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#1
09-28-2008, 07:30 PM
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fxcm managed accountWhat is the name of your state (only U.S. law)? New York Hi, I opened an account with FXCM managed accounts. When I opened the account, they had claimed very high returns for their accounts over the past 2 years and promised low drawdowns on the accounts with their risk management and hedging strategies. However, after I joined the program, I have suffered a drawdown on my account of more than 30-40% in less than 3 weeks. On further investigation, I realized the results they had shown on the site before I had joined the program were hypothetical (or experimental) and did not reflect the true performance on real accounts. After I joined the program, the web page was changed to remove the hypothetical results. Moreover, when I joined the program, the leverage ratio was 6:1 on the accounts. Now due to the drawdowns they have suffered, on some basis, they have decided to lower the leverage to 2:1 on the accounts. This makes it impossible for me to recover my losses as it reduces the profit/loss margin for future gains/losses. On inquiring about the decision to do so, I was told that it was an internal decision as their programs have failed and they have also changed the programs altogether. This whole thing seems fraudulent to me on two major accounts. Firstly, they posted hypothetical (unreal) results on the accounts to attract investments. Secondly, lowering the leverage internally and changing programs without mutual consent makes it impossible for me to cover my losses and dooms my lost investment entirely. I would like to know if I could file a case of fraud against them and claim my losses with additional damages in this case. I would really appreciate your valuable legal advise on this matter. Regards, Sam Last edited by samit700; 09-28-2008 at 07:33 PM. Reason: change contact |
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#2
10-02-2008, 11:45 AM
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dead forumno replies? what is this forum about?? |
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#3
10-02-2008, 11:57 AM
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| So, let me boil this down. You invested and lost your investment. Now you want to take legal action. Do I have that right?
__________________ * * The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision. Communication is KEY - 10 mins of talking now can save you months of headaches later! Masterfully stating the obvious to the oblivious! (Thanks SP!) Tell it like it is! When all else fails, make up a statistic!  Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to) |
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#4
10-02-2008, 12:43 PM
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nopeNOPE you got that wrong buddy. i am not complaining about profit/loss but the manner in which it has been managed and advertised. read the case again properly -- its better not to reply if you dont understand something.. Last edited by samit700; 10-02-2008 at 12:50 PM. |
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#5
10-02-2008, 12:51 PM
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__________________ * * The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision. Communication is KEY - 10 mins of talking now can save you months of headaches later! Masterfully stating the obvious to the oblivious! (Thanks SP!) Tell it like it is! When all else fails, make up a statistic! Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to) |
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#6
10-02-2008, 01:09 PM
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