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  • #181
  • Jan 28, 2008 10:23pm Jan 28, 2008 10:23pm
What I find disturbing is how the whole US system operates.

Surely, if a customer deposits funds with a broker, those funds should remain
the property of the customer.

It amounts to legal theft that customer funds are split to compensate creditors.
These kinds of 'must sign' customer agreements that give
the broker access to customer funds for non-trading purposes should be illegal.

I feel very sorry for those being robbed by these criminals.

Coder



  • #182
  • Edited 7:29pm Feb 4, 2008 6:18pm | Edited 7:29pm
http://www.robbevans.com/pdf/forexlqreport01.pdf

According to their conclusion and Tab 8, FXLQ is short of $1.8 million, undercapitalized by $6.8 million.

The $1.8 million liability may be more if there are additional expenses and liabilities to be yet discovered.

With this figure, if receiver splits even to everyone including retail/institutions, creditors, we might get at max 93% of our money at most... a 10-15% stop loss isn't that bad.

Question is, when! They got over 2900 chinese customers, and operation there to attract more chinese traders... this could make the company very valuable... hopefully someone will step up and bid all these accounts and pay us in full... when, is the question.
  • #183
  • Feb 4, 2008 8:16pm Feb 4, 2008 8:16pm
"FXLQ’s in-house attorney informed the Receiver that “Robert Gray’s entrepreneurial vision” was the collateral for the $50 million bond."

Thats a funny one
  • #184
  • Feb 5, 2008 2:51am Feb 5, 2008 2:51am
Karma FXLQ & IBFX the truths out!!!!!

What more proof do we need ,, LOL wow IBFX are outright deceiving users all this time trying to distance themselves from FXLQ "No we have no relationship" What a bunch of phonies!!!!!!! Karma Todd you had this one and what’s coming, coming for a while. You and Mr,Gray deserve it.

http://www.robbevans.com/pdf/forexlqreport01.pdf

Read page 6 of this doc, clearly they can’t deny the facts any longer

hay by the way don't you think it’s time we changed this threads title to " rest in peace FXLQ" on 2end thought maybe “Good riddance FXLQ” would better suite these crooks
  • #185
  • Feb 5, 2008 6:48am Feb 5, 2008 6:48am
It does look a bit better than what I expected, I was looking at 70-80% return.

One of my Clients talked to Peter Haas , his premise is to customer funds first then other creditors(those with commission,swap claims), how that will work I don't know, with IBFX in the mix , I would certainly hope the NFA and CFTC does a FULL audit , notifying the customer base PRIOR to the audit of IBFX.

Hamilton Williams LLC, sold out to Forex.com so they are out of the picture somewhat.


I will be in touch with Peter Haas today, seeing about his thoughts, I know that FXLQ has till Mar 31st to respond, and if they dispute , it will prolong the experience.

Andy<<Cowboy>> Stapleton












Quoting KasperFX
Karma FXLQ & IBFX the truths out!!!!!

What more proof do we need ,, LOL wow IBFX are outright deceiving users all this time trying to distance themselves from FXLQ "No we have no relationship" What a bunch of phonies!!!!!!! Karma Todd you had this one and what’s coming, coming for a while. You and Mr,Gray deserve it.

http://www.robbevans.com/pdf/forexlqreport01.pdf

Read page 6 of this doc, clearly they can’t deny the facts any longer

hay by the way don't you think it’s time we changed this threads title to " rest in peace FXLQ" on 2end thought maybe “Good riddance FXLQ” would better suite these crooks
  • #186
  • Feb 5, 2008 8:00am Feb 5, 2008 8:00am
So Andy does this mean this nightmare will be over possibly by March 31st?
  • #187
  • Feb 5, 2008 9:28am Feb 5, 2008 9:28am
Quoting forexedge
hi andy,

I'm in same boat as you, with 150k stuck in there, it really pisses me off. I relied on my introducing broker to check out fxlq, who relied on CFTC's published capitalization report, and NFA's records. NFA should have required
these numbers to be audited and certified by accounting firms, and not just
accept filed numbers.

The whole thing is under injunction, and there is very little we can do. Sueing government and NFA is probably a goodway to try to change their policies and procedures, but not good enough to recover out money... unless you have deep pockets to go after them.

Looks like the government confirmed Jan 28 hearing. robbevans will send out updates on their website. This thing is going to drag on at least another 6 weeks after hearing.

http://www.cftc.gov/customerprotecti...yLLC/index.htm

Receiver Law firm:

http://www.robbevans.com/html/forexlq.html

Who is you IB?
  • #188
  • Feb 5, 2008 10:21am Feb 5, 2008 10:21am
I just hope they accept their fate, close shop and dissolve the assets right away. Appeal might take a few more months.

I just hope they don't take the fines and legal fees out of the fxlq asset... they should go after Gray's personal assets.

What blows my mind, is that FXLQ made $24million in income last year, but can't come up with $7 million to stay in business and pay customers.


Quoting forexmgr
It does look a bit better than what I expected, I was looking at 70-80% return.

One of my Clients talked to Peter Haas , his premise is to customer funds first then other creditors(those with commission,swap claims), how that will work I don't know, with IBFX in the mix , I would certainly hope the NFA and CFTC does a FULL audit , notifying the customer base PRIOR to the audit of IBFX.

Hamilton Williams LLC, sold out to Forex.com so they are out of the picture somewhat.


I will be in touch with Peter Haas today, seeing about his thoughts, I know that FXLQ has till Mar 31st to respond, and if they dispute , it will prolong the experience.

Andy<<Cowboy>> Stapleton
  • #189
  • Feb 5, 2008 11:03am Feb 5, 2008 11:03am
Quoting KasperFX
Karma FXLQ & IBFX the truths out!!!!!

What more proof do we need ,, LOL wow IBFX are outright deceiving users all this time trying to distance themselves from FXLQ "No we have no relationship" What a bunch of phonies!!!!!!! Karma Todd you had this one and what’s coming, coming for a while. You and Mr,Gray deserve it.

http://www.robbevans.com/pdf/forexlqreport01.pdf

Read page 6 of this doc, clearly they can’t deny the facts any longer

hay by the way don't you think it’s time we changed this threads title to " rest in peace FXLQ" on 2end thought maybe “Good riddance FXLQ” would better suite these crooks
Just found this thread. was, within the next couple of weeks, depositing over 60K with interbank FX. Are they about to be hit by this too??
  • #190
  • Feb 5, 2008 1:13pm Feb 5, 2008 1:13pm
Quoting JasonGuillen
Just found this thread. was, within the next couple of weeks, depositing over 60K with interbank FX. Are they about to be hit by this too??
I opened a small account with InterbankFX last summer with intent of moving most of my forex funds there. I even opened the companion account with Zion bank to make withdrawals by bank card. I've scrapped that whole plan now. Interbank FX might be fine; In fact it probably is. But I just wouldn't sleep well if I had serious money there. Maybe after the legal spiderwebs are untangled I'd think about using them again. For now, there's too many other brokers out there.
  • #191
  • Feb 5, 2008 1:16pm Feb 5, 2008 1:16pm
Who are you using now?

I rely on FF a little with the brokers they recommend. I went with IBFX because I like MT4.

Now I'm not so certain.
  • #192
  • Feb 5, 2008 2:50pm Feb 5, 2008 2:50pm
I don't think this casts too bad a light on Interbank. They're owed money like everyone else. They obviously used FXLQ for clearing like a lot of others, but FXLQ's closing didn't stop Interbank from operating -- they didn't miss a beat. So whatever entanglement they had at one time must no longer exist. At least that's what it seems like.
  • #193
  • Feb 7, 2008 3:45pm Feb 7, 2008 3:45pm
After I lost most of my funds in the Refco mess, I decided to keep most of my "big" money with a regulated futures broker.

Everyone who just trades EURUSD, GBPUSD and other majors... do yourself a favor and just trade currency futures and not spot fx. Then you dont have to worry about this crap, you pay less in transaction costs, and you dont have brokers trading against you.
  • #194
  • Feb 9, 2008 2:31pm Feb 9, 2008 2:31pm
Who is a good reputable future currency broker?

Quoting FrankTheTank
After I lost most of my funds in the Refco mess, I decided to keep most of my "big" money with a regulated futures broker.

Everyone who just trades EURUSD, GBPUSD and other majors... do yourself a favor and just trade currency futures and not spot fx. Then you dont have to worry about this crap, you pay less in transaction costs, and you dont have brokers trading against you.
  • #195
  • Feb 11, 2008 1:51pm Feb 11, 2008 1:51pm
I spoke to a lady at the receiver law firm. They are awaiting FXLQ and other associated parties for responses, by February 15th.

Then, they will await until March 31st until they make any formal recommendations to the judge... as FXLQ may file for appeal or settle something with CFTC by then. FXLQ has $26million in cash, and $30million in liability. They need to get $6 million to be back in business... a seemingly trivial sum of cash in this business and to meet excess fund requirements.

If in fact there is dissolution, they will recommend that retail clients have priority.

Funds will be returned within two months of March 31st....

Finally, someone giving a real answer.
  • #196
  • Feb 11, 2008 4:23pm Feb 11, 2008 4:23pm
Quoting forexedge
Finally, someone giving a real answer.
...and thank you for your update here, Forexedge.
highly appreciate it.
  • #197
  • Feb 11, 2008 6:05pm Feb 11, 2008 6:05pm
to forexedge

Many thanks for your update
  • #198
  • Feb 12, 2008 3:34am Feb 12, 2008 3:34am
Finally A end to this nightmare is in sight!! Thank you for the updates
  • #199
  • Feb 13, 2008 1:08pm Feb 13, 2008 1:08pm
Quoting forexedge
Who is a good reputable future currency broker?

Any US broker that allows you to trade futures is reputable because they are officially regulated by the government (unlike spot fx).

I personally like infinity brokerage for their customer support. Other good ones are tradestation, mb trading, etc.
  • #200
  • Feb 14, 2008 11:49pm Feb 14, 2008 11:49pm
I totally agree with frank here Spot FX firms are to risky especially after this new law cam to light.

Go with any fully regulated on-exchange futures brokers and you will sleep well at night and never look back.
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