FOREXGEN.COM SCAM Alert! Broker stole over $160K from the trader!
Rashid grew one of his accounts, #5011164, from $20,000 to over $110,000 over the last few months by taking a few position trades. Few days ago, he decided to cash in his profits from all his accounts with this broker, and made a withdrawal request for the full amount of over $160,000.
Forexgen started ignoring him, and put his account "under investigation". Then something miraculous happened... On October 19th, 2007 at 07:10 am EST, ForexGen.com opened a very large EUR/USD short position at 1.4056 on Rashid's account. They manually raised the spread to 247 pips, and closed the position the same minute, thus fully wiping out Rashid's account 5011164, and even putting him in the negative... Order number of the trade was #33114.
ForexGen.com was giving out their address in Manassas, Virginia for US clients. After further investigation, the address ended up being a residential address currently in foreclosure.
If you look at their website, they are promising 1 pips spread on all pairs, which is obviously extremely unrealistic and ridiculous.
I have always been warning my subscribers not to deal with small new brokerages, because I've simply seen too many of them literally raping and scamming our traders.
Please spread the word about this situation by posting this email on your favorite forum. Rob Grespi is extremely pissed off about this situation, and is helping Rashid to prepare all documents and file a complaint to the Internet Crime Prevention department of the FBI. Let's see what happens.