Brokerage Relationship Terminated

The big news today is that the relationship with SummerstreetFX appears to now be over. My patience was exhausted over the incident on Thanksgiving.

That evening I came home to find that many of my trades were closed out in losses. My request to find out what happened received only vague answers which I was not satisfied with. I did my own research from their trading reports to find out that several of my trades were altered without authorization which ultimately caused all my open trades to be closed, many with losses.

When I sent SummerstreetFX the documentation of the trades being changed, they denied it and still do. The owner ordered an independent audit of the server to see what was done. He informed me in early January that the audit report showed nothing. I didn't believe that. He said that he would mail me the audit report. 3 weeks later, I still have not seen the audit report.

As I said, my patience was exhausted. Not only did he not send the audit report, he rarely returned phone calls or follow through on other agreements. This is not acceptable for a strong partnership.

If nothing fraudulent occurred on Thanksgiving, why would he not send the audit report to confirm that? Even though I sent them the documentation which clearly showed my trades being changed, why still deny it?

I finally got a chance to speak to the owner today and it got pretty ugly. I simply asked for the audit report and other agreements to be followed through, and he got hostile saying I wasn't attracting enough new capital.

I have to be comfortable where the money is deposited, and quite simply I'm not. If they cannot keep their agreements and allow shenanigans like the one on Thanksgiving to occur, I cannot stay with them. There are other smaller issues as well, but I will not go into them here.

Needless to say, I need to change brokerages. I still need to make up for those losses, but it will be done somewhere else.

Also, I will have to consider if I am to escalate the matter further.

I will keep you posted.

The Pipmaster
Email: titangroupfx@gmail.com