btrfx.com Review
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5 REVIEWS
Out of business Craig Karlis
Boston Trading & Research
Ahmet Devrim Akyil
Updated: Apr 13, 2022
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SCAM ALERT: The SEC has brought forex fraud charges against Craig Karlis and Ahmet Devrim Akyil as well as BTRFX.
Click here to read what the SEC has to say about this company.
The FPA warns all traders to not do business with this or any other company associated with Craig Karlis or Ahment Devrim Akyil unless these issues can be resolved.
Website is down. One less scam company in business.
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5 REVIEWS
Recent User Reviews of btrfx.com
C
Craig
Boston,
Nov 4, 2010,
Guest
Issue escalated to Traders Court SEC Files Fraud Charges against BTRfx and assocated persons | GUILTY
SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21712 / October 28, 2010
Securities and Exchange Commission v. Boston Trading and Research, LLC, Ahmet Devrim Akyil and Craig Karlis 10-CA-11841 (D. Mass. October 28, 2010)
SEC CHARGES MASSACHUSETTS-BASED COMPANY AND ITS PRINCIPALS WITH MULTI-MILLION DOLLAR FOREIGN CURRENCY TRADING FRAUD
The Securities and Exchange Commission announced that it filed a civil injunctive action today in federal district court in Massachusetts against Boston Trading and Research, LLC (BTR), and its principals Ahmet Devrim Akyil and Craig Karlis for fraudulently raising approximately $40 million from approximately 750 investors in a purported foreign currency (Forex) trading venture. Among other things, the SEC alleges that the defendants misappropriated some investor funds and lost the vast majority of remaining investor funds through Forex trading activity after promising investors that most of their funds were protected from such trading losses.
The Commission's complaint alleges that BTR offered investors investments in a program that traded in the Forex market. BTR solicited investments through a website, sales representatives called "introducing brokers," and live presentations by Karlis and Akyil. BTR attracted investors from around the world, with many residing in Florida. BTR's representations to investors, included the following: (1) investors would have 100% transparency about what was going on in their accounts through the provision of daily and monthly account statements and twenty-four hour access to real-time trading information regarding the trading that Akyil was doing on their behalf; (2) the BTR trading system was set up with a stop-loss program, so investors could lose no more than an agreed-upon percentage (typically 30%) of their initial investment; and (3) BTR and its principals would be paid from profits only.
The SEC alleges that in fact Karlis and Akyil diverted some investor funds for their own benefit. To conceal the fraud, BTR sent investors misleading account statements, while Akyil and Karlis were actually depleting the investment pool through misappropriation and trading losses.
According to the Complaint, BTR collapsed in September 2008 due to significant losses accrued as a result of concealed trading far past the stop loss limits promised to investors. Ultimately, BTR distributed the remaining funds, which accounted for only approximately 10% of account balances, to its investors.
The Commission's complaint alleges that BTR, Akyil, and Karlis violated Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, and Sections 10(b) and 15(a) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The Commission seeks the entry of a permanent injunction, disgorgement of ill-gotten gains plus pre-judgment interest, and the imposition of civil monetary penalties against BTR, Akyil, and Karlis.
Separately, the U.S. Attorney's Office for the District of Massachusetts today unsealed an indictment charging Akyil and Karlis with criminal violations based on the same misconduct. The SEC acknowledges the assistance of the Commodity Futures Trading Commission in its investigation.
Litigation Release No. 21712 / October 28, 2010
Securities and Exchange Commission v. Boston Trading and Research, LLC, Ahmet Devrim Akyil and Craig Karlis 10-CA-11841 (D. Mass. October 28, 2010)
SEC CHARGES MASSACHUSETTS-BASED COMPANY AND ITS PRINCIPALS WITH MULTI-MILLION DOLLAR FOREIGN CURRENCY TRADING FRAUD
The Securities and Exchange Commission announced that it filed a civil injunctive action today in federal district court in Massachusetts against Boston Trading and Research, LLC (BTR), and its principals Ahmet Devrim Akyil and Craig Karlis for fraudulently raising approximately $40 million from approximately 750 investors in a purported foreign currency (Forex) trading venture. Among other things, the SEC alleges that the defendants misappropriated some investor funds and lost the vast majority of remaining investor funds through Forex trading activity after promising investors that most of their funds were protected from such trading losses.
The Commission's complaint alleges that BTR offered investors investments in a program that traded in the Forex market. BTR solicited investments through a website, sales representatives called "introducing brokers," and live presentations by Karlis and Akyil. BTR attracted investors from around the world, with many residing in Florida. BTR's representations to investors, included the following: (1) investors would have 100% transparency about what was going on in their accounts through the provision of daily and monthly account statements and twenty-four hour access to real-time trading information regarding the trading that Akyil was doing on their behalf; (2) the BTR trading system was set up with a stop-loss program, so investors could lose no more than an agreed-upon percentage (typically 30%) of their initial investment; and (3) BTR and its principals would be paid from profits only.
The SEC alleges that in fact Karlis and Akyil diverted some investor funds for their own benefit. To conceal the fraud, BTR sent investors misleading account statements, while Akyil and Karlis were actually depleting the investment pool through misappropriation and trading losses.
According to the Complaint, BTR collapsed in September 2008 due to significant losses accrued as a result of concealed trading far past the stop loss limits promised to investors. Ultimately, BTR distributed the remaining funds, which accounted for only approximately 10% of account balances, to its investors.
The Commission's complaint alleges that BTR, Akyil, and Karlis violated Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, and Sections 10(b) and 15(a) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The Commission seeks the entry of a permanent injunction, disgorgement of ill-gotten gains plus pre-judgment interest, and the imposition of civil monetary penalties against BTR, Akyil, and Karlis.
Separately, the U.S. Attorney's Office for the District of Massachusetts today unsealed an indictment charging Akyil and Karlis with criminal violations based on the same misconduct. The SEC acknowledges the assistance of the Commodity Futures Trading Commission in its investigation.
T
Tobias
Madison, Wi,
Apr 2, 2009,
Guest
Total SCAM!!!!! I'm still trying to get back what is left of a 10k investment for months! If I lived in Boston, or had the money to track them down, things would be VERY different!
You have been warned!
You have been warned!
T
trader
AZE,
Oct 20, 2008,
Guest
Ok Guys,
I have been watching them for quite a while.... BTRFX
It is a scam, not a poor money management... will tell you why...
If any of you have switched to a new broker, which does not exist basicly, and all the money was lost there, it is a scam. your money was not lost, it jsut went to the broker. i.e. to them. How come someone supposedly after not having a negative month for more than a year, suddenly loses all?
Just another lesson for world's forex community.
peace.
I have been watching them for quite a while.... BTRFX
It is a scam, not a poor money management... will tell you why...
If any of you have switched to a new broker, which does not exist basicly, and all the money was lost there, it is a scam. your money was not lost, it jsut went to the broker. i.e. to them. How come someone supposedly after not having a negative month for more than a year, suddenly loses all?
Just another lesson for world's forex community.
peace.
D
Dave
Canada,
Sep 28, 2008,
Guest
I along with everyone else that had a manged account with BTR got scammed. The excuse is pathetic and very poor management. I hope their is a class action against them.
S
Steve G
Arizona,
Sep 21, 2008,
Guest
Complete SCAMMERS!!! Bucket shop with a taste for scamming their traders. I had invested in their managed fund and lost 90% of my funds. When I went to sleep I was only down 18% and when I woke up I couldn't even access the site??? I even had a max drawdown agreement that limited my loses to only 30% of the total account value.