multiform1
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I have been using this broker for 3 years and they seem cosher. Does anyone have any experience or knowledge of them.
US Broker E1AM
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Why are you asking if you already know they're kosher?
I just saw your post from 2008 where you were scammed by some outfit that were supposed to be trading your account for you. Hopefully you didnt fall for the same thing again. E1 Asset Management are FINRA registered but as you saw from my last post that doesnt mean they wont lose your money. These companies only care about taking commissions from you.
multiform1
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Yes I was scammed by an incredibly sophisticate operation called APEX Management Ltd - theoretically a London based commodity futures broker, in early 2007 when I was a complete beginner. I invested £5K in the account. If I had known more I would have realized that the apparently very profitable trades they made could not have been achieved without several margin calls. However I invested a further £5K after 3 months. I then tried to withdraw £1K of profits in May 2007. Needless to say it never arrived , and about 2 weeks later all tel lines were on answerphone and they had disappeared. I reported all this to Archway who told me I was one of many. They also offered offshore banking and banked themselves in Hong Kong.I am pretty sure now that they were a ponzi scheme. I suspect many others lost much more.
They probably just took your money and never made a single trade. Its just a variation of a boiler room scam, same fraud just a different excuse. The problem you face now is that you fell for it once so you will keep getting called by the same people, using different names of course, trying to get more out of you.
How did you come to know of or be involved with E1 Asset Management?
Have you ever tried to take out some of the profits from the account? Attempting to withdraw a substantial sum may be interesting, I'd like to see what excuses they make to keep hold of your money. Personally I'd take all my money out and close the account, remember the FSA has issued a warning against them, they owe FINRA a couple of million so what reason is there to risk it?
multiform1
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I had planned to withdraw some money in January, anyway. So I must obviously do this.
Re FSA warning. I had seen this - but only that they were not authorised by the FSA.
Are any US stockbrokers authorised by FSA? I understood FINRA to be the US equivalent'.
They need to be FSA regulated to do business in the UK. Even if they are regulated they cannot cold call you. Therefore being FINRA regulated is somewhat irrelevant for anyone living outside the US. There was some talk that these guys didnt do any business in the US thereby avoiding any complaints to FINRA but at the same time using their FINRA regulation to give the impression that they are regulated to do business in other countries. You can be pretty sure that if they cold called you and took money off you then something is badly wrong and I would be very concerned. As I said earlier when you go to withdraw most/all of your money then you will see the true picture.
neil
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Cos it's a subtle scam?
On this occasion it was a genuine question.
