Refco FX account withdrawl frozen!!!

I just strolled to RefcoFX's website and read lovely, reassuring language under heading "Complete Safety of Funds." Kinda like "dealable" quotes, "instantly tradeable" prices, "no dealing desk," "no slippage," and other such soothing messages from these fx retailers. It's all so shocking that some of their messages aren't true. I mean how can it be on a website if not true?

 

Yes, there is a lot of untrue stuff on their website.

 

Chood, of course, clients' funds are completely safe under RefcoFX's custody. It's as good as a bank vault, trust us. You just can't open the vault and get anything out, for the time being, until further notice.

 

"Trust us"? I don't have an account with RefcoFX or any other fx dealer. Just now, as before, that looks like a pretty good policy.

 

Funds at RefcoFX are completely safe, they are guaranteed by the SEC, CFTC, NASD, SIPC, Bernie Ebbers and Ken Lay. The gentleman saying he can't withdraw his money has an axe to grind and has absolutely no knowledge of Refco's business structure. All the problems are limited to the capital markets branch as I have been repeating over and over trying to educate the uninformed pikers at ET. And be careful, if you keep posting, late_apex is going to sue you for libel and defamation. I have already contacted my lawyer.

 

Dear buzzy2,

May I ask you a question?

If all the problems are limited to the capital markets branch, why refco want to sell core future business and file Chapter 11?

 

LMAO
inet if you didn't get the joke go to the "refco account security" thread.

 

inet,

I am not a RefcoFX customer, but I am reliably informed by another poster that your money is secure in a vault. Piles of your cash and others' are there undisturbed, with a single key in the pocket of security director Mr. Fastow. Don't worry. Trust him.

 

I think you've somehow managed to miss the extreme irony of my post. "Trust us" is obviously not my claim. I was referring to the general, whether explicit or implied, marketing message from many forex dealers, operating, as it were, in an unregulated marketplace / business environment.

 

Slow on the uptake today, I guess, my irony meter running quite a bit behind (like Refco's receivables). Yes, you're obviously dead-on.