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The NFA slaps Alpari US for $200,000

Discussion in 'Forex Articles' started by AsstModerator, Jul 30, 2012.

  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    The NFA slaps Alpari US for $200,000

    The NFA is getting serious about limits in cancelling trades.


    I'd like to thank FPA reviewer Tangmase for bringing this to the attention of the FPA.

    NFA Press Release on Alpari US action

    FPA review page for Alpari-US.com
     
  2. FreddyFX

    FreddyFX Sergeant

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    I must be mistaken, I thought this was old news by now !!
     
  3. Pharaoh

    Pharaoh Colonel

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    I see some good news indirectly stated.

    "Alpari must also provide verification to NFA that these refunds were paid to and received by customers." would seem to indicate that the NFA learned to not trust brokers to follow instructions. Looks like they don't want to take a chance of a case like FXDD's clients not getting paid to happen again.
     
  4. PistolDave

    PistolDave Corporal

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    I always thought Alpari was one of the better quality brokers.

    I don't know a lot about violations by futures brokers, but I seem to remember reading that most, if not all, of them get fines like this from time to time. Apparently, it is just normal business by all of them. Also, the penalties are not severe enough if they still continue to violate as often as they do. They probably see the fines as just a price of doing business, like big pharmaceuticals see the inevitable lawsuits in the same way.
     
  5. PeruAndArts

    PeruAndArts Recruit

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    Gosh! I always thought Alpari was one of the best quality brokers. So we can't trust any broker? please can you recommend a serious and reliable broker, thank you.
     
  6. RP1

    RP1 Corporal

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    200k is not really a punishment in my opinion.
    It can easily be written off as a business expense and wont hurt them.
    The fines for this sort of behaviour should be in the millions , that would make all brokers sit up and tow the line.
    FXDD you reading this ?
     
  7. WinFX

    WinFX Private, 1st Class

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    Good news indeed. I hope other regulatory institutions like the FSA follow the same example. It must be clear that "seemingly" wrong price quotes are the brokers mistake and they have to take responsibility for it, not the trader.
     
  8. lpc9898

    lpc9898 Private

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    Thanks a lot to FPA for highlighting this matter to us in Asia....we normally don't get this type of first hand news. It could be just the tip of the iceberg of all those unscrupulous brokers surfacing their dishonesty including so call trusted brokers.........
     
  9. Le Roux

    Le Roux Private

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    $200,000..... is that all? Always knew they were as dubious as the South African Government (the all new liberated South Africa)!!!:mad:
     
  10. Chublet

    Chublet Private

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    Shocking news to know...as I thought Alpari was one of the best brokers......you never know what they are doing behind you....
     

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