Comment Text:
i0-001
COMMENT
CL-04598
From:
Sent:
To:
Cc:
Subject:
Baran, J&R
Saturday, January 30, 2010 5:48 PM
secretary
Micro Operations
Fw: N.b., lack of Regulation of Retail Forex; other
Dear Secretary/CFTC;
Foreign companies that do business in our country ought to be held to the same standards as our companies;
don't you think.
FXCM and other forex online crooks are collecting personal data (a huge source of personal identity theft) under
the pretense
of monitoring money laundering. FXCM is a prime example.
Did you know that application to trade with one of these forex online outfits, n.b., FXCM, requires photo id, credit
card information, address, age, personal income and net worth, drivrs lic. #, banking information, and a number
of other very personal data which taken collectively would almost guarantee identity theft!
And just to open a micro account!
And when there is no possibility of loss of money for the online crook.
I call them a crook because they aren't even a broker. They don't have to report gain or loss to the IRS; they use
tactics very likely to be judged criminal (using stops - privately placed - to scalp profits at the expense of the
trader), if scrutinized, and are like a scab on one's skin, not subject (presumably) to US scrutiny or control
whatsoever.
Shame!
How about it? The absense of regulation is apparent. Why not do something about it?
Have you checked with the IRS as to how much money is lost to foreigners using these scam
techniques?
Robert J Baran, retired (professional/registered engineer)
ex-military officer
ex-registered CFTC/NFA member firm
CC: printable form 05-002-e, March 2004 Consumer Complaint Form) sent to the Texas Attorney General
