YouTradeFx | A new company or a recycled one?

Pharaoh

Colonel
Messages
19,722
Alternatively, realize that either renaming a company or buying a company generally brings both the assets AND liabilities of the old company. In this case, there is a complaint by a single trader that could be paid to resolve the issue.
 

georgebyoutradefx

Company Representative
Messages
44
Dear Mr. Eddiger,

What is your email? I will gladly get you involved from now on.

Dear Mr. Pharaoh,
Once again, we did not rename the company, we are a different company. Youtradefx bought the technological infrastructure from startforex and hired some of it's employees. This in no way obligates us to pay for whatever startforex did. With that being said I am interested to know who the complaining client was and what the sum of the dispute was as well. Even though it is not fair it might be easier to solve things in that matter.

Best Regards,
George Becker
 

Pharaoh

Colonel
Messages
19,722
Details are here:

http://www.forexpeacearmy.com/forex-forum/blacklisted-folder-unresolved-scam-cases/4549-velocity4x-com-startforex-com.html

One trader facing the same accusations was suddenly paid without explanation. The Japanese group represented by Yokebeto is still owed over $100,000.


If StartForex wasn't rebranded to YouTradeFx, it at least was assimilated. Using some handy paperwork tricks to buy the assets while skipping the liabilities might save YouTrade from legal responsibility, but doesn't remove the ethical stain.
 

Master Yoda

Captain
Messages
2,929
I am sorry George, I don't accept your explanation
There is a man called Itamar Patishi and he is the man behind all this operation. Can you please respond to the link between Mr. Patishi and both companies?

About my email I will PM it to you
 

georgebyoutradefx

Company Representative
Messages
44
Hello,

I know that my answers seem to be frustrating you but I am telling you what I know, I cannot answer what I do not know. The shareholders of the company are not public information and I am not at liberty to write in this public forum the names of the shareholders of our company. In addition, I have no idea who were the shareholders of startforex and have no way of knowing. As I mentioned before, sign the non disclosure agreement and we will send you all of the documents and emails that we have sent George from 4XAngels and Bill in the past and will happily involve you in the ongoing investigation. I will happily get you involved but please understand my limitations.

What I do know is exactly what I have told you, that this company is not startforex. That it purchased the technological left overs and hired some of the employees that left startforex.

I can also tell you that we our a company of over 200 employees today. None of the employees that ever worked for startforex work for youtradefx today.

About your email - I already PM'ed you.

Regarding the investigation - I beg George from 4XAngels to contact me so that we can resume the investigation.

Regarding Mr. Yokebeto could you please send me the link to his complaint - what I saw in the link you sent was something else - I need to fully investigate this story as well since I am completely unacquainted with it. I can already say that I don't see why our company should receive a 100,000$ punishment for the crimes of another company simply because we purchased some hardware and hired a handful of employees that worked there. I am being 100% reasonable with this forum and I expect nothing less back.

George
 

georgebyoutradefx

Company Representative
Messages
44
Dear Pharaoh,

From what I have read Velocity4x.com was an IB of StartForex.com.

So now we are responsible for the IB of a brokerage company from which we purchased servers and hired employees?

Something is very strange here - I suggest that the Forex Peace Army re investigate this whole issue. It is absurd that I need to submit an appeal for a company I never worked in but please look at the websites way back machine versions:
About Velocity4x

You can see that this company is in fact Hamilton Williams, LLC, a member in good standing with the NFA (National Futures Association) and CFTC (Commodities Futures Trading Commission) NFA ID: 0358241 as seen here:
BASIC Details

That was back in 2005-2008.

Then in 2009 (according to there own website archived by the way back machine) you can see that they were the IB of FOREX.com - Online Forex Trading, Currencies, Spot Metals & More
http://web.archive.org/web/20090709073054/http://www.velocity4x.com/about/default.aspx

Are you sure that these facts are correct? I don't know but it seems to me that this team of velocity4x.com - velocity4x Resources and Information. This website is for sale! was an NFA member and then they became an IB of FOREX.com - Online Forex Trading, Currencies, Spot Metals & More around 2009.

Now you can even see the names of those involved (owner, director, president, head of a business unit etc...):
BASIC Details

Those are the criminals from who Mr. Yokebeto should be demanding his money.

I think I should receive a salary from the Forex Peace Army as a private investigator ;).

Best Regards,
George Becker
 

Pharaoh

Colonel
Messages
19,722
Velocity was an IB and introduced the clients to StartForex. The trades happened on StartForex's platform. StartForex was responsible for the safety and return of the funds.

By your logic, if I become an IB to YouTrade, and then my clients lost access to their funds, YouTrade would not bear any responsibility. If this is your understanding of how brokerages should safeguard client's funds, you've given the world a reason to never open an account with YouTradeFx.
 

georgebyoutradefx

Company Representative
Messages
44
Dear Mr. Pharaoh,

I do not understand your answer. It completely ignores what I wrote beforehand just to lead to another opportunity to bash away at my company once more.

Look how seriously I take your forum and our clients who frequent your forum. So please, be fair with me and do not twist my words around.

I did not write - "A broker is not to blame, the IB is to blame". So I don't know how you concluded that this is what I meant.

I wrote that I don't know Velocity4X and I don't know StartForex. Your forum suggested that we pay for their crimes (over 100,000$). Don't you think it's reasonable for me to investigate these two companies thoroughly? My investigation leads me to be a bit bewildered about the entire connection between these companies. Velocity4X states that it is an NFA member and then later states that it's a www.forex.com member. I simply asked how do you know that they were in fact an IB of StartForex.

Best Regards,
George Broker
 
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Master Yoda

Captain
Messages
2,929
George,

I have asked already in the past about the involvement of Mr. Patishi with YTFX and StartForex. Yet, you have never answered it.
Will you please now?

After all you may not know Velocity4X and StartForex, but the discussion here is not about you but about the company you represent.
 
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