Broco warning!!!

If you have an account with them -- RUN:

http://www.sec.gov/litigation/litreleases/2010/lr21452.htm

Re: Broco warning!!!

from russia with love :((

Re: Broco warning!!!

From Cyprus actually, they left my home town -- Leningrad, a while ago

Re: Broco warning!!!

the "interesting" part:

...In almost every instance, prior to intruding into these accounts, the Defendants acquired positions in their own account. Then, just minutes later, without the accountholders' knowledge, the Defendants, and/or individuals acting in concert with them, placed scores of unauthorized buy orders at above-market prices using the compromised accounts. After these unauthorized buy orders were placed, the Defendants sold the positions held in their own account at the artificially inflated prices. In other instances, the Defendants profited by covering short positions previously established in their account while placing unauthorized sell orders through the compromised accounts at substantially lower prices. This illicit account activity artificially affected the share price and trading volume for each of the thinly-traded issuers and enabled the Defendants to sell their holdings at a substantial profit, realizing at least $255,532 in ill-gotten gains...

Re: Broco warning!!!

From Cyprus actually, they left my home town -- Leningrad, a while ago

i was just joking APopovA :)

Re: Broco warning!!!

No problem, just miss my city...

Re: Broco warning!!!

hmm, I trade now 3 month, only forex, by them, only one of my strategy and withdraw every month , last friday the last. never have prob.

now I have 40% of my funds back as profit, so will close an eye on that, but still trust, if ever can trust a broker ;)

cheers

Broco official reply

Dear forum users!

Let me elucidate the situation on the name of Broco as I am representative of Broco.

First of all, this situation DOES NOT AFFECT your trading with all our platforms but for Laser Trade.

In fact, Broco has temporarily suspended operations related only with the Laser platform, whereas all activities in all other areas and with other platforms continue in a normal and steady mode. Savings and cash flow are enough to handle and process the requests of all the Clients, given that this case concerns only one of many platforms and financial services procured by Broco. Let us remind you that Broco is a large company that offers many platforms, and Laser Trade is only one of these platforms operating on the US stock market only.

Then, regarding the case itself:

Let us remind that there was no one case of stealing access details of our Clients or complaint upon misuse of personal information addressed to our company. Long-terms prospects of our company and its market stability are rather more important values for the company than one-time profit achieved my malicious means.

All operations of Broco are conducted in a normal mode.

It is a common and regular case of claims regarding not only our company. The proceedings will still take place and we hope that misunderstandings with SEC USA will be cleared up. We hope for your understanding and will update you about further ramification.

We did not run from Leningrad to Cyprus :) 1. Leningrad is Saint-Petersburg actually 2. Cyprus is just one more branch of Broco. and we are opening ne branches over the wolrd.

User APopovA (with clearely Russian username), please leave your allusions with running. 8-)

We offer bonuses for our clients and introduce more new options.

We hope that our Clients will be patient until an absolutely regular investigation finishes.

Thank you for your trust!

Re: Broco warning!!!

Oh, great! A timely Advertisement for Broco!

Moderator, please remove that crooked spammer from the thread.

Does not affect us? Allusions?

Who is going to trust their money to a thief?

Russian traders conducted a poll recently:

hxxp://forum.masterforex-v.org/index.php?showtopic=16629

As you can see they agree with me: RUN!

The site has been warning about Broco for awhile now, ever since they refused to pay profits to members.

But in any case, I am a member of this forum because my friends here are not stupid and understand without me spelling them what to do when another "ordinary routine investigation" took place and resulted in an emergency order by a Federal Court.

Re: Broco warning!!!

Well, I am a satisfied broco client, I am also a member here for a while, and I don´t agree with you. All that situation about SEC is so basic, that is kind of obviously for me that no way any broker in the world (at least a broker with 10% of the size of broco) will ever expose itself in a such basic scheme for 200k$. LOL it is almost kind of fun, really, if wasnt for the fact that all this situation did to broco image, temporally I presume, and of course for the victims.

Anyway, here are some news updating now:

hxxx://www.securecomputing.net.au/News/170201,russia-and-us-working-together-to-shut-down-stock-hacker.aspx

forex is a risky business. So we should have experience and be well trained by now in calm evaluate any situation before jump to conclusions. This kind of fraud is always carry away for anonymous individuals, that have nothing too lose except his reputation... which no one cares. So no way some company in business will fall in such a dumb scheme.... for 200k$!

Anyway broco is really offer good services, I like them and all the convenience they make to traders, so I just hope they solve this asap, cause I want to keep trading with them, because my strategy works good on there.

Respond

I am not going to be involved in forum provocation initiated by Russian representative of our competitors. Masterforex is not the best sample of impartial judgement.

There was no Federal Court acting in this situation. Saying about Federal Court you just underline your unawareness of the situation. Please study materials in English first. it was district court ...

In my humble opinion, saying sharp things withour careful studying and until the investigation is done, testifies about uncontrolled desire to defame the company.

I do not wish spare my time and time of forum users fighting with forum troll

Keeping you informed of our situation, I must tell that representatives of SEC contacted our company and expessed the will to investigate the case of compromised account.

Re: Broco warning!!!

OK, dear broco representative, you keep advertising your "bonuses" here, smearing and insulting me. I do not know how long our moderators will allow this to go on.

Concerning your strange lies thou, every normal person in the world already knows how they call Federal Courts in U.S.. The last time I heard such a funny thing (that "District Court" is not a Federal Court) was in Hungary in 1995 when FBI was searching a bank there for some evidence. Than they've learned the truth...

My understanding is that N.Y. Attorney general will start a criminal investigation now. Anyway, whoever is interested can read the complaint to do LOL with another member. Look how their "president" kept requesting wires $110,000 than after not receiving --$200,000. Trust me it makes a good reading:

http://www.sec.gov/litigation/complaints/2010/comp21452.pdf

After that you'll realize that SEC is on their knees bagging broco's forgiveness.

Re: Broco warning!!!

Well, I don´t like to rise the harassment here, and will not post more in these topic, but I just need to post one more thing:

As I told in my post before, I am a trader. Don´t owe anything to broco, neither broco pays me anything (au contrair, I pay them when I trade).

But It really isn´t pleasant for anyone, ppl just go for a pre-judgement here.

Even if natalie don´t know me and we actually never speak eachother, her posts in the past on forexpeacearmy forum lead me to try broco. and even if broco is not a perfect broker, they always treat me very good, and I positioned them as a top broker for me... And I tried alot of them!

Having saying that, I think it will be just unfair we fire up about natalie, that as other user here post, she seems as a very good professional, serious one, and defend very well her company.

On other hand, I must say to natalie that SEC is indeed a very serious thing, and IMHO I will not follow a public relation strategy that minimize what SEC investigate. We in occident really have in high consideration SEC.

As a last note, it will be the most dumbest thing in the forex world if in the end it will be proven as true that the president of company like broco, that has medium size, had act as an hacker of his client accounts, and that, because of 200k$... Is too stupid to be true!

Of course who normally do that are unknow ppl, that have their identity well cover. Because when one someone hack an account of others, obviously the victim will notice soon or later that someone trade in their behalf... And then that guys had vanish... But usually that guy is just a average joe, that have nothing to loose... Never the president of the company where ppl trade!!!

Is really hard for me to believe that, even most because is there so much money in this game, and Broco already lost much more than 200k$ just because the damage on its image, in just a couple of days!

But I will not pre-judgement that. I will let SEC and broco figure out what really happen, and clarify everything. Meanwhile, I will see as just fair that broco personal, as Natalie, be respected and spare her from all that mess.

Re: Broco warning!!!

Dear civfan!

You are trying to defend a wrong person I am afraid. Look at this from my point of view, friend. I've seen many brokerages collecting our money then cutting and running, especially to my shame Russian brokerages. I have noticed that in all cases they even when caught stealing continue to advertise and attract more money and customers up to the very last second.

There are usually signs that tell you in advance what is going to happen. On BroCo's example they are denied a PayPal account, they relocate to unregulated country etc. These are signs, and for careful person it is usually enough. But it is still inconclusive to alarm public.

But when a (very much Federal) District Court for the Southern district of N.Y. issues an emergency order, only a very naive person would think that there is something more left to clarify.

And as to the great professional that you trying to protect from somebody:

In a very predictable manner she is clueless about what is going on, has no idea even what court they are dealing with (or intentionality lying to make it look less important) and all she know is to post insults and attack the messenger. Note the difference here: I am telling truth about something that I know to warn and thus help my fellow traders including you. She came here to lie(about the nature of the law suite, about the court,even about their location) and attack me, all for one reason: to keep all your money in BroCo and maybe attract more. And do you know what is going to happen to your money if it is still there in a week, in a month? Will you be surprised now if nobody will answer your next call to BroCo and the website will not show up?

That happened so many times already. But they keep treating us as idiots...

Check it up yourself:

here is their new address and registration :http://www.brocompany.com/about-us/structure/ .Does it look like they are still in Russia to you?

http://en.wikipedia.org/wiki/United_States_federal_courts, read about federal courts in U.S. if you also don't know what "District Court" means

And finally, say thank you for a warning that can save you money. It means nothing if a con-artist has been dealing with you honestly while setting up his trap. Now you know that his situation has changed it it might be a good time for him to close it.

And the very last thing. Honest people do not attack the messenger and do not lie

Re: Broco warning!!!

ApopovA, I understand your point of view my friend. In fact I understood since from the beginning, and I am not against it. Of course we should be warn and be alert.

But the main thing is, what is the better way to deal with it? You see, I am a broco client, but happens in fact I have not money with them now, because I made a pause while ago on trading. I will be back on trading next month. But if I have money with them, or if you have money with them, don´t you think that is better for both sides, broco but also their clients, that this all mess be solved in a quiet, no panic, and smooth way?

I mean, I also saw in past, legitimate companies went way down, just because panic or rumors. We all have many examples consider banks and 2008 crisis!

So what I mean is that is better for clients that we deal with the facts in serious and controlled way. It still be hard to believe that broco will fall because such a rough dumb scheme, but in the end I am not really a naive person, so we all must be careful. I am expecting further development consider SEC, to make my mind about this case.

Meanwhile, I just follow some post of natalie on other foruns, and truly, she always seems ok to me. I think that broco employees also are passing a hard time with all of this, so, yes, I agree don´t kill the messenger, but don´t kill both messengers for each side.

Last note: Broco is mainly located in cyprus, and has their head office in mauritius at a long time ago. I presume they are in mauritius to be regulated their. Is not a high regulation country, but is better than have no regulation at all. What come to my knowledge is they where trying to be regulated by cyprus also in the near future.

Re: Broco warning!!!

Oh, thanks civfan.

I didn't know that they are "in muritius at a long time ago". I thought that they were founded in my hometown in Russia about 2 years ago. But now it is different! I will wire them all my money and calmly wait until they escape with it or get my account "compromised" (thats how they like to call what they do our accounts). I remember how legitimate companies such as Madoff's fund went down because of rumors and panic. And after so many lies she posted here I trust Natalia G. even more than Madoff!! Especially so after you inform me about her nice posts in other forums. That certainly is enough to trust her with my live savings.

So lets just all relax, not panic and wait until it is absolutely certain, that our money is stolen, our accounts are "compromised" and there is no way we can complain because the regulation is not high in "mauritius". Than we can panic, it is way to early now.

Re: Broco warning!!!

I am not ask to pll deposit money there. I won´t until I see all these mess solved. But what I think is better for all, special for broco clients, is we follow this thing calm and in a fact oriented way. A SEC allegation is always a serious thing, that is for sure. If wasn´t like that, we wouldn´t be here talking about it. So they have to act to clean their name now. If they succeed, good. If not, bad!

Meanwhile many broco traders are probably withdrawing, and others, pherhaps a small part are keep trading. For both cases, is better for them that we all wait for how this case will end up. Else we wont be any help for our fellow traders. That is for sure that they are already warned, so, panic and final judgement don´t help their case (broco clients).

Perhaps this thing will turn out very ugly. I don´t know. But by now, what i can say is that they are honoring their withdrawals (with a delay, I believe because of all the rush) and also, what come to my knowledge was that for the clients that used the laser trade platform and had their accounts frozen by sec, they give them a mt4 platform and deposit the same amount that those clients had on the laser plaform (which in practice, is like they put their money in the frozen platfom, and let the clients have their money back by using other platform). I can´t tell you for sure that happened that way, because I wasn´t a laser platform client, that was what they told me. But, perhaps somebody here can testify that. Anyway, what I mean is until now, they aren´t act as a scammer, and I still hope they never will.

Is so hard to find good brokers to trade with, and forex is per si such a demand activity, that I wouldn´t liked to see a broker that until now has being giving a good service for their clients, at least that is my personal experience, just be out because of 200k$....

Let me tell you about my case.

I'm an IB of Broco.

I reqeusted a withdrawal of my commission (over $3000) one week ago.

My withdrawal has not been processed til now. (I meant that Broco didn't process my request, not a bank problem.)

I think the reason of delaying is that they have so many withdrawal requests or they are going to be another scam broker.

I will update soon with this case.

Let me tell you about my case.

 

I'm an IB of Broco.

 

I reqeusted a withdrawal of my commission (over $3000) one week ago.

My withdrawal has not been processed til now. (I meant that Broco didn't process my request, not a bank problem.)

 

I think the reason of delaying is that they have so many withdrawal requests or they are going to be another scam broker.

 

 

I will update soon with this case.

Ok so we are still waiting to hear what happened?????

Did you get your money ok?

my suggestion, pull your money out as soon as possible.. why would u still wanna trade with a company under sec investigation. i don't care if broco is innocent or not. i only care about my money first, plenty of brokers out there..

so withdraw your money quick..

Dear forum users!

 

Let me elucidate the situation on the name of Broco as I am representative of Broco.

First of all, this situation DOES NOT AFFECT your trading with all our platforms but for Laser Trade.

 

 

In fact, Broco has temporarily suspended operations related only with the Laser platform, whereas all activities in all other areas and with other platforms continue in a normal and steady mode. Savings and cash flow are enough to handle and process the requests of all the Clients, given that this case concerns only one of many platforms and financial services procured by Broco. Let us remind you that Broco is a large company that offers many platforms, and Laser Trade is only one of these platforms operating on the US stock market only.

 

Then, regarding the case itself:

 

Let us remind that there was no one case of stealing access details of our Clients or complaint upon misuse of personal information addressed to our company. Long-terms prospects of our company and its market stability are rather more important values for the company than one-time profit achieved my malicious means.

 

All operations of Broco are conducted in a normal mode.

 

It is a common and regular case of claims regarding not only our company. The proceedings will still take place and we hope that misunderstandings with SEC USA will be cleared up. We hope for your understanding and will update you about further ramification.

 

We did not run from Leningrad to Cyprus :) 1. Leningrad is Saint-Petersburg actually 2. Cyprus is just one more branch of Broco. and we are opening ne branches over the wolrd.

 

User APopovA (with clearely Russian username), please leave your allusions with running. 8-)

 

We offer bonuses for our clients and introduce more new options.

We hope that our Clients will be patient until an absolutely regular investigation finishes.

 

Thank you for your trust!

Trust???? What trust??? You are just a another bunch of CRIMINALS, stealing from your customers! On several occasions when moving stoplosses to breakeven you STILL steal pips! So everyone reading this: NEVER EVER open an account with Brocompany, unless you want your money taken from you!!