1broker.io victims have a chance to receive compensation through the SEC.GOV. I’ll tell you how in a moment.
For now, allow me to start this 1Broker review with a brief overview of the company and its profile so as to put things into a better perspective.
1Broker Overview
1Broker, a.k.a 1Pool LTD was a trading platform founded in 2012 and ceased operations in 2019 after settling a lawsuit with the SEC.GOV. Run by Patrick Burner as its CEO, the platform allowed users to buy or sell a variety of financial instruments, including:
- Cryptocurrencies
- Forex
- Stocks
- Indices
- Commodities
- Bonds
The 1broker.io was registered in the Republic of the Marshall Islands and its CEO—Patrick Burner was based in Austria, at least according. It accepted users internationally, including residents of the United States.
Was 1broker.io A Scam?
No, it was a legitimate trading platform that just broke the law.
| Broker Name | 1broker a.k.a 1Pool LTD. |
| Domain | 1broker.com and 1broker.io. |
| CEO | Patrick Burner and he is based in Austria, according to the US Securities and Exchange Commission. |
| Location | 1Broker was registered in the Republic of Marshall Islands. |
| Services | The platform offered access to cryptocurrency, forex, stock, indice, commodity, and bond markets. |
| Regulatory Status | 1broker.io was not regulated in any jurisdiction, including the Republic of Marshall Islands where it was registered. |
The US Securities and Exchange Commission VS 1broker.io Lawsuit
1Broker served and catered to cryptocurrency and online trading enthusiasts who wanted access to traditional markets without going through heavily regulated platforms. It had lax regulatory compliance requirements, and as such, it became so popular among users.
However, its laxness made it prone to misuse by criminal elements, something that ultimately led to its downfall. The story of Ibroker.io is similar to that of the FTX crypto exchange, which was founded by Sam Bankman. Bankman is allegedly currently sharing a jail cell with rapper P-Diddy in New York, at least according to Fortune Crypto.
In 2018, the Securities and Exchange Commission(SEC.GOV) filed charges against 1broker.io and its CEO. The commission sued the entity and Mr. Patrick Burner for allegedly violating the federal securities laws with respect to crypto exchange operations.
Mr. Burner was taken to court for:
- Conducting operations in the United States without being duly registered and licensed.
- Soliciting investors from the US, via the website, 1broker.io and social media, to buy and sell security-based swaps illegally.
- Operating without ensuring sufficient anti-money laundering measures(AML).
- Potential market manipulation.
- Allowing customers to potentially misuse the platform for fraud by allowing users to trade highly leveraged financial instruments, contrary to the US laws.
1Broker.Io Case Outcome
The US Securities and Exchange Commission VS 1broker.io lawsuit concluded in 2019 whereby Mr. Burner was ordered to pay a stiff penalty and to return his ill-gained gains.
He agreed to pay 1.5 million dollars to SEC.GOV in penalties and to return his ill-gained gains.
After the settlement, the company ceased operations, and published its legal events online. You can check out that publication by going to this link: https://1broker.com/.
As at the time of writing this 1broker.io review, the domain 1broker.io was unreachable, seemingly having been pulled down a long time ago.
How The Compensation Process Works
When a broker is sued and found guilty in court by the SEC, settles the penalties and charges, and returns the ill-gotten gains, victims may be eligible for compensation.”
The US Securities and Exchange Commission usually sets up a Compensation Fund to compensate the victims. The commission normally derives the fund from the paid fines and penalties, as well as the returned ill-gotten gains.
Victims also have to play their part in the process by submitting claims with admissible evidence to the SEC.
The US Securities and Exchange Commission then identifies those that are eligible for compensation, and compensates them.
If you can recall, I stated in this review of XM Global(xmglobal.com) that chat and transaction records are often considered sufficient evidence in an investigation of this nature. XM Global is a broker with questionable practices, pretending to be genuine but scamming people behind the scenes.
Isn’t It Too Late Seek Compensation As a 1Broker.Io Victim?
The answer depends on whether there is any ongoing lawsuit or a new class action one against 1broker.io. In that case, you may still have an opportunity to seek compensation as these lawsuits may have their own specific procedures and deadlines.
Additionally, you may initiate a civil lawsuit against the brokerage or the individuals behind it.
My Final Verdict
A lot of people have falsely believed that 1Broker was a scam trading platform. However, after reading this honest 1broker.io review, I am sure you now know the truth about the now defunct platform. The company was not fraudulent as it may have seemed. I found no reports online suggesting 1 Broker withdrawal issues where the entity fraudulently withheld clients funds.
Instead, 1Broker’s downfall was as a result of breaking the US financial laws, governing trading platforms and brokers. It was found guilty of operating in this jurisdiction without a license and not putting sufficient measures in place to curb potential money laundering and fraudulent activities.
The entity’s primary domain, 1broker.io is no longer reachable, meaning that it was taken down. However, its secondary domain, 1broker.com is still reachable, but the page only contains information about what transpired, leading to the collapse of the company.
Whether 1 Broker will make a comeback, given that its secondary domain, 1broker.com, is still reachable, remains to be seen. For now, I can only speculate on its future. However, it would be nice to see the platform’s return, with better fraud and anti-money laundering measures.
Report A Scam Incident
Would you like help with recovering your money from 1broker.io? Have you fallen victim to a scam broker? If so, go to this page, or send an email to scamread@scamreader.info to report the incident and seek help. Until next time, keep your money safe and stay vigilant.