Intensive Review YouTradeFx | A new company or a recycled one?

[AsstModerator]

The prior FPA effort to have 4xangels investigate this issue has failed.

Michael was unable to provide documents that named the people who owned the various companies that own the pieces of YouTradeFx. Without knowing the names of the people behind the companies, it was impossible to tell how much overlap there is between StartForex and YouTradeFx.

YouTradeFx's new representative, George, referred people to this discussion thread. I feel that it would be appropriate for him to join the conversation here.

 

[georgebyoutradefx]

Hi Eddiger,

Thank you for accepting my request to separate Mr. Rubino's issue from this accusation against youtradeFX.

I've looked into this question several times with the youtradeFX management.

As my predecessor explained, these two companies are two different companies and are in no way recycled versions of each other.

The Youtrade Group owns several regulated companies and acts accordingly.

From what I can see and gather, Startforex was not a regulated company and did not act as one either.

When Startforex became bankrupt, youtradeFX purchased the Startforex technological infrastructure (computers, hosting servers, mt4 servers, source code of applications developed ect..).

In addition, the Forex industry is one in which many employees move from one company to the next in search of a bigger and better job. So when Startforex closed it's offices youtradeFX took the opportunity to hire several of it's employees who were out of a job.

I am available at georgeb@ytfx.com if you have any questions at all and I will happily answer any questions you may have via the forum or via email.

Whatever you prefer.

Best Regards,
George Becker

 

[Master Yoda]

Hi George,

First of all, I appreciate your willingness to answer my questions here. It's better late than never.

From what I have realized after investigation, the owner of YTFX and StartForex is the same one which is Mr. Itamar Patishi from Israel and the company headquarters are all in Israel (I do have the exact address but I prefer not to show it for now).

StartForex did have other owners before Mr. Patishi but Mr. Patishi did operate with StartForex for at least a year before they went "bankruptcy". This so called "bankruptcy" happened after they failed to pay customers their money intentionally or in other words- StartForex stole their customers money.

So we are talking about same owners, same employees (most of them at least) in a different wrap. I think that hiding this from your traders is not fair.

Thank you.

 

[georgebyoutradefx]

Hi Eddiger,

I know it's late and I'm glad to take an active part in the Forex Peace Army forums. I will do my best to represent my company the way it deserves.

As I stated earlier, youtradeFX purchased technological infrastructure from Startforex when they decided to close shop. In addition several employees indeed left Startforex for youtradeFX.

This is what we explained over 1.5 years ago and together with the Forex Peace Army funded a third party investigation of our own company (if I have my facts straight).

How many Forex brokers have you heard of lately funding an investigation into their own company? Regardless of the results of the investigation?

The Youtrade Group is an international group with companies and offices worldwide, which I invite you to visit at any time.

I am referring to real offices with real people in them with real brokerage regulations and we act accordingly.

I'm sure that if you check the forums history you will find that my predecessor was one of the most active representatives in the forums.

I intend to be as active (if not more) than him. Then you will see how important client satisfaction is for us. Hopefully that will convince you that we are a completely different company.

Best Regards,
George Becker

 

[Pharaoh]

Based on what I see above, the investigation was never finished since the most important facts were no released.

I have a few simple questions for you.

1. Did Itamar Patishi at any point own a significant part of StartForex? If so, how much and when?

2. Does Itamar Patishi have any direct, or indirect (via intermediary companies), ownership of any part of the YouTrade Group of companies? If so, how much?

 

[Master Yoda]

Hello again George,

I understood your point from the first time you explained it

But my point in different: I agree with you that formally you are "clean" but behind the scenes or law speaking "Piercing the corporate veil"- Mr. Patishi bought his own company through another company.
This looks clean but it's just like sweep the dirt under the carpet.

 

[georgebyoutradefx]

Hello Eddiger & Pharaoh,

To answer your questions straight forward - I have no knowledge of the owners of StartForex and have no way of knowing who the shareholders of that company were.

I also do not have any documents other than those that were sent a while back to 4XAngels so I don't know The private names of the shareholders of the different YoutradeFX Group companies are.

Michael submitted a complete and official beneficial shareholder document to the 4XAngelsis yet I understand that since this document does not provide private shareholder names and only exposes companies who own shares that this was insufficient.

My problem is that I don't know how to prove that your accusations are false. There are all kinds of bogus accusations against the Forex Peace Army on the internet such as this one:
Is Forex Peace army and forexbastards.com a SCAM ? - Yahoo! Answers

I'm 100% sure that this was funded by an upset broker since the Forex Peace Army has probably gained a few enemies over time (upset brokers).

Let's say though that I would accuse the Forex Peace Army of being a recycled company. How could they prove that they weren't? The best proof would be by the Forex Peace Army providing satsifying services for its readers.

That's what I intend to do, to look into each and every complaint and represent my company in the best way I can. How many trading brokers do you know have a representative this active?

I hereby pledge to the Forex Peace Army to look into every complaint filed against us (whether it be a technical problem, withdrawal issue, clarification regarding regulations and licenses etc...) and to do my best to satisfy any disappointed traders in every way that I can.

Best Regards,
George Becker

 

[Pharaoh]

The FPA clearly states in a number of places that it was originally called Forex Bastards before being rebranded to Forex Peace Army. There were mailings sent out to thousands of members announcing the rebranding when it happened. Any attempt to claim that the FPA is somehow secretly a recycled company that changed its name to hide from prior deeds is based on libel originally created by the dead scam brokerage ForexGen and is obviously false.

If you don't know who owned StartForex, that information can be gathered from another sources.

Someone really does own YouTrade. Someone human is behind the companies that own it. If that is the same person who was behind StartForex, then applying the scam finding from StartForex to YouTrade would be appropriate.

Alternatively, YouTrade could just man up and pay the money owed to the trader who was ripped off by StartForex. If YouTrade is just StartForex under a new name, the money is still owed. If StartForex was bought by YouTrade, the purchase should have included all assets and liabilities.

 

[Master Yoda]

Hello George,

That is actually very easy, go to your CEO office and knock on the door and ask him him these questions. Another option is to call Mr. Patishi the owner and confirm this with this.

We are not speaking here about the nuclear secrets, just to confirm our evidence.

I am happy you are willing to solve your clients issues but it doesn't mean you can't be clear about who you are.

About the FPA "accusations"- so far the FPA has helped hundreds of traders to get their money back from scammers, I am witness to many of these cases. So to be called as a scam by these scammers is something we are expecting.

 

[georgebyoutradefx]

Hi,

I see that I upset you with my comment regarding false accusations against the Forex Peace Army.

Did you not read the word BOGUS and the immediate explanation that came afterwards clearly stating that I am sure that it was funded by upset brokers?

There was no reason to be offended or to argue with me since I was in fact defending the Forex Peace Army and simply using it as an example about how crooked accusations can become.

The answer I have received from our CEO is that the company is owned by a number of shareholders and not by one single owner.

From what I understand when the 4XAngels conducted an investigation they received a shareholder document stating who owns which shares of the company and I did not see the name you mentioned there.

I actually have a copy of that document myself.

When is the last time a broker released a shareholder document to the Forex Peace Army or it's representatives. That in itself is a super sensitive document and it was sent only after an NDA was signed (I have a copy of that as well).

I suggest that we resume the investigation of 4XAngels into our company, I will continue to provide as many documents as I possibly can. I also invite a representative of the Forex Peace Army or 4XAngels to visit one of our international offices and see how we do business first hand. What better way is there to investigate an organization then by coming to its offices?

Best Regards,
George Becker