Ex-dealer Sues Easy Forex for NIS 7 Million

Ex-manager accuses company (while about it) of misleading clients as to its methods

A former dealing room manager is suing Easy Forex, which provides online forex trading services, for NIS 7.1 million.

The former manager claims the company fired him for no good reason.

In his lawsuit submitted to the District Labor Tribunal in Tel Aviv, the dealer claims that for three years at Easy Forex, he led the company to impressive professional and financial achievements. Upon firing him for no reason, he says, the management sought to avoid paying his rights under law, under employment agreements, and based on company norms.

"The company chose threats, intimidation, slurs, and tried to limit his freedom of occupation," says the claim.

He charges Easy Forex with misrepresenting its modus operandi to customers: it does not do transactions for them, it actually acts as a gambling house relying on a statistical model in which its chances of winning are much greater than its chances of losing. Customers that make money usually bow out early while the ones who lose it stay in the game, conducting transactions that have a greater probability of panning out than of losing.

That statistical model is also the reason the company has an interest in providing ostensibly the highest leverage for clients, the former dealer says.

He says the company owes him social benefits, severance pay, a tax refund for the period he spent on business in Cyprus, and much more.

Easy Forex commented that the man had indeed been fired, for reasons that it declines to reveal for the sake of his dignity. "We regret that an employee who earned considerable sums during his short term of employment chose to slur us, but we shall not judge a man in his time of travail."

The company added that it hasn't received a copy of the claim yet and therefore cannot comment on its substance.