I am exploring that right now, have a lawyer working on how and where to file suite on the NFA for negligence in the matter. email me if you want more info.
Andy Stapleton
[email protected]
Andy Stapleton
[email protected]
DislikedI know how everyones says its better to have the NFA than not, but i think this time they have a case to answer and i personally think they have been negligent.
When a forex broker suddenly increases its liquidity from 2 million to 40+ million as regulator i think that the NFA have a duty to check that out immediately and obtain absolute proof ... it is clear that the NFA have not done this and to make matters worse, they knew that there was a problem in August, yet still allowed FXLQ to take deposits.
If this doesnt work out, i am seriously considering taking legal action against NFA, i am sure there is an American Lawyer out there who would love to get their teeth into something like this.
I am sorry to say but in my opinion this whole forex regulation in the USA is a complete sham.
Personally speaking i only invested funds on the basis of the capitalisation report completed each month. If that cant be trusted then what do you do. Its about time the NFA took responsibility and the whole industry was cleaned up....
Take a leaf out of the Financial Service Authorities book, all client funds have to be kept in a seperate client account worded in such a way that in the event of bankcruptcy the money cant be touched by creditors and all financial services companies, insurance companies, investment companies have to pay into a central pot, so that in the event of a shortfall there is a central fund to make sure clients arent disadvantaged... It seems to me in the US the companies come first and the suckers second!!!!!Ignored