FXLQ Shut down temporarily by NFA

Quoting forexedge

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If anyone on here is around Los Angeles, please let me know. I am organizing a march into FXLQ office as a group to demand for explanation and resolution path. No more lies or bullshit. What's the real story.

My mission is to harass them and bring them into the spotlight. They seem so arrogant that they can get away with this.

Heck if harassment doesn't work, it's okay - yelling and venting at them is therapeutic.

Please private message me if you are coalition of the willing.

forexedge

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Quoting JasonF

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FXLQ is answering the phone because they are required. Do not have false hope, thinking they are there for you. If Gray does not get arrested he will most likely return to Ireland where he holds a passport and that's the last most will every hear of him.

The funny thing is that they have more temp's hired now then ever. They just hire them from a temp agency to pass on the excuses. Try to talk to somebody real there, like Robert Gray, Brian McMahon, Charlie, Frank Masino, James, Robert's brother (previous sports book writer) anyone but a secretary. If you get useful info from them I would be surprised.

Don't count on Gray getting jail time.

Has anyone thought about a class action suit against NFA for blatent disregard to validate 38 million dollars. They are are not much better in this situation.

These days you can't write a check at your local store for a bag of groceries without having funds in the bank. Yet, NFA just accepts the word from someone that approximately $40 million exists.

Also, how can it be allowed that all this money is in a non-US bank. The USA doesn't allow US residents to trade offshore, but the FCM's can keep most their money offshore. Can anyone explain?

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Quoting forexedge

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Spoke to the NFA lady, Jennifer, she said that NFA is a self regulatory agency without any enforcement powers (only CFTC and SEC have powers to freeze anything). Right now, all the actions they suggest are recommended actions to the NFA members (which FXLQ is a member). The MRA is a self imposed thing, and not a regulatory law enforcement action.

Furthermore, all the data we see from published excess funds are just declared funds by the brokers. She said that NFA was in the process of verifying these funds that's how they caught it.... So whatever they publish every month, is worthless data.

She said that at this point, it is up to the CFTC to pursue any lawsuits, or up to any individual to pursue any lawsuits. My interpretation is that NFA is just there to catch any red flag and try to make the industry regulate itself. They are really just a watch dog organization. Worthless.

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Quoting FXAnalytics

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If it wasn't for the NFA nobody right now would know they had been reporting false data... how is that worthless?

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Quote

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There are certainly strange things happening with this whole
situation. I have a 6 figure account with FXLQ and have been with them
for about a year and a half, vey happy with them until now, by the
way. On Tuesday evening I started my "work day" during the Asian
market and tried to put a pending order, to my surprise it would not
take it, so after repeated attempts I called the trading desk and they
gave me the news on the whole situation. As it was explained by them,
it seemed like something that would be resolved in a day or two.
Nevertheless, I filled out a request to withdraw my funds and then
went to the NFA link to read the whole case, which clearly portrays a
picture of FXLQ making up capital assets with an inexistant Bond from
ABN ARMO BANK (one of EU's biggest banks).
Now, I was worried, so I decided to take the next plane to LAX at
8:00AM EST (I live in South Florida). I was in their office by 12:30
PM PST and everyone seemed to be working normally along with two
auditors from NFA. After speaking to one person and another and
waiting for several hours I was told that they had been denied
permission by Jenifer Sunu,from NFA in Chicago to disburse any of my
funds. Unfortunately, it was too late to call her in Chicago so I had
to wait until the next. . During this time, several of the company
executives met with me, including Robert Gray, and they explained how
they have funds in different financial institutions in Europe and that
the NFA did not want to accept this and ordered them to repatriate all
these funds, which they were in the process of doing, but this was not
an overnight ordeal. Robert Gray said that this order to repatriate
funds had come in on Monday and the Member Responsibility Action, came
in the next day (Tuesday).
The following morning I started calling Jenifer Sunu and finally,
after about 4 hours of failed attempts, she finally picked up the
phone. After listening to everything she had to say, I practically
lost all hope of getting my money back, or at least the whole thing.
The first thing I asked her was, why she had not authorized FXLQ from
giving me my money back and she responded that the audit shows that
there is ten million dollars deficiency. In other words, (her words)
she said that my position was that of any creditor and had the same
importance, legally, as the phone bill, and therefore, if there is a
shortfall of 10 million dollars, the creditors would receive their
funds in the proportional amount of what is "left". She gave me an
example of when a "bankrupt" company dissolves. She even said that
this was a done deal on their part. That it was out of their hands and
that the CFTC had been notified for them to name a liquidator and
dissolve the company and pay creditors with whatever funds are left
and they (CFTC) would be in charge of any charges or legal actions
against the principals and/or executives..... In short, not much hope.
As soon as I hung up with her, I took off to FXLQ and met with Robert
Gray and told him my conversation with Ms. Sunu. He was outraged and
immediately called his lawyer into his office and they called Ms.
Sunu. While the attorney was trying to reach her, Robert showed me
how they had already received two wires from Europe, one for over two
million and the other one for a million something.
A few minutes later, the attorney came back to Robert Gray's office
and said that Jenifer Sunu, was denying everything (several other
customers had also called with similar stories, some where told that
they would be lucky to get 50 cents on the dollar). So they asked me,
if I wanted to talk to her, which of course I did. We put her on
speaker phone and she started by saying that I had misunderstood her,
she acknowledged that FXLQ had already received 2 multimillion dollar
wires from their offshore accounts and that in no way was this a done
deal on the part of the NFA, completely contradicting herself from my
earlier conversation.
This, in a way, gave me renewed expectations but at the same time it
is really strange that the NFA would bad mouth the company to the
extent of practically giving me a verbal "death certificate" and then
when confronted with the "patient" takes everything said back. Why?
As far as my perception, to me FXLQ has always showed honesty and
integrity, at least compared to a big list of other FXBrokers I have
had accounts with. I had many experiences where they honored and
fixed, to my benefit errors created by MT4. As far as my face to face
meetings with them last Wednesday and Thursday, I get the feeling
that they are truly trying to survive this ordeal and the proof is in
the millions that they repatriated on Thursday, which shows that
instead of folding they ARE actually bringing money in. They think,
that ounce they come out of this NFA persecution, they will prove to
be stronger than before, which is obviously true, BUT the question is,
if they are able to prove that their financial solvency is adequate
and in line with what was previously reported, will they be able to
continue business as usual or will the damage caused by this whole
ordeal be too deep to recover?
I'd like to also mention that I asked Ms. Sunu in my first
conversation, what good is their monthly FCM Financial Data Report, if
the information in it is not reliable; She answered that all companies
are audited every year, but it seems that documents that were accepted
last year, are now questionable. So what good is basing your
decisions on choosing a broker on this report if its validity is
questionable.
In general, I prefer to have the NFA than nothing at all, as most
other countries, but it definitely needs a lot of work to be an real
and effective controlling organization.
UPDATE: I just got a call from one of the executives that told me that
they received another four million (I did not ask if they received
anything on Friday) and they had been trying to get the NFA to
authorize the release of customer funds but had no positive response
yet and they expected to get the authorization, hopefully, by
tomorrow.
Regards,
CMA

Quoting BluePearl

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from another forum

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Quoting BenQ

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BluePearl, can you provide a link to the other forum please. Thank you.

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Quoting TripTrap

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Thank you BluePearl for sharing what you have found. It is much appreciated by me.

I have a call in to Jennifer at the NFA to get her update on the matter and will report anything significant.

I continue to call different departments of FXLQ every 6-8 hours. They remain open and fully staffed, customer service, accounting, even the guys at the trade desk.

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Quoting KasperFX

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No offence guys but it looks as if you’re trying to ease readers into believing all is well over there LOL. No question that they are done, Burnt toast!! I’m pretty sure there trying to get the easy word out to try keeping the calm just enough time to be able to ether sell their client base or move all accounts into another FCM. Don’t be fooled close your accounts and be the squeaky wheels until you get your funds back, while allow them to profit once more from selling or moving you over to anyone.

Get your funds back in your banks, wait for the New Year and reevaluate.

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Quoting BurgerKing

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Traders thought that NFA listed brokers are safe; they put their money there; all non-NFA listed are immediately branded as scam.
Guess what? Refco, UGM, 1World, FXLQ are all proud NFA members certified to be honest. Hell, what if FXOpen decides to get NFA certificate, would you put your money there?

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