Vantagefx Account Suspended - Profit and DEPOSIT FREEZED for 90 DAYS

ada1976

Private, 1st Class
Messages
104
Once upon a time they tried doggy staff in USA

14. On October 18, 2010, the Commission adopted new regulations implementing
certain provisions of the Dodd-Frank Act and the CRA. For the purposes of retail forex
transactions, the new regulations, among other things, require RFEDs to register with the CFTC.
15. On information and belief, Enfinium, through Vantage, solicits or accepts orders
from United States customers who are not ECPs to open leveraged forex trading accounts
through Vantage’s website, http://www.vantagefx.com. Vantage’s website is hosted by a
webhost located in San Antonio, Texas.
An order of permanent injunction prohibiting Enfinium and any successor thereof,
from, directly or indirectly:
1) Trading on or subject to the rules of any registered entity (as that term is
defined in Section 1a of the Act, as amended, to be codified at 7 U.S.C. § 1a);
2) Entering into any transactions involving commodity futures, options on
commodity futures, commodity options (as that term is defined in
Regulation 32.1(b)(1)), 17 C.F.R. § 32.1(b)(1) (2011)) (“commodity options”),
swaps, and/or foreign currency (as described in Sections 2(c)(2)(B) and
2(c)(2)(C)(i) of the Act, as amended, to be codified at 7 U.S.C. §§ 2(c)(2)(B) and
2(c)(2)(C)(i)) (“forex contracts”) for its own personal account or for any account
in which it has a direct or indirect interest;
3) Having any commodity futures, options on commodity futures,
commodity options, swaps, and/or forex contracts traded on its behalf;
4) Controlling or directing the trading for or on behalf of any other person or
entity, whether by power of attorney or otherwise, in any account involving
commodity futures, options, commodity options, swaps, and/or forex contracts;
5) Soliciting, receiving or accepting any funds from any person for the
purpose of purchasing or selling any commodity futures, options on commodity
futures, commodity options, swaps, and/or forex contracts;
6) Applying for registration or claiming exemption from registration with the
CFTC in any capacity, and engaging in any activity requiring such registration or
exemption from registration with the CFTC except as provided for in
Regulation 4.14(a)(9), 17 C.F.R. § 4.14(a)(9) (2011); and
7) Acting as a principal (as that term is defined in Regulation 3.1(a),
17 C.F.R. § 3.1(a) (2011)), agent, or any other officer or employee of any person
registered, exempted from registration or required to be registered with the CFTC
except as provided for in Regulation 4.14(a)(9), 17 C.F.R. § 4.14(a)(9) (2011).
Case: 1:11-cv-06206 Document #: 1 Filed: 09/07/11 Page 8 of 10 PageID #:8
-9-
G. Enter an order requiring that Enfinium, as well as any of its successors, disgorge
to any officer appointed or directed by the Court all benefits received including, but not
limited to, salaries, commissions, loans, fees, revenues and trading profits derived,
directly or indirectly, from acts or practices that constitute violations of the Act, as
amended, and the Regulations, including pre and post-judgment interest;
H. Enter an order directing Enfinium and any successors thereof, to rescind, pursuant
to such procedures as the Court may order, all contracts and agreements, whether implied
or express, entered into between it and any of the customers whose funds were received
by them as a result of the acts and practices, which constituted violations of the Act, as
amended, and the Regulations as described herein;
I. Enter an order requiring Enfinium to pay civil monetary penalties under the Act,
to be assessed by the Court, in amounts of not more than the greater of: (1) triple its
monetary gain for each violation of the Act, as amended, and the Regulations or (2)
$140,000 for each violation committed on or after October 23, 2008;
J. Enter an order requiring Enfinium to pay costs and fees as permitted by
28 U.S.C. §§ 1920 and 2412(a)(2) (2006); and
K. Enter an order providing such other and further relief as this Court may deem
necessary and appropriate under the circumstances.
......
Respectfully submitted,
COMMODITY FUTURES TRADING COMMISSION
/s/ David A. Terrell
David A. Terrell
Senior Trial Attorney
Case: 1:11-cv-06206 Document #: 1 Filed: 09/07/11 Page 9 of 10 PageID #:9
 

victoryforex

Private
Messages
13
Everyone with this problem needs to file a formal complaint with the regulators and include as much information as possible. If you don't do this, you are effectively endorsing what happened to you.

Think of it this way. Frank the overworked regulatory inspector has the following on his desk:

20 detailed complaints about Company A. 10 more complaints about Company A with partial details.
3 complaints with some details about Company B.
1 detailed complaint and one phone message about Company C.
1 complaint that just says "COMPANY D IS A SCAM!!!! THEY TOOK ALL MY MONEY!!!"
No complaints against Company E. The 500 people they ripped off couldn't be bothered to file formal complaints, but instead all went online to say that the regulator Frank works for never does anything.

Frank has to fill out a detailed report with a lot of evidence before he can pass that report to his superiors for action. If he fills out a report without enough information, nothing will happen and he's just wasting time.

If you were Frank, which company would you start investigating first?

Your analysis makes sense, I'm going to fill a complaint, but if we pass this into the court of fpa and we start to put a red signal on this broker in his rewiev page we start to make somthing good.

However I write a part of their first email:
"Following a request from our liquidity provider, Vantage FX have today suspended your account pending further investigation into suspicious trading and in particular usage of internet and connectivity delays in order to take advantage of arbitrage on the Trading Systems. "

so I asked some days ago this:

"I report within 24 hours this statement because it's incorrect.
So it cannot be considered confirmed by me.

You have to prove that it is arbitrage trading and I want to see the that your liquidity provider says I did it (against the rules).

For me the excel file you sent me is not an official document.

Regards."

This is their answer:

"We have received your email disputing the daily statement from 26th March.
We would like to clarify the reasons these trades have been found to be using Arbitrage. One of the principles in identifying the Arbitrage trading system is to look at the pattern of trades executed. You will see on your account how there are many small trades (micro lots in most cases), opened and closed for a very short period of time. These trades are comparing the difference in the time it takes for a price to move between several broker accounts. When the system detects a positive difference between the movement in price, it places a bigger trade which is usually based on news to catch a spike in price (hence why the winning trades stay open for a longer period of time). The larger trade is usually preceded by one or more smaller trades seconds before, of the same currency pair, which would be the trade(s) used to identify the Arbitrage opportunity. So whilst it appears that the system is trading the news, it is actually looking to trade ‘Arbitrage’ on the change in price. This may also explain why your system provider might have suggested that you open several broker accounts, to increase the scanning of opportunities to execute Arbitrage trades.



If you believe that the trading activity on your account is not Arbitrage and does not breach the Client Agreement, then please provide evidence of such a view to support@vantagefx.co.uk. We recommend that you obtain specific information from the provider of your EA on the strategies it uses. If you would like us to discuss this with your EA provider, please ask them to make contact with us."

This is my answer:
"Unfortunately you have to proof that this is arbitrage with documents, you cannot say that without proofs.
You have to prove that it is arbitrage trading and I want to see the that your liquidity provider says I did it (against the rules).
For me the excel file you sent me is not an official document.
As you should know you have to PROOF my trading is against rules and ur words are not proofs.
Regards."

What do u think?
 

Pharaoh

Colonel
Messages
19,994
Tell them if they have 2 choices. Prove it to you and you'll stop complaining, or prove it to their regulator.

Brokers know that most people won't follow through with a regulatory complaint. Get in touch with your inner pit bull. Let Vantage know that you aren't going to give up.
 

Elio Matacena

Recruit
Messages
22
...
This is my answer:
"Unfortunately you have to proof that this is arbitrage with documents, you cannot say that without proofs.
You have to prove that it is arbitrage trading and I want to see the that your liquidity provider says I did it (against the rules).
For me the excel file you sent me is not an official document.
As you should know you have to PROOF my trading is against rules and ur words are not proofs.
Regards."

What do u think?
I think it's a good approach but we have a mule to the other side: deaf.



Tell them if they have 2 choices. Prove it to you and you'll stop complaining, or prove it to their regulator.

Brokers know that most people won't follow through with a regulatory complaint. Get in touch with your inner pit bull. Let Vantage know that you aren't going to give up.
Interesting: but how to obligate Vantage to do it?

Unfortunately the FSA has ceased on April, the 1st. In its place will sit two new regulators – the Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA").
I tried to apply a compliant to the FCA but I have found nothing about Forex and I tried to use a standard "Investment SCAM" form here: Share fraud and boiler room reporting form.

But the "fortune" continued and at the and, after I have clicked the "Submit" button, the laconic next page was:

"Page not found
We're sorry, we can't find the page you are looking for. It may have been moved, updated, or is temporarily unavailable.
Please try the following:"...
and bla, bla…

After that, I wrote to the Police and started a chat, too: the result was to make a phone call to FCA to this telephone number: +44 207066 1000.

See the attached chat.

No result, in other words. Any suggestion?
 

Attachments

  • Action Fraud Police - chat 01.pdf
    159.4 KB · Views: 12

ada1976

Private, 1st Class
Messages
104
Why don't you try the number below or email
........



Consumer Helpline

We are not a law enforcement agency and cannot investigate acts of fraud. However, if the fraud concerns an FCA authorised firm then you should tell us by contacting our Consumer Helpline.consumer.queries@fca.org.uk

From UK:
0845 606 1234 (call rates may vary)

(Minicom/textphone - 0845 730 0104)

(Automated leafletline - 0845 456 1555)

From Overseas:
020 7066 1000 (Main switchboard)

Email: Consumer Helpline
.
.

Victims of fraud
 
Last edited:

Pharaoh

Colonel
Messages
19,994
No FSA as of April 1st. That's got to be the worst April Fools Day joke ever perpetrated on traders. :mad:

Is the FOS still out there or did it get taken down along with the FSA?
 

Elio Matacena

Recruit
Messages
22
Why don't you try the number below or email
........

Consumer Helpline

We are not a law enforcement agency and cannot investigate acts of fraud. However, if the fraud concerns an FCA authorised firm then you should tell us by contacting our Consumer Helpline.consumer.queries@fca.org.uk
I tried to email to them and this is the answer:


Your message has encountered delivery problems to the following recipient(s):

Helpline.consumer.queries@fca.org.uk
Delivery failed
550 5.1.1 User unknown


No recipients were successfully delivered to.


I am sorry for that.
 
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