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Was I scammed ??

Discussion in 'Beginners Bootcamp' started by Waheeb, May 8, 2012.

  1. Waheeb

    Waheeb Recruit

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    Hi everyone,

    Started last January to look for good broker and money manger, then I've decided to invest 10k $ with very known broker through MM that have certification from them. He made 70 % profit in first month then I added to the account another 10K, then he made a profit of about 40% in the month after. Then one day I was checking to find that many trades was opened and closed last night and in a matter of 10 minutes my account was down from 38K to 200$ !!!!!

    The MM told me that he was hacked and lost money in many other accounts including his own and he has followed the IP provided from the broker by the help of ISP to internet cafe, the broker told that investigation shows the access was from IP in the same city of MM. I can see that total MM commission was about 6K and the broker has blocked it waiting for approval from me that i sorted the issue with the MM or approval from him to let me take the commission. When I asked the MM for the approval he stopped responding to me.

    I think you will say that this MM scam however I am not sure since he could made this from the shared profit deal and would profit every month and if someone can make 70 % in month and share profit with me why he would do that !!

    I requested the broker to provide me with IP details or MM ID but they responded that this is not legal.

    Please advice me, what should I do ?
     

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  2. f-man

    f-man 4Xangels Representative

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    Too bad to hear about your experience.
    You are handling your case very cautiously and it is a wise thing to do.
    I suggest you submit a court case, so that you can submit all the evidence. A court case does not necessarily means something very bad. The advantage is that all evidence are help in a private folder, where very few members and FPA personnel have access to. It all remains away from public view, until you with the court committee decide to take it public or not.

    I advise you to ask your account manager to allow you investor access on all his hacked accounts. In this way at least you can confirm that it was not only your account which was blown.
     
  3. Pharaoh

    Pharaoh Colonel

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    If you MM also your IB? If so, he's getting a commission on each and every trade, win or lose.

    Your broker should be happy to provide you with a list of every IP address used to access your account. If they claim it's "not legal" to do that, ask them to cite the relevant laws.

    More details on how the broker "certified" the MM would be helpful.

    Tell the broker that you suspect fraud and that all commissions to this MM should be blocked. Tell them they need to look for similar trades placed on other accounts by the MM or by the suspected hacker.
     
  4. Waheeb

    Waheeb Recruit

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    Thanks all for you helpful reply,

    I will take both advice, I already asked them for the IP address LAW and I will create a case in private folder.

    Regards,
     
  5. henyo

    henyo Master Sergeant

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    sorry to hear about your lose mate, even if he gets his share of profits from you, there are just people who are never contented, I hope you won't stop untill you get the BAS***D.. money is dirty, and it really can change a man! best of luck and pls keep us updated!
     
  6. FringFX

    FringFX Sergeant

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    report it to the local authorities. who knows you might be able to get your money back.
     
  7. Sub-zero

    Sub-zero Private

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    Are there any news? The broker's negligence is just astonishing.
     

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