Registered: Oct 2005
01-10-11 11:05 PM
Quote from JTG:
Does anyone know what happened to Integra FX's office in Delray Beach, FL? Seems to have closed down.
Shocker. They were a scam firm. They wanted anyone with 5k to put money up with them. If you had a pulse rate they hired you. They had a fancy website and a trading floor in an older office building. They "claimed" to have some great in house proprietary models that the head guy created. I guess people who took the jobs their didn't do their homework to see that the head trader had blown up prior to starting Integra FX. I believe he was a big premium seller in the currency option mkts. Got destroyed in the summer of 2008. Fund lsot something like 30% in one month.
They also started with 2 partners, but soon after, one left and tried to open an identical firm in Miami. The guy in Miami had a real interesting past. They also had the guy in charge of hiring (who made it a point of telling people that they had a stack of resumes waiting and people needed to get their 5k to them asap to sign up), leave shortly after starting.
It was a great deal for them. Take anyone with 5k. Charge them high commissions/huge spreads. Have these people over trade....churn the accounts, and when they got to 5k in costs have them put more money in or show them the door.
Basically they got as many sheep in the door as they could, and when they couldn't find anyone else, closed the place.