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www.best-managed-forex-accounts.com

Discussion in 'Scam Alerts' started by Joerg Richter, Aug 11, 2012.

  1. Joerg Richter

    Joerg Richter Recruit

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    I am submitting the case against: Managed Forex Accounts | Forex Managed Accounts | Managed Forex Investment | Best Managed FX Accounts
    My Case is: With Steve Hudson – the senders name of the manager in the e-mail correspondence, stopped by him about one month ago – I agreed to use the „high water mark rule“ for fees to do not paying for increasing my account at OANDA twice. Twice the trader failed in calculating: the first time he restituted the unjustified fee according to the request of Steve Hudson. The second time, after calculating the fee for June 2012, the unjustified fee difference amounted to about $ 3000. Steve Hudson, the manager, didn´t respond to all my repeated requests since than. So I asked also the people at the OANDA desk, but up to the moment without success. I lost this amount. Clearly, I stopped the non regulated trading then.
     
  2. Pharaoh

    Pharaoh Colonel

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    First, contact Oanda and cancel your LPOA. That will prevent him from trading more.

    Second, contact Oanda and fight your way up the support chain to someone in charge. Send them a copy of the LPOA and your calculations. Tell them to show you the error or to recover your money.
     
  3. RP1

    RP1 Corporal

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    What country are these "traders" in , I am sure there are laws regarding trading someone elses account.
    Im sure Anthony will be able to help with this information.

    Also website looks really unprofessional with a total lack of contact information . (phone numbers addresses ) there is also no T&C's or Privacy policy.
     
  4. BigT1

    BigT1 Sergeant Major

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    Joerg Richter,
    If ever there was a roadmap to disaster, this is it. It is unclear to me how you could follow instructions sent back to you by email to send money to God knows where, or sign an LPOA without checking with the firm who is sponsoring his managment services as to his track record, number of clients, and history of complaints.
    .
    I presume your account was in your name and this Steve Hudson traded it for you with a power of attorney; or you moved funds into a PAMM account that he managed at Oanda. In either case, Oanda is responsible for deducting the appropriate fee, based on the details you agreed to in the LPOA. The trader cannot move or remove funds from either a PAMM or your personal account, directly. As such, Oanda is the financial intermediary, and the responsible party. Oanda is not responsible for any trading losses, but is responsible for correct fee calculation and transferring the fee to the approved trader.
    .
    Here is a link to the Regulatory page of the Oanda website:
    Doing Business with OANDA | OANDA
    .
    Oanda is based in Canada and Registered there, in the USA, the EU, Asia, and Japan; and generally considered a reputable firm. They have a very clean regulatory history with the NFA, FSA, and in Canada. Depending on your country of residence, you should file a complaint with the appropriate regulator, if Oanda does not provide you with a proper accounting. Before doing so, make an effort to get an accounting from Oanda, and include their communications in the complaint if you are dissatified with their reply. Before filing, inform Oanda of your intention to file with your regulator and copy Canada, if they do not resolve your issue.
    .
    Feel free to write me privately if you wish. Good luck.
    Anthony Ingrassia, CTA
    NFA ID#: 0278164
     
    #4 BigT1, Aug 16, 2012
    Last edited: Aug 22, 2012
  5. BigT1

    BigT1 Sergeant Major

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    Joerg,
    Could you kindly inform us as to the status of your situation? We remain ready to help if needed.
    AI.
     
  6. adams20

    adams20 Recruit

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    managed accounts are very risky
     

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