This company took all my friends profits (http://www.smartlivemarkets.com/)

[PipStar]

For all brokers that are regulated by the Financial Services Authority (FSA) in the UK, there is a compensation scheme in place for up to about GBP 50,000.
So you cannot lose your funds up to the insured amount when your broker goes bust. For example all clients of the failed Man Financial UK will be compensated up to GBP 50,000.
But this does not cover deleted profits by a broker of course. So you have to follow the complaint procedure: First you get final answer from broker, then complain to Ombudsman,
then you get reply from adjudicator from ombudsman office, if you're not satisfied with this reply you can then ask for an ombudsman to look at the case. A lengthy process since
ombudsman has many cases to look at and for the whole financial industry. There are more scammers out there than there are ombudsmans to investigate. That's why it takes a
long time to get to the final ombudsman decision. But if you've been scammed that's your only avenue to get your profits.

 

[FXCobra]

For all brokers that are regulated by the Financial Services Authority (FSA) in the UK, there is a compensation scheme in place for up to about GBP 50,000.
So you cannot lose your funds up to the insured amount when your broker goes bust. For example all clients of the failed Man Financial UK will be compensated up to GBP 50,000.
But this does not cover deleted profits by a broker of course. So you have to follow the complaint procedure: First you get final answer from broker, then complain to Ombudsman,
then you get reply from adjudicator from ombudsman office, if you're not satisfied with this reply you can then ask for an ombudsman to look at the case. A lengthy process since
ombudsman has many cases to look at and for the whole financial industry. There are more scammers out there than there are ombudsmans to investigate. That's why it takes a
long time to get to the final ombudsman decision. But if you've been scammed that's your only avenue to get your profits.

That's A Good Compensation but what about clients with accounts bigger than the 50,000?? They will wait till the broker headquater and offices(if both exist) get sold in auction

A question: Will it differ if a client has an active broker account at time of filling a complaint to FSA?

I think it will be better to just withdraw the money instantly from the broker, take all evidences, and prepare a complaint to FSA to regain the losses caused by the broker cheating.

In this case, the evidence is very clear.

Can't stop laughing at http://www.smartlivemarkets.com Scam Broker excuse to rob Huerta:

''We are not in business to be taken advantage of by clients dealing on latent prices and scalping us''

 

[GKFX]

This Forex, Smart Live Markets ile Foreks ve CFD i is a total scam.
What is this Scam Broker who says "We are not in business to be taken advantage of by clients dealing on latent prices and scalping us."
Don't know if it allows scalping method or not in its policy but its sentence is of a bucketshop.
I think you have the best chance to withdraw your money now. 'George Smith' gave you open door out when said: "If you wish for the funds to be returned then please let us know", TAKE IT, have your money back to your( and friends) bank accounts, you have lot of time later to judge their scam action.
You will reach nowhere with this company which do not exist When you enter the link into browser it says 'Rebranded' & takes you to another page of GKFX broker that says it's regulated by FSA.
But the question now, are your and friends accounts named under that link company or GKFX?, if first you have no hope, if second you might have some hope by filing a complaint to FSA and till FSA take you seriously and maybe reply or not

Either cases, my advice says do not waste time, email 'George' ask him for withdrawal of funds.

Hello,
Firstly sorry for the delay in responding to this.
I do try and set the record straight on these things when I am made aware of them.

There are always two sides to every story, and with forums you only generally here one side.
The issue in hand took place well over a year ago and was amicably resolved...
Indeed the client responded:

"Hi George..
Thanks for email.
No problem on my side."

I cannot go into the details of this case due to client confidentiality, although if he wants to plaster his name over the internet that is not my issue.

As a general rule, scalping is one thing, but dealing on latent prices is another.
If you consistently and deliberately deal on latent prices then what you are doing is dealing on prices that you know are incorrect, which some would argue is fraud.

We are here to help our clients, but the old adage you cannot please all of the people all of the time I am afraid is too true.

If anyone has any issues then please do get in touch and we always try and help.

Regards

GKFX
Compliance Department

 

[Pharaoh]

The forums have always been open for company representatives. If the viewpoints here are one-sided, that's because companies don't get around to presenting their side of the issue.

I do wonder why an issue that is described as amicably resolved over a year ago by the broker was brought up by the client only 5 or 6 weeks ago. It sounds like one or both sides of this disagreement haven't provided all the information needed.

I'm also left wondering why a broker with large amounts of technology at its disposal can't keep ahead of a client with regard to prices.

I'm also curious exactly how long it was between the first alleged lag trade and the cancellation of the profits made on that trade. Minutes? Hours? Days? Weeks?

 

[PipStar]

As a general rule, scalping is one thing, but dealing on latent prices is another.
GKFX
Compliance Department

In this era of technology and lightning fast data feeds, you claim you have latent prices over a long period of time. Rubbish.
The client made money trading whatever style and as a market maker you were on the other side of the trade and you lost.
So you tried to recoup your losses claiming latent prices. Typical market maker tactic.
Nothing has changed since the days of Jesse Livermore and his dealings with bucketshops !!!!!!!!!