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Morgan Business Trial Group Files Class Action Lawsuit Against Nation's Largest Forex Dealer -- FXCM
Federal Court Claim Alleges Fraud and Racketeering by Forex Capital Markets, LLC
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Press Release Source: Morgan & Morgan, P.A. On Thursday February 10, 2011, 7:00 am EST
ORLANDO, Fla., Feb. 10, 2011 (GLOBE NEWSWIRE) -- The Business Trial Group of Morgan & Morgan, P.A. filed a class action lawsuit today against Forex Capital Markets, LLC (FXCM) (NYSE:
FXCM -
News) alleging fraud and racketeering by the nation's largest Forex dealer.
The lawsuit, filed in the United States District Court for the Southern District of New York (Manhattan Division), alleges that FXCM has bilked thousands of customers out of hundreds of millions of dollars using deceptive and unfair trade practices, including falsely portraying its Forex trading platform as a fair, transparent and true foreign currency exchange, when instead it is a "rigged game" designed to systematically separate customers from their money.
The Plaintiff, William H. Sanders, of Muscogee, Oklahoma, brought the action on behalf of himself and all other similarly situated FXCM customers, accusing FXCM of fraud by misrepresenting itself as a trading platform that is free from dealer intervention or manipulation. Instead, Sanders alleges, FXCM uses a number of devices and tricks, including software applications, designed specifically to interfere with customers' trades.
The Complaint further alleges that FXCM engaged in a pattern of racketeering activity by collaborating with its software developers and programmers to develop a "diabolical" software application that provides FXCM with a myriad of tools and system commands with which to interfere with customers' trades, including routing trades to "slow" servers and sending false "error" messages when customers attempt to close out profitable trades.
Finally, Sanders alleges in the Complaint that FXCM lured thousands of customers to its trading platform by promoting a "demo account" which was touted as providing customers with a true market trading experience. Instead, he claims, once "live" trading commences, FXCM deploys specially designed software to manipulate customers' trades.
Lead Trial Counsel Tucker H. Byrd, of the Morgan & Morgan Business Trial Group of Orlando, Florida, stated, "We are proud to be representing Mr. Sanders in this action, which we believe will be an important step in bolstering accountability in an industry that has been largely unregulated since inception. We believe, as the Complaint alleges, that Forex Capital Markets, LLC has taken advantage of the trust placed in it by its customers, causing substantial financial harm to this group of people, and we are committed to working to recover those losses."
FXCM is the nation's largest Forex Dealer Merchant. The company recently went public and trades on the New York Stock Exchange