I joined the Globalfx forex client list in 2010 with a view to supplementing my pension and indeed for several months it worked. Regular payments and statements were the norm. My fund grew and I agreed to invest a little more, seeing how sound the returns were.

The investment returned a modest income for a while until I decided to repatriate some capital, requesting £5,000 in June 2012. I had to struggle for a while to have the capital returned, though eventually it was; I was told the delay had been an administrative error resulting in my being overlooked.

When in the next 3 months I requested the return of a further £10K, I was told by phone that things were too difficult to return the money. That’s when I found out about the penalties of closing negative trades I knew nothing about, and the “additional” commission of 45% on profits which had never been mentioned before.

Then the other Globalfx Director dropped out and in due course sent out a list of 40 client email addresses, presumably the ones he had recruited, to us all.

I mailed everyone on the list, got a reply from twenty, and we formed a forum in order to share our experiences. As a consequence, David Hick rang me during January – he was very angry with his Director and annoyed with me, claiming that we would be “bad mouthing ” him behind his back and he would no longer trade for me. He emailed me to say he would stop trading my account at the end of the month.

However, I was contacted by Mr. Hick by phone with an apology in May. My account was reinstated and I have received monthly forex statements since then, despite my requesting that I wanted my funds back and a closing statement. I never got one, nor could I access my account on-line.

Several months later, I complained and tried to get an understanding of the situation, but all I got was a new password and all carried on as if nothing had been said. I then found by calculating the value of the published open trades in ‘My Account’ that Hick had lots of open negative trades to a degree close to wiping out the profit made over a couple of years. It seems he must have been moving the stop losses on those trades, and at that time some of them were more than 2000 pips in negative territory. Closing the account meant that I would have to pay for them. That is contrary to what I was told the contract meant I have with Globalfx which limits the risk I am exposed to on each trade.

My understanding is that nobody is getting any money back at present. There has been no recent correspondence and it seems David Hick is just ignoring me. Plus I see from Googling “David Hick” that other people are suffering similar problems through entries in the ‘Forex Peace Army’ website.

Subsequently in March, my Globalfx forex monthly statements stopped and I have not been able to contact Mr. Hick since. The Globalfx website portal no longer works for me and my phone calls to the Globalfx Switzerland office are ignored.