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Withdrawal from Broco impossible

Discussion in 'Scam Alerts' started by VacuumTube, May 10, 2012.

  1. VacuumTube

    VacuumTube Private

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    Hi,
    I started to trade with Broco some 2 years ago. That was a decision based on some ad and also some claims about valid license etc... I was a beginner with not so much experience. As a beginner I lost some money from beginning however after some time I found my system how to make money and finally covered the loss with my own EA. Since I have currently another broker with better conditions I finally decided to withdraw all my money from Broco. It was sometimes in March 2012. After some "difficulties" my wire account has been registered and on April 6th I filled out a form for withdrawal. Based on a signed Agreement (2.4.7. Payment of remains by the Company or part of account balance to Client's operating account is due within five bank business days upon receipt of the request;) I expected no trouble. Unfortunately, even I urged several times I still have no luck to get my money back. Opened several requests in their ticketing system but got only cheap excuses (until end of the week; next week; week after; holidays in Russia; delay of money transfer from the hedge broker; etc).

    Meantime, I have found there are so many complains on Broco | Brocompany.com reviews and ratings by Forex Peace Army and hardly someone got their money back so I am afraid my money are lost...

    Do you have any hint, please?

    Thanks
    VT
     
  2. Pharaoh

    Pharaoh Colonel

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    Hint 1. Check the reviews before opening an account with a broker. Keep checking them over time, since things could change.

    Hint 2. Tell Broco about this thread. Tell them you will be updating it every few days until they pay you.

    Hint 3. If they don't pay you by next week, leave a 1 star review and file an FPA Traders Court case.
     
  3. VacuumTube

    VacuumTube Private

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    Hi, just an update:

    I got another postponed date (May 25th) from the Broco support team without any explanation.

    Also double checked, that their licence Regulations and Licenses is not valid and the Financial Services Commission Mauritius has revoked it with effect from 14 October 2011.

    Regards
    VT
     
  4. Romeo

    Romeo Sergeant

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    Their license was suspended since 07 Dec 2010

    Unfortunately for all BroCo traders, their license was suspended on the 07th December 2010
    View attachment BroCo.pdf
     
  5. Pharaoh

    Pharaoh Colonel

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    Unlicensed and unregulated.

    Contact your bank and local police about filing internet-based financial fraud charges.

    File an FPA Traders Court case.
     
  6. Brocorep

    Brocorep Recruit

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    Dear VacuumTube,

    As a representative of Broco company I can ensure that will proceed to your withdrawal the next week.

    I apologize for delay with your withdrawal.

    There is a misunderstanding which may occur with our regulation.

    Recently our group of companies included regulated broker: Broco group of companies included regulated broker
    Thus, working within framework of Broco Group can be conducted on a legal ground.
     
  7. VacuumTube

    VacuumTube Private

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    Dear Brocorep,

    I already read this kind of promises so many times since begin of April.

    Why didn't you start with processing my withdrawal today? Why should I wait again for another week?

    Wednesday, June 6th, Broco representative Lika Fakhrutdinova also ensured me:

    You had 6th, 7th and 8th for processing the payment - again without any progress.

    The signed Agreement guarantees:

    How this will be paid?

    Regards
    VT
     
    #7 VacuumTube, Jun 8, 2012
    Last edited: Jun 8, 2012
  8. Pharaoh

    Pharaoh Colonel

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    Let's see if it gets paid this week or not. If it does, they are promising to pay interest. If it doesn't, that will show the world just how believable these promises are.
     
  9. omega75

    omega75 Private, 1st Class

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    Brocompany/withdrawal problems



    Hello. i am waiting already since 8 months for my funds. till now only received 30 percent of my requested funds.

    every week the same excuses. alleged the problem is the lack of regualtory body. but they stoll accept new clients and money depsits, but cant send money back. thats somehow scam, and after 8 months of waiting it is total scam.


    maybe there are more of you/victims?


    regards
     
  10. Pharaoh

    Pharaoh Colonel

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    Omega75,

    Open a new thread here in Scam Alerts and also leave a one star review. Let Broco know you've done this. If they don't take steps to fix the problem in a week, file an FPA Traders Court case.
     

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