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InternationalForeignCurrency.com (Mike Kritch, Patrick Gallagher) Review

Updated: Sep 14, 2016
SCAM
1.881 · 8 REVIEWS
Is this your company?

CONFIRMED SCAM CASE 2009-04-09: The FPA has confirmed a Scam case against this company.

International Foreign Currency is blacklisted by the Forex Peace Army. We recommend against doing business with this company. If you have an LPOA with this company, we recommend that you revoke it. If they've ever had access to your account, we recommend you contact your broker and get your password changed.

 

Website is down.  Mike Kritch and Pat Gallagher are probably trying to lure in more traders under assumed names on a new website.

 

InternationalForeignCurrency.com (Mike Kritch, Patrick Gallagher)

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Court cases

  • Open0
  • Resolved0
  • Not guilty0
  • Guilty1
Case IDFiledCase nameVerdict
20092009-04-28FPA Scam Confirmation against International Foreign Currencyguilty

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Scam!
1.881 · 8 REVIEWS
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Boston, USA,
Sep 12, 2016,
Guest

Bad trading

They suck a lot and I should have not traded with them but no crying over spilled milk and I will research better
mass.,
Jun 1, 2010,
Guest

i had an account with ifc that was wiped out on december 24 2 years ago i am also looking for ways to look for money could u guys point me in the right direction.it was a small loss but still worth recovering if possible.

Review Moderation Team Note: We recommend contacting the CFTC and IC3.gov
FT lauderdale,
May 31, 2010,
Guest

I have just herd some more info on gallagherhe and his wife were in the bahamas at there mansion when when bahamian authaoritys came in and took him for questioning along with his wife searched his house and found gold bars they thought they had him but his lawyers{aka friends from blackwater} provided documentation as to were he legally obtained the gold and it was given back to him this is a scary guy who can do whatever the hell he wants i really think there is some goverment of the costa rica cover up they are deathly afraid of him for some reason all i know is that the same mansion he was married in is the same one the prime minister of costa rica stays in and he and the prime minister have the same tattoo on the neck of a trident unless you have the evidence to put him away for life i would stay clear of him he is a good citizen state side but when out of this country i have seen the animal in him and say again do not leave the country or meet him anywhere but U.S soil

Review Moderation Team Note: We don't know if this is truth or fiction. It could even be an attempt by Kritch and Gallagher to discourage traders from hunting them down.
ft lauderdale,
May 28, 2010,
Guest

i lost money with these guys small amount and i knew gallagher and kritch personallyI met gallagher in marine corps training also went to blackwater training with him and various other schools I believe that he is out of the businesss and is running a company doing mercenary work outside the USA i believe the company is mercon international if you want to find him he is a lower ranking officer but they do no work on United States or territory's or U.S soil or for us citizens for a fact mostly Africa diamond mine protection kritch is a party boy he would be the one to grab if you want info as he is weak to say the least gallagher is who im upset with because he was a friend and you know how that goes they are a rough bunch so i would definatley contact them in state side and under no circumstances meet them in the islands or anywhere out of U.S jurisdiction just to be safe i hope i have been helofulya7
USA,
Apr 18, 2009,
Guest

4 Months Later Mr. Kritch is back, but the only Back we want is to be traded back. I received 5 e-mails from him in two days. I must have gotten under his skin. His ego is back but he has no attorneys to call in to defend him this time. His partner Gallagher screwed up he told me the week he was gone. Gallagher broke the cookie jar and wiped out the fund.

Mr. Kritch contends we knew the risk but we did not know IFC's full risk. Mr. Kritch is liable and IFC is suable for negligence as a entity. IFC did not disclose the full risk invloved to me or his clients in their trading. Since IFC did not have a CTA or licensed NFA traders on staff they did not know the law to fully explain to us all the following details and not lieing to us. They would lose their licenses. A CTA, JD, CPA and a member of the NFA who has a Series 34, Series 3 & 7 told me that. They are fully negligent and can be sued in a civil court. Assets or no assets their names need be entered in these judgements. There is recourse on our parts. That is satifaction with a court ruling. We lsoe money but not rights. We go down, you go down.

Trading us back would be easier than being blacklisted the next 60 years. That is a long time. Long time.

The negligence is when Mr. Kritch on some of my recorded calls with him...

1. He told me he was the owner. He never talked about Patrick Gallagher whose name is on the registration of the business, that he had a partner, Mike was always in charge front center stage. All about Mike.

2. He told me he only traded the fund. No one else touched the fund. He had his finger on the button on all trades. Nobody touched his fund.

3. He told me he only traded 4 currencies. The Swiss currency was not one of them that the fund was wiped out.

4. He told me he watched 9 screens and kept is finger on the button to start & stop execustions of trade.

5. He said to me the software told him when to trade, not that the software made the trades. He later stated in an e-mail there was a software error that wiped out the fund as if the computer traded it or to contend Gallagher screwed up the trade.

6. I vote we file a CFTC charge next for any loss just so these guys can be stopped from trading again. Possibly assets can be discovered and recovered for our losses. A judgement should be entered against them from the courts.

7. Mr. Kritch traveled extencively back and forth to the Bahamas' and trades were never executed over the 3 months I was a client. Only when he was gone Christmas week did the Computer make an error. Or Gallagher made the trade. I am sure computers do not just trade.

8. I told Mr. Kritch trading us back would make all this go away. He traded me back before, he lost $110,000 on me the first week I started with him. He traded me back in two hours using his $20 million dollar hedge fund. A stop was not in or blown on the trade. That was a warning sign further losses could happen. Sloppy.

9. You have to ask, What is IFC thinking? One client was left with $30,000 or so in his account and the money sat untraded after the loss. There was no intent to continue trading or trade on IFC's part the last 4 months. The client pulled his money from Taurus.

10. Mr. Kritch told me he had $20 million in a hedge fund. Later in a January e-mail he said he needed to "find capital" to trade us back if that was the plan.

11. Mr. Kritch said there were 93 of us who lost $24 to $27 million on the trade the numbers changed along the way. Several of us responded to the loss here by posting but not 93 people.

12. Mr. Kritch said you could not pull your money out for 90 days. ??

13. Mr. Kritch stated to me he has a residency and a boat registered in the Bahamas'.

14. Question is how can you disappear for 4 months say if we trade you back it would be before 4/15/2009 and then start e-mails after that? Ego? You have none. You are IFC and your partner wiped out the fund. As you stated later to me Gallgher is an idiot.

If you are any good trade us back. You said you were #1 in this and #1 in that always at the top. Well, now you are at the bottom. You lost control. Your buddy put you you Mike at the bottom. Dig yourself out of that. Trade us back. Love the money, love the trading, not the clients, trade us back.

We can stop all this and all be happy and go on with our lives. Other path is all these consequences. Your decision.

2009-03-28 1 Star We are all convinced IFC was a scam set-up. We are proceeding to close their site with Peace Army. We suspect the fraud involved Taurus and their statemnets and are checking that out. Phone still out, no answers, no emails, Kritch told me he had $20 million in a hedge fund, ha, then in the next email after the loss he is looking for the capital to trade us back,,did you all catch that? Michael, we are lookign for you in the Bahamas...I know the boat you drive...so do the Bahamian authorities, you can run but not hide...Bahamian authorities..they like USA, Travolta? Anna Nicole Smith? You are nothing in comparison..lot of heat Mike..you better move to Mars Mike with the family..

All funds here on the Forum will bust you due to their trading methods. They over leverage their clients funds. They are not licensed with the NFA. none of them!!! They are all momentum traders that will lose your money. THEY ALL GO BUST, LIKE IFC. Kricth leveraged 60 contracts or $6 million on me to make what 10 pips? Insane.

That is the way he busted me down. Now I know who controls risk and who to trade with. Who has a license and is NFA approved.

If you want a registered fund, call me. If you want your money back call me.

Greg Baron

aggressor1@aol.com

708-543-0714

2009-03-10 1 Star I am more than disappointed with Mike Kritch and the loss of the entire $25 million fund and my investment. How could $25 million be traded to beyond zero in one trade? What happened to drawdowns? Honesty? Ethics? I was traded back $110,000 by Mike in October when I started and a stop was blown. By now, I thought something would have happened even with one account being traded. Do we keep money with Taurus after 3 months or pull it? I think the answer is obvious. What is going to happen? My group had a million invested and was lost with the other $25 million and 100 peoples money in it. Shame. Now, the phones are not answered, the voice mail is full, there is no way to contact Mike. Linda you were lucky to have pulled out. I was in a "90 day lock" so my funds could not be touched. Anyone have any more to ad to this puzzle? If you have any information please contact me at at aggressor1@aol.com.
Baltimore, MD,
Apr 10, 2009,
Guest

Taurus is not completely shut down. Greg, from Chicago, emailed to get his funds out. But the feds are investigation them, so they may be shut down soon.
USA,
Apr 9, 2009,
Guest

Now Taurus Global is shut down. I called them and they do not answer. Has anyone else found that out? Or are you all just dummies having your wallets cleaned out? Kritch said if he did not trade us back by 4/15/2009 do what you want. All he did was buy time to get out of Dodge. If you have any information contact FPA below.
Baltimore, MD,
Mar 30, 2009,
Guest

Issue escalated to Traders Court FPA Scam Confirmation against International Foreign Currency | GUILTY
In my last post I indicated that I was seeking legal counsel about dealing with IFC. I hired a lawyer who sent a demand letter March 16, giving IFC one week to respond, which they haven't. I just spoke with my lawyer, and he's going to take the case to federal court unless IFC agrees to address the issue through the FPA.

My lawyer pointed out that IFC has violated at least two federal laws - they violated an SEC regulation for trading outside the limited power of attorney for managed accounts, and they failed to register with the CFTC.

I and others who suffered through IFC's illegal activities will now pursue a resolution through the FPA's scam process. If that doesn't work IFC will have to go to federal court!

2009-04-09 The FPA Scam Investigations Committee confirms this as a scam.

More. Community discussion of this issue >>

Ft.Lauderdale,Fl,
Feb 24, 2009,
Guest

I had an account that was doing very well with IFC until December. I was then involved in A big loss that took place. I started with 100,000 $ in Jan, 2008 which reached 362,000$ by November, at which time I Requested a wire for 262,000$. My Broker(Mr. Kritch) tried to talk me into keeping my winnings in the market. I then refused and demanded my money, which I received in early December. Thank god, because a couple of weeks later my trader was on vacation and a trade was made that lost me 100,000$. This could have been all of it, had I not been so cautious and took profit's earlier that month. I started with 100,000$ and took home 262,000$, but would advise against working with the company, just because of the careless nature of the loss, that occured in December. I think they have a good trader over there as for win percentages, but with that much downside risk on one trade, I will never place a dime with them again!
International foreign currency,
Feb 18, 2009,
Guest

Tom Hassler is going a little to far we had a large drawdown in the month of December and are not accepting any accounts right now until we can rectify what went wrong with our software but we are still in business and are trying to find an amicable solution for all our current clients who have had a rough ride in the marketsand yes we admit we had a horrible couple of months and because of which we do not think it is fair to take on any new clients until we are confident and do plenty of back testing on the changes and upgrades we have done to our trading system but as for mr hasslers accusations they are insane and i do understand he is upset but our only fault is that we lost him money in a market that 85% of people lose money in which is stated in my application and we are working on a resolution right now and with patience we think we can overcome the hurdles ahead but until we correct current issue's all new account will be on hold and anyone sending applications or wire's to existing account'[s will be sent back to the place it originated the market conditions have changed and we are going to need to change with it if any one would like a more in depth explanation feel free to call 617-820-5254 and one of our senior traders would be glad to speak with you