Check out this interesting post I’ve found on the ForexPeaceArmy forum:
–begin quote–
Greetings to our fellow soldiers,
We, the members of the FPA Scam Investigations Committee, have confirmed a 3rd scam case against ForexGen. Once again, they have stolen money from a trader. This time, they claim there were hostile activities that justified them extracting 100% of all of his profits from his account, but repeatedly refused to provide any evidence of these activities to the trader. They also claimed the account was inactive, but ignored proof provided by the trader that showed the account was active.
Lt. Ken, who is is one of our investigators, tried to contact ForexGen to see if there was a way to resolve this issue. The result was that his name and email signature were posted in another forum by a person attempting to discredit the FPA. Later, an anti-FPA propaganda blog faked a date on an entry claiming to have had Lt. Ken’s name associated with the FPA in February of 2007. The Scam Investigations Committee did not exist then. The FPA was called ForexBastards at that time and consisted solely of reviews. Back then, there was no forum and no investigations other than those that Felix and Rob personally did. Lt. Ken only began working for the FPA in late February of 2008. It is obvious to us that ForexGen is actively coordinating an effort to discredit the FPA in order to try to draw attention away from their repeated theft of funds from traders and support of other unethical activities online.
The first case against ForexGen was when they stole over $160,000 from Rashid as well as various sums from other traders. The second case was when our member Pharaoh proved that one or more ForexGen IBs were posting false conversations in many forex forums to advertise ForexGen as well as spamming ads in many non-financial forums. ForexGen failed to lift a finger to stop any of this, and even provided the text of a complaint made by a forum owner to their spammers. The third case is the flagrant theft of all profits from our member Adam.
We have blacklisted ForexGen for both the thefts from traders as well as their support of other unethical activities online. If you have any money with them, stop trading the account and try to withdraw it immediately. We also strongly encourage anyone who has lost any amount of money to these scammers to contact Okokrim. This is The Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime. Their website is…
There is an “Information in English” button on top of the page.
Okokrim can also be reached by email at okokrim@okokrim.no
We have heard that the Norwegian police are building a case to finally put an end to these scammers. Any solid evidence of more thefts by ForexGen that you can provide to them will be helpful.
Our conclusions for each case are here…
Join your fellow soldiers and help protect the world of forex from scammers like these. Warn your fellow traders not to do business with ForexGen. Do your part and help us to end ForexGen’s scams
We hope you get many pips and don’t lose a single one to scammers,
FPA Scam Investigations Committee
–end quote–
May 2nd, 2008 at 10:50 pm
[…] Forexgen - Scam or legit?? Checkout this latest posting on my blog: ForexGen - 3 Confirmed Scam Cases Against This Broker | Alan’s Money Blog Further increases my belief that this broker is nothing but a pure scam! __________________ […]
July 14th, 2008 at 7:33 pm
Hello,
Any news about this 3 cases ? Are they solved ? Because I’m certainly the 4rd case…
Can give more informations if needed.
Regards.
July 14th, 2008 at 8:53 pm
Not that I know of. Then again I stopped investigating into this. I think this one is a pretty much confirmed scam and nobody should still be using this broker. Funny enough their website is still up though.
Feel free to post your info on my forum over here:
http://www.moneyguruforum.com/forex-brokers/1942-forexgen-scam-legit.html
So what have you done so far, what authorities have you contacted and how is that working for? Any change of getting some refund? Let me know on the forum thread I posted.
Cheers,
Alan
July 17th, 2008 at 10:44 pm
I already contacted Norways authorities and I’m about to contact British ones. I’m preparing a file with screenshots, mail exchanges and statements with my lawyer.
I’ve notified ForexGen that I will go to the trial, but as usual they ignored my email.
Any other victims are welcome for a unified fight against ForexGen.
Regards.
July 18th, 2008 at 12:07 am
Interesting stuff MHT. I’m sorry to hear that it had to come to that, but hopefully Forexgen will be shutdown.
Let us know how things go with the process. Also feel free to make a posting on my forexgen thread over here:
http://www.moneyguruforum.com/forex-brokers/1942-forexgen-scam-legit.html
maybe someone will notice the thread and join you in your efforts to combat ForexGen.
Good luck!
February 19th, 2009 at 5:55 am
i just have problem with forexgen. i tried to withdraw 1589 usd on 6th of january 2009,being approved by forexgen accounting department on 15th of january 2009 and my trading account balance was deducted. regarding kate and mandy,both are forexgen online chat support, they sent the wire on 16th of january 2009, but until now, i haven’t received my money yet. i already emailed to operations@forexgen.com, accounts@forexgen.com,accounting@forexgen.com to seek any informations regarding this matter every single day,but they never repliy me back at all. i ask the wire receipt number, but they seem hide something. i already checked to sparebank1, bank1, oslo as whether any wire go to my bank account or not from forexgen,and the bank said there is no wire go to my bank. another bullshit from forexgen. promise after promise they will give me informations,but all just bullshit. it is already more than amonth since they said that they already sent the wire,but i still have not yet got it and without any informations about it. yesterday, i tried to online chat again,but always busy, i guess they already block my ip address,because i asked my friend to trey online chat and succed without any problem. while my friend tried to do online chat, i still not closed yet my online chat window. forexgen is trully scamming company and spamming as i received daily newsletter from them without any contain in its email,only their company logo. who want to against forexgen, i will support you.i still keep my online chat record,so if someone need it to prove in the court that forexgen is scamming company,i’m willing to help as i have plan to go to court as well. i still have some money left after this withdrawal,but i doubt it can be withdraw as i failed withdraw this time.
February 19th, 2009 at 6:14 am
Well FT you’re not the only one that is having/has had problems with forexgen as far as withdrawing money is concerned.
A while back I got into a conflict with one of their IB’s who was spamming and harassing my forums like a mad raging dog. Now he has disappeared but forexgen is still in business in spite of the numerous complaints and problems they have caused for their customers. It seems like they only allow you to withdraw if you request a small amount.
I think your best bet is to visit the Forex Peace Army link in this posting and get in touch with an admin or someone from the scam investigations crew.
I wish I could help you out more beyond that though. I hope you recover your funds.
And a note to other visitors, please be very very careful which broker you trust with your money and always always do extensive research on the broker before you fund your account. Also make sure that the broker is regulated and is located in a trusted jurisdiction!