- Report: #1059148
Report - Rebuttal - Arbitrate
Complaint Review: Boston Technologies, Inc.
Boston Technologies, Inc.280 Summer St, 9th floor, Boston, Select State/Province USA
Boston Technologies, Inc. Boston Technologies - SCAM - FRAUD Boston Technologies LLC, --ILLEGAL MARKETMAKER-- Internet Boston na
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Boston Technologies is acting as Broker-Dealer/Marketplace without license and reserve funds… If the bridge failed, YOU WILL LOSE YOUR MONEY!! Be careful with the Ponzi scheme led it by Mr. George Popescu and Mr. Kevin Millien.
While it is true that acting as a technology provider to the FX (OTC) space does not require NFA membership or CFTC registration, it is hardly the basis on which Boston Technologies (BT) operates.
At face value, BT offers technology solutions to the retail FX market. However while this may hold true for many of their institutional clients, it is not so for much of their smaller clients.
Consider the following:
1) BT holds clients funds on deposit with both regulated and non-regulated entities.
2) BT's technology defaults to the benefit of the broker (FCM/FDM). In the absence of a broker, BT is able to deploy their technology to their own benefit. A major conflict of interest.
3) BT claims to not act as anything but a technology solution but receive income from the spread, in many cases without the clients knowledge. This is either garnered in the form of an IB fee paid by the counterparty or by BT simply marking up the trades through price manipulation.
4) BT has recently chosen to move their business offshore (Boston Trading as opposed to Technologies), or at least the trading arm of it (to Belize). They believe this will give them greater flexibility in acting as a broker without repercussions from the local regulations despite the fact that they still take client deposits in the name of the US based company.
BT are scammers they are trying to cover their illegal businesses also, they are pros in steelin other peoples ideas, make sure that you'll never ever offer them any kind of idea or business cooperation
This report was posted on Ripoff Report on 06/14/2013 09:59 AM and is a permanent record located here: http://www.ripoffreport.com/r/Boston-Technologies-Inc/Boston-Select-StateProvince/Boston-Technologies-Inc-Boston-Technologies-SCAM-FRAUD-Boston-Technologies-LLC--1059148. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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