- Report: #626051
Report - Rebuttal - Arbitrate
Complaint Review: Boston Technologies LLC
Boston Technologies LLC280 Summer St, 9th floor, Internet United States of America
Boston Technologies - SCAM - FRAUD Boston Technologies LLC, --ILLEGAL MARKETMAKER-- Internet
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Boston Technologies LLC is a US Company lead by Mr. George Popescu and Kevin Millien. This company is acting as Broker-Dealer/Marketplace without license and any kind of funds reserve. When you are profit... they just steal and run with your money. Bridge fails all the time, and they don't have insurance and money to pay you back.
Do not get confused with the package Start Your Own Brokerage Company, when BT offers several "bridges" to very reputable liquidity providers as FXCM, DBFX, Citibank, MB Trading, ect. This is not a "bridge", you will get a data feeder from Thompson-Reuters-Bloomberg... This "bridge" are NOT real and you NEVER get a real trading account, when you open an supposed Trading Account at Boston Tech at FXCM Bridge, BT named the account illegaly as FXCM Account, but that account do not exist in FXCM. BT using illegaly a trademark as FXCM, to gave the wrong impression that you have a real account in regulated and reputable company. But when you calls FXCM they will said you, that you are NOT client from FXCM, and any claims that you have it, you must need to go to Boston Tech ONLY!! And the problem is that BT do not have any funds of reserve, if you have technical problems, failed in the bridge because fault of BT, or any issue regarding your trading account, you just simple LOSE YOUR MONEY!
BT is making a non-regulated marketplace, using reputable big companies worldwide, and crossing the fingers that you will loss your money. Because 90% of the traders in retailing side in Forex loss money, BT take the chance and the risk thinking about that. But if you are a professional and serious trader, and made money in BT, they simple do not have the money to paid you! Maybe ponzi scheme? Why big companies as FXCM need to "powered the metatrader by Boston Technologies"? Why regulated companies are making deals and business with non-regulated companies, that are making illegal business? Who control the desk dealing plugin in the Metatrader Administrator?
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.
DON'T LOSE YOUR TIME AND MONEY... THIS IS A TOTAL SCAM - FRAUD - AVOID IT!!
This report was posted on Ripoff Report on 07/23/2010 02:08 AM and is a permanent record located here: http://www.ripoffreport.com/r/Boston-Technologies-LLC/internet/Boston-Technologies-SCAM-FRAUD-Boston-Technologies-LLC-ILLEGAL-MARKETMAKER-Inte-626051. 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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