InovaTrade.com Review

Be alerted, Michael Alcocer Roa and Iricelis Bloise are well known criminals in Florida while they are legaly represented by their Panama Attorney Mr. Tejedor who assist them in laundering investors money out of the country into Colombia, Peru, Nicaragua and other Latin American nations in off-shore accounts under ficticious name.

Amazingly, "Michael" has become a Confidential Informant in order to manipulate the government while stealing money and avoiding jail time; that is why the US Government has refused to prosecute him and arrest him. This is highly irregular protocol for the US Government to allow such ponzi criminal fraud to manifest why his CI is active. Nonetheless it is suspected that a corrupt Agent is sheltering Michael and his other associates while pay-offs are being made.

Like so, one Victim named Gilbert Gonzalez from Florida & Puerto Rico was defrauded by Michael for one million dollars, subsequently all federal agencies were notified and they refused to get involved!!!!Why wont they arrest Michael Alcocer? You go figure, its estimated that Michael has stolen over $30 Millions so far and as long as he has governmental protection he will continue to steal and get away with it! Priceless!!!!!!
Charles Del Campo
Private Detective

Looks like he's trying to start a new company called : Core ECN in Panama. I had trouble with Inovatrade 9 months ago when they said my money wasn't in my account after I sent it a month earlier. Hope he gets caught soon.

Review Moderation Team Note: CoreECN.com has threatened to sue the FPA to have this review removed. They claim to not be related to InovaTrade or Michael Alcocer.

The FPA has seen evidence linking Core ECN to Michael Alcocer.
Click here to read the details.

Over three months ago I requested a withdrawal of funds from Inova - to date I have received nothing. Now no one returns emails or answers the phone. How is it that this company is not listed as SCAM on this website?

Review Moderation Team Note: So far, no one has filed a formal complaint with the FPA Traders Court. To do this, you need to have left a 1 star review, open a thread in the Scam Alerts Folder, and then file a case.

FPA Scam findings are based on investigations and evidence, not just reviews.

They use HSBC Panama can't you guys contact the bank and have his assets frozen??

At least then there is more of a chance of getting your money back!!

As everyone here has already stated, these guys are not returning money. I have had a request with them since September 1 and they are no longer answering emails requesting a status update. I verified on the Panama SEC site that these guys really are at the top of the list as a new posting under the "investor alert" section. I will be going to the FBI to see if they can do anything for us since the company gets our US dollars via wire transfer.

This notice will serve as notification of a suspension of trading services on your account, due to
fraudulent trading activity. The suspension is effective immediately pending further investigation, at which point you will be notified of our finding and remedial steps. Please direct any inquiries concerning this matter to
Compliance Department, at: compliance@inovatrade.com
Sincerely Yours,
Michael Alcocer

A ROACH MOTEL FOR DOLLARS!

Dollars check in, but they don't check out.

I've been waiting for my withdrawal for over a month, received nothing but half-baked excuses about unspecified compliance issues. No response to emailed inquiries, I had to call Panama to get even an acknowledgement that my withdrawal request had even been received.

They keep telling me my money is safe and I will get it back when they have finished their mysterious review of my account. Uh huh.

SCAM SCAM SCAM. Website says regulated by CNV of Panama. this is what the CNV website says.

WARNING – NON AUTHORIZED ENTITY – INOVATRADE INC. and INOVATRADE PANAMA INC.

PUBLIC RELEASE

The National Securities Commission of the Republic of Panama (hereinafter the “CNV”), in accordance with its legal duty to strengthen and develop the securities market in Panama, in compliance with regulations of the Decree Law No.1 of July 8th of 1999 and its regulation, warns the public as follows:

The companies incorporated in the Public Registry of Panama, INOVATRADE INC.,under Microjacket number 655216, Document 1538902 and INOVATRADE PANAMA INC., under Microjacket number 692576, Document 1731474, registered in the Mercantile Section, have not been issued any kind of license by the CNV, nor have been authorized to carry out business as financial intermediaries of securities or investments in or from the Republic of Panama.

The web site www.inovatrade.com/pa, states that INOVATRADE is regulated by the CNV, however said statement is false.

For further information regarding this Release, please contact us by phone at (507) 501-1700, fax (507) 501-1709, or email info@conaval.gob.pa.

The list of all the institutions authorized by the CNV is available in our Web site www.conaval.gob.pa.

I requested funds 6 weeks ago and they are not here and there is not a valid excuse other than "we have a new format and ALL withdraws are being reviewed by compliance department" Reviewed for what? To see how much of my money they are going to keep. I hear the same horror stories from others as well. Stay AWAY FROM THIS COMPANY, THEY WILL STEAL YOUR MONEY.

I don't know what to do. this broker has stolen my money. I have a 9 month old account and they will not wire it to me. They tell me it is under review by compliance as this is something new they have started doing on all withdraws. It has been in compliance for 6 weeks and still no answers. SCAM SCAM SCAM. How can a broker do this and get away with it. I have heard many other stories with the same experience. Why isn't there more complaints on this company? How do I get my money?

As I understand this, this Michael Alcocer has scammed before when he was first getting into this business in Florida and when the heat was getting on him, he moved his operations to Panama. You can Google his name and get a little more information about that. As I understand it, he is a very tiny man with a Napoleon complex that likes to flash how rich he is with expensive cars, expensive jewelry, and expensive clothing and he will go into all the things he owns and is invested in etc. He loves to talk about himself and is even known to carry a weapon, which is a known and government documented fact. I have not idea if he really has money or not or if he just has the "appearance" of money to attract MORE MONEY from the unsuspecting all derived from his scams. That is what con artists typically do though, they give the appearance of something in order to gain confidence and the whole thing is a ruse simply to get more money to continue to finance a lifestyle of apparent success only to attract more money etc. So given what he has been doing with completely going dark - can't even get his employees to lie on his behalf anymore - things are looking bleak. I got an email from a guy last week that says this:

Many of you have probably had the same experience with Inovatrade over the last month as I have. They have gone in and made losing trades wiping out one of my accounts and have deleted profitable trades in another account. I have also yet to see a withdrawal that I requested at the end of July that shows up as "wire out" on the MT4 platform - nobody in the office can tell me what is going on and have now become completely unresponsive.

Michael Alcocer is stealing from clients to either cover his own losses or just to line his pockets. As a result, I have contacted a trial attorney with the CFTC and she said she would be interested in talking to anyone who has has similar issues. I will also be contacting the Panamanian SEC and Panamanian embassy. More than likely you will not get your money back from Inova and a class action suit will need to be filed. Time is of the essence because the longer this goes on the more likely this criminal will move funds to the point in which they are unrecoverable - Inova needs to be shut down and all assets seized along with personal assets of Michael Alcocer. The attorney's contact information is:

Margaret Aisenbrey
Trial Attorney
U.S. Commodity Futures Trading Commission
4900 Main Street, Suite 500
Kansas City, MO 64112
(816) 960-7749 (direct)
(816) 960-7750 (fax)

So start there... I am not sure what else we can do with this guy. He is obviously a crook and I picture him plotting his escape with millions of client dollars and finding somewhere to hide. As a matter of fact,in one of my conversations with someone he stole from a couple of years ago, he spoke of taking his money and escaping to a tropical island somwhere but acted like he was joking. Well, the reality is, Michael Alcocer is a thief and a liar and if he wasn't, he wouldn't be doing exactly everything he is currently doing now to demonstrate exactly that. It sounds like we are all in the same boat and we need to report anything and everything we know about this guy to anyone we can. Does anyone have anything going with the Panamanian authorities??

2011-08-19 No Rating Thank you for sharing your experience so far. I am blown away that it has been 7 weeks for you. I have submitted a withdrawal 3 weeks ago and so far nothing but run around claiming everything from "banking issues" to "new compliance procedures" and then rumors to the effect that they have to audit trades to consider taking out funds from my account before sending me anything back. This is such a nightmare to be involved in this situation so it is really helpful that you let us know how things end of for you. 7 weeks?? If it winds up clearing GOOD FOR YOU but what a nightmare to have to endure in the meantime.

Can you tell us if the check was for the proper amount had in your account? Thank you Mr X.