Two Traders, Two Companies, One Big Scam

gangulo

Recruit
Messages
4
Theft is theft.....

The posted companies, Velocity4x, Start forex are tied to Gforce4x.....It is interesting and sad we as a community of forex interests and traders should be subject to theft, behaviour which should have no grey laws....This is a problem with the system....it is simple...if you take funds which do not belong to you for any reason, one word comes to mind, misappropriation, embezzlement is the outright theft of funds.....

On May 7, I will be meeting with other Forex traders discussing a possible new entry into forex realm, forex company for the retail trader. I shall keep all of you posted, by the way, I have been victimized by a larger firm and slowly moved my money out of that particular company....

Traders, due diligence is the word....Asking questions in this forum is for your benefit and may save you money....If a company has taken from one trader regardless, the theft is theft....Why would anyone open a account with a company which has wronged one of you...I urge all traders to act upon their intelligence and pass on information regardless of how insignificant...

Gregg A Angulo
 

pcbg007

Private, 1st Class
Messages
72
How City Index Cheats

Do not be deceived by the large size of an FX broker. They can still operate like those bucket shops. City Index often boasted of their size, but they are no better than the smaller ones.

You may download a copy of my findings here :

www.pchenxu.addr.com/ci/Findings_CityIndex.pdf

I know a couple of traders who have also been scammed by City Index.

By the way, City Index is no longer U.S. NFA-regulated since Feb 2008!

So, be wary that they don't have to adhere to any rulings from NFA since Feb 2008. They can scam you and get away scot-free, so to speak.

pcbg007
 
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pcbg007

Private, 1st Class
Messages
72
Can't anyone report this to the regulators?
Unfortunately, most traders do not know how to go about in reporting to the relevant authorities.

Some may find it too cumbersome, as it is a long drawn tiring process, having to spend lots of precious time in accumulating solid evidences.

Brokers like City Index has even withdrawn themselves from NFA membership since Feb 2008, so that they are no longer subject to NFA regulations.

However, I believe they did not notify their clients on this, so that their clients will continue to think that they are still NFA regulated, and therefore their trades are safe.
 

yokebeto

Recruit
Messages
2
Dear FPA staff

Very Thank you for your work and kindness

Your are cool!!
 
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Mr. Madruga

Private
Messages
12
Thanks FPA

Thanks FPA for your great work.
I released today Velocity4x is not NFA regulated anymore.
I sent them an e-mail giving 1 week more telling I would report them to NFA.
I got an e-mail from NFA minutes ago.
Well, let's see what's the end of the story.




Hello NFA,
Is HAMILTON WILLIAMS LLC (DBA VELOCITY 4X), # 0358241 still a NFA member?
They are holding my money and I would like to get an action against them. What do I have to do?
Could you please help?
Thanks,


_________________________________________________
Thank you for your email.

A search of CFTC and NFA records reflects HAMILTON WILLIAMS LLC's registration with the CFTC as Futures Commission Merchant was withdrawn effective 2/13/2008 and its NFA Membership was withdrawn effective 1/13/2008.

Your email is also being sent to our Compliance Department regarding your additional question.

If we can be of further assistance, please feel free to contact us at information@nfa.futures.org or call us at (800) 621-3570 or (312) 781-1410. Representatives are available weekdays from 8:00 a.m. to 5:00 p.m. (Central Time).

Sincerely,

Yvette Christman

Senior Manager, Registration
 

eliezer

Recruit
Messages
3
Replied from Startforex

Hi, I was being approached by StartForex to open an account and was being told of the benefits and bonus (to me, sounded too good to be true) but thankfully I came to know about it thru ForexPeaceArmy. Hence, I replied the email from StartForex saying that I do not want to open an account with them and asked them to clarify on the situation. Below is their reply:

"Greetings!

I do know about Mr. Madruga, very well know Forex Cheeter not even with EA but trying to hack the company’s spread. A well know computer script programmer.

Read here how he does it EURGBP easy and profitable EA - Forex Trading

Yokebetos case is somehow different but anyway,

We don’t like hackers.

Cheers,
Alvaro Fridenzon"

Btw, his email address is Alvaro@startforex.com.

Hope my contribution helps. Thanks.
 

Pharaoh

Colonel
Messages
19,729
So, because Mr. Madruga was publicly working on a profitable EA to trade a pair during the Asian session, this is supposed to be evidence that he is somehow "hacking the company's spread"?

Rather than reading all 47 pages of that thread, can you ask the weasel at StartForex if he could point to the specific posting where this secret "hacking the spread" technique is revealed?

Personally, I hope Mr. Madruga will start a thread here at the FPA and share some of his skills. Maybe the FPA can help him find a good broker to use for his EAs.
 

Aldragon

Recruit
Messages
5
So, because Mr. Madruga was publicly working on a profitable EA to trade a pair during the Asian session, this is supposed to be evidence that he is somehow "hacking the company's spread"?

Rather than reading all 47 pages of that thread, can you ask the weasel at StartForex if he could point to the specific posting where this secret "hacking the spread" technique is revealed?

Personally, I hope Mr. Madruga will start a thread here at the FPA and share some of his skills. Maybe the FPA can help him find a good broker to use for his EAs.
He should, anyway someone knows where this startforex company is located?
Sure Mr. Madruga should open a new thread to share.
 
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