Class action lawsuit against FXCM?

[Pietro]

It didnt surprise me to hear another forex broker is getting sued by someone that wants their deposit back for this or that. But then I heard the possible charges against FXCM that include Fraud and Racketeering? Are they serious? As if they were mobsters! I have an account at FXCM and do not consider them to be gangsters or mafia like, I thought that was a charge designated for organized crime figures you can't convict on petty stuff like murder. All illusions I do not like making when thinking of FXCM, a broker I use. So can someone please explain to me what is going on here? The only place that has this is forex factory, then this other site says they are majorly sponsored by FXCM so they are biased, and then a different site IBItimesfx that says the allegations are untrue, brought up by one dissatisfied customer leaving out the details and low and behold a banner to FXCM right next to it, lol. But then again what makes this forum not biased against FXCM because I don't see any banners of theirs here, not accusing this forum of anything, just saying, what makes any forum, or blog, or website not biased for the the things that don't sponsor them, you see my drift? But that's not what i am getting at, leave other sites out of it, I just want to know whats going on with this FXCM class action lawsuit, please someone enlighten me that knows...

Ibitimes.com says they plan to rigorously defend the lawsuit allegations which I still can't even get a fix on how they get all these wild theories of racketeering from!!!!

[Mike]

I don't doubt there is a lawsuit against FXCM, probably there are quite a few that tries to get off the ground every year against many brokers like you said, but it was brought about by one disgruntled former client and their lawyer, I don't know more about the situation except what you can read so I can't comment on the "class action" lawsuit involving only one person at this point. I for one never felt cheated by FXCM, however I don't use them and only did use them briefly in a live setting before going elsewhere for reasons having nothing to do with me feeling "cheated" as you say. Just not sure so I won't comment really, you'd have to ask around if anyone else feels cheated; actually you are telling us you don't feel cheated so you're one, I'm two, but like I said I never deposited a large sum of money with them and who knows what goes on behind the scenes besides those that operate the firm and are decision makers; not us.

Good luck.

[Mike]

The Business Trial Group of Morgan & Morgan, P.A. filed a class action lawsuit today against Forex Capital Markets, LLC (FXCM) (NYSE:FXCM) alleging fraud and racketeering by the nation's largest Forex dealer.

http://www.globenewswire.com/newsroo....html?d=213350

Pietro is right about the allegations though, strange, I've never heard racketeering applied to a broker before, nor have I heard it alleged in civil court, am I wrong on that? I thought racketeering was a charge only the government could charge a person with. At any rate, it is quite an interesting situation, ask yourself though, does this apply to you and your broker, how can you prove wrong doing in any case?

misrepresenting itself as a trading platform that is free from dealer intervention or manipulation. Instead, Sanders alleges, FXCM uses a number of devices and tricks, including software applications, designed specifically to interfere with customers' trades.

I don't recommend such paranoia, rather finding a good broker, but if you do feel like your broker is misrepresenting anything as you trade live funds, why not screen record every transaction you make. It's always funny when I see price at a certain broker I use way off from what TopGun charts show me but thats another discussion for another time.

[B.o.B.]

Im on FXCM, haven't noticed any cheating on their part but i dont have anything to reference it against........ how can i go about that?

[sniper012]

I love fxcm. In fact, I had an issue not too long ago that they resolved in a very expeditous manner. I had a trade that was executed without my entry level being touched and I was taken for a 120 pip loss. I called them immediately, told them the time the trade was executed and also pointed out that my entry level was never hit. About 2 or 3 days later, my account was credited for the 120 pips. If they were gangster, I'm sure they would have told me to piss off.

[Celine]

http://www.globenewswire.com/newsroo....html?d=213350

Pietro is right about the allegations though, strange, I've never heard racketeering applied to a broker before, nor have I heard it alleged in civil court, am I wrong on that? I thought racketeering was a charge only the government could charge a person with.

You can allege anything in a suit, even murder, proving it is another matter FXCM is great for me too

[Juliem]

They all do it...

[Celine]

They all do what exactly?

[DickP]

I never felt cheated by FXCM, and I don't think they have yet to be sanctioned by the NFA or CFTC for any wrongdoing both now in the past, but that doesn't mean they aren't next on the list of HUGE brokers that have had to pay fines for wrongdoing.

I only say this because it seems just now, this year, the CFTC is getting around to monitoring all it's members for any market manipulation, slippage, or anything out of the ordinary that goes against their own regulations for the industry. MB Trading, Gain Capital, and many more have had to pay fines, so no broker is immune and I have heard of many people complaining about the FXCM price feed "at times" not being accurate and in a way that made their trades turn to ****, pardon my French.

No I never felt cheated by FXCM though.

[DickP]

They all do what exactly?

He's saying they probably all do some sort of dirt to maximize profits, but all corporations are like that. Do you realize brokers by law need to have a $20million pool of liquidity, almost like a bank to even form, and then they need a certain percentage more to cover lawsuits which the CFTC is basically admitting will happen for these firms if they operate even under their guidelines. Part of me says it must be profitable to be a broker, but at the same time you must have balls of steel to not be affected by the government constantly checking everything you do.

[BudFoxFx]

I don't see why FXCM doesn't just settle, they are the giant in the forex industry in the USA.

[Casltemore]

Has anyone had an issue with getting their money back timely? I don't mean $100 requests, I mean $10,000 requests.

[Mike]

You can allege anything in a suit, even murder, proving it is another matter FXCM is great for me too

Yes that makes sense, the OJ Simpson case is a good example of a civil court finding someone guilty of murder, so I stand corrected.

[Jones]

Who feels cheated by FXCM? I think they are an upstanding company, they have gotten very far and not without being under the microscope of many government regulations and enforcers.

I don't see how they could be manipulating price for hundreds of thousands of customers at once.

Worse yet I just saw on a Forex blog a google advertisement, someone is actually serious enough about this law suit to put out an ad that probably costs 3 dollars a click to join in the law suit, millions of traders must be seeing this:


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[Jones]

Yes that makes sense, the OJ Simpson case is a good example of a civil court finding someone guilty of murder, so I stand corrected.

Why are you changing the subject? OJ Simpson has nothing to do with these malicious allegations against FXCM which I believe are groundless brought up by one person that feels cheated. Where is the proof? How can you prove this when every bank by their nature has their own feed in that they all have their own bid and ask rates and so long as there's not clear stop loss hunting (a clear departure from what price is at on in reality vs what we see on FXCM platform) which is not evident, then where is fraud?

FXCM is a good company don't listen to this rubbish.

[DarkManFX]

FXCM sucks my big *** balls.