Another Forex Scam

April 26, 2009 by: forexwatch

Forex Scam

The Forex Peace Army reported another Forex Scam involving two Forex Traders and two Forex Companies under the heading Two Traders, Two Companies, One Big Scam.

The reported case of Forex Scam involved Yokebeto which is part of a trading group from Japan that has been testing out an Expert Advisor.

In Yokebeto’s case, he and his group got a note saying that the risk control department determined that all their profits (from a very large number of trades) were due to improper pricing. Their accounts were closed, all profits were confiscated, and their initial balances were returned. This happened to about 20 people in that group.

The other is a Mr. Madruga is from Brazil and was doing his own trading and not associated to the Yokebeto’s.

Mr Madruga’s attempt to withdraw money was met with silence for weeks. Finally, after involving the FPA, he got a single note from Velocity 4x stating that the withdrawal request was being forwarded to Start Forex for processing. Then he heard nothing more.

Definition of a Forex Scam

Improperly taking money owed to forex traders is the FPA’s first definition of Forex Scam. In this case, both Velocity4x and StartForex have met that definition.

Both Velocity4x and StartForex are now blacklisted by the Forex Peace Army. If you have an account with them, we urge you to withdraw your funds as quickly as possible. We also urge all traders to not place any money with these companies.

Another Forex Scam in the Making

There is a possibility of another Forex Scam case in the making involving Mr Rozali of Malaysia and another Forex Broker. Mr Rozali have been trading with this Brokerage Company for about 4 months. He was making profit but he decided to close his account because of his job commitment.

The Forex Broker is giving him a very tough time. The Broker requested him to sign certain documents. Duly signed, the documents were sent back to the Broker. He received an email from the Broker requesting him to get a Notary Public to attest the document because there is a discrepancy in the signature. But Mr Rozali never submitted any signed documents to this Broker. The case is still pending and we wait for new developments.

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3 Responses to “Another Forex Scam”
  1. Sherin (3 comments.) says:

    It was a major news in our financial news paper. Even though, it is find to see the same here. May be some points are more valuable than what I read earlier.


    Sherin’s last blog post..Be a money saving expert by improving your skills

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