Has anyone heard any new news abut this case or the new court date?
- | Commercial Member | Joined Nov 2006 | 1,013 Posts
"One Grows Tall After Walking Through A Forest Of Tall Trees."
FXLQ 29 replies
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CFG shut down by NFA 35 replies
Anyone using FXLQ? 1 reply
DislikedI just don't know why people keep on using all these brokers.
If you're not scalping stick to established names like Forex.com / GAIN Capital, FXsolutions, Interbank FX, EFX... it's always those that try to squeeze everything out of the lemon that end up with all the seeds.
Sure their charts suck, but you can always use free charts online if you're a naked trader or use minimal indis.
I feel for whoever is in on this, hope you get your money back.
*Sigh*....Ignored
DislikedI just don't know why people keep on using all these brokers.
If you're not scalping stick to established names like Forex.com / GAIN Capital, FXsolutions, Interbank FX, EFX... it's always those that try to squeeze everything out of the lemon that end up with all the seeds.
Sure their charts suck, but you can always use free charts online if you're a naked trader or use minimal indis.
I feel for whoever is in on this, hope you get your money back.
*Sigh*....Ignored
DislikedThe thing is as far as anyone knew, the NFA included, FXLQ was one of the big players. I think FXLQ account holders should consider going after the NFA for their money.Ignored
DislikedNot to be overly harsh but that is one of the dumbest things I've ever heard. That's like saying you should sue your local police department because some one broke into your home and stole your money.
The NFA is doing their job, they discovered the discrepency and called FXLQ on it; now the truth is out there an it's being dealt with.
This is a very unfortunate thing, it's not the first time it's happened and it probably won't be the last.Ignored
DislikedNot true,
here is the premise,
1) NFA and CFTC are REQUIRED to verify and fully check any futures, OTC forex broker, FXLQ was on the books for 6 months with 31 million dollars in the CFTC report with NO validation of information.
2) NFA and CFTC had NO compliants against FXLQ since inception
3) NFA had fined SEVERAL other brokers for lack of funding, accounting information.(some shut down later)
4) NFA had 4 days prior to the CFTC court action to freeze funds.
is there a suit, DAMN right, negligence is the sute, I have around 500k in there and another has more than me, when this is over, I will get my clients funds from NFA BUTT, for negligence.
reasons for negligence,
1) not verifying overseas bond.
2) no audit for complience after bond was presented.
3) not insuring bond is in US
4) not allowing withdrawals during that 4 day period(they have no legal authority to stop them).
if you think they are doing thier job, wrong, they are doing what is politically expidient from Futures " big boys" to "thin the herd" as now the retail is getting larger and larger.
Andy <<Cowboy>> Stapleton
www.forexmgr.comIgnored
DislikedWell from the initial filing FXLQ were 11.3 million dollars in the hole but they seem to have returned 8 million to the USA at the time of the complaint. So probably some firm or FXLQ can come up with the 3 million and we will not lose our money. This is a tough lesson for me and makes me want to place my account in other countries where Forex is highly regulated like Singapore. I have no faith in the USA system at all.
RxPipDaddyIgnored
DislikedWell from the initial filing FXLQ were 11.3 million dollars in the hole but they seem to have returned 8 million to the USA at the time of the complaint. So probably some firm or FXLQ can come up with the 3 million and we will not lose our money. This is a tough lesson for me and makes me want to place my account in other countries where Forex is highly regulated like Singapore. I have no faith in the USA system at all.
RxPipDaddyIgnored
DislikedI just happend to check Robb Evans & Associates Website on the chance there might be some news out before the hearing this Monday. Oh there was some news out alright....
Friday afternoon it looks like the FXLQ consented to a "Consent Order Of Preliminary Injuction" and the CFTC believes that FXLQ has failed and will continue to fail at meeting minimum adjusted net capital requirements" Because of this there is no reason for the hearing this Monday. The link to the official document is here: http://www.robbevans.com/pdf/forexlqorder03.pdf
The time line looks something like this:
Feb 4th - Robb Evans & Associates reports all assets and liabilities of FXLQ
Feb 15th - Any response to what Robb Evans & Associates have found in their report must be submitted to the court.
March 31st - FXLQ must either "answer or plead to the complaint"
The 11th Of Never or months and months and months and months from now we get some of our money back.
I am not sure who I am more pissed out....the government for the asinine slow process this is required to take or FXLQ....Ignored
DislikedObviously the thing now is to get in line, once the final funds have been determined, then "let the suits begin"....
that is where I am going next, get out all funds where I can, then sue the remaining bodies....
Andy (cowboy) StapletonIgnored
DislikedDo you think they will just cut up the remainng funds to creditor first, then the rest to customers? Wonder how they manage priority and funds distribution.Ignored