When first checked the list of members one year ago, none, I don´t know at the present.

You have to check one by on and be carefull if you´re looking forex, it´s not highly published.

IE, TD securities just have two links, no banners "make millions", no "hey be rich tomorrow".

They´re serious people, I mean the list.

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Queue up the Queen music. The NFA has slapped another padlock on the front door of another teetering, undercapitalized forex firm. And the winner is... Cal Financial Corporation.
BASIC Case Summary

Who? Well, to be honest Cal Financial wasn't exactly a dead forex firm walking (if only they were that lucky). Cal was more like a vegetable on life support- and the NFA finally decided to pull the plug. But with net capital of only $790,000 you wonder how they managed to even stay comatose all these years?

We pick up the story in the summer of 2004. Ah remember those days? A confident John Kerry was introducing a beaming John Edwards to the world and proclaiming the glory of having "good hair." England was eliminated from the Euro Cup in heartbreaking fashion to Portugal. Usher was at the top of the pop charts and Catwoman was bombing at the box office. And in Thousand Oaks, California John Indelicato had a dream: to conquer mainland China and get rich gloriously.

Cal's goal was "to develop its forex business overseas, and based on the level of success, determine whether it should take on U.S. customer accounts." To that end Cal had two principals located in China where they recruited customers under the name of the "Shanghai Carewell Financial Planning Company." But the going was tough. In a 2006 NFA audit Cal was cited for not collecting any proof of employment information for SCFP accounts. Cal responded that Chinese customers did not like to give out this kind of information so Cal instituted a don't ask, don't tell policy. Needless to say the NFA was not amused and to Cal's credit they voluntary liquidated the accounts.

But in the end it wouldn't matter anyway. On March 1, 2007, the NFA issued a complaint against Cal citing it for a variety of accounting violations that essentially finished them off.
http://www.nfa.futures.org/basicnet/...px?seqnum=1069

But what stands out in the complaint are the NFA's accusations about the shoddiness of Cal's bookkeeping. The NFA charges that Cal:

a) failed to maintain, at all times, a record of customer deposits and withdrawals
b) include approximately $92,000 of its customer accounts balance in its ledger, resulting in an understatement of the amount of customer funds on deposit
c) maintain an equity run and/or similar report aggregating all balances for the firm's forex customers, including cash, open positions, and realized profit/loss

What's my point in listing all of this? It's simple: running a forex broker dealer is not easy. It requires talented, trained professionals with accounting, compliance and administrative backgrounds. It can't be done by Willie Loman alone. And the simple fact is if you are a small firm, with limited resources and limited capital on hand you just aren't going to invest your money in these things when you also have to pay for servers, sales staff, office space, etc... So you try to do the administrative stuff on the cheap. Well, you can't. John Indelicato couldn't. And the NFA by raising its capital requirements is making it clear it doesn't think anyone under $5 million can, else it wouldn't be making this proposal in the first place.

In all fairness to Indelicato, he is no fraudster. By his own account he has been in the futures business for 35 years. He's just not very good at it...

Helloooooo, is there anybody in home?
Helloooooo, is there anybody in home?

Why don´t you answer?
Your company can´t compete with Canadian secured brokers ?



So, after all this shake in forex world with US brokers.

The best choice seems to move the money to Canada and trade with a company secured by Canadian Investor Protection Fund: Choose our English or French website

If the company goes broke, Canadian Government will cover the funds as they did with REFCO customers.

Canadian Refco customers have retrieved their funds a few weeks after bankrupt.

It´s even better than check CFTC/NFA reports every day/week/month.

Don't you think?

Btw: they also have another program: CCPFSI - Canadian Consumer Protection for Financial Services Insolvencies

Really Cool.

PD: do you know read my dear?
PD2: Why you only post about US brokers. This is an international forum. And by that, visited for people all around the world.

Bye dear, until you next post.

__________________

LOL, no offense taken, although you're incorrect. I just like to take my potshot every once in awhile , if anything just for the sake of hopefully injecting some rationality into the world...I don't even watch the news, hardly even the Tv...better things to do with my time

Cheers

So, where is the list of Canadian brokers?

very good information,thanks to you forexsavior

In the right right place.

You can access the list following next steps.

1. First, you must click on the link I provided or do a search on Internet.
2. Once in the web site, You need to choose your language between English or French.
3.Once you bypass welcome screen, click by third time on "Find a CIPF Member" and could choose between current list and previous list.

Easy right?

With only 3 clicks you have what you´ve requested.

__________________

After reading through the first Forward Forex complaint it appears there is much I left out. The material is just too good to pass up so for those who want a second helping of forward forex follies, keep reading.

It appears that Forward Forex's lightening quick CEO, Onelio Murias, is so slippery he evaded the NFA's audit team the first time around because he isn't even listed in the original complaint. The first complaint was issued on June 4th, 2007, and the charges then were leveled solely against Forward Forex and Marshall Wertheim (you'll remember that Wertheim was the sad sack that got left holding the bag after Murias flew the coop in July.)
http://www.nfa.futures.org/BasicNet/...px?seqnum=1192

In any case the original complaint has some hair raising adventures. Nobody commits fraud like the folks at forward forex! Let's skip to page two of the NFA complaint...

"Forward Forex is located in Hollywood, Florida. It has been an NFA Member since January 2006 and began conducting customer business the following month. (Marshall) Wertheim is Forward Forex's President and its only AP. (Curious statement from the NFA considering Murias is listed as being a principal of the firm dating back to 2005.)

4. Forward Forex employed an unregistered entity named F8 Real Estate, Inc. ("F8") to purportedly manage its finances and pay expenses. Forward Forex's association with F8 is, at the very least, suspicious.

5. F8 appears to be owned by Silvia Stambler, who has no registration history in the industry. However, her husband, Andrew Stern ("Stern"), has been for many years affiliated with a number of South Florida brokerage firms and has been named in three disciplinary Complaints issued by this Committee and two Commodity Futures Trading Commission ("CFTC") enforcement actions."

So the starting lineup for Forward Forex is now set. At quarterback we have the fleet footed Onelio Murias. Behind him carrying the rock is tailback Andrew Stern with his wife Silvia Stambler leading the way at fullback. Snapping the ball to Murias is Wertheim. Surrounding Wertheim and blocking up front would be the rest of the employees at Forward Forex. Finally, rounding out this team of criminal all-stars is the receiving corps. You know, the guys who catch all those accounts? And for this position Murias chose to go into the free agency market and sign up a gang of crooked pirates even the old Oakland Raiders would never have employed. They went by the name of the Hamlin Mercer Financial Group. And this gang of high flying, free agents wreaked more havoc on the field then Ted Hendricks, Jack Tatum and Lyle Alzado combined. Here is what the NFA flagged them for:

1) Sold junk options with commissions and spreads so high that 94% of all customers lost their money. The average loss was $21,000 although ten customers lost more than $100,000. Meanwhile the firm was making millions.

2) Used unregistered solicitors who said to one customer that they "had access to information from the government about currency movements that only the biggest banks knew and that Herickoff (customer) had to act immediately if he wanted to have any chance of profiting from this information. Blauch (Solicitor) Also told Herickoff that his account for them was far to small to waste his time on and thus had to add another $25,000 to his account. Also told him his account was making a false return."

3) Used unregistered solicitors who said to one customer that they "never lost money and promised Willingham (customer) large profits. After Willingham invested, Blauch assured him that his account was doing well and had quickly turned a profit. At the account's peak, Blauch told him that it was worth $800,000 and said that they would cash out as high as $1.25 million, after which Blauch would just day trade the remaining profits. Contrary to Blauch's rosy reports, Willingham was actually suffering ruinous losses."

4) Customer Colley attempted to get in touch with Cohen (Solicitor) but was told that Cohen was out of the office with medical problems. Colley reach an individual named Michael Ewan at IMF, who told Colley that his account's value had appreciated to $15,000. Based on Ewan's representation, Colley decided to liquidate his positions and take his profit. However, Colley could not reach anyone at IMF to liquidate his positions, after making repeated calls to IMF. By the time Colley was able to through to someone at IMF, his account had a value of $25.

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.

After reading through this does anyone seriously doubt the NFA is going to raise capital requirements? This is what the NFA has been dealing with on a day to day basis. This is how the forex industry is perceived by many in the financial world. The only way to change that is to flush the bottom feeders, which is precisely what the NFA is about to do. Good riddance.

Hey Robot, I mean forexsavior.

Link does not work.

It´s because is only for NFA Members? as you are. Please tell us in what company are you working, to be careful.

And I want to remember you about my post. I need your opinion about secured brokers


Apologize to all Robots by my comparison with this guy.

__________________

Sorry about the bad link. Click here for source:
BASIC Case Summary

As for Canadian brokers no question Canada has better regulations in place to protect forex traders than currently exists in the States. however, there just aren't that many Canadian brokers to choose from.