Damn. I was among the crowd of the idiots who trusted this piece of ... of a broker. When the went bankrupted I lost a depo several thousand dollars. At first there were hopes of compensations, but they ended in nothing.
for your money Gover...they take mine all with they hunting stop loss, all it was good with demo...then they suicide me.
I know about Russian Roulette. This suicide. I do not understand why these Russian from Broco want my suicide and other clients.
Better I'd call Russian Roulette - contest. Also, you are not looking at other competitions - like Management school. Where can u find something like this? Just show your skills and get a funds in management. So, Mr. Competitor, you are not objective.
Russian owner, Russian employees, crappy Cypriot license, trading competition called "Russian Roulette"...and you are surprised they manipulate clients trades?? Wake up!
Forex Magnates today:
From Forex Magnates today 03.17.2010
BroCo Investments Inc. alleged to have manipulated client positions.
It’s an odd piece of news that just broke: SEC has announced that it obtained an order to freeze the capital of BroCo Investments Inc. and its owner Valery Maltsev. BroCo Company is a pretty large and known Russian broker which offers multiple investment products in addition to Forex. However it is unclear what is the relationship between BroCo Investments Inc. and BroCo Company itself and reading the texts below I believe it used as a US subsidiary for BroCo to either collect profits made from US activity or introduce clients to Genesis Securities LLC (a local partner of BroCo or its gateway to the US stock markets) or both.
What’s most amazing here is what SEC alleges that happened and I highlighted it in Bold within the SEC’s release below:
On Monday, March 15, 2010, the United Securities and Exchange Commission filed an emergency action in the United States District Court for the Southern District of New York to freeze the funds of Defendants, located in Russia, responsible for a hi-tech market manipulation scheme. The Honorable Richard J. Holwell, granted the Commission’s request to freeze the Defendants’ funds pending a preliminary hearing, including an account that holds asets in excess of $500,000.
The Commission’s complaint alleges that BroCo Investments, Inc., its president Valery Maltsev, and/or individuals acting in concert with them hijacked the online brokerage accounts of unwitting investors using stolen usernames and paswords and subsequently placed unauthorized trades through the compromised accounts to manipulate the markets of at least thirty-eight issuers between August 2009 and December 2009. In almost every instance, prior to intruding into these accounts, the Defendants acquired positions in their own account. Then, just minutes later, without the accountholders’ knowledge, the Defendants, and/or individuals acting in concert with them, placed scores of unauthorized buy orders at above-market prices using the compromised accounts. After these unauthorized buy orders were placed, the Defendants sold the positions held in their own account at the artificially inflated prices. In other instances, the Defendants profited by covering short positions previously established in their account while placing unauthorized sell orders through the compromised accounts at substantially lower prices. This illicit account activity artificially affected the share price and trading volume for each of the thinly-traded issuers and enabled the Defendants to sell their holdings at a substantial profit, realizing at least $255,532 in ill-gotten gains.
The Commission’s complaint further alleges that the Defendants violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 there under and seeks permanent injunctions against future violations by the Defendants and disgorgement of all ill-gotten gains, including prejudgment interest and civil penalties.
The SEC’s Office of Investor Education and Asistance has previously issued an investor alert, available on the SEC’s website, which provides tips for avoiding becoming a victim of an online intrusion. See http://www.sec.gov/investor/pubs/onlinebrokerage.htm.
The Commission acknowledges the asistance of FINRA and the NYSE in this matter.
See Also: SEC Complaint or scroll down to see it embedded.
BroCo immediately replied to that with the following statement on their site as well as changing the homepage to a picture of presumably Valery Maltsev and his personal statement:
Explanation of the situation with Genesis company, the USA
On March, 16, some mas media published the information that the US district Court of southern district of New York froze asets of BroCo Investments Inc. hold in Genesis Securities company. The company was accused in illegal accessing investors’ accounts for further market manipulations.
Reasons and claims of the USA Securities and Exchange Commission do not seem founded for the company.
“As representative of Broco states, to provide our Clients with an access to the US stock market, we signed a sub-brokerage agreement with Genesis Securities LLC. The procedure is that for every Client we open subaccount in Genesis Securities LLC and submit the package of documents for Client. Client account is opened upon examination and they get access to Laser Trade platform. Transactions on subaccounts are performed by Clients not by the Company. We provide this service starting from 2008 fall and since that time we have not received any complaint from Clients regarding unauthorized accessing, hacking, damage or other problems on their accounts. What is important is that our contractor – Genesis Securities LLC — had never made any claim regarding trading style of our Clients”
— comments official representative of the company.
“Among traders using Laser Trade platform there are many professional traders who demonstrate sustainable results and achieve high yield. It is possible that their successes attracted attention of SEC. Please note that this situation will not affect your trading on other platforms in Broco. Currently we have only Laser Trade account frozen. Personal accounts of company’s president are not frozen as well and he can continue operations on stock market. Now our lawyers examine the situation and we are waiting for representatives of Genesis Securities LLC. Thus very soon we will have full information about reasons of complaint and hope that the situation will be resolved. ”
And this is what appeared on company’s website as another personal statement:
The explosion of the Forex Market worldwide has created a sort of awkward situation for the Island of Cyprus. Before its acceptance in the EU in 2004, Cyprus was an Offshore Company Tax Haven, because of these tax peculiarities as well as its strategic positioning between three continents, Cyprus experienced a built up of unregulated forex brokers establishing their operations on the island while still being registered in also other offshore tax-heaven jurisdictions such as BVI, Seychelles, Costa Rica, Belize, Mauritius, etc. Since these companies were not and still are not regulated by any well-recognized authority, being just a shell companies, they simply do not comply with any anti-money laundering law, because of this one can only characterize them as cowboy companies.
It is because of these companies amongst others that Cyprus was blacklisted as a money laundering country. But, since 2004 Cyprus has joined the European Union had to comply with European Union law and European Parliament Directives, which it did in large part but not completely. This part compliance has removed Cyprus from the blacklist. The efforts of the Cyprus Republic to regulate its market where serious, in 2003 CySEC was established. CySEC (Cyprus Securities and Exchange Commission ) is a regulatory body – (www.cysec.gov.cy) which amongst others also regulates FOREX. As per its announcement of the 17th June 2009 (full version located at: http://www.cysec.gov.cy/Downloads/En...ng%20FOREX.pdf) CySEC defines what is considered to be a FOREX company and what are the requirements to operate one, are: “the persons which provide the abovementioned activity of foreign exchange spot trading have the obligation to submit an application to the Commission in order to be granted CIF(Cyprus Investment Firm) authorization.”
Cyprus wants now to safeguard the good name it has fought so hard to establish, it is for this reason that on the 6th of November 2009 a small announcement of only a few lines was dropped as bomb in the forex industry. It simply stated: “The Cyprus Securities and Exchange Commission (‘the Commission’), in continuance with its announcement dated 17 June 2009, wishes to announce the following:
Persons that conduct foreign exchange trading transactions, which do not aim to the physical delivery of the agreed foreign exchange or are not materially settled in cash, should, within one month from the date of the present announcement:
1. submit an application to the Commission for the granting of a Cyprus Investment Firm authorisation, or
2. cease to provide the above service.
The Commission, upon the lapse of the one month notice, intends to take measures against the persons that did not comply with the above as they will be in violation with the provisions of section 4 of the Investment Services and Activities and Regulated Markets Law”. (see full version at: http://www.cysec.gov.cy/Downloads/En...ding%20(2).pdf)
This short statement simply announces to all unregulated companies which are operated from Cyprus – having headquarters in Cyprus, accepting correspondence and money in Cyprus and providing forex services to the internet community, (The short list of these companies is – Prime4X, Forex4You, FXOpen, TadawulFX, IkoFX, eTorro, BroCo and so on) to simply disappear.
This deadline is simply too small for these unregulated companies to go through the process of regulation, it is therefore natural to say that they are not welcome anymore in the Republic of Cyprus and they should either shut down completely or find another country to operate. If they don’t they will be prosecuted at the full letter of the law.
In accordance with Part XVII of the Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007) - 140.-(1) A person who is in violation of or does not comply with subsection (1) or (3) of section 4 or section 139, is guilty of a criminal offence, punishable, in the event of conviction, by a term of imprisonment not exceeding five years or by a fine, not exceeding three hundred and fifty thousand euro (Ђ350.000) or both.
This means that nobody will be able to work with these companies, neither Cypriot employee, banks or money transferring organizations; it does not take a genius to understand that if anyone is carrying deposits with these companies will simply not be able to withdraw them and is in very high risk in losing his or her funds forever. This means that these companies become a criminal business.
My best advice therefore is unless a company is regulated, especially if it operates from Cyprus it is not worth to work with. It does not matter how much money in bonus they give you when they will simply not be able to wire it to you, they will disappear one day in Cyberspace like so many others have done before.
Dec 07, 2009
this broker is vey excelent broker for future and CFD trading,,I am dax and s&p 500 trader and enjoy this broker
touch the beat of trade with broco
I think it Broco a good broker. Look at the statistics: http://www.forexexpo.ru/awards/ . I'll try to work with them.