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ACM Forex disappears with investors` funds

ACM Forex


About the broker

According to Bloomberg, ACM Advanced Currency Markets SA (ACM Forex) provides forex brokerage services online and also invites its clients to trade gold and silver. The company was founded in 2002 and has been headquartered in Geneva, Switzerland. As of October 26, 2010 ACM Advanced Currency Markets SA (ACM Forex) worked as a subsidiary of Swissquote Group Holding Ltd.

Lloyd La Marca launched the official website of ACM Forex which had operated until 2010 until it was bought by Swissquote, a Switzerland-based bank. Following the link of the broker’s website, we open a trading floor of the Swissquote Bank which does not provide services to the Russian citizens.

Million-dollar affair

According to well-informed sources, ACM Forex became one of the three brokerage companies in Switzerland which lost a license from FINMA (the Swiss Financial Market Supervisory Authority). Eventually, the broker had to suspend its activities on Swiss trading floors.

ACM Forex has gained a dubious reputation due to involvement in a series of fraudulent schemes. The police carried out a raid in the office and removed documents and computers. The office was searched after a client from Mexico had filed a lawsuit against the broker. The client was reportedly defrauded of over $1 million as a result of a scam.

ACM Forex did not accept accusation of the Mexican customer. Moreover, the broker charged the former client with blackmail and forged documents.

Ilya Paniotov, a forex speculator from New York, traded with ACM Forex for more than three years. He told the Swisster news agency that the company cheated clients through its own trading platform. The broker provided fake quotes, overvalued spreads, and manipulated figures of amounts required to execute a deal.

The Russian trader from the US was aware of programming and claimed that the broker swindled its clients out of money. Paniotov traded with ACM Forex through MexBank. He arrived in Geneva to share his suspicions with the Swiss police.

The trader said that in March 2017 when he handled two different accounts with ACM Forex, deals in these accounts were recorded at the same time but at different prices. The broker explained that it uses different liquidity providers. Besides, citing the trader the company increased margin requirements without prior notice. As a result, traders were charged extra money to continue trading. Besides, the trader told the police that his accounts were disabled immediately after he had informed the broker of these problems. A former ACM employee gave him the screenshots which confirmed discrepancies between the deals on the EUR/USD pair executed at the same in different accounts.

In response to Paniotov’s testimony in Switzerland, ACM Forex made a statement to refute all allegations. The broker claimed being a victim of the former client. Moreover, the company brought an action against the trader, accusing him of blackmail, slander, and forged documents.

MexBank launched a probe of ACM Forex after a loss of several million US dollars in forex trade. For a start, the bank hired a lawyer and private detectives and then applied to the Swiss law enforcement authorities. After a while, the head office in Geneva was searched. The news spread across the Internet in a flash. Forex forums started heated discussions which are still going on. We came across several complaints about the broker, one of them was from that former trader of ACM Forex.

"Keep away from ACM Forex if you don’t want to lose your money," he warns traders. On the other hand, there are a lot of positive reviews of the company. Cathalene Kovacs from Lausanne calls an ACM trading platform the most suitable for ambitious traders.

Tribune de Geneve, a Geneva-based periodical, published an interview with one of the ACM founders Alexander Axalis. Citing the executive, the broker’s annual income in 2007 totaled CHF 70 million. According to the periodical’s estimate, the amount of funds in ACM accounts exceeded USD 100 billion in the same year.

The probe into the fraudulent scheme came to a halt and the broker went on with its routine. However, the company was not able to regain the trustworthy reputation due to maladministration and a struggle for power among shareholders. Eventually, founder and vice president Lloyd La Marca had to resign from the Board of directors. Later, the broker was taken over by Swissquote Bank, Switzerland’s bank.

This is all freely available information. The ruling on the lawsuit about lost millions of the Mexican client still remains a mystery. Interestingly, judging by recent reviews, ACM Forex is now operating under a different name but carries on its dishonest activities, cheating its clients.

Reviews of ACM Forex

In 2017, participants of trading forums took notice that Sakura, ACM Forex, and GTP are brokerage companies operated by the same people under the same scheme.

In April 2017, one of traders left a review, "ACM FX and GTP FX are swindlers. Broker’s representative Ranek (+442076917186; +442871930334; +442033896666; ranek@acm-fx.com) contacts you via email and telephone. However, as soon as you make a request for the first money withdrawal, he blocks all messages and you are not able to contact him."

"I used to be an ACM FX client. The broker stands out by quality customer support. It seems to me that ACM FX and GTP FX are brokers within the same group. Perhaps, Sakura also belongs to it. The company wins your trust by first-class costumer support, replying to all your questions and advising on any problem. This produces a magic effect, making you think that the company operates in the legal field. However, as soon as you want to withdraw cash, you’re blocked immediately. Please, don’t waste your time and money. I’ve lost $3,000 with them."

"The broker claims to cooperate with the global liquidity providers, referring to such banks as Citi Bank and the Bank of America. In fact, this is a lie. The FINMA watchdog refused to issue a license to ACM FX."

The opinion of the review`s author is private and not obligated to reflect the position of the resource. If you have any remarks and suggestions on new articles please contact us via this form.
Pengarang of ACM Forex: Irelta | Tarikh 2019-11-26
I cannot accept that ACM Forex will leave without being punished by the law. They have stolen from thousands of clients who worked hard for their money. I feel so mad to myself for letting myself be deceived my this scammer. I believed that they are honest and reliable. I got tricked by their gentle representatives who always sound so dependable. Now I lost more than $5000 on this horrible broker.
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Pengarang of ACM Forex: Uesebio | Tarikh 2019-11-18
I was quite disappointed with my brother because he let himself be fooled by ACM Forex. But I realized that if there is anyone that has to be blamed, it must be the people behind this broker. They don't have conscience at all because no normal person will do such great measures to deceive thousands of people for their own good. I just hope this has become a lesson not only to my brother but also to other traders out there to be more wary of the companies they are dealing with.
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Pengarang of ACM Forex: Shey | Tarikh 2019-12-03
That's right. We should blame the victims, They already blame themselves enough. What they need is reassurance that they can leave this behind someday. The one at fault here is ACM Forex because they deliberated deceived their clients who trusted them so much. After taking in the deposits of their clients, they will just leave like that? How horrendous that is! This should rather be a lesson to others not to easily trust any company especially when a huge amount of money is involved.
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Pengarang of ACM Forex: Prestino | Tarikh 2019-11-12
ACM Forex just disappeared and I am left for loss. I am sure other traders were also confused about what happened. It was sudden and I don't think anyone would expect the broker they're dealing with that it is a fraud. It is just really frustrating that they did so well in deceiving us. I had more than $5000 in my account and it was all gone. All of my efforts and hard work were put to waste. The owners must be punished.
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Pengarang of ACM Forex: Dwayne | Tarikh 2019-10-29
I had at least a thousand dollars on my account at ACM Forex before they suddenly disappeared. I already noticed some little changes before they are gone. For one, their platform frequently lagged and orders were no longer executed quickly. Then their customer support also became unresponsive. I didn't mind it at first because I never thought they would take away all our fund.
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Pengarang of ACM Forex: Hiefer | Tarikh 2019-10-22
The problem I had at ACM Forex is the withdrawal of my fund. If we talk about the trading experience, it was magnificent. In fact, I'd say it was the best. But this is irrelevant now that we all found out that this broker is a fraud. A good trading environment mean nothing if in the end you will not be able to reap the fruit of your hard work. Maybe the broker really made a good trading platform to make their clients stay with them and even deposit more. This is very disappointing and infuriating at the same time.
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Pengarang of ACM Forex: Eglon | Tarikh 2019-10-14
I invested around $5000 at ACM Forex because they promised a great trading experience. Honestly, I had a pleasant experience at first. Their platform was surprisingly fast. There were no delays or lags at all. This has been consistent for a few months then I decided to fund my account with a huge amount. A few more months have passed and I was earning well. Then came the day when I had to withdraw some of my fund, the broker did not allow me. They said that all withdrawal transactions were frozen temporarily. I waited for a month, but my request was still rejected. I kept waiting until I can no longer access my account. As it turns out, ACM Forex disappeared and took our funds.
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Pengarang of ACM Forex: Colton | Tarikh 2019-10-11
I still remember trading peacefully back then, my trading activities resulting to good profits. Then the next morning when I wake up, I could no longer log in to my portal and the website did not load anymore. I tried calling their phone number but it just kept ringing. A few days after that, I found out that the broker disappeared and it took all of our funds. I know that there is no hope now but I just still feel really frustrated. Nobody knows what happened anymore.
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Pengarang of ACM Forex: Erant | Tarikh 2019-11-04
It was very sudden, wasn't it? One day, you were trading well, the next day, you no longer have any idea how you could have access to your funds. I don't think I will ever be able to forgive ACM Forex. It wasn't just me who has become a victim but also my sister. I am having a mixed feeling of hatred and guilt. Hatred towards the broker, but also guilt towards my sister for dragging her to this mess. I thought that it as a reliable broker because I had an amazing experience for a year. Never has it occurred to me that this broker will just suddenly disappear.
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Pengarang of ACM Forex: Tallulah | Tarikh 2019-09-30
I guess it is better now that they have disappeared so they won't get any more fraud victims. Of course, it is unfair for us clients, who have been robbed off our hard-earned money. But what else can we do? This broker most probably have planned to scam their clients right from the start. They just waited for their targeted number of fund to finally disappear. I just hope they don't start another company and do the same.
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Pengarang of ACM Forex: Heliana | Tarikh 2019-09-25
I have lost over $8000 on this broker. I made a number of replenishment in my account due to great losses. They kept telling me that I still need some practice and that they would guide me. Frankly, they really gave some assistance in some of my trading activities but little did I know, behind those help, they were also manipulating my platform. It took me a long while before I noticed that the price movement in the platform was far different from the real market. By the time I realized this, the broker already shut down.
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Pengarang of ACM Forex: Uyirfo | Tarikh 2019-09-16
I deposited more than $5000 on my account at ACM Forex. For more than two years, I never cashed out any of my funds because they said that keeping the funds in the account contributes to the profitability. However, I had an emergency where I needed money so I decided to request for a withdrawal. It was rejected multiple times until the broker closed my account. I never had access to it ever again and the broker never contacted me again.
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