going on. My bet is that things are going to be wild for the next 6 months to a year.

 

[elkhorn]

We need listing of world regulatory agencies for Member info and comment. Russian brokers just went way up my list of possible candidates of foreign brokers as am US citizen with all my funds now with foreign brokers so can get decent leverage, no fifo or restricted hedging. Instead of criticizing Romney for off shore accounts they should ask how they can make it advantages to keep funds here.