Problem UFXBank Kiss Of Death

[BigT1]

OK I have sent the form. It has taken a while as I am feeling a bit run down. Also added this info...I would like to add a further comment here.

I did get my little account of $16 000 up to $22 ooo. Then UFX started sending me bad trades. Risk was too high on Natural Gas, a really bad gbpjpy trade. I wrote to UFX and asked them If the were Shil at one point. Then it seemed to go downhill very steadily. And of course they always ask you to deposit more funds to help save your account from risk! I think when they saw I was making some money they sent me trades to kill me. And quite often some calls have been sells at the lows or buys at the highs which are really sus calls. I have always wondered If trades could be tailered and sent out to clients based on their circumstance.

Austrader 2012,
You must understand you are engaged with a private firm, a "Bucket Shop", that has no reponsibility to trade under a regulated environment in accordance with real pricing in the international market. You are being victimized. Get your money out while you can, and trade in a free market regulated environment. Search all other threads here for UFX and see your predecessor's results. Ask for help if you need it.
AI

 

[Austrader2012]

I am sorry I missed this bit of info earlier. I have a letter from ANZ bank which says they have reversed the charges on a card of mine. This happened back in July. I somehow missed reading this letter and didnt notice the money as I dont have a statement or any link to that account. Dear Austrader2012, Thank you for your recent enquirey regarding the transactions on your ANZ card. We have reversed this charge and it has appeared as a credit on your ANZ card account statement. We would like to thank you for banking with us. If you have any other queries about your ANZ card, p[lease feel free to call us at any time. Please make sure you have your card number handy when you contact us.
3 Amounts refunded $1012.45 $506.23 and $101.25. You can see 3 different random amounts all on the same day which is not how I would top up a trading account at all. Not If you have good money management that is!

 

[Austrader2012]

While I see this as a small step in the right direction there are still other issues still needing investigation by CYSEC. I have not heard back from them but will forward this news to them.

 

[Pharaoh]

I'm glad to see your bank stepped in.

The good thing about this is that if others who have fraudulent charges placed by UFX do the same thing, UFX's bank will eventually cut them off from access to credit cards.

Please keep everyone informed and keep sending info to Cysec.

 

[Austrader2012]

Just letting you know that Cysec has not replied after 2 complaints filed. It has been a couple of months.
I hope that every one that has had trouble with UFX sticks the boot into them, they are nothing but low life scammers.

 

[BigT1]

Just letting you know that Cysec has not replied after 2 complaints filed. It has been a couple of months.
I hope that every one that has had trouble with UFX sticks the boot into them, they are nothing but low life scammers.

You should also file with the regulator who is responsible for financial transactions in your own country or jurisdiction.
Give them them all you have supplied to CySec; and let them know that CySec has been slow to respond.
You can research the appropriate regulator here:
Financial Regulators Gateway
.
Keep us informed.
AI

 

[Austrader2012]

I decided to write to some lawyer firms in Cyprus and got a reply.


Hi. First of all I would like to say thank you for responding to my email.

I had deposited a total of $16000. Got the account up to $22 000 and then I started to get some very bad trade ideas.

The account started to undo from there.....I ended up hedging some trades after this (some of my own mistakes) but that was when the account came down below $10 000.
The Kiss Of Death trade was a $4500 loss. They were meant to ring me back with the final step of the trade but never did claiming they were too busy. There was no protective Stop Loss.
They also manipulated the leverage on that account that night.

My risk was meant to be only $200.

Apart from that I believe strong that they decided to kill my account after some successful OIL trades and I was in real profit. I believe that they had a big part in damaging my account.

It is debatable that the $22 000 I had was purposely damaged. The end result was that I was only able to withdraw $1500 when I closed the account completely.

This has had a profound effect on my life.

Simon

P.S.
Please let me know If you are interested.
I will post this update on FOREXPEACEARMY as there are man similar stories like mine, hence the idea of a
class action against UFXmarkets.

P.S.S. My story is documented on FOREXPEACEARMY

P.S.S. - My bank ANZ has refunded some small amounts as I complained about unauthorised transactions by my account manager. Much pressure over the phone to increase account regardless of my personal situation. I have a letter from Card Fraud stating the money has been returned to me.
From: info@cypruslawfirm.com
To: hot_male_ok@hotmail.com
Subject: RE: UFXMArket Kiss Of Death
Date: Fri, 5 Oct 2012 13:05:35 +0300

Dear Mr King

We do take on such cases but it will depend on the amount of your claim. Please inform us of the amount so as we can let you know whether we will be willing to handle the case.

Yours Sincerely

Michael Chambers.

 

[BigT1]

I decided to write to some lawyer firms in Cyprus and got a reply. . .
This has had a profound effect on my life.
P.S.S. - My bank ANZ has refunded some small amounts as I complained about unauthorised transactions by my account manager. Much pressure over the phone to increase account regardless of my personal situation. I have a letter from Card Fraud stating the money has been returned to me.
From: info@cypruslawfirm.com
.
Dear Mr King
We do take on such cases but it will depend on the amount of your claim. Please inform us of the amount so as we can let you know whether we will be willing to handle the case.
Yours Sincerely
Michael Chambers.

Hello Austrader 2012 [Mr. King],
After what has already happened, I should think you would understand that you need to "Trust, but Verify" (to quote a reclic of American politics).
.
Ask Mr. Chambers to supply his credentials to practice law in the jurisdiction, and "DUE YOUR DUE DILIGENCE!".
He must produce a registration number and more.
Then, INDEPENDENTLY verify the attorney's crediatials; and require he supply you with his history of performance in dealing with such cases.
If he won't or can't, recognize that after the leopard kills you and has eaten his fill, the vulture is not far behind to pick your bones clean.
Require his court history and confirm it.
.
Anthony Ingrassia, CTA.

 

[Pharaoh]

Definitely do your due diligence on any possible lawyer before hiring one.

Still, congratulations on getting out there and contacting one. Most people sit with their hands in their laps saying "There's nothing I can do." All it takes is one (or, better, a few) determined people to make a difference.

 

[Austrader2012]

Wow there are some many scammy scamers out there. I hope every one who reads these post look out for the dodgy ripoff buckets shops because they are not your friends!