June AtoZForex, Vilnius — A few months ago, the clients of IM Forex filed a lawsuit in Santiago, accusing the broker of fraud. As a result, in the beginning of March Police of Chili started an investigation into the IM Forex scam. Today, AtoZ Forex learned that the Chilean authorities got IM Forex assets frozen. More particularly they froze 1.8 million of the broker, despite IM Forex claimed that the money was used to repay the clients.
IM Forex Assets Frozen?
IM Forex is a Santiago based company, who claims to provide services on profitable financial opportunities. The brokerage has a team of professional traders that earn a substantial income for the company through trading different financial instruments like forex, indices, commodities, etc. As it got announced yesterday, the company’s funds were frozen by Chilean authorities. The Police of Chile indicated that litigation is pending.
The lawsuit was started by clients who have been actively trying to withdraw their funds from IM Forex. For that purpose a prominent lawyer, Barbara Salinas commented on the latest actions of the authorities:
“After seizing $8 million from the company, the court determined that the confiscation of further $4 million was not justified. In our conversations with the investigative authorities they have made clear that the company has continued bending the truth and has been making everything possible to deter clients from taking legal action to recover their funds.”
Mrs. Salinas states that the broker submitted only $8 million voluntarily. Due to the fact that the CEO of the company, Victor Pantoja faced a dilemma; either to give up the funds to authorities or to face a “lengthy legal battle”. In response, the lawyer accuses the company of telling “appalling” amount of lies.
IM Forex says…
In the meantime, IM Forex has been trying to distance itself from the allegations. The CEO Victor Pantoja issued a statement in March about allegedly unjust accusations about the firm. The statement reveals that the company has been cooperating with the authorities to remedy the case.
Ever since, the firm issued several press releases against accusations of scam. The latest one states possible conspiracy from the authorities’ side, as the frozen money frozen was meant to be paid to the clients. The brokerage insists that the authorities have not succeeded in proving the wrongdoings on three other occasions. According to IM Forex, the frozen assets of $1.8 million are creating big obstacles in the relationship with customers of the company. The statement says:
“There is a black hand which is looking to take the market from companies like ours. <…> Our company was going to pay client dues with these funds but they have been frozen by our bank for 4 weeks unjustly with the expectation that Fiscal investigative authorities are going to obtain an order to seize the funds.”
Back in March, the CEO Victor Pantoja issued a statement claiming that the accusations against the brokerage are unjust and that the firm has been cooperating with authorities. On the 3rd of March, the company granted the full access to all confidential information about firm’s operations to the Attorney Prosecution Authorities.
Nevertheless, the fact remains that IM Forex assets frozen stays unchanged and it is not clear yet how the situation will unfold. Meanwhile,the Police is still investigation the case. In the upcoming weeks, it will be clear whether the brokerage faces a long trial, as the court will look closer into the case.
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