David Smith Arrested The hounds are closing in on David Smith. With his Ponzi Scheme in ruins the police in the Turks and Caicos Islands have arrested and frog marched Smith before a magistrate court; where he promptly ponied up $1 million in bail money... http://www.tcinetnews.com/news-1016--2-2---.html Donât you just love how these Bernie Madoff types claim to be broke and bankrupt and yet always seem to have that cool million stuffed under the mattress that they can whip out on a momentâs notice? If he can produce $1 million in bail money surely he has more money stashed away. So whatâs to prevent him from hiring a private jet and fleeing to Cyprus or the British Virgin Islands to start all over again? Still, silence from American regulators. Now that Smith has been arrested and charged with fraud surely I Trade FXâs case will be decided upon shortly? Smith was a former principal in I Trade FX who made some highly suspicious transactions with the firm. In 2007 I Trade FXâs net capital fluctuated wildly and all the while David Smith was behind the scenes cutting deals left and right. The NFA needs to clear the air once and for all.
December Net Capital The CFTC has just released their latest net capital figures. The field is narrowing dramatically with the departure of HotSpot, ACM and ODL. Which firm will go next? http://www.cftc.gov/marketreports/f...rfcms/index.htm The following firms have net capital below $20 million Advanced Markets $10,071,000 GFS Forex $12,888,000 Easy Forex $13,094,000 **** Royal $14,249,000 MB Trading $14,779,000 I Trade FX $15,254,000 Forex Club $15,982,000 Alpari $17,497,000 The following firms have net capital above $20 million PFG $27,395,000 CMS Forex $28,021,000 Interbank FX $43,669,000 FX Solutions $44,618,000 GFT Forex $75,215,000 Gain Capital $107,167,000 FXCM $115,260,000 Oanda $169,722,000 As always conduct your due diligence and make sure the firm you are trading with will be able to comply with the new $20 million capital requirement going into effect in the months ahead.
HotSopt is no longer operational? I thought they have more capital than it is required... Please confirm this.
Of course forexsaviour is right that you are advised to trade with ther better capitalised firms. He has provided some very good advice on this thread. However that should not be the only criteria, This is a very damning judgement for anyone who trades with FXCM. http://www.cftc.gov/stellent/groups/public/@lrdispositions/documents/legalpleading/iddickten2309.pdf
Savior, I highly appreciate your work, but calling Cyprus "shady" is a bit of a stretch for me. It's EU ground, thus about as shady as malta or london..
forexsavior your arguments to only open accounts with well caped US brokers is looking awfully stupid at this point, Citi, BoA ARE HUGE yet they are headed down the tubes. Given the Depth of issues developing within US/UK Bank/ Brokers the past months I would certainly think hard and wise before opening at any USA and UK broker.