I’d like to thank the FPA’s Scam Investigations Committee for letting me write this article. I’ve been waiting for this day to come for a long time now.
Back in the ancient days, when the Earth was still cooling and the FPA was still called ForexBastards, a very bad brokerage ripped off a trader for over $160,000. Felix posted what Rob wrote about this company in the forums. Suddenly, a bizarre fellow showed up in the forums here promoting these scammers. I did some searching and spotted the same guy spamming many dozens of web forums with fake advertisements pretending to be conversations between potential clients and happy customers.
Once ForexBastards became the FPA and Scam Investigations were formalized, they scammed another trader, refused to even reply to messages from the trader or the FPA, and then attacked the FPA with hundreds of blogs filled with half-truths and obvious lies. Throughout all this time, the number of complaints against this broker was amazing. Last year, they tried to negotiate with the FPA to get the scam findings lifted, but broke off all contact when the FPA asked them to remove only 25 of the hundreds of remaining hate blogs.
A few weeks ago, I noticed that their website was down. I didn’t say anything publicly. Announcing that a scam broker had gone out of business only to have them pop up the following week with a bizarre story about how the FPA orchestrated the whole thing would be a waste of time and only feed their anti-FPA troll sites.
I dug deeper. Emails send to the broker didn’t bounce, but went unanswered. I found a small part of the website still functional and tried the live chat. Clicking on it gave me an “Your request could not be completed because the account you are trying to reach is disabled. ” error. I got word from a friend that their MT4 demo server seems to be offline.
I wish the scam cases could have been resolved, but this brokerage’s scam rotted it to the very core. Sometimes, a company is so bad that there isn’t really any hope of reform. I am proud to say that the multiple warnings issued by the FPA against this broker helped put an end to their reign of forex account destruction.
I now feel sufficiently confident that they are really gone that I’m willing to announce the death of the worst scam brokerage the FPA has ever dealt with (so far). I can’t even begin to express my happiness in announcing that