FXDD - nice honest outfit

This is a discussion on FXDD - nice honest outfit within the Brokerages forums, part of the Commercial category; It seems a compilation has made it back onto youtube http://www.trade2win.com/boards/fore...s-setting.html...

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Old Jul 8, 2012, 2:03pm   #11
Joined Oct 2006
Re: FXDD - nice honest outfit

It seems a compilation has made it back onto youtube



http://www.trade2win.com/boards/fore...s-setting.html
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Old Jul 8, 2012, 2:05pm   #12
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Re: FXDD - nice honest outfit

Lets see how long this lasts.
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Old Jul 8, 2012, 3:20pm   #13
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Re: FXDD - nice honest outfit

I hope the fine is a high multiple of what they have gained by scamming.

100x + should do it.
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Old Jul 8, 2012, 3:31pm   #14
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Re: FXDD - nice honest outfit

It wont be.
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Old Jul 8, 2012, 5:30pm   #15
 
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Re: FXDD - nice honest outfit

Strange isn't it, particularly in the litigious US, that no-one seems to have taken the damn thing to the courts. I suppose it's a faint hope from the authorities, but one would have thought a criminal prosecution for "incitement to defraud" or some such should be possible. And/or a damages 'class action' type suit from disgruntled clients, particularly where the authorities have fined brokers for the practice.

Or has there?
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Old Jul 8, 2012, 5:42pm   #16
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Re: FXDD - nice honest outfit

Quote:
Originally Posted by barjon View Post
Strange isn't it, particularly in the litigious US, that no-one seems to have taken the damn thing to the courts. I suppose it's a faint hope from the authorities, but one would have thought a criminal prosecution for "incitement to defraud" or some such should be possible. And/or a damages 'class action' type suit from disgruntled clients, particularly where the authorities have fined brokers for the practice.

Or has there?
I'm only aware of the CFTC/SEC/NFA actions against several brokers, Gain, FXCM and another one, plus of course FXDD now. There was some talk of a class action against FXCM but Jason was boasting recently of how it had been withdrawn or they had won it, I cant recall.

Even stranger is the fact that FXCM were only required to compensate US based clients, they got to keep what they had obtained from clients from other countries.
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Old Jul 8, 2012, 5:59pm   #17
 
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Re: FXDD - nice honest outfit

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Originally Posted by pboyles View Post

Even stranger is the fact that FXCM were only required to compensate US based clients, they got to keep what they had obtained from clients from other countries.
How out of order is that! Its ok to stitch up foreigners?!
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Old Jul 9, 2012, 2:01pm   #18
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Re: FXDD - nice honest outfit

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Originally Posted by rsh01 View Post
How out of order is that! Its ok to stitch up foreigners?!
US regulators have no authority over non-US accounts. It's as simple as that. Now if the NFA/CFTC are talking with the FSA, etc. there could be follow-on action for non-US accounts - depending on local regulations, of course.
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Old Jul 9, 2012, 2:16pm   #19
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Re: FXDD - nice honest outfit

Don't FXCM have wide spreads? I think the Eur/Usd is 3 pips?!

That wasn't enough for them?

Fook.
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Old Jul 9, 2012, 2:28pm   #20
 
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Re: FXDD - nice honest outfit

rsh01 started this thread
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Originally Posted by Rhody Trader View Post
US regulators have no authority over non-US accounts. It's as simple as that. Now if the NFA/CFTC are talking with the FSA, etc. there could be follow-on action for non-US accounts - depending on local regulations, of course.
Ah right. PBs post states they got to keep the money they ripped off from foreign clients, this implies that either noone complained to their countries reg body - which seems unlikely, or that the talks between the US and other countries reg bodies didn't come to anything.
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