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  1. Scam Investigations Committee

    Joined:
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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...

    FPA member Oriana filed a scam complaint against TrueFxSignals.com on the basis that the TrueFXSignals website stated...

    Rather than trigger a direct and probably hostile conversation, FPA Investigator Gerard asked the FPA's AsstModerator to send send some questions on behalf of the Review Moderation Team to get clarification.

    A representative from TrueFxSignals claimed that the company was registered and monitored by the NFA. When asked for details, he claimed that they didn't have a registration number yet since they were finalizing their paperwork. The way NFA registration works is that a person or company gets a pending registration number before submitting any paperwork. The TrueFX person also claimed that the company sends signals to the NFA and the NFA verifies these against the performance of signals posted on the company's website. An employee of NFA's compliance department was not aware of any such program.

    During the investigation, the claims regarding the NFA were removed from the TrueFxSignals website. They still have not admitted these were false.

    This company also has an extensive history of fake positive reviews being submitted to the FPA.

    We feel that a false claim of NFA registration is a severe breach of ethics. We feek that a false claim of an NFA monitoring program that does not seem to exist also qualify as an extreme breach of ethics. In our opinion, TrueFxSignals is a scam.

    TrueFxSignals is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company. This scam finding may be lifted if True FX Signals proves that there is really an NFA signals monitoring program that they are a member of. Alternatively, we offer True FX Signals a second option to have this scam finding lifted. They can do this by publishing an admission in the FPA's reviews, the FPA's Forums, and on their own website that they made these false claims and pledge never to repeat this action. They will also be required to pledge to do their best to avoid directly or indirectly submitting fake reviews and also to keep their website 100% honest at all times.


    We thank FPA member Oriana for bringing this to our attention. We that FPA Investigator Gerard, FPA,s AsstModerator, and the members of the FPA Review Moderation Team for their efforts on this case.


    Discussion Thread for this Scam Finding
     
    #1 Scam Investigations Committee, May 21, 2009
    Last edited: May 21, 2009

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