- Report: #1057957
Report - Rebuttal - Arbitrate
Complaint Review: Boston Technologies LLC
Boston Technologies LLC280 Summer Street 9th Floor Boston, Massachusetts USA
Boston Technologies LLC SCAM, FRAUD Boston Massachusetts
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BOSTON TECH FRAUD
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.
This is just a cursory glance at the business. A more informed and thorough look will reveal further anomalies.
This report was posted on Ripoff Report on 06/10/2013 12:46 PM and is a permanent record located here: http://www.ripoffreport.com/r/Boston-Technologies-LLC/Boston-Massachusetts-02210/Boston-Technologies-LLC-SCAM-FRAUD-Boston-Massachusetts-1057957. 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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