December 23, 2007

FXLQ Update: $8 Million of Incoming Funds

Filed under: Uncategorized — by TraderMade @ 2:32 pm
Tags: , ,


In a pdf file found in CFTC website (court complaint details document), it is stated that the deficit is now only a $3 million (as of December 13, 2007). This means that a nearly $8 million were coming during the period between Dec 7 to Dec 13. And still several days before the hearing on Jan 4, 2008.
Good luck to us




  1. Thats just like a case we had here in australia with a broker that went to gaol.He claimed to have equity in bonds but in actuality he had nothing at all,then spent all his investors money.He also ran the company that he stated held the bonds in switzerland.It was a massive shell game he used to trick people into investing with him,then ran off with there funds.
    Good luck getting your money out of that comoany,it looks a little dodgy to me.At least its in the united states,they will do some gaol time if they have committed fraud.
    Laters Darma.

    Comment by rod — December 26, 2007 @ 3:34 pm |Reply

  2. ya, thanks, Rod.
    the good thing is, we only use FXLQ for some particular clients. some more others are at another brokers.
    it’s interesting thing that some similar case happened in australia. what happened in the end with that one? 🙂

    Comment by darma — December 27, 2007 @ 7:05 am |Reply

  3. Hey matey.
    Well basically the case here was some what the same as the one there.The company keep moving there money around that was supposed to be held as ”equity” with the SFE.In reality they did not actually have any equity and keep trading as this company did.Eventually some of there clients got wind that the bonds they had stated they ”owned” did actually belong to that company and alot of people tried to remove there funds from there accounts with the brokerage company.Alas,they had moved the money offshore and the company went bust.So in the end alot of the investors lost there money.
    It is illegal here as it is in the USA,but saying that the punishment for breaking the rules in relation fraud and embezzlement are inadequate.
    Hope your clients can get there money back.
    Happy new year too mate.I get to work new years,but am watching the fireworks on sydney harbour after work.

    Comment by rod — December 27, 2007 @ 5:07 pm |Reply

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