ACM – Advanced Currency Markets Raises Additional Share Capital
Tue Oct 20, 2009
GENEVA - The shareholders of ACM (www.ac-markets.com), the top Swiss online currency trading firm, endorsed an additional capital raise of 10 million CHF during their latest general assembly.

The capital increase raises ACM’s overall share capital to 30 million CHF; a move financed solely by existing shareholders. The step solidifies ACM’s place as the most capitalized Forex broker in Switzerland.

Reinforcing the framework surrounding the firm’s banking licence, the enlargement demonstrates ACM’s commitment to autonomy, strength and durability.

“The increase guarantees our independence while freeing ACM to dedicate further resources to both enlarging our investment offering and tackling new markets” said Lloyd La Marca, CEO and co-founder of ACM.

From its inception, ACM (www.ac-markets.com) has grown to meet the needs of its expanding client base – founded in Geneva, the company now maintains offices in Zürich, New York, Dubai and Montevideo. The Swiss firm offers efficient and affordable FX trading with no dealing-desk intervention to private individuals as well as institutional clients.

www.ac-markets.com

COMPLAINT:

On June 10, 2009, NFA issued a Complaint alleging that ACM failed to file required financial reports in a timely manner. The Complaint also alleged that Anderson failed to supervise ACM’s operations.

ANSWER:

On June 30, 2009, Anderson filed an Answer to the Complaint in which he denied the material allegations contained therein.

DECISION:

On September 25, 2009, Anderson was ordered to refrain from being a principal of an NFA Member for one year; or, alternatively, if Anderson elects to become a principal of an NFA Member during the one-year period, then he was ordered to pay a $5,000 fine to NFA within thirty days of becoming a principal.

ACM USA Case Summary
Edward George Anderson Case Summary

Hi everyone

As you already may know, by March 2009, all Swiss Forex Brokers were required to submit their application to the Swiss Federal Banking Commission in view of obtaining a Banking License. Without obtaining this banking license, Swiss forex brokers will no longer be authorized to function as such in Switzerland.

As far as I know, at this time only ACM, MIG Investments, Dukascopy and GFX Group (Forex.ch) did.

Of those not applying for banking licence, only Realtime Forex S.A announced its refusal to apply and it is moving the business to Malta.

Please, stay away of any Swiss firm that it is remaining silent about their banking license situation. And keep an eye to those that applied for banking license. Find out what will happen with your funds if their application is denied.

Francesc

Hi everyone,

Last April 6th we informed here about a Police raid to ACM’s offices in Geneva for a possible fraud case of price manipulation. In return, ACM lodged a complaint against the former client with accusations of blackmail, defamation and forgery of documents.

Unless police says something important that will be reproduced here, we at FXstreet.com are done with this case. The reason is that since the news was published here, this blog and our Forum has been spammed by both sides of this confrontation and I’ve seen unbearable manipulation of probes like a forged press release from Bloomberg. Bloomberg does not issue press releases.

So my decision is to remove all kinds of comments made in all posts related to this issue and to remove the thread/threads on our Forum that were talking about this case.

So let’s let the police do their job and wait till something official comes out from this.

Remember, all comments in ACM posts will be removed. New comments as well.

The thread on the Forum will be removed too.

Francesc

note: The last press article I found about this case. It is a little bit old- from April 8th - but it brings some light to this case.

Affaire ACM: un témoin clef s’explique
Un trader new-yorkais travaillant pour une mystérieuse banque mexicaine décrit de soi-disantes manipulations sur la plateforme du courtier en ligne, à l’origine d’une perquisition de la Brigade financière dans ses locaux jeudi dernier. Criant à la calomnie, la société genevoise dénonce une manœuvre destinée à «s’approprier» ses activités. Celle-ci a porté plainte, notamment pour tentative de chantage
Full Story

Use Google Translate to read it in English: ACM Case, a key witness explained

Previous updates:
ACM Update 2 - Probes used in the accusation of fraud to be falsified according to ACM
ACM Update 1 - ACM feels being victim to former client malicious intent
Police raid ACM Geneva office in a suspected financial fraud case

Hi everyone

Another article found in a Swiss paper “Tribune de Genève” (French speaking newspaper) gives another perspective of the ACM’s Police raid of last Thursday.

http://www.tdg.ch/actu/economie/police-effectue-raid-societe-rue-rhone-2009-04-03

The article is in French but I can understand from it that a former Mexican institutional client accuses ACM of fraud by manipulating prices during operations carried out on 17 April 2007, two years ago.

According to ACM, one of its traders - fired in June 2008 - had provided confidential information to the Mexican company, which turned out to be falsified.

Thirty-six hours after the search and the hearing of more than half a dozen employees, the judge in charge of the procedure, Vincent Fournier, had made no arrests or charges.

It seems that the Mexican client tried to use the falsified information to blackmail ACM and the company filed a suit on April 1st.

Francesc

Hi everyone

ACM (AC Markets) sent me this communicate regarding the news published on Swisster and reproduced here in this blog

Police Raid Geneva Forex Firm in Fraud Probe by Swisster

ACM Communicate:

On Thursday the 2nd of April, on the basis of counterfeit documents produced by a former client, the authorities in Geneva visited ACM’s offices.

Collaborating in a transparent and active way, ACM delivered all information required.

All elements prove ACM’s good faith and it remains clear that the company has fallen victim to a former client bent on malicious intent.

In return, ACM has lodged a complaint against this former client with accusations of blackmail, defamation and forgery of documents.

The activities of the company have naturally continued as normal.

Since its creation, ACM has constantly experienced strong growth and has offices in Geneva, New York, Dubai, Montevideo and has recently opened an office in Zurich.

At end of March, the company submitted its official request for a banking licence to FINMA.

Hi everyone

Problems in retail Forex firms in Switzerland are piling up.

First it was Forex.ch investigation a couple of years ago ended succesfully. Then it came FINMA’s investigation on Crown Forex S.A activitites, now it is the turn of the most know Swiss Forex firm, ACM (AC Markets) that received police visit on Friday in the look for probes of a potential fraud.

Police Raid Geneva Forex Firm in Fraud Probe by Swisster

At this time there is no more information about this case than what Swisster has published. The news came just a few days after ACM announced that the company had filed application to get banking licence in Switzerland.

Updates:

• ACM Update 1: ACM feels being victim to former client malicious intent
• ACM Update 2: Probes used in the accusation of fraud to be falsified according to ACM

Hi Everyone

AC Markets announced today that they have filed a banking licence request with FINMA (Swiss Financial Market Supervisory Authority).

That’s indeed a good news for the Forex Retail community as we see the Forex industry finally being regulated in Switzerland, even though FINMA’s credibility is currently at the stakes with their lack of transparency with Crown Forex S.A investigation.

Anyway, let’s congratulate AC Markets for the move and we just hope they will get the banking licence without trouble.

Francesc

PRESS RELEASE – FOR IMMEDIATE RELEASE
ACM ( ac-markets.com) is pleased to announce that it has filed a banking license requisition with the FINMA (Swiss Financial Market Supervisory Authority).

Following the acquisition of ISO 9001 and ISO 27001 certifications, a substantial increase in its share capital, and a continual improvement in its services, this banking license request is a reflection of the company’s vitality, representing for ACM’s clients a true gauge of security, quality and longevity.

The successful realization of this project would enable ACM to offer a greater range of services, not only to individual clients but to institutional investors as well, including White Label partners and Asset Managers.

Since its inception, ACM has continually evolved and today has offices in Geneva, Zürich, New York, Dubai and Montevideo. ACM offers its clients quick access to four secure and performing trading platforms as well as exceptional conditions of execution.
www.ac-markets.com

Hi everyone

Here you have the note ACM USA is publishing at its home page.

Francesc

Important Notice from ACM USA
ACM USA’s white-label licensor, ACM – Advanced Currency Markets SA (“AC-Markets”), announces another milestone in its already impressive and successful history: the formation and creation of ACM Bank. The ACM Group proudly announces the planned reorganization of the ACM Family under the new ACM Bank.

In an effort to ensure greater security, safety, and enhanced banking and investment services to their clients, ACM Group is in the process of applying for its Swiss banking license.

As a result, for the short term ACM USA will no longer be an active NFA member. This means that ACM USA will no longer act as a counterparty to forex positions and will not continue to service client accounts. Instead, ACM USA will remain a licensed office to AC-Markets assisting in the opening of forex trading accounts directly with AC-Markets and in the future with ACM Bank. AC-Markets is not a National Futures Association (“NFA”) member firm and cannot accept U.S. customers until the approval of its Banking license.

Please note the coming date which is of importance to your ACM USA forex trading account.

* On January 8, 2009 at 9:00 a.m. EST, all open forex positions and accounts will be closed at the prevailing market price.

You may continue to trade or close your ACM USA account until the above mentioned date. However, should you not take any action before the above mentioned date, your account will be closed and the account balance will be returned to you by check.

If you have any questions or concerns please do not hesitate to contact our office at (212) 758-7200 or customersupport@acmusa.com.

Best Regards

ACM USA