Very short, but an honest review. As a customer, I must say that I’m satisfied with RTC Finance, especially because its customer service is always patient and pleasant with me, and the website offers a lot of content which are very helpful for new traders like me.

Lost of Money due to Fault of RTC Finance broker

Robert Siino, Account Number: 1037674

Dear Sir,
My name is Robert Siino. I live in Germany. I am 63 years, disabled and medically retired since 2014. On 21 September 2017, I opened a trading account with the company RTC finance, which is part of Icon Markets limited. At that time I was interested to invest maximum of Euro 250, 00 to invest because since I have been medically retired my monthly income is low. I received a phone call from a broker from RTC and he identified himself as David Jones, account manager. This gentleman started to tell me how much you are able to earn in the market and with Euro 250, 00 I would not get far. He started to ask me questions about money that I have available and I told him that I was not interested to invest more. He made everything sound so positive and before I knew it I deposited an additional Euro 2000.00 into my investment account. Shortly, thereafter Mr. Jones started to inform me of different positions were available with the company whereas I could make more money because of higher payout leverage. He explained that the highest position is platinum, which pays a leverage of 1:400. He stated that there is so much money to make and he will coach me along the way. He sends me a welcome letter explaining a long term relationship. The plan sounded rewarding and as I never invested money in the stock market I thought wow, and I agreed to invest more money. Therefore I sent them another Euro 2000.00. Mr. Jones informed me that the company will like to help me and they will offer me a credit of Euro 5000.00 into my account so that I have more flexibility to make investments. Several days later, Mr. Jones, informed me that he will acquaint me with an Executive trading manager, Mr. David Shepard. That same day he connected me with Mr. Shepard and the gentlemen explained to me the business of investments and normally he only handles accounts with very large sums of money. He said he is willing to work with me and started to talk to me about 3 months, 6 months and out to 2019 investment plans. His presentation sounded interesting, but I told him that I am unwilling to send RTC more money because again, I explained to him that I am disabled and I am on medical retirement since 2014. Plus, I told him that I just brought a new car and 60 % percent was financed and 40 % down came from my retirement savings. That was probably the mistake in letting him know that I have a retirement savings, which took me 42 years of hard work to save and which included the selling of a home, which half of the money went to my ex-wife. In total in my retirement account I had Euro 170,000.00 when I started with RTC finance. I did not release the amount to any of the traders, so they were not aware on how much I had in my account. As days when buy, David Shepard contacted me and informed me that he got me approved to be in the group of 50 investors that we take advantage of their investment plan they put together. He stated there is a lot of money to be made and I should not let this opportunity to go by on me. After a couple phone calls to me and sales pressure from RTC I agreed to invest more money, therefore I wired to RTC additional Euro 15,800.00 on 18 October 2017 and then again more money of Euro 25,000.00, on 31 October 2017. As time when by I was called everyday from RTC and they were assuring me that I will be making big money because they have put an investment strategy for me and they were telling me where I should invest the money. Little by little I started to see a profit and was overwhelmed with RTC. I started seeing some trades were positive and some were negative with a loss. I was informed that this was normal. I continued to work with both of the traders and I noticed that position loss was increasing. This is when Mr. David Shepard, informed me that the company will assist me and give me more internal credit and therefore I was credited from the company Euro 37,500.00 on 02 November 2017. Then Mr. Shepard had stated that he wants me to be introduced to his boss, Mr. John Stanley, Senior Executive Trader. Mr. Shepard stated that Mr. Stanley only works with people who invest very large sums of money and I was very lucky because I will be guided by him so that I could excel making more money because he has the authority to put me in bigger investments and speed up me making more money. On 06 November 2017, I was contacted by Mr. John Stanley, who claims to be the Senior Executive Trader. Mr. Stanley introduced himself and informed me how many successful trades he made for his investors. He stated that normally he would not work with me because of the low portfolio I had, but I was recommended by Mr. David Shepard, and he is willing to help me. He stated that he has only 2 positions available in his group of investors and he will see if he could add me in. He started to sale pitch very hard and I was overwhelmed until I agree to invest more money. He said that is good because he will try to get the company to advance me more credit. Then When I told him that I will transfer an additional Euro 75,000.00 to my account on 06 November 2017. He stated that was a smart move and came back to me and said that he convinced the management team of RTC to advance me an additional company credit of Euro 60,000.00. A couple of days when by and Mr. Stanley started to tell me all the great things that are going to happen. He made a statement to me “Robert we are going to make a lot of money”. I was so overwhelmed that they successfully manipulated me and I was not aware what was happening to me. On 14 November2017, Mr. Stanley and Mr. David Shepard contacted me on the telephone and explained to me about a concept of 60 to 40 and so on. They again overwhelmed me and convinced me to transfer additional money because they are going to start implementing the investment strategy. At that moment I asked Mr. Shepard about the plan that he dictated to me several weeks prior, which he told to write down exactly what the plan is. I have this plan documented on paper because Mr. Shepard had instructed me to write what he will dictate. According to both of them the plan is still valid but had to be put aside for now because of the Investment strategy that Mr. Stanley has put together. That is when Mr. Stanley again asked if I could invest an additional invest of Euro 40,000.00. I agreed and wire transferred RTC the last of my retirement savings, which all added up to Euro 165,000.00.
Because of the additional Euro 40,000.00 they said the company will provide another company credit of Euro 50,000.00. Mr. Stanley went on saying that my money is 100 % protected and if I have a loss the company will reimburse me because I have over Euro 100,000.00 invested. On 24 November 2017, Mr. John Stanley contacted by phone and told me that we are now ready for the investment strategy that he put together and he will connect me to another Technical Trader, Michael Goodman, Technical Executive trader. This Trader, started to dictate to me to open investments on various Forex currencies. And this is where the problem started.
Below is a letter I wrote to Support department of RTC and the scenario on how I ended up losing Euro 165,000.00. This was my life savings. Everything I had, and now I have nothing but large debts. I don’t know what I am going to do. I have always been depressed in the last 15 years and have been taking anti depressives. I have now doubled my medication because my health situation is very critical and unstable. If there is anything you could do to help me, please I beg you on my knees.
I am writing to you with the hope that you approach the RTC management team regarding my loss of funds Euro 165,000.00. My Name is Robert Siino Account number: 1037674

The loss of my money was not through the fault of my speculation, but through the investment speculations that were instructed to me by Mr. John Stanley, Executive Trader and his expert team traders. Prior to the investments, which I was dictated to open on the Forex trade by a Senior Executive Trader assigned to me by John Stanley, I was doing ok with very little conservative trading with myself. All was going ok until 24 November 2017, when a Mr. John Stanley, Executive Trader with RTC finance spoke to me and informed me that he will connect me to a Technical Executive Trader, whose name I don’t remember. Mr. John Stanley stated to me before he connected me to his Technical trader “Robert we are going to make a lot of money” and then he connected me. That was the last time I heard from Mr. Stanley.

This Technical Trader informed me that he will tell me the Forex investments that I need to open positions on. Immediately he started to instruct me to open trades on buy and sell of many Forex investment currencies and each investment was for 5,000,000 unites. I did not question his instruction because of the lack of knowledge I had or still have in the trading of stocks. I did notice that the margin level after we were completed opening many Forex investments was not showing. Therefore, I did not know if this was normal and I put my full trust in him.

After we completed our conversation I received no special instructions from him and I was told that my account manager will call me back. Our conversation ended and I did not receive call again to at least confirm if everything went well. Later that evening, Friday, 24 November 2017, and part of Saturday afternoon, 25 November 2017, I started to notice that several investments were making profits and I decided to close the open position to receive the profit. I started doing this on several open positions, which were making profits because I was afraid that the profit would turn into a loss. After I closed out about 5 or 6 Forex trades that were making profit I noticed that the margin level position appeared again and it showed a very low percentage. I was not aware of what was happening and because it was Saturday no one was available at RTC. I was left alone with this mess, and I was not aware what was going on and I noticed that my entire Euro 165,000.00 had disappeared into a loss and there was nothing I could do or no one to speak too. I immediately sent an email to David Shepard, Senior Account Manager, and CC David Jones, Senior Account Manager, regarding my situation. On Monday, 27 November 2017, I was contacted by David Shepard, and it was not until I spoke to him that he informed me that I should have not close any of the open positions ( even though it was showing profits) of the Forex trade that were done on Friday, 24 November 2017. David Shepard explained this to me after the fact and therefore I was never told beforehand that all the Forex trades had to remain open. This was never passed onto me by the Executive Trader, because if he would have instructed me not to close any positions I would have never done what I thought was the right thing to do to close a profitable trade. Again, I repeat, that it was not until Monday morning, 27 November 2017, when all the damage was done that Mr. Dave Shepard, Senior Trader, informed me that I should have not closed any of the Forex trade even though they were making profits. With lack of information that was not provided to me on 24 November 2017, by the Executive trader, I lost my life time savings of Euro 165,000.00 and all profits that I had made since 21 September 2017. All was gone in matter of hours due to lack of instructions that was not provided to me. Additionally what related to me losing more money was the ridiculous high Swap commission on the trades. For example: A trade on Bitcoins accrued Euro 18,000.00 swap commissions in less than 2 weeks. I complaint to RTC about this and they stated they have no control over the Swap commissions, which was a big lie. I wrote to them and stated on how someone can make money when the Swap commissions were higher than the profit you were making. Because even though you saw a trade on Bitcoins was showing a positive profit of Euro 5,000.00 it was impossible to close the trade to take the Euro 5000.00 profit because the Swap commission was Euro 18,000.00 I would have suffered the loss of Euro 13,000.00, which was debited from my balance. You were actually trapped in your investment and had no other choice but to keep all your trades open to prevent actual loss of your balance.

I know that this was not my fault and I strongly believe that the company RTC should reimburse me my Euro 165,000.00 into my account. I lost my money through lack of proper instructions that was conducted by RTC Executive trader. I take no fault of what had happened. I have been extremely loyal to RTC and have followed all instructions that were provided to me from David Shepard, David Jones and Don Hunter who are all the traders that worked with me.

Eventually, I was contacted by another representative from RTC, Mr. Simon Perry, Head of Client Relations. I explained the entire situation to him and told him that it was never my intention to have invested so much in RTC, but because of the sale pressure that was always put on me from his traders I always gave in. I also explained to Mr. Perry the problem with the Swap commissions being ridiculously high and provided him proof of the charges, but he just ignored this. I told him that my health situation is not well and that I take strong medication for my depressions and that his traders were aware of this. Therefore, I stated that they also took advantage of my poor health and applied more pressure to send more money to RTC Finance. The client relation representative, Mr. Simone Perry, bluntly said to me “You should have just hung up on them”. I was shocked by his statement and I replied that the company should take action against their associates who do this. Nevertheless, I submitted to Mr. Perry emails and other documents and he stated that he will see what he could do. Several days later I receive a call from Mr. Perry and he said on the telephone “Robert I have good news for you, considering the circumstances and the information I provided him the company has decided to reimburse me 10% of my entire loss of Euro 165,000.00. I was shocked because that would mean I would only get back Euro 16,500.00. I told that this is not correct and he replied it’s either 10 % or nothing. I had no other choice but to agree, but the Euro 16,500.00 would be repaid in 3 months interval. I asked if an exception could be mad and receive the money immediately he denied my request. I attempted to write emails to him and pleaded to please reconsider the amount and the time frame of Reimbursement but I never received a reply from him.
I attempted to write emails to the three traders, Mr. David Jones, Mr. David Shepard and Mr. Don Hunter, but my emails were returned because it stated that the email addresses were not correct. Funny that I used the same email addresses since 21 September 2017 and there was no problem. I wrote to their support and requested to please have one of these gentlemen to call me and the message I received from their support was “Because your account has been closed I am unable to contact these traders” I was shocked again and I just don’t have any other resources.
I never in my life would have thought that a scam job would liquidate systematically my entire savings that I worked so hard for in 43 years. Additionally, in the Euro 165,000.00 is money of a house that I sold and which my ex-wife received half of the amount we received for the house. I am financially ruined; I have no resources to get some money other then selling my car and maybe selling my entire jewelry. I made contact with the Commissioner of Belize, where RTC is registered to do business. He has in the mean time replied and requested all the information and any Audio recordings. I don’t have any audio recordings but sufficient email correspondences.

I would appreciate your assistance in helping me in this matter and please have RTC reimburse me my loss of Euro
165,000.00.

I lost my life savings to RTC because of their fault. I beg you anyone to please help me.

Sincerely,

R. Siino