BSD
Veteren member
- Messages
- 3,819
- Likes
- 988
This isn't my style at all, and unbelievably I have never reported DT to date.
But because he just simply isn't letting up, and because I am just sick and tired of having a guy here who wants to manage other peoples money but is unwilling to provide any proof that he has ever traded profitably in his life, I have - after ages - gone the final step and reported him.
The email I sent to the NFA today was this:
Dear NFA team,
I am a member on a financial traders board, T2W Day Trading & Forex Community
There is another member here who goes by the name of DepthTrade who is a US citizen and is not authorised or registered by you, who does not have an audit of his past performance, yet is trying to attract people here to invest with him by constantly posting about alleged returns that he claims to achieve on the currency markets.
In the last week he has removed these claims, but he had a signature that clearly stated:
"Hello and welcome to T2W.
Professional, legal currency management.
Please see my profile for more information."
In his profile - which has also been edited by now - he stated this:
"Top-Tier FX account management.
The strategy that I use is one derived from centuries old techniques, synthesized with modern computing and charting.
Providing 'Click & Go' currency positioning. Retain all financial access. Manage personal banking, transfers and fx trading via your linked online cash account.
Client phone support.
Fee: 3.65% A.P.R. of balance, plus 25% of profit.
Targeting 1% per week."
Is this legal ?
Can anybody just register on a message board and post alleged unnproven returns to attract other investors without being authorised or registered by you nor be able to provide proof of past performance ?
Here is a thread questioning the legality of his actions:
http://www.trade2win.com/boards/gen...liciting-funds-here-without-registration.html
Here is his thread where he posts his alleged daily returns which he is posting in an attempt to attract investors:
http://www.trade2win.com/boards/forex-news-analysis/21295-classic-forex-82.html
Here he solicited funds outright:
http://www.trade2win.com/boards/com...advice-forex-managed-accounts.html#post394351
Thank you and looking forward to your reply.
Markus
The response came just a few hours later, Joe from the NFA wants this additional info:
Markus,
Your email has been forwarded to me for reply. I reviewed the website links you included and was unable to establish definitively that the individual referenced is a US Person. As you point out, DepthTrade does not appear to be registered with the CFTC or an NFA Member. NFA's jurisdiction only extends to its Members; as such, the only action we can take in this matter is to refer it to regulatory authorities with jurisdiction over non-registered firms.
If there is additional information you could provide concerning this individual (name, website address, other promotional materials, etc.) that might further establish that he is engaging in fraud or other activities that violate CFTC Regulations, I would be happy to accept them.
Kind Regards,
Joe Patrick
Manager
NFA Compliance
So if anybody knows Depth Trades URL or identity etc etc please send info here to the responsible US regulators:
[email protected]
People, lets get real.
If anybody has a profitable track record they would have that audited as the best proof and marketing material for their fund imaginable.
Anybody who wants to manage your money but can't prove they have a profitable trading past is just going to con you.
That's just clear as mud !
But because he just simply isn't letting up, and because I am just sick and tired of having a guy here who wants to manage other peoples money but is unwilling to provide any proof that he has ever traded profitably in his life, I have - after ages - gone the final step and reported him.
The email I sent to the NFA today was this:
Dear NFA team,
I am a member on a financial traders board, T2W Day Trading & Forex Community
There is another member here who goes by the name of DepthTrade who is a US citizen and is not authorised or registered by you, who does not have an audit of his past performance, yet is trying to attract people here to invest with him by constantly posting about alleged returns that he claims to achieve on the currency markets.
In the last week he has removed these claims, but he had a signature that clearly stated:
"Hello and welcome to T2W.
Professional, legal currency management.
Please see my profile for more information."
In his profile - which has also been edited by now - he stated this:
"Top-Tier FX account management.
The strategy that I use is one derived from centuries old techniques, synthesized with modern computing and charting.
Providing 'Click & Go' currency positioning. Retain all financial access. Manage personal banking, transfers and fx trading via your linked online cash account.
Client phone support.
Fee: 3.65% A.P.R. of balance, plus 25% of profit.
Targeting 1% per week."
Is this legal ?
Can anybody just register on a message board and post alleged unnproven returns to attract other investors without being authorised or registered by you nor be able to provide proof of past performance ?
Here is a thread questioning the legality of his actions:
http://www.trade2win.com/boards/gen...liciting-funds-here-without-registration.html
Here is his thread where he posts his alleged daily returns which he is posting in an attempt to attract investors:
http://www.trade2win.com/boards/forex-news-analysis/21295-classic-forex-82.html
Here he solicited funds outright:
http://www.trade2win.com/boards/com...advice-forex-managed-accounts.html#post394351
Thank you and looking forward to your reply.
Markus
The response came just a few hours later, Joe from the NFA wants this additional info:
Markus,
Your email has been forwarded to me for reply. I reviewed the website links you included and was unable to establish definitively that the individual referenced is a US Person. As you point out, DepthTrade does not appear to be registered with the CFTC or an NFA Member. NFA's jurisdiction only extends to its Members; as such, the only action we can take in this matter is to refer it to regulatory authorities with jurisdiction over non-registered firms.
If there is additional information you could provide concerning this individual (name, website address, other promotional materials, etc.) that might further establish that he is engaging in fraud or other activities that violate CFTC Regulations, I would be happy to accept them.
Kind Regards,
Joe Patrick
Manager
NFA Compliance
So if anybody knows Depth Trades URL or identity etc etc please send info here to the responsible US regulators:
[email protected]
People, lets get real.
If anybody has a profitable track record they would have that audited as the best proof and marketing material for their fund imaginable.
Anybody who wants to manage your money but can't prove they have a profitable trading past is just going to con you.
That's just clear as mud !
Last edited:
