The value of regulation and disclosure – Part II

On June 25, 2008 I wrote the first part in a series on FX FOREX LIQUIDITY LLC.

The company was brought before the courts by the regulatory agency – the CFTC, for falsification or misrepresentation of its financial records. The company was found to be undercapitalized from March 2007, but provided data to show otherwise.

I had indicated that I would have presented the receiver report indicating a tale of deception and ineptitude by the management of the company.

The owner directors of FX FOREX LIQUIDITY LLC were engaged in activities such as falsification of financial records, moving funds between accounts on which no trading took place, stating that clients accounts were making a profit, when in fact they were suffering losses.

Read the Part one of the receiver report here, its a real eye opener and then try to link what you have read here  to the current situation facing the forex trading clubs in Jamaica



2 Responses

  1. You guys seem to be very anti-forex. To me it is seem as buying stocks just one has a greater risk factor attached which is forex. Now on the local front, do you think forex companies can work in Jamaica and what would you recommend or you are not for these any at all. You seem to be very abreast with the latest news at relates to forex. Are you sure you are not being paid by someone? Anyhow do you think forex can ever work at all or would you encouraged persons to go educated and try at on their own or simple pool up their money and buy T-Bills and LRS and split say 130K if say persons pool together and buy 1000K in T-Bills. Most of all you need your honest take on forex trading in terms of Olint and other traders who are indeed traders. Can you deny that they are not trading. The NFA has to some instance alluded to the fact that they do trade.

  2. @Jay
    I just getting to look at his document it is amazing. I think all investors in OLINT after they have listed to David Smith should read the PDF document at the link provided. This is a web of deceit.

    Jason did you get a chance to look at this?

    @ Trader
    We are not anti-forex trading. We are anti non-regulation, lack of transparency and lack of disclosure. Did you read the PDF document.?

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