ForexPlace Cleared of Charges in Preliminary Court Hearing

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One month ago, I’ve reported about an attachment order against 4XP. Well, now the tables have turned in this case, as a preliminary court hearing now clears the company of wrongdoings, at least for now. Here are the full details, as given by the company:

Following the initial shock of the alleged misconduct on Forex Place’s side in the losses of one Majid Sheikh, the court of law has rejected his claims and canceled the motion to seize Forex Place assets.

As earlier reported, Majid Sheikh has suffered losses using Forex Place’s services in the foreign exchange market, claiming that it was their misleading conduct and irresponsible advice that resulted in his losses.

During the hearing, the honorable judge H. Brenner found the prosecution’s claims to be unfounded, misleading, and dishonest. The judge went on to note that contrary to Sheikh’s claims, he is well aware of nature of the service, being an owner of a competing company that provides the same service with similar terms of use.

Furthermore, the judge pointed out the prosecution’s lack of evidence to support their claims – witnesses were actually proven to be close friends of Sheikh’s, and others – employees in his own competing company, making their livelihood dependent on the nature of their testimony and thus unacceptable.

Sheikh’s own testimony was also questioned, as he has proven unwilling to answer many questions and provided only partial and misleading answers to much of Forex Place’s cross examination.

To conclude, the judge has rejected the prosecution’s request to seize Forex Place assets and has doubted their ability to provide evidence to support their claims.

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About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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