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Alpari.co.uk Discussion

  • #3,221
  • Edited 3:49am Jan 29, 2015 3:31am | Edited 3:49am
F K Alpari, it was a gift from heaven to force us to get out of the traps of the Russian Mafia !!!
Each broker looks just how to pack a Margin Call to us, but Alpari was a real B S ......

Speaking of the Mafia, I see that the brokers from Cyprus are super active now in collecting Alpari's victims.
My advice -Think twice !!!

S.O.S
perhaps my English is not perfect - but I know the Jungle
  • #3,222
  • Jan 29, 2015 3:34am Jan 29, 2015 3:34am
How about

Alpari-forex.com and alapari.org ? It is different with alpari uk? They still operating and nit insolvency?

What different wtih alpari forex.com an alpari.org ?
  • #3,223
  • Jan 29, 2015 3:35am Jan 29, 2015 3:35am
guys some news

https://leaprate.com/2015/01/alpari-...ate-exclusive/
  • #3,224
  • Jan 29, 2015 3:58am Jan 29, 2015 3:58am
Quoting widyantoro
How about Alpari-forex.com and alapari.org ? It is different with alpari uk? They still operating and nit insolvency? What different wtih alpari forex.com an alpari.org ?
They clearly wrote that it's different entity operating under Alpari brand. I believe that owner could do something to save it but maybe he simply doesn't want. It could be the fact that AlpariUK and FXCM weren't hit so bad that they couldn't operate, they were hit just bad enough to not meet regulator requirements and then as a result couldn't operate. Perhaps he doesn't want to have branch regulated in UK any more. What's the truth, I don't know.
  • #3,225
  • Jan 29, 2015 4:04am Jan 29, 2015 4:04am
Quoting HotelAlpha1
guys some news https://leaprate.com/2015/01/alpari-...ate-exclusive/
already posted bro
thanks anyway
  • #3,226
  • Jan 29, 2015 4:09am Jan 29, 2015 4:09am
Quoting SickOfScam
F K Alpari, it was a gift from heaven to force us to get out of the traps of the Russian Mafia !!! Each broker looks just how to pack a Margin Call to us, but Alpari was a real B S ...... Speaking of the Mafia, I see that the brokers from Cyprus are super active now in collecting Alpari's victims. My advice -Think twice !!! S.O.S
Russia is just a joke, russian ppl are with chinese the most hated country xD. Quote from Bloomberg in a survey.
  • #3,227
  • Jan 29, 2015 4:14am Jan 29, 2015 4:14am
Mark Firmin

Partner
KPMG in the UK

020 7694 4845 [color=#444444][email protected][/color]

Hi guys
Mark Firmin is one of the administrators that looks after Alpari case, send him e-mails.
Thanks
  • #3,228
  • Jan 29, 2015 4:23am Jan 29, 2015 4:23am
Hi Guys

I just made my regular call to KPMG,here is the news, KPMG is in the process of sending out our statements which will initiate how much money we should be getting etc.These statements will be send out by post and e-mail and they're doing it as we speak.So good news ,a bit of light on the other side of the tunnel.
Thanks
  • #3,229
  • Jan 29, 2015 4:32am Jan 29, 2015 4:32am
Quoting magicpips
Hi Guys I just made my regular call to KPMG,here is the news, KPMG is in the process of sending out our statements which will initiate how much money we should be getting etc.These statements will be send out by post and e-mail and they're doing it as we speak.So good news ,a bit of light on the other side of the tunnel. Thanks
what would you say/do if they make clear that they just able to pay out less than 50 % ? ^^
  • #3,230
  • Jan 29, 2015 4:32am Jan 29, 2015 4:32am
Why don't they ask to pay clients the negative balances? I mean, it's their fault if they took such a risky trade. At this stage they lost all their credibility and I don't think they will resume business anymore.
  • #3,231
  • Jan 29, 2015 4:40am Jan 29, 2015 4:40am
Quoting magicpips
Hi Guys I just made my regular call to KPMG,here is the news, KPMG is in the process of sending out our statements which will initiate how much money we should be getting etc.These statements will be send out by post and e-mail and they're doing it as we speak.So good news ,a bit of light on the other side of the tunnel. Thanks
thanks for the heads-up !!
  • #3,232
  • Jan 29, 2015 5:23am Jan 29, 2015 5:23am
Quoting emanco
Why don't they ask to pay clients the negative balances? I mean, it's their fault if they took such a risky trade. At this stage they lost all their credibility and I don't think they will resume business anymore.
Why Customers with negative account should not pay:
- Because it was written on the site Alpari protected us of such loss
- Because the SL could not work (it's not the fault of the client)
- Because the margin call could not run (not the fault of either client)
A tip if you are asked to pay do not do.
Look FXCM just bend under the weight of clients (negative accounts reset to 0)
  • #3,233
  • Jan 29, 2015 5:45am Jan 29, 2015 5:45am
Quoting magicpips
Hi Guys I just made my regular call to KPMG,here is the news, KPMG is in the process of sending out our statements which will initiate how much money we should be getting etc.These statements will be send out by post and e-mail and they're doing it as we speak.So good news ,a bit of light on the other side of the tunnel. Thanks
Ahhh. Progress
If I receive something like what you stated then at least I have some formal recognition that money is indeed owed to me.
As it stands the only evidence I have that im owed any money is my last daily account statement from Alpari.
KPMG have already stated that the daily confirmation statement could be wrong and due to the E&OE disclaimer on these statements they could quite easily turn round and say they dont owe me anything as my statement was wrong.
That was another question on my list.
How can an online forex broker use an E&OE disclaimer on their statements they send to their clients and get away with it?
That immediately puts the clients at a disadvantage as they have no hard evidence that the broker holds any of their funds.
Basically the daily confirmation emails are worthless to us!
Anyway rant over.
I await correspondence from KPMG.
And cheers for the info Magicpips.
  • #3,234
  • Jan 29, 2015 6:22am Jan 29, 2015 6:22am
Quoting forexTN14
{quote} Russia is just a joke, russian ppl are with chinese the most hated country xD. Quote from Bloomberg in a survey.

Sorry, but I would never identified poor people in Russia and China with their Dictators and Mafia Bosses

S.O.S
perhaps my English is not perfect - but I know the Jungle
  • #3,235
  • Jan 29, 2015 6:37am Jan 29, 2015 6:37am
Quoting Francais
{quote} Why Customers with negative account should not pay: - Because it was written on the site Alpari protected us of such loss - Because the SL could not work (it's not the fault of the client) - Because the margin call could not run (not the fault of either client) A tip if you are asked to pay do not do. Look FXCM just bend under the weight of clients (negative accounts reset to 0)
I have a positive balance. There is probably something in the small print in the contract about the SL and Margin Call. Anyway, we are the ones paying for someones else's fault. What's the deal? Should we just sit and wait until they make their gimmicks?
  • #3,236
  • Jan 29, 2015 7:46am Jan 29, 2015 7:46am
Quoting Zebtra
but someone here said KPMG should at least let the clients with positive balance withdraw their monies but the irony are , if this is allowed , many may broke away from alpari to other brokers and this will make the value of the whole package less attractive and inviting
Yep, thats a big part of the problem. KPMG as an administrator has a legal duty to maximise returns to *all* creditors, not just clients.

Of course, theres overlap, most clients are also creditors (but not all - eg the ones with negative balances)
  • #3,237
  • Jan 29, 2015 8:04am Jan 29, 2015 8:04am
Quoting eurasian
{quote} Yep, thats a big part of the problem. KPMG as an administrator has a legal duty to maximise returns to *all* creditors, not just clients. Of course, theres overlap, most clients are also creditors (but not all - eg the ones with negative balances)
You raise a good point.
I believe the client funds were not released as they were seen as a saleable asset from which the creditors could benefit from.
But thats the problem. Holding client funds is of no benefit to the clients.
So the FCA put the creditors interests as a priority over the the clients rights.
Segregated accounts are meant to stop this happening as the creditors should have no hold over client funds.
It seems the FCA and segregated accounts amount to absolutely nothing for clients.
  • #3,238
  • Jan 29, 2015 8:20am Jan 29, 2015 8:20am
Yep, and thats why I don't think KPMG are at fault here, they are very constrained by law in what they can do, and some of their legal obligations are actually in contradiction with each other (eg it seems impossible to both return client funds quickly *AND* maximise value for all other creditors)

Plus we don't know what state Alparis accounts were in at the time of failure. KPMG has to make sure there are no loose ends.
  • #3,239
  • Jan 29, 2015 8:31am Jan 29, 2015 8:31am
In fact, the obligations are listed in KPMGs FAQ on Alpari

https://www.insolvency-kpmg.co.uk/Vi...7-1e136391cc50

A) The special administrators have to pursue three objectives (although the order in which they appear is not important):
• To ensure the return of client assets as soon as is reasonably practicable;
• To engage with market bodies and regulators both here and abroad in a timely fashion; and
• To rescue the investment bank as a going concern or to wind it up in the best interests of the creditors.


... the first and third are clearly in contradiction if losing the client base reduces the business value
  • #3,240
  • Jan 29, 2015 8:38am Jan 29, 2015 8:38am
Quoting eurasian
Yep, and thats why I don't think KPMG are at fault here, they are very constrained by law in what they can do, and some of their legal obligations are actually in contradiction with each other (eg it seems impossible to both return client funds quickly *AND* maximise value for all other creditors) Plus we don't know what state Alparis accounts were in at the time of failure. KPMG has to make sure there are no loose ends.
This is why segregated accounts and FCA protection needs to be clarified.
Segregated accounts are sold to clients as protection of their funds from creditors in the event of a situation like this. The reality is the creditors still have a hold on our funds segregated or not.
The FCA stamp of approval is also sold to clients as protection of their funds which is all well and good, but if we as clients have no control over those funds and worse case scenario have to wait years to get them back is that the kind of protection we all believed the FCA was providing?
I understand the whole situation as I can put emotion to one side and see both sides of the picture.
But as a client my only interest is what ive been told and how im being treated in this situation.
Where my money is concerned empathy goes out the window.
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