View Single Post
Old 2009-02-23, 12:13 PM   #125 (permalink)
PipCop
Pip Chief of Police
and Site Owner
 
PipCop's Avatar
 
Posts: 1,196
My Trading Journal

Default

The first step is to gather data. I am working on a system which will do exactly that. Once we do that, we can publish the results and spread the word. By virtue of simply advertising the truth, word will spread. Some people (read: lawyers) may even want to take it upon themselves to seek a lawsuit against the companies if they are being exceptionally deceptive. After all, it is illegal to engage in a business practice that is damaging to consumers:

From http://itlaw.wikia.com/wiki/Section_5_of_the_FTC_Act
Quote:
An act or practice is deceptive if it involves a representation, omission, or practice that is likely to mislead consumers acting reasonably under the circumstances, and the representation, omission, or practice is material.[2]
Thus, an advertisement is deceptive if it includes material information that is false or that is likely to mislead a consumer acting reasonably under the circumstances. Likewise, an advertisement is deceptive if it omits material information, and that omission is likely to mislead a consumer acting reasonably under the circumstances.[3] Requiring accurate disclosure of material terms allows consumers to compare similar services offered by one or multiple providers and weigh the different terms being offered in making decisions about what services to purchase.
Personally, I think these brokerages are just asking for trouble. I am amazed no one has taken action previously.
__________________
> Don't get busted by PipCop ... Read the Rules!
> Questions? Please read the REVIEW FAQ first!

> Have a Forex link? Add it to the Links Directory
> How to link your MT4 statement to your profile
PipCop is offline   Reply With Quote