Proposed NFA Capital Requirement

Ac whats up, hope things are well with you. As far as MBT/EFX I don't think they would be designing a new platform if they were not. So yes I believe they are in for the long haul. One of the companies that kind of go unnoticed is PFG. I still think that the Protrader Platform is the best on the market, but there are several disadvantages with them, the spreads are wider than efx or oanda, the platform costs $50 us per month and they only have 6 majors available. But they are well financed and do everything by the book. Of course they do have that incestuous relationship with the Woodies CCI Club, but that is another tail for another time.

The Ever Trying To Avoid Incest VIPER
 
Forex Fraud Roundup

Been doing well trading recently so I haven't had much time to post (gotta love volatility!)

In any case the shysters are busy as ever out there so beware. Forex Fraud is happening all over the world. The trading public really needs to be careful about who they trade with. Again, I recommend sticking with firms that are regulated, have good track records and have a healthy capital number. Above all I STRONGLY recommend that you not trade with a firm that is unregulated.

All the crooks busted below were unregulated rogues (especially Zimbabwe's dictator Robert Mugabe. lol.) As a guide it should be noted the following firms are not regulated and as a customer you have no rights in a dispute or if the firm gets into trouble and goes bankrupt:

Unregulated Brokers
Finex
Tradex Swiss AG
ACM
WestCapFX
MIG
DukasCopy
GFX Group (Forex.CH)
Crown Forex
GCI
Northfinance
FXDD

NYC Man Sentenced in Forex Scam
http://www.portfolio.com/news-markets/national-news/ap/2008/02/15/nyc-man-sentenced-in-forex-scam
Feb 15 2008 3:13PM EST

A New York man was sentenced to more than 12 years in prison Friday in connection with a foreign currency exchange scam that bilked more than 200 investors out of $6.5 million.

The U.S. Attorney's office in Manhattan said Boris Shuster, also known as "Robert Shuster," was sentenced to 150 months in prison at a hearing in U..S. District Court in Manhattan.

U.S. District Judge Victor Marrero also ordered Shuster to forfeit $7.89 million and pay a $10,000 fine.

Shuster,guiltyleaded guilty to conspiracy, 14 counts of wire fraud and 13 counts of mail fraud last June. Prosecutors had sought a sentence of 235 months to 293 months in prison, said Sarita Kedia, Shuster's lawyer.

"We do plan to appeal," Kedia said.

Shuster was previously sentenced to 60 months in prison after pleading guilty to criminal charges in a separate forex scam in federal court in Brooklyn. He had remained free pending his sentencing in federal court in Manhattan, Kedia said.

In the Manhattan case, prosecutors had alleged that Shuster and Alexander Dzedets operated a fraudulent forex firm named Holston, Young, Parker & Associates in Manhattan. Dzedets, 32, and nine others have pleaded guilty to criminal charges in the "boiler room" scheme, prosecutors said.

Employees of the firm allegedly used false and misleading sales pitches and high-pressure sales tactics to convince people to invest in its purported forex trading program, the government said.

Funds raised weren't used to invest in the forex market, but were instead diverted to bank accounts in Cyprus and Russia, prosecutors said.
More...

NAB arrests forex fraud accused - DAWN http://aajtvnews.wordpress.com/2008/02/12/nab-arrests-forex-fraud-accused-dawn/

The Punjab chapter of the National Accountability Bureau has arrested Kashif Iqbal, business partner of M/s SKAF International, Lahore, on charges of fraud, misappropriation and cheating public.
According to a NAB press release, M/s SKAF International was involved in illegal forex business in 2003. Kashif along with three business partners fraudulently induced public at large to invest their money on false promises of profit up to four per cent to five per cent per month. They cheated 68 people, obtained deposits from them and misappropriated an amount of Rs29.308 million.

A reference against the accused had already been filed with the accountability court in 2007. After arrest, Kashif was produced in the accountability court and sent to judicial lockup.
More...

Forex Scam Haunts Mugabe
http://www.mg.co.za/articlePage.aspx?articleid=290935&area=/insight/insight__africa/#

President Robert Mugabe’s fight against corruption is closing in on his closest confidants. The 82-year-old leader is in a quandary and is unwilling to pass a routine political directive for the arrest and prosecution of Zanu-PF officials allegedly involved in illegal foreign currency dealings.

Police insiders have said that no arrest or prosecution of a Cabinet minister or member of Zanu-PF’s Politburo takes place without Mugabe’s sanction. It is a political formality that the police and Attorney General adhere to, but Mugabe’s selective approach has irked some of his colleagues in Cabinet.

The police’s criminal investigations department investigated Mugabe’s close ally, retired General Solomon Mujuru, husband of Vice-President Joice Mujuru, for flouting exchange control regulations and running Mafia-type shelf companies.

These companies would buy and trade foreign currency on the black market with individuals and companies in which the government has an interest. Mujuru then made weekly transfers involving billions of Zim dollars (see “The docket”).
More...
 
New CFTC Numbers Are Out

And with the Congress set to raise minimum capital requirements for forex dealers to $20 million these numbers are once again taking on greater significance.

Above $20 Million
Oanda $157 Million
RJ O'Brien $91 million
FXCM $82 million
GFT Forex $76 million
Gain Capital $50 million
I Trade FX $33 million
Interbank FX $23 million

Below $20 Million
PFG $18.6 million
FX Solutions $17.3 million
CMS $13.3 million
ODL $11.9 million
GFS Forex $10.4
IFX $9.3 million
CMC $8.7 million
Alpari $8 million
Ikon $7.9 million
Easy Forex $7.7 million
Hotspot $7.7 million
MB Trading $7.6 million
Friedberg Mercantile $7.5 million
Forex Club $7.4 million
Money Garden $6.3 million
Bacera $5.3 million
Advanced Markets $5.2 million

http://www.cftc.gov/marketreports/financialdataforfcms/index.htm
 
Very interessed ,how CFTC reacted on crach of Bear Sterns,public
noted well respected company .

Customer funds are not protected by Forex broker
(ask commandatore ET member ,he received 40% after years of
RefcoFx crash) ,no SIPC as by SEC broker ,no customer segregated funds as by future broker's by Forex spot
broker ,not public noted and with maximum capital 150 mln $
by Oanda .


Suspect CFTC reaction as more tight control .This rection would possible implemented through years ,but would .
 
Alsov very interessed CFTC position after today story
with IBKR.

Would reinforcement in future brokek's scene alsov ?

To date pure agents of principals are AMTD ,OXPS,SWIM

All with 1 bil $ + market value .OXPS and SWIM offer
forex fx ,but not from future tradition platform as
AT,OEC,CTS T4

HotspotFX alsov pure agent ,but with capital until 10 mln $

and account minimum 7500$ For comparsion

AMTD 2000$ for margin account ,OXPS 0 $ ,2000$ for margin account ,TOS 2500$
 
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