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  • #3,381
  • Jan 30, 2015 9:48am Jan 30, 2015 9:48am
Quoting nAVIN2007
{quote} this is the only reason why we all choose alpari i guess..we all thought our money is face..if we had known different theres no f^^&cking way i would have given them 17k to start trading thx god i didnt give more..it simply tells me..nothing is as it appears, there is no such thing as a 100% guarantee and this regulatory body is useless to say the least

That money is safe.........there are procedures that have to be fallowed to distribute it.
People do not be stupid.
  • #3,382
  • Jan 30, 2015 9:49am Jan 30, 2015 9:49am
Quoting wantsomepips
As far as I understand KPMG have to announce reasonable deadline for any clients to make a claim. And after that deadline they would need to count all claims and compare it to balance of segregated accounts. Wishful thinking to myself: They have stated that so far all monies look to be there and chances are that not everyone will claim their share we actually might be getting more than 100% of our money. Usually there are some people who have some change left and are not bothered to withdraw, maybe even year ago or more from now. What if someone...

but this is not possible unless the payouts are only after the deadline..and they need to inform us of how to claim..any1 can say afterwards i didnt get the notification..so im not so sure they can use this system as its flawed..and with the client base being what it is..that deadline would be too far way..

it would take them ages to process all the claims b4 payout..may take months optimistically if not years
  • #3,383
  • Jan 30, 2015 9:49am Jan 30, 2015 9:49am
Following the feeble update on the KPMG Alpari Insolvency website, further Frequently asked Questions 30/1/2012, I would like to share with all interested parties what I have been able to find out.

Yesterday; early afternoon, following days of frustrating telephone conversations with the KPMG 'Help' desk (who seem to be Alpari employees answering on behalf of KPMG), I managed to speak with a member of the KPMG team called Robert Spence. I did this by emailing '[email protected]' with a list of questions I had already sent to the generic Alpari Insolvency email. Obviously Mr Firmin is far to busy at present to attend to his own emails and my email was read by a lady who forwarded my email to a Mr Spence. Mr Spence then telephoned me, he was very polite and patient and spent half an hour on the phone with me, 'answering' my questions the best he could without giving too much away.

This is what I understood from his answers to the questions I asked -

The memorandum leaked on Leaprate was from the information pack KPMG gave to possible buyers. The figures in the pack where Alpari's own figures and have not been confirmed as correct by KPMG. Alpari had over 100,000 accounts, of which 60-70,000 had credit balances. They still haven't decided how much money is in the client fund, and they can't confirm if it is a credit or debit balance. They have a huge logistical challenge on their hands returning clients money in the normal way, asking for proof, matching it to accounts and returning monies. This would normally be done manually but they are looking for a 'stream line/web functionality' to do this. Alpari systems do not meet the rules set out in The Investment Bank Special Administration (England and Wales) Rules 2011.
www.legislation.gov.uk/uksi/2011/1301 therefore, to as they are Insolvency Administrators not brokers and they are now in charge, they have to build and test a computer system before they can even consider returning any funds. KPMG costs for sorting out and returning client funds to clients are taken out of the client funds. So before any pro rata figure is come to, the costs of the new system will come out of our money. There are still a number of sale possibilities under discussion, which I presume would negate the need of a new computer system, I don't know?

I got the feeling from what he was saying, I'm not sure, a sale could depend on where they decide to close the accounts that traded the CHF move. If they keep the loses on the client accounts, that loss moves off the client side of the accounts and onto the house accounts. Which I suppose makes the situation worse for the creditors rather than us clients. Its a mess. All I know is I want my money back, FCA are useless and KPMG are making a lot of money.

If you feel KPMG are not fulfilling their duties to us as clients, I understand the following people are the ones to contact [email protected]
  • #3,384
  • Jan 30, 2015 9:54am Jan 30, 2015 9:54am
Quoting wantsomepips
{quote} That money is safe.........there are procedures that have to be fallowed to distribute it. People do not be stupid.
i pray u are right
  • #3,385
  • Jan 30, 2015 9:55am Jan 30, 2015 9:55am
Quoting nAVIN2007
{quote} but this is not possible unless the payouts are only after the deadline..and they need to inform us of how to claim..any1 can say afterwards i didnt get the notification..so im not so sure they can use this system as its flawed
Exactly.
The system is flawed and biased against clients.
The safest place for your money is under your mattress.
I personally am going to take the FCA to task. There are tools I can use whereby I can get good legal backing without paying a penny.
The more I learn about this whole situation, the more I see that the FCA are not what they claim to be.
  • #3,386
  • Jan 30, 2015 9:59am Jan 30, 2015 9:59am
Funny when I remember about Alpari website that boasting about its advantage in choosing Alpari UK because of the funds is so safe with them. (REASONS WHY CHOOSING ALPARI UK).

I have been trading with Alpari UK since 2009 because of trusting this damn marketing gimmick of Alpari UK, and now I have to wonder everyday about my funds whether it will be returned to me 100%.

WTF!!!
  • #3,387
  • Jan 30, 2015 10:05am Jan 30, 2015 10:05am
Quoting jizzyjay
{quote} Exactly. The system is flawed and biased against clients. The safest place for your money is under your mattress. I personally am going to take the FCA to task. There are tools I can use whereby I can get good legal backing without paying a penny. The more I learn about this whole situation, the more I see that the FCA are not what they claim to be.
the guy i spoke too this morning seemed clueless...pointing me towards kpmg and the women i spoke to there..seemed too confused about exactly what is happening other than they are trying to find a buyer..which will only cause them to give us no answers because we would bail first opportunity

why inherit a broker when we can pick and choose who we want to have as a broker, unless theres some kind of incentive as a bonus?
  • #3,388
  • Jan 30, 2015 10:10am Jan 30, 2015 10:10am
And thats what makes KPMGs job so difficult. They are forced, by law, to balance the needs of many different interests, not just clients.

And most of those with interests are very angry and want their own problems to be given top priority. KPMG cannot possibly do this of course.
  • #3,389
  • Jan 30, 2015 10:24am Jan 30, 2015 10:24am
Quoting eurasian
And thats what makes KPMGs job so difficult. They are forced, by law, to balance the needs of many different interests, not just clients. And most of those with interests are very angry and want their own problems to be given top priority. KPMG cannot possibly do this of course.
I agree with most of what you say but your not right now.
The interests are not being balanced. Creditors interests are being put before ours.
It cannot be seen any other way.
All the clients want is what is theirs, the funds in the segregated accounts.
The creditors would still have the rest of the assets within Alpari.
How is it balanced when they are keeping our funds?
  • #3,390
  • Jan 30, 2015 10:27am Jan 30, 2015 10:27am
wow, we have a new user following this thread .....
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  • #3,391
  • Jan 30, 2015 10:29am Jan 30, 2015 10:29am
Quoting jizzyjay
{quote} I agree with most of what you say but your not right now. The interests are not being balanced. Creditors interests are being put before ours. It cannot be seen any other way.
If you think thats the case, sue them.

But since a sale will protect client funds, you might have a tough job arguing that a sale is not in your interests.
  • #3,392
  • Jan 30, 2015 10:30am Jan 30, 2015 10:30am
Quoting wantsomepips
As far as I understand KPMG have to announce reasonable deadline for any clients to make a claim. And after that deadline they would need to count all claims and compare it to balance of segregated accounts. Wishful thinking to myself: They have stated that so far all monies look to be there and chances are that not everyone will claim their share we actually might be getting more than 100% of our money. Usually there are some people who have some change left and are not bothered to withdraw, maybe even year ago or more from now. What if someone...
​I highly doubt this is the case. Yes, I believe Alpari did keep all the client's money segregated and FCA monitored it. But, Alpari seriously miscalculated risks and allowed its clients to take almost totally one sided bet against swiss frank. A broker with better risk management would at least increased margin requirement. There was no case for FCA intervention here. And no regulations in the world prevented this. Neither NFA nor Swiss regulators could do anything.

Now, since this happened some client accounts are in deep red and thus the whole segregated account has less money than it must have. It happened to many brokers, FXCM being the most well known case. But unlike FXCM Alpari could not secure a loan and had to fall. Unless there is a buyer wanting to cover the negative equity of the clients or the money is recovered from the clients, I do not think that traders will receive their money in full in bankruptcy proceeding.

KPMG now has to collect all claims then calculate all the assets, try to recover as much money as possible from the negative accounts, divide the money pro-rata to the clients, repackage all trading business into a new entity and sell it to the highest bidder. The proceedings of this same should cover at least some of the creditors and shareholder losses.
Wookey
  • #3,393
  • Edited 10:44am Jan 30, 2015 10:31am | Edited 10:44am
Hi fellow Traders,

i just joined ForexFactory to be able to participate in this discussion.

I got burnt by Alpari UK too, and i feel the same pain as you.

I was not involved in trading any CHF pair.

Still on 2015.01.16 at 11:19:17 my open long standard lot USDCAD trade was closed by Alpari at a price of 1.19779 - way, way below my set Take Profit.
As USDCAD rose above 1.27 in between i'm missing out big on this trade.
(In fact i did make a big loss on this trade. But that's another story ...)

Alpari UK tries to reason that the SNB announcement and what happened afterwards was some kind of "Force Majeure", which they couldn't do anything about - and thus had to close our trades / their operation.

I say BULL, because this was no earthquake or the like.
True, the markets were shocked an shooked by the SNB.
But not all brokers were hit the same way by this.
As we know, quite a number of brokers took precautions and warned their clients about trading in CHF and / or lowered the leverage way before the "event".

So when Alpari UK says what happened was Force Majeure, it's just not true.
It's just a lame excuse for dismal mangement practise, being undercapitalized and acting very, very irresponsible.
A situation like this says a lot about the efficiency of Regulation and the Regulating bodies like the FCA ...

Unfortunately the Special Regulators seem to follow Alpari UK's flawed reasoning ("Force Majeure").
This gives little hope for all of us that got their trades closed by Alpari UK (not talking about any Swissy trades here).

I won't accept this, or that the Special Administrators feed on my funds.
Nor will i pay the bill for Alpari UK's mismanagement or the negative balance of other traders.
HUGH!!!!

I hope there are more of you that share my point of view and want to fight for their money too.

I suggest we join forces and build up a chain of reasoning for dealing collectively with KPMG, FCA and FCS.

It would sure help, if we can number how many got their trades closed, and if we can raise our voice as one.

What do you say?
  • #3,394
  • Jan 30, 2015 10:32am Jan 30, 2015 10:32am
Quoting eurasian
{quote} If you think thats the case, sue them. But since a sale will protect client funds, you might have a tough job arguing that a sale is not in your interests.
Sue them?
Who said anything about suing anybody?
You seem to have shown your true colours with that statement.
Ill tell you my stance on this now.
The money I will wait for. What I wont tolerate is institutes taking advantage of systems which are clearly tailored to suit them at the expense of clients interests.
Exposure is what this needs.
  • #3,395
  • Jan 30, 2015 10:32am Jan 30, 2015 10:32am
What about those who had 3 seperate accounts:

1.) currently in -8000$ (trading chf) !!! 2.) 8000 (was passive during event) 3.) 7000$ stoped out after event (trading eur/usd)

Can they make me pay the negative balance at all? If yes, are they allowed to compensate from my other accounts? Who shell I ask about these?
  • #3,396
  • Jan 30, 2015 10:38am Jan 30, 2015 10:38am
Quoting Mystique
It would sure help, if we can number how many got their trades closed, and if we can raise our voice as one. What do you say?
Im in for sure... we cant just sit about waiting for a few crumbs to be thrown our way!!!!
  • #3,397
  • Jan 30, 2015 10:40am Jan 30, 2015 10:40am
Quoting firecool
What about those who had 3 seperate accounts: 1.) currently in -8000$ (trading chf) !!! 2.) 8000 (was passive during event) 3.) 7000$ stoped out after event (trading eur/usd) Can they make me pay the negative balance at all? If yes, are they allowed to compensate from my other accounts? Who shell I ask about these?
Yes they can and im sure they will.
  • #3,398
  • Jan 30, 2015 10:41am Jan 30, 2015 10:41am
Quoting firecool
What about those who had 3 seperate accounts: 1.) currently in -8000$ (trading chf) !!! 2.) 8000 (was passive during event) 3.) 7000$ stoped out after event (trading eur/usd) Can they make me pay the negative balance at all? If yes, are they allowed to compensate from my other accounts? Who shell I ask about these?
I expect they will just deduct your losses from your other accounts
  • #3,399
  • Jan 30, 2015 10:43am Jan 30, 2015 10:43am
There info on how to submit a claim on KPMG website

https://www.insolvency-kpmg.co.uk/ca...F119D1101.html

Now we have some progress
  • #3,400
  • Jan 30, 2015 10:44am Jan 30, 2015 10:44am
Quoting jizzyjay
What I wont tolerate is institutes taking advantage of systems which are clearly tailored to suit them at the expense of clients interests.
And if you have hard evidence that KPMG are doing this, then you have recourse under law. Not sure how this shows 'true colours', its just a statement of fact.

KPMG have a legal obligation to represent your interests as clients. The problem is that your interests are not the only ones they are obligated to represent.
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