you will be next if not this time, join Alpari clients' hands

Hello, fellow alpari uk traders and all the traders in financial markets. I am one unfortunate alpari trader whose funds are stuck in alpari. I have done everything i could do to get my funds on my own. I have called alpari numbers and they are closed, have emailed alpari customer service, after that i contacted fca, and kpmg company. I also emailed court appointed alpari administrators and have complained fca complaints department but unfortunately so far no one is ready to discuss or tell me when i can withdraw my funds.

I dont know what is going on behind closed doors, every other day there is different news report some time claiming 40 buyers want to buy alpari and some time 50 buyers want to buy alpari, and now latest is this that many brokers want to buy alpari clients, whatever is happening it is my money, so i beleive it is my right to be part of what ever is happening. I believe i should be treated in better way, and as my living depend on trading so i should have been returned my funds.

Today all this is happening with me, and other alpari clients , tomorrow it will happen with (you if you are lucky today), therefore it is my request to alpari clients and all other fellow traders in financial markets all over the world that kindly lets join hands and make this trading business more secure for our better future. This is our market, we are part and stakeholder of this market, we can not let alpari, fca or kpmg ruin our trust in forex market. once people start questioning forex market then eventually one day come when there will be no trust in this market and whole system(market) will collapse. so lets make forex market a better place for everyone.

what i think we should do, there are some things need to be done.

if you are alpari clients

1. all alpari clients and should join together and become one voice.
2. we should raise our voice, let the world know that we are being cheated, and being treated in uncivilized and probably illegal way.
3. should take steps to get our funds in quickest way.

If you are trader with other brokers

1. join alpari traders in our struggle and help us return in financial market(remember diversified and liquid market is in best interest of all)
2. once you have helped s get our funds back, we(alpari and non alpari) traders will work together and will demand govts around the world and brokers around the to adopt fair practices and make this market attractive for existing and new traders.

Regards

Respect bro I will join u

The point is that if our funds are segregated, and the administrators are appointed by the courts to handle the processes of the business with a view to salvage or winding up, then the costs of returning the segregated retail funds should surly be borne by the business, ie Alpari, not us. As it stands we face a near total loss of our funds, at KPMGs discretion and timetable.

Also, the back office system already exists to verify customer accounts and process the withdrawal – how else did we deposit our funds in the first place – so there is no need to develop a “web claims portal” at great delay and expense to us retail clients.

Are you happy with this ? No ? Then ask yourself:

Have you phoned the Alpari hotline today (0333 202 1397) and kicked off ? Have you followed your call with (yet another) letter of complaint ? No ? Then why not ?


Have you phoned the FCA complaints line today (0207 066 9870) and kicked off ? Have you followed your call with (yet another) letter of complaint ? No ? Then why not ?


Have you filed a formal Insolvency Practitioner Complaint via the Government Insolvency Service ? Via this link https://www.insolvencydirect.bis.gov...Comp laint.aspx ? No ? Then why not ?

Were going to get knocked back at every turning, that's a fact, and if anyone has any better ideas then please do let us all know, but I for one will not stop doing this every day until I get as much of my money back as I can.

If you opened an account governed by the UK's Finacial Conduct Authority, Then you need to accept it's procedures, Uk law maybe slow but it works under the guidence of the judicial system, that's how it is in the UK and the legal safeguards are in place, as of yet nobody is being cheated.
The Law is The Law and it will proceed at it's own pace.
And yes I am a Alpari retail clientc with a few k on hold in an account

we are two group of traders, one who live in UK and others who live in other countries(i live outside uk). what i feel we can do.
Uk based traders,
Uk based traders can call to kpmg, fca, and any other regulatory body, news agency, or other govt and non govt organizations.
we non uk based trades can email same organization and write letters .
other things we can do is as we all use internet so on internet we have social media, on which we can contact different people, like politicians, journalists and senior traders, businessman.

but how we become one voice first? i personally feel and have been advocating on other forum that we should write online petition and sign it with 100000+ signatures. that way we will have one voice. we can forward that petition to news agencies,, govt departments and any other organization. that way everyone will know that as so many people have signed petition so there must be some problem, and people will start to notice us.

kindly put your suggestions and ideas, i will be making list of all the suggestions and we will do everything which comes to our mind .

thanx. we are one, we only need to realize power of one

i will not call as it is too expensive for me, but i will email them and have been doing regularly. i am making list of steps we can take, your suggested steps have been added. and we will try email and phon them daily untill we get answers of our questions and our funds

but 1st of all we need something to show world that we are one.. we need petition signed with 100000 signatures . that way we will become one group of 100000 people. i need some one who can put our case i better to write petition. just post it here and i will publish it online.

agreed, everything will happen correctly, but not communicating on whatever is happening is that also part of law? keeping us in dark on our funds. in japan funds are being released, in newzealand funds have been released.

Alpari client with 40k account. Also very interested in getting my money back. Thank you for creating a space so that we can all know how to proceed and be inform.

Alpari client with 32k mt5 ecn account. Also signed a petition .
Thanks 4 all info, good work done.
Regards from Slovenia

petition 4FX ... good initiative... signed !

http://4fx.club/petition/

You must sign .... yes you reading now ... no matter if you are Alpari client or not... this could be a statement for the market and for regulators, and a good one.

IF YOU AGREE OR SIMPATIZE WITH THE CAUSE, SIGN THE PETITION.

A trader can't complain if he burns his capital with bad trades, it's his fault, but it is not fair to be left outside the market because of brokers bad risk management. This is a message to regulators, investors, traders, brokers, banks and all players... Parts must honor for what they are accountable.

I have signed the petition hopefully it will work.
Besides writing emails I do not know what else to do or what else would work.

http://www.forexfactory.com/showthread.php?t=524824

Kindly help me with this.

wow thats great... we are internet generation.... it is good we raising our voice ... petition is online,,, we have to sign as many people as possible. its not about alpari clients its about we traders. no matter with which broker we are trading, but we are one trader community.

ok
i am in
same guys
with no money

There seems to be a lot of people on this thread who are cynical and impatient. I'm not saying this is wrong, but I received an email from KPMG on 22/1/2015 saying they acknowledged that I was a client with funds in Alpari and that they would get my money back to me as soon as it is possible. Given the number of client accounts there are and they have to look at each individual account to see if it was in credit or loss at the time it will take a considerable effort to get all that information together. In their email KPMG said it would be eight weeks before they would be able to fully appreciate the situation.

So I have signed the petition, but I will hang on until the eight weeks have elapsed before I start writing strongly worded letters of complaint to KPMG, ombudsmen, etc, and I would urge others here to exercise a little restraint and a be patient. Our complaining to KPMG will only slow the whole process down even further. If they fail to deliver on their promises by the end of the eight weeks then I will be shouting as loud as everyone else here.

http://leaprate.com/2015/02/alpari-u...-client-funds/

Another petition . Pls sign this as well. It will be delivered to KPMG by LeapRate.

Nobody is giving up their money. Every one will hang on, but not quietly... my limit of patience with KPMG is the 8 weeks... other then that I account them responsible too. Another issue I am just waiting to see is their "fee" ... lets just see how big it is.

Yes, KPMG is help, for now, but they must know we are VERY IMPATIENT to the point we can explode any time... The special administrator is not above the law and can be accounted responsible for his actions, one of them is how and when he handles the return of funds.

Other brokers are watching too, maybe some regulator, or authority too... this is why we must prepare and manifest our feelings.
Remember that laws are made according to public opinion, so this moment is not to be quiet.

We are organizing, we are getting petition, and we uniting ... hopefully it will not be necessary, but if it comes to that point you will see how valuable this actions can become.

I appreciate very much that some people took action forming this new thread and also a petiton site.

Albeit this action seems to have happened quite spontaneously.

Imho it would have been advisable to first discuss what exactly we want to achieve and what options we realistically have to get there.

My issue with the 4fx.club petition is that there is no content saying what the petition is about, or what for / how it is going to be used.

A petition consist of more than just a list of names.

The way Leaprate have set it up makes a bit more sense, because they state that the petition is going "... to be formally presented to Special Administrator KPMG, requesting that all client monies be returned directly to those clients as soon as possible."

A statement similar to that is completely missing at 4fx.club/petition.

I say this not to belittle it or to discourage anyone to sign it.

It's just that taking action without a clear goal and considering how to reach it, is a bit like shooting an arrow in the air, hoping it will somehow land in the right spot. It might well do. But when you aim the arrow at a specific target, chances are higher it will hit it, and perhaps with more power ....

For both petitions, we are expected to trust the originators with our data. Which not everbody might like to.
So my guess is that the number of signatories will perhaps not mirror the number of affected traders.

Anyway, it's a start.

Besides that i still have questions about the legality of Alapri UKs reasoning for closing down, and the way KPMG is handling the Special Administration.

My major concerns right now are:

 

1. Force Majeure. If Alpari can claim this as reason why they closed our (non-swissy) trades and their operation, it simply means they are not liable for any losses we traders incurred because Alpari did what it did. My take is: they are liable because what happened wasn't an unforseeable Black Swan event or the like. They just were not prepared due to their dismal (risk) mangement practise. So imho Alapri UK is liable for any losses incurred. And i will claim back my losses too, not only my balance.
2. Is it really legal in the UK that the "costs and expenses of dealing with and distributing client assets (which include client monies) are paid out of client assets"? And what does this really mean? Do the so called "client monies" include the segregated funds of retail clients? If this would be true, basically we, the retail clients would have to pay the Special Administrators for getting back what's left of our money "pro rata" after KPMG has deducted their fees. This would be a clear conflict of interests. And if this is what's going to happen to us, then that's nothing but institutionalized theft! Theft by Regulation? Please somebody tell me, that's not what's going to happen ...
3. Ok, the Special Adminstration has strict rules, which will take some time to process. But what if the Special Administrators become creative and find ways to spend more time on it - for instance by developing a sort of portal, instead of using the Alpari UK account statements, Database etc. Might be legal, but imho not legitimate. Read point 2 again.
4. Are traders that are no UK residents covered at all by FCA / FCS?

I'm not a lawyer and don't live in the UK.

Perhaps some of you living in the UK can help connect the above dots?
Can someone dig up a list with UK attorneys that specialize in Insolvency & Finance Industry?
Perhaps someone can even get a free consultation on the above questions?

We need to fully grasp what's exactly going on, as well as our rights and our legal options to deal with it.

The point is that the back office system already exists to verify customer accounts and process the withdrawal – how else did we deposit our funds in the first place – so there is no need to develop a “web claims portal” at great delay and expense to us retail clients.

Also, if our funds are segregated, and the administrators are appointed by the courts to handle the processes of the business with a view to salvage or winding up, then the costs of returning the segregated retail funds should surly be borne by the business, ie Alpari, not us.

I'm giving the Alpari/KPMG hotline a hard time on a near daily basis on 0333 202 1397, and was told by a manager that they had received less that 200 calls in total since the line was set up... Out of 100,000 clients... Clearly everyone thinks that someone else will do it so they needn't bother.

In addition I'm regularly bugging the FCA on their complaints line 0207 066 9870 as I do not believe that KPMG's view that they can access segregated funds to pay themselves to conduct the winding up of the business is either legal or in the spirit of the law.

I am also filing regular complains to the Government Insolvency Service https://www.insolvencydirect.bis.gov...Comp laint.aspx to reiterate the above and due to my letters of concern and formal complaint to KPMG have not even been acknowledged much less responded to.

Some may say these steps are misguided; I still believe that doing something is far more likely to result in a positive outcome than doing nothing - and 8 weeks is far too long to wait before taking action - as by then KPMG will have assessed the opposition, formulated their offering and run up huge bills that we are expected to pay...