Forex
Google
New signals service!

Go Back   Forex Trading > Discussion Areas > General Discussion


Register in Forex TSD!
Trading Systems Leaders in this forum (automated trading systems) are winning more than 3000 pips in a month (30000$ investing one lot every time).
Click here to register and get more information

Reply
 
LinkBack (35) Thread Tools Display Modes
  #411 (permalink)  
Old 07-01-2008, 09:19 PM
Senior Member
 
Join Date: Jun 2007
Posts: 211
forexsavior is on a distinguished road
ACM Comes Out of the Dark...

and into the light. For years ACM has operated on the fringes of the legitimate forex dealer world but they have now seen the light. ACM is the newest registered forex dealer to become a member of the NFA.
BASIC Details

This move coincides with ACMs move to get a banking license in Switzerland. Looking forward to seeing that first net capital number boys
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #412 (permalink)  
Old 07-02-2008, 04:19 AM
Junior Member
 
Join Date: Apr 2008
Posts: 3
jmot is on a distinguished road
How about in the case of introducing brokers (IB)?

i understand that IBs do not hold funds themselves. if an IB's clearing firm is NFA registered and meets NFA requirements, the IB could still close down right? what will happen to our funds then?
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #413 (permalink)  
Old 07-02-2008, 05:03 PM
Junior Member
 
Join Date: Jun 2008
Posts: 2
Forex Trog is on a distinguished road
Retraction Accepted... Thank you

Quote:
Originally Posted by forexsavior View Post
I have been pressed for time and thus the Caveman Challenge has floundered as a result. But the cavemen are coming off three straight winning weeks. The Savior misunderestimated the knuckles dragging, club wielding, forex tabulating Australopithecines churning out signals over at cavemanforex.com

While only a fool would judge a signal provider favorably after checking out only a handful of trades amongst hundreds I will admit these cavemen have proved they are far superior to the monkeys who worshipped that stone slab in the opening scene from a Space Odyssey 2000.

So the Savior retracts his dis-endorsement of cavemanforex. Judge them by their numbers, not their body hair and sloped foreheads
Retraction Accepted... Thank you
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #414 (permalink)  
Old 07-02-2008, 09:30 PM
Senior Member
 
Join Date: Jun 2007
Posts: 211
forexsavior is on a distinguished road
Quote:
Originally Posted by jmot View Post
How about in the case of introducing brokers (IB)?

i understand that IBs do not hold funds themselves. if an IB's clearing firm is NFA registered and meets NFA requirements, the IB could still close down right? what will happen to our funds then?
IB's will have to registered as well. CFTC has not released details but if ib's don't get registered and have sufficient capital they will have to go out of business as well.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #415 (permalink)  
Old 07-02-2008, 09:31 PM
Senior Member
 
Join Date: Jun 2007
Posts: 211
forexsavior is on a distinguished road
The Savior's Greatest Hits- Part I

It has been one year since the Savior started posting about the misdeeds and misadventures of the undercapitalized and the criminally minded in the retail foreign exchange world. To mark that anniversary here is a rundown of the top stories from a year of woe and sloth in retail forex. Cue up the Benny Hill Music

1) One World Capital Blows Up
Without question this former forex dealer is the poster child of this thread. In July of 2007 I reported on One Worlds shoddy book keeping as exposed by the NFA. I closed that post with this prediction: In short, One World is a classic Dead Forex Firm walking. Firms like One World are the reason the NFA is going to raise capital requirements. And when they do, does anyone honestly believe the One World's of the world will survive?
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

In August I did a follow up report titled One World Forex with One Foot in the Grave detailing the many complaints traders were making about One World Capital, in particular the problem customers were having withdrawing funds. These reports coincided with information I was being fed that One World was in dire straits and that their sales staff had resigned en masse.
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

In September the news grew worse as customers confirmed to me they were having great difficulty getting money out.
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

Finally, the firm slipped beneath the waves in December just as the new capital requirements were kicking in.
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

The final death blow came on December 13th after the CFTC raided the joint and put them out of business for good.
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

2) The Forward Forex Follies
Of the many firms that went belly up in 07 perhaps known was more humorous to observe than NFA member Forward Forex. These two posts are must reads. Upon having the NFA enter his companys office the CEO of the firm, Onelio Manuel Murias, fled the premises likes a scalded hound. The firm was shut down shortly after.
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

Digging through wreckage of the firm one finds a whole cast of crazy characters right out of One Flew Over the Cuckoos Nest. Here is a typical day in the life of a Forward Forex salesman:
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

And on and on it goes. Customers are pressured into sending in their 401k money or to take out second mortgages, which are then promptly flushed down the drain in worthless options contracts. Sales agents are described as harassing, berating and screaming at customers to send in money. One "Customer Service" representative tells a distraught customer who is losing his shirt that their sales agent (who else but the notorious Blauch) can't be reached because he has "had a heart attack" and then finishes the conversation by saying "sorry, but this is the chance you took." And my personal favorite, sales agents throwing chairs across the room in fits of rage.

Indeed, that is the chance you take with poorly capitalized firms.

3) Strolling through Maggot Mile
This story highlighted the loathsome villainy of Worldwide Clearing, one of the many seedy bucket shops populating South Florida. I also pointed out that another NFA registered forex dealer, Nations LLC, was inhabiting the same address and made the following prediction, Anyone want to make odds on how long it will be before Nations gets shuttered? Perhaps the folks over at Intrade can add a dead forex firms expiration date contract to their prediction market. If so, Im going long on Nations going under. And I aint worried about a margin call
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

A week later that is exactly what happened.

4) Nations LLC Bites the Dust
The collapse of Nations was entirely predictable for anyone who did a cursory background check on them. Cause of death? Undercapitalization. Pure and simple.

Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

5) Underwater Udo
This self described scuba rogue was sent to the clink for using customer funds to buy himself cars put his wife through school and go deep sea diving all the while sending his customers statements telling them they were making a killing when in reality he was spending their money to fund his own lavish lifestyle.
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

6) Switzerlands Swiss Cheese Regulation
Meanwhile in Switzerland gangs of scheming thieves were wreaking havoc in what had become the most notorious forex backwater on earth. I was quick to expose the lie put forth by Swiss forex dealers that their membership in anti-money laundering associations like ARIF was regulation comparable with the FSA or NFA for example.
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

Following that came some muckraking stories on Tradex Swiss AG. The Tradex story made national headlines as well.
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

Following the Tradex debacle Swiss authorities had to shut down another bucket shop, Aleccoh FX, which was being run by some shady character at the Forex TSD bulletin board who hides behind a George Soros avatar.
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

Finally, the stench of Switzerlands rotting forex broker dealer corpses became so pungent the Government stepped in and demanded everyone get a banking license pronto: Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

Coming Tomorrow- Part II of the Saviors Greatest Hits
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #416 (permalink)  
Old 07-03-2008, 10:03 AM
Member
 
Join Date: Dec 2005
Location: Shanghai
Posts: 39
doragio is on a distinguished road
Fxdd

I've searched through the capital requiremnt and assets sheets, but couldn't locate anything related to FXDD's financial assets. Can someone shed some light on this?

Thank you.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #417 (permalink)  
Old 07-03-2008, 05:12 PM
Senior Member
 
Join Date: Jun 2007
Posts: 211
forexsavior is on a distinguished road
Quote:
Originally Posted by doragio View Post
I've searched through the capital requiremnt and assets sheets, but couldn't locate anything related to FXDD's financial assets. Can someone shed some light on this?

Thank you.
Since they are not registered with the CFTC and are unregulated they are not required to report their financials.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #418 (permalink)  
Old 07-03-2008, 07:16 PM
Senior Member
 
Join Date: Jun 2007
Posts: 211
forexsavior is on a distinguished road
The Savior's Greatest Hits- Volume II

You didnt think the Savior would forget such criminal masterminds as Robert Gray or overlook the smooth talking shysters hustling and bamboozling the public at places such as Easy Forex or FX Open did you? On with the show

1) Forex Bastards Babe Bound for Big House
The sordid tale of Forex Bastard (aka Dmitri Chavkerov) and his mistress from Russia captivated the forex world after it was learned she actually got her golden ticket to America in a sham marriage that the Bastard himself presided over!
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

2) Dirty Rotten Scoundrel
The collapse of Forex Liquidity is perhaps the greatest con job ever committed in retail forex. It involved the forging of a fake bond valued at almost $40 million. This fake bond was used by FXLQ to fulfill their net capital requirement and for months they got away with it. Eventually the hoax was uncovered and FXLQ was shuttered by regulators and forced into bankruptcy:
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

But digging deeper one finds that Robert Gray has a long history of malfeasance in the forex industry.
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

He has worked at over a half dozen different forex dealers just in this decade alone hopping from firm to firm (sometimes stealing the previous firms clients on his way out the door) always hustling, always scheming. Today Gray finds himself in deep legal manure but hell get no help from the forex community that has come to loathe him as this Irish ballad can attest to:

Quote:
I read at one of these links that Robert Gray has an Irish passport and that if things ever get too rough he can always hop on Aer Lingus and live out his days shepherding sheep on a quiet farm outside Galway. Well, should that day come I'm sure the forex trading community will sing in unison:

Oh Robbie Boy, the pipes, the pipes are calling
From glen to glen, and down the mountainside.
The summer's gone, and all the flowers are dying.
'Tis you, 'tis you must go and we gladly say goodbye.

But come ye not back when summer's in the meadow
Or when the valley's hushed and white with snow,
'Tis we'll dread you be there in sunshine or in shadow.
Oh Robbie Boy, Oh Robbie Boy, we loathe you so...
3) The Running Man
These posts detailed the antics of Mr. Ryan Nettles who cut a Genghis Khan like swath through the forex industry. His war with Craig Karlis of Tradex Swiss AG fame became grist for the forex tabloids. He then treated the NFA with equal contempt when another one of his firms (Tradeco) went down the toilet in the summer of 2007. Last he was heard hawking his Weekend at Bernies like dead corpse of a company, Finex, to the poor sods at Varengold. Someone sign this man up for the 400 meter relay at the Olympics!
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

4) Metatrader Misery
What happens when a business deal goes bad? You get bitterness, recriminations, machinations and vows to get even. This appears to be what happened after Poltek FX and FX Open parted company.

Such is the opening to two investigative pieces I did on the broker war between Poltek FX and FX Open. This bloody civil war spilled over into numerous bulletin boards as each side released damaging information about the other in an attempt to discredit one another. In the end they both wound up deeply discredited themselves.

These posts also detailed how risky some of these small metatrader brokers are. There isnt a shred of transparency with these firms and it is impossible to do any kind of background check on them because they are not regulated and wont even tell you where they are based or who owns the company. It is a leap into the dark that too many traders have been eager to take.
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

5) Shark Hunting in the Caribbean
This post told the story of Mitch Vazquez and the gang at GCI who were closed down by the CFTC in 2002 only to emerge from the ocean like Jaws himself and start circling the waters off the coast of Belize, in defiance of the very court settlement Vazquez had apparently agreed to. Oh by the way this deadly man-eating squalus is also known to inhabit the lakes of Switzerland in the guise of Forex.CH. Swimmers beware.
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

6) Easy Forex Exposed
Back in November of 2007 the Israeli media was running stories on the sales practices of Easy Forex. Quoted in one report was an Easy Forex solicitor who said I had this evil grin on my face one day, when a client lost $35,000 in a quarter of an hour. A guy gets wiped out - I get my commission. A guy comes up a winner and turns a profit - I pay."
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

A lawsuit is pending in an Israeli court but when television crews are quoting former salesmen taking glee in their clients losing their shirts the trading public shouldnt be too worried regarding the judges ruling. Stay away from these guys!

Last month some ex-traders put even more heat on Easy Forex claiming all sorts of irregularities including tales about Easy Forexs Net Deposit Method. A must read for anyone concerned about the dealing and sales methods of market makers.
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool


Two Volumes down, with more to come Im sure. There is still a lot of mucking out to do in the FX Barnyard and there is still a lot of time to pass until the CFTC comes out with its new rules. In short, there is still much to be written. And so it shall be.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #419 (permalink)  
Old 07-04-2008, 11:56 PM
Member
 
Join Date: Nov 2006
Location: Shelbyville, TN
Posts: 94
frameguy is on a distinguished road
The End

REFCO's CEO gets 16 years in prison for bilking customers out of billions.
He gets 16 years and after the sentence is served he is supposed to be deported.

Why don't they send him here to Tennessee, or Georgia. He needs to be in
chains cutting grass by the road, for 16 years!

Just my 2 cents.
Attached Images
File Type: jpg Bennett.jpg (12.1 KB, 94 views)
__________________
Not Everything that looks straight is: Until you measure it.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #420 (permalink)  
Old 07-05-2008, 01:39 PM
Member
 
Join Date: Dec 2005
Location: Shanghai
Posts: 39
doragio is on a distinguished road
Quote:
Originally Posted by forexsavior View Post
Since they are not registered with the CFTC and are unregulated they are not required to report their financials.
Appreciat the response, Best.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Reply

Bookmarks

Tags
forex, Jared Martinez fraud

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off
Forum Jump

LinkBacks (?)
LinkBack to this Thread: http://www.forex-tsd.com/general-discussion/8320-proposed-nfa-capital-requirement.html
Posted By For Type Date
I'm done with FXDD - Page 7 This thread Refback 06-30-2008 07:45 PM
Pemegang Acc North Finance - Elliott Wave Forums This thread Refback 04-17-2008 03:52 AM
פורום פורקס (FOREX)טור דו FX לסיסטמים, אי דיקטורים ומסחר מט This thread Refback 03-09-2008 03:28 PM
Forexitalia - Re:Problemi FastBroker e FXLQ - This thread Refback 01-03-2008 08:05 PM
פורום פורקס (FOREX)טורנדו FX לסיסטמים, אינדיקטורים ומסחר מט This thread Refback 12-16-2007 07:00 PM
Forex Liquidity This thread Refback 12-15-2007 04:31 PM
פורום - STRATEGY BANK This thread Refback 12-15-2007 04:24 PM
Easy Forex ->> HOT NEWS!!! This thread Refback 12-14-2007 12:19 PM
Forexitalia - Re:Problemi FastBroker e FXLQ - This thread Refback 12-12-2007 09:56 PM
Latest posts of: sitibiz This thread Refback 11-24-2007 10:45 AM
OANDA FXMessage: NFA Forex Dealer Dead Pool This thread Refback 11-22-2007 06:35 PM
Easy Forex ->> HOT NEWS!!! This thread Refback 11-21-2007 11:08 PM
Easy Forex ->> HOT NEWS!!! This thread Refback 11-21-2007 10:42 PM
Possible bugs - build 210 - Forex Trading Software Forum This thread Refback 10-04-2007 07:43 PM
Forex TSD| Metatrader Indicators and Experts Advisors This thread Refback 09-22-2007 03:42 PM
St Louis Mortgage Refinance - refinance st qualification, colorado mortgage louis This thread Refback 09-07-2007 12:32 AM
Web Link This thread Refback 09-06-2007 03:43 AM
Are Your Funds Safe? NFA to Shut down small forex fcms - Page 10 - Forex Forum This thread Refback 08-31-2007 07:14 PM
Proposed NFA Capital Requirement - Page 23 This thread Refback 08-29-2007 10:19 PM