… 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 ACM’s move to get a banking license in Switzerland. Looking forward to seeing that first net capital number boys…

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?

Retraction Accepted... Thank you

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.

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 World’s 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 company’s 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 Cuckoo’s 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, I’m going long on Nations going under. And I ain’t 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) Switzerland’s 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 Switzerland’s 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 Savior’s Greatest Hits

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.

You didn’t 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 Bastard’s 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 firm’s clients on his way out the door) always hustling, always scheming. Today Gray finds himself in deep legal manure but he’ll get no help from the forex community that has come to loathe him as this Irish ballad can attest to:

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 Bernie’s 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 isn’t 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 won’t 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 shouldn’t be too worried regarding the judge’s 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 Forex’s “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 I’m 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.

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.

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Appreciat the response, Best.