Question for experienced traders

Hi,

could you describe the mechanism used to steal by the broker?

'regulation from an exotic place', if they didn't break the rules of their regulator there is a small chance. You could report them to the US regulators but the are to busy to catch those thieves. Even if the regulators suited them and won they would probably get a fine or the can be prevented from offering their business in the US. The best thing to fight those thieves is to expose their names and part of the evidence. By using the word wide web you could help people from around the globe looking up information about that broker. Do use a proxy ip so that you can't to traced.

Much depends on where their "main office" is and how they market their services to others...in the US they MUST be registered with a US regulatory body...even if they are off shore, but have US clients.

Also review the paperwork you signed as an employee. You more than likely signed a "non disclosure agreement"...meaning you are subject to civil penalties (fines etc) for revealing the inner workings of your company. However, that does not apply if the practices are illegal. Defining what is or is NOT illegal is best left for lawyers to hash out.

If I were in your position I would do the following:
1) Consult an attorney over MY personal liabilities by continuing to remain a part of this corrupt organization...you may have already done this.
2) If I incurred any liabilities, I would discuss these with a prosecutor and try to find a immunity deal BEFORE telling them anything
3) FIND A NEW JOB...quickly
4) Make NO waves in the office. DO NOT under any circumstances say anything to anyone at or related to work about your personal thoughts or investigations
5) Make the report to the appropriate investigating agency via your attorney
6) Quit the job (assuming you've found another to suit you)
7) Bring an additional suit against this company for knowingly putting you in this delima which constitutes a hostile work environment...(US law says you can do this...not sure about where you are).

Long list but well worth consideration.

To experienced traders,

I am researching an ever growing phenomenon seen on the Southwest Border of the United States: the exchange of USD to Pesos. I need an expert to reply and give their advice as to what is occuring. Here is what is occuring:

Joe the Plumber has two bank accounts, one in the United States and one in Mexico. He takes $150,000 to his US Bank account, deposits, it, and subsequently wire transfers it thru Deustche Bank to Intercam Casa De Bolsa at an exchange rate of 13.35 yielding 2,055,000 pesos deposited into his Mexican bank account. Joe the Plumber then drives into Mexico, writes a personal check to himself payable to cash for 2,055,000 pesos and withdraws the money. Joe the Plumber then takes this 2,055,000 pesos to a Casa De Cambio on the Southwest Border and receives an exchange rate of 13.02 for conversion back to USD, yielding approximately $154,050. This complete transaction takes less than a few hours and individuals are doing this multiple times a day/week. These individuals have no education in currency arbitrage and I am having difficulty explaining the favorable exchange rates and the ability for Joe the Plumber to make money on a Casa de Cambio. Can anyone give insight to what is occuring please?

Sure i can explain it even in detail how this broker steals, beside the classic tricks like openning spread, stoploss hunting, high commissions, etc.

Let me start that this broker is not from my country so it is illegal to capture funds and take them abroad to another country if it is not a bank or stockexchange house with regulation in my country, so this is the first thing.

2.- Uses a software to delay from 5 secs to 5 mins to 1 hr the order, in this software also opens the stoploss spread in order to get the stoploss quickly, opens the spread not only during news but in the desired period of time, and many other things which basicly all the accounts end without money very very fast. I have the proof of how they do it, made several tests.

3.-Promote signals, and softwares in which it is the fastest way to loose money, even though i tested them and told them they dont work, still give them to the clients, like for example use this and get 1000000% profit in one trade.
4.-They settled a school of trading without having any license, the people who teach has no trading license, or even a financial career. also all the information they give is misleading, like for example saying that risk is the best it can happen to your money or that huge leverage makes you rich. Their constitutive act they appear as school but they´re to take the money out of the country.
5.- The people who is in charge of the office besides their salary get a % of the stolen money.
6.-The trading platform they use is like a toy, invented prices, charts, etc.
7.-They invent that when the market is choppy then the stoploss is not honoured or take profits.
8.-They give poftfolio that they design saying people will get a huge return if they select what they say.

I could keep with stuff, in general everything is a big scam, i do not work there anymore but before leaving i took all this information, because i am an extremely honest trader, like you all guys are, i mean we are traders, we make money and we make our living from this, in fact i have my own money to trade, so please keep posting your ideas, this could happen to anyone of us.

So far i spoke with the regulatory authority, they say i can report them in an anonymous way, no one in that broker knows what i am thinking, although in this place we were only 3 people so i guess, they´ll find it out.

please keep writing your ideas, thanks

Their main office is in russia and they offer their business to latinamerica and spain, they do not offer it to usa.

Russia? You don't have a chance against those people. Look at what they did to Hermitage Capital, let alone a lousy broker.

I did not know about Hermitage, i am looking at it, in this particular case it´s my country, these people have no idea of laws, trading or any financial aspect, even when they come they work without permission to work in my country Mexico.

Let me tell you what i was thinking, as another kind member just wrote the first thing is to look for an attorney and look for advice, and then make the report, i am also changing my address this month so maybe that could help, what do you guys think?

by the way the contract i signed i already checked with a lawyer it has no legal value, as it was dated in Seychelles Islands, in an address in a suite, it mentions the confidentiality but in this case we are talking about criminals so i guess does not apply.

http://www.factfind.com/financial-fr...tigations.html

bump

Sounds like a fairy tale to me but if it's true I think I'll do it too......

This sounds pretty silly to me.....if it's true just report it....that being said, being that it's Russia all they have to do is give a kickback to some goverment official and nothing will likely happen. The whole planet knows how corrupt EVERYTHING is over there.

Thanks for your comments and ideas, i will get advice from an attorney before doing anything, but i am surely doing it, when we start trading we put our money in a broker without knowing what´s behind not only in the one i am going to report, but from all of them.

Think where do they get money from, not only spread and commissions, so the lesson i learned is to use from now on only banks and stock exchange houses that belongs to the financial system. And charts use only professional ones.

You can check yourself your broker, do research, but afterall the best broker is the worst option to take. They have people posting all day long good things about them in forums and blogs, they can pay advertisements, just i suggest you to think a million times before you give away your money, then after think again another million times.

The thing is that even they´re from Russia, the fraud is commited in my country, and here they´d go to jail or at least go back to their country and keep on living like rats

I am a trader that loves and respects trading, just like you guys, i make a living from this, and i also love my country, the difference between us who are traders and the people who work for brokers is that it has been so hard to win money , study, years of study, books, design of strategies.

thanks to you all guys, i have already made the report to several authorities with the help of my lawyer, just wanted to let you know, i was told by my lawyer to delete the thread, for my safety, but i will be available to you all here in the forum in case you want to know something else, your friend, blanca.

hi