Click the links to be taken to the relevant parts of the FPA’s website.
- Peter O took over the FPA’s Daily Signals.
- In addition to his daily analysis for the Euro, Sive added something else. There was a poll and the winner was Gold.
- Andrew Mitchem joined Sive as a Giant
- ALL demo testing ended in the FPA’s Performance Testing program. If you want to use the FPA to brag about your results, you have to put some real money on the table, not just a demo.
- The FPA made its first appearance in the Wall Street Journal.
- The guy in charge of PFG Best got sentenced to 50 years in a federal prison. He won’t be scamming anyone else until 2063.
- Liberty Reserve got shut down. The fallout from this has continued, since some unethical brokers are using it as an excuse to steal deposits and profits, no matter how long ago someone deposited using LR.
- MetaQuotes took steps against a number of companies. This has led to unhappiness in some sectors of the forex industry.
- The CFTC filed charges against Banc de Binary.
- The CFTC and SEC issued a joint fraud advisory about binary options.
- The founder of the Scam-rated broker, InstaForex got into an interesting argument with the people currently running the company.
- FXDD was fined several million dollars for asymmetric slippage.
- MF Global was ordered to repay over 1 Billion dollars to clients.
- The 2012 Forex Scams of the Year were announced. The winners for 2012 were Rizwan Awan of TrendsFx.com for Non-Broker Forex Scam and Abdel Rahman El Omari of CommexFx and Prime4x for Forex Broker Scam.
- There were 4 Scam Findings in 2013, all against brokers. These are:
- HFX.com
- Forexoma.com
- LiteForex.com UPDATE: This Scam Finding was resolved in October, 2017
- 4XP.com
- The 2013 Scam of the Year polls will remain open until March 20th, 2014. Please click here and cast your vote.
- 2014 already has its first two nominees. That vote will begin in early 2015.
I saved one of the best pieces of news from the year for last
- The Scam-rated broker InvestTechFx needs new owners. The current ones are hiding from the Royal Canadian Mounted Police.
- What the Canadian police report about InvestTechFx’s actions closely matches what the FPA reported when InvestTechFx was declared to be a scam back in 2011. InvestTech was also 2011’s winner of the FPA’s Forex Broker Scam of the Year Award.
- InvestTechFx managed to keep scamming for years before the police tried to arrest the owners. InvestTechFx got its first serious complaints in the FPA’s reviews in 2009. Remember this the next time someone tells you “This broker can’t be a scam because they are still in business after all these years.” Some scams fold quickly. Others can drag on for many years. There are two reasons for this. Some people are unaware of the scam warnings. Others chose to ignore the scam warnings. This is why all FPA members need to try to spread the word and convince traders not to do business with scammers.
