These people approached me about entering the currency trading markets. They used high-pressure sales techniques, with the main broker seriously misrepresenting his position as chief strategist in the company and making claims about upcoming events given to him in confidence from the banking community, which ultimately proved false.
They recommended I place trades in currencies and at prices that even their own internal advisor and consultant to the owner considered flawed. They also advised AGAINST a hedge strategy
Personally, I believe this broker was trade bucketing, but can't prove that. The owner, Louis Joseph Ferone, is banned from trading on the NYMEX for that very reason, plus a number of others. Is it any wonder that he now bases his business out of Barcelona in Spain! You can read the National Futures Association report on his case number NYME EA 96-01 and his NFA ID is 0259138.
The owner has now disposed of the services of the broker concerned, who was essentially a contractor for a company called EPEC. The owner has offered to return my commissions in a payment that is substantially less that the amount lost through the broker's incompetence. I have accepted his admission of guilt, but rejected the offer of compensation, as I want the money lost by the broker returned in full.
Robin
Singapore
Singapore
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