FOREX QUANT

January 20, 2008

FXLQ Update: Waiting for January 28

Filed under: Uncategorized — by TraderMade @ 5:56 pm
Tags: , ,

According to this latest press release regarding the case in CFTC’s website (January 10), the hearing would be at January 28, 2008.

…the CFTC filed an ex parte motion seeking an order imposing a blanket freeze on FXLQ’s assets, ensuring access to FXLQ’s books and records by representatives of the Commission, and appointing a temporary receiver to marshal FXLQ’s assets. The Court granted this motion and entered a statutory restraining order (SRO). The Court then scheduled a hearing for January 4, 2008 to allow the Defendant to show cause why the SRO should not remain in place and why a preliminary injunction should not be entered finding that FXLQ violated the CEA, and ordering FXLQ not to violate the CEA. Recently, the show cause hearing was rescheduled to January 28, 2008.

It would be next week. In the meantime, the court has orderd that the assets to be under the control of the Court-appointed Receiver Robb Evans & Associates LLC. The Receiver will post the most current information at http://www.robbevans.com/html/forexlq.html.

(*)

5 Comments »

  1. Thank you for this article, which graciously by us

    Comment by alayoua belkasam — January 21, 2008 @ 7:38 am |Reply

  2. Looks like rob evan’s webiste just updated, the court data is cancelled… FXLQ subjecting themselves to receivership without resistance.

    Feb 5 = first Rob even prelim asset+liability report
    Feb 15= any objection filed by fxlq
    March 31 = extended date for fxlq to plead to charge or answer/appeal charges.

    This will drag on depending how cooperative fxlq will be.

    Comment by forexedge — January 28, 2008 @ 5:41 am |Reply

  3. I have in the mid $5 figures languishing at FXLQ or in San Marino, Europe (where ever the F^&#$@ that is) or at Robb Evan’s wine cellar or…..
    so i’m more than a little curious and a lot pissed :

    1.When they saw FXLQ didn’t meet the $$ reserves requirement,,Why didn’t they immediately transfer our active trading accounts to a Broker who met the cash reserve requirements?
    My understanding is THAT is how it normally works.

    2. How much money will Robb Evans, NFA & CFTC suck out of OUR accounts to pay the bills they are creating?

    If you’re part of this action email me at: ForexNow@tampabay.rr.com

    Comment by forexnow — February 15, 2008 @ 7:24 am |Reply

  4. hi Forexnow, on top of all liabilities, i hope clients wud be prioritized as recommended by the receiver to the court.

    Comment by darma — February 15, 2008 @ 9:10 am |Reply

  5. Darma,,,, where did you see that robb evans recommended priority for client’s funds?

    Comment by ForexNow — February 18, 2008 @ 9:40 pm |Reply


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