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Alpari.co.uk Discussion

  • #3,821
  • Feb 6, 2015 7:51am Feb 6, 2015 7:51am
Quoting shail31
Guys,what will this petition achieve(I surely don't know).What I know is it easily possible for leaprate to get an estimate of all our funds and pass it on to another broker.

it is funny u say this:-
I posted on there that we have a pertition and if possible numbers can be taken into account..gerald replies "

Hi Navin. We have no idea who put that up. Might be another broker looking to gather email addresses of ex Alpari clients. We will not link to it, and as such we cannot post your comment.

Best,

Gerald Segal
LeapRate"

I responded by saying:-
Hi Gerald, I understand..that site was put up by an associate of mine,. He is an alpari uk client who is simple fedup and think something needs to be done..the numbers are climbing and if possible we will all post on your pertitions. We are all in a place where we simply have no faith in the system and need ackowledgement.

Thanks for your steps and news.
Regards, Navin
https://ssl.gstatic.com/ui/v1/icons/...s/cleardot.gif

  • #3,822
  • Feb 6, 2015 7:54am Feb 6, 2015 7:54am
Quoting magicpips
{quote} please, keep your comments to yourself, if u dont want to do anything don do it and stop making comments.

please, keep your comments to yourself, if u want to do something plz do it but stop telling me what to do.
  • #3,823
  • Edited 8:20am Feb 6, 2015 8:09am | Edited 8:20am
Quoting nAVIN2007
{quote} it is funny u say this:- I posted on there that we have a pertition and if possible numbers can be taken into account..gerald replies " Hi Navin. We have no idea who put that up. Might be another broker looking to gather email addresses of ex Alpari clients. We will not link to it, and as such we cannot post your comment. Best, Gerald Segal LeapRate" I responded by saying:- Hi Gerald, I understand..that site was put up by an associate of mine,. He is an alpari uk client who is simple fedup and think something needs to be done..the numbers...
I can understand that, the site did just spring up over night, no i am not a broker, just a disgruntled trader!

Im a bit dubious about giving Leaprate any info on funds owing!! what do you think??

They have changed there petition form, now they want name, telephone number and email, with funds owing optional
  • #3,824
  • Feb 6, 2015 8:17am Feb 6, 2015 8:17am
Quoting mazzara
{quote} This is now bigger then Alpari failure man. We all know what insolvency is and its due process. We know money is segregated and will, eventually return...
1. Your money are fully protected and insured for up to £50k by FSCS. If it is not protection then what is?

2. If you trade full time and it is your main source of income then you are a retail client in name only. In reality you are a professional trader and have to manage your risk on your own. The regulation protects non-professional retail clients and the terms you signed clearly stated that you should not use the money you depend on for trading. If you did so, it is your own fault not FCA's, you were warned.

3. The law regulates how the client's funds to be handled and how much reserves a broker must have to be permitted to trade. As far as we know Alpari did not break any regulation. Risk management is not regulated, it is not possible each broker has its own rules an universal rules do not apply. Seriously, if you are a full time traders at least read the laws regulating your main source of income.

4. Get real, unrealized gains are only in your mind. KPMG will calculate your true balance for the end of business on Jan 16. And that will be what you are owed.

5. No one devoid you of your rights, you have the same rights as other Alpari creditors.

After this Alpari Russia statement, I think every its client has to be worried. Such boasting is never a good sign. Of course, being unregulated they do not have to maintain minimum capital, so the do not have to enter insolvency, but we can be sure that its losses are not much smaller than here.
Wookey
  • #3,825
  • Feb 6, 2015 8:19am Feb 6, 2015 8:19am
Quoting ewinner
{quote} I can understand that, the site did just spring up over night, no i am not a broker, just a disgruntled trader! Im a bit dubious about giving Leaprate any info on funds owing!! what do you think??

i didnt realise we had to give this info at all..i just wanted them to realise we have 70+ people already which hopefully would show theres people that will sign..lets see what they do..bottom line is we want our money..quickest time possible

we need to move on..right now the money is just sitting earning nothing and not providing us any opportunities.
  • #3,826
  • Feb 6, 2015 8:23am Feb 6, 2015 8:23am
Quoting ewinner
{quote} I can understand that, the site did just spring up over night, no i am not a broker, just a disgruntled trader! Im a bit dubious about giving Leaprate any info on funds owing!! what do you think??
True.There are some people who have still not learned after the SNB fiasco.Don't trust
these organisations blindly.Leaprate is a profit making organisation.What has it to gain by
petitioning on our behalf,not much I think.They "may" have a good intention but I
would be uncomfortable about sharing my info with them.
  • #3,827
  • Feb 6, 2015 8:25am Feb 6, 2015 8:25am
Quoting nAVIN2007
right now the money is just sitting earning nothing and not providing us any opportunities.
I bet our money is earning interest for somebody!!.... lets hope KPMG release some news today, it is friday!
  • #3,828
  • Feb 6, 2015 8:31am Feb 6, 2015 8:31am
Quoting ewinner
{quote} I bet our money is earning interest for somebody!!.... lets hope KPMG release some news today, it is friday!
yes for sure
  • #3,829
  • Feb 6, 2015 8:38am Feb 6, 2015 8:38am
Quoting wookey
{quote} 1. Your money are fully protected and insured for up to £50k by FSCS. If it is not protection then what is? 2. If you trade full time and it is your main source of income then you are a retail client in name only. In reality you are a professional trader and have to manage your risk on your own. The regulation protects non-professional retail clients and the terms you signed clearly stated that you should not use the money you depend on for trading. If you did so, it is your own fault not FCA's, you were warned. 3. The law regulates how...
Well maybe we disagree in some views but you've touched the major point: RISK REGULATION... banks have risk regulation, why can't borkers have some too?

I don't have full knowledge about the regulation but I bet there is nothing about risk management...

Regulations are made and adjusted after messes like this.
  • #3,830
  • Feb 6, 2015 8:38am Feb 6, 2015 8:38am
http://leaprate.com/2015/02/alpari-u...fo-memorandum/

READ IT!
myfxbook: neoxis
  • #3,831
  • Feb 6, 2015 8:40am Feb 6, 2015 8:40am
We also understand that KPMG plans to sell Alpari UK’s client list to the highest bidder – although any purchaser would not be acquiring the clients directly. Alpari UK clients will have the option of getting their money back, or having their account transferred to the client list acquirer.
myfxbook: neoxis
  • #3,832
  • Feb 6, 2015 8:50am Feb 6, 2015 8:50am
Quoting wookey
{quote} 1. Your money are fully protected and insured for up to £50k by FSCS. If it is not protection then what is? 2. If you trade full time and it is your main source of income then you are a retail client in name only. In reality you are a professional trader and have to manage your risk on your own. The regulation protects non-professional retail clients and the terms you signed clearly stated that you should not use the money you depend on for trading. If you did so, it is your own fault not FCA's, you were warned. 3. The law regulates how...
+1

Money will be returned but the process is the process. FCA doesn't announce anywhere that in case of insolvency/default by the broker your money will be returned in 2 days or 2 weeks. If anyone was under that impression when they read about segregated accounts and FCA regulation they simply have no clue how businesses work.

As for Alpari Russia wanting to expand and acquiring intellectual property from Alpari UK, this is just how businesses work. The 2 companies were completely independent from each other they had no connection. They had the name in common and maybe a shareholder or 2 in common but they were independent companies.

Just to give an example... Bill Gates owns a company called Cascade Investments LLC that owns a lot of other companies and stakes in others. For instance they own OANDA. Lets say Cascade Investments goes bankrupt and that causes OANDA to close down. The next day Microsoft acquires the OANDA name and says they are looking to expand... Would there be anything wrong with that? Of course not, Microsoft and Cascade Investments are 2 totally separate companies they just happen to have Bill Gates as shareholder on both.

Companies and Individuals are 2 different things...
  • #3,833
  • Feb 6, 2015 8:54am Feb 6, 2015 8:54am
THE SITUATION AT THIS POINT:

Alpari UK lost £24 million ($36 million) on Black Thursday from the Swiss Franc spike, and currently sits on $31 million of client’s negative account balances. About half of those $31 million of negative balances are attributable to just 9 customers. (As we’ve written before, we believe it will be very difficult for brokers generally to collect on negative client balances. Very few clients, if any, will voluntarily just send in a check, and if it ever gets to a courtroom are likely to argue that the implied agreement with the broker is that client losses are limited to amounts deposited).
Ignoring its ‘asset’ of $31 million that it is owed by its clients, Alpari UK’s current financial situation can be summed up as follows:

  1. $12.6 million in ‘own cash’.
  2. Its three largest creditors are owed more than $25 million, including Citibank (Alpari UK’s prime broker) which is owed $8.8 million, FXCM is owed $2.5 million, and Alpari UK’s ‘professional’ clients are owed $14.3 million – unlike retail clients whose funds are segregated and held separately, professional client funds are allowed to be moved and used at the broker’s discretion. Apparently Citi has indicated flexibility around the amount and timing of repayment of their $8.8 million.
  3. From a regulatory standpoint, with its current level of client deposits Alpari UK has a capital requirement of about £17 million ($26 million). Before January 15 Alpari UK had excess capital of more than £8 million ($12 million), but its £24 million loss on January 15 leaves it with a more than £15 million ($23 million) regulatory hole. To continue operating as a going concern, a purchaser would have to put in that plus a reasonable capital buffer – at least £20 million ($30 million) in total.

myfxbook: neoxis
  • #3,834
  • Feb 6, 2015 8:59am Feb 6, 2015 8:59am
Are u from Leaprate? Why is Leaprate asking for e-mail addresses, telephone numbers and client funds Alpari? This appears suspicious. There is a commercial interest here. Since this issue started, I have been receiving numerous unsolicited e-mails. I am sure the targets of this mails are our funds.

I will advise all genuine Alpari UK clients to stick to the petition on http://4fx.club/petition/

Beware!


Quoting neoxis
We also understand that KPMG plans to sell Alpari UK’s client list to the highest bidder – although any purchaser would not be acquiring the clients directly. Alpari UK clients will have the option of getting their money back, or having their account transferred to the client list acquirer.
  • #3,835
  • Feb 6, 2015 9:07am Feb 6, 2015 9:07am
Quoting Articulate
I will advise all genuine Alpari UK clients to stick to the petition on http://4fx.club/petition/
Couldnt agree more... why didnt Leaprate set up a petition sooner if they really wanted to help us??
  • #3,836
  • Feb 6, 2015 9:15am Feb 6, 2015 9:15am
Quoting Articulate
Are u from Leaprate? Why is Leaprate asking for e-mail addresses, telephone numbers and client funds Alpari? This appears suspicious. There is a commercial interest here. Since this issue started, I have been receiving numerous unsolicited e-mails. I am sure the targets of this mails are our funds. I will advise all genuine Alpari UK clients to stick to the petition on http://4fx.club/petition/ Beware! {quote}
We need help from anyone! i didn't put my telephone number but if they require your email i don't know why we shouldn't give em.
No i'm not from leaprate and even if for just an email i will receive their newsletter I DONT CARE. we just care to do everything possible for take back ours funds and leaprate is a good way for have a contact with heis of KPMG. For sure more easily than make that kind of petition of 4fx!
I signed both...So what's the problem? i received call for invest my funds yesterday too from another company. We are in the same boat. Who cares if others call us.
We just need to fight for have ours money ASAP! All the rest is stupid speculation and wasting of time! You can continue to be suspicious. I will do everything in my possibilities and if a journal need our amount for make a detail statement to report on the office of KPMG i agree with this and i not see nothing suspicious and yes for sure leaprate are making this even for interest are you stupid or what? Journalist always try to speculate on every notice it's normal but if this can help us to hear our voices out of the wall of forexfactory we should to try! And we should to be glad than a so big journal want help us even if is for have some visibility.
myfxbook: neoxis
  • #3,837
  • Feb 6, 2015 9:25am Feb 6, 2015 9:25am
very important a full pdf with all details of alpari uk company
reported from kpmg.

read it if you want know more about the company situation assets!

Attached File(s)
File Type: pdf Alpari_UK_Limited_Information_Pack.pdf   632 KB | 985 downloads
myfxbook: neoxis
  • #3,838
  • Feb 6, 2015 9:31am Feb 6, 2015 9:31am
Quoting neoxis
very important a full pdf with all details of alpari uk company reported from kpmg. read it if you want know more about the company situation assets! {image}
Thanks for posting that... great when we get more info from a commercial website rather than the administrators!!
  • #3,839
  • Feb 6, 2015 9:38am Feb 6, 2015 9:38am
Quoting ewinner
{quote} Thanks for posting that... great when we get more info from a commercial website rather than the administrators!!
yeah thanks leaprate for info and anyway now we can confirm ours money are still there in full.
myfxbook: neoxis
  • #3,840
  • Feb 6, 2015 9:52am Feb 6, 2015 9:52am
Quoting neoxis
{quote} We need help from anyone! i didn't put my telephone number but if they require your email i don't know why we shouldn't give em. No i'm not from leaprate and even if for just an email i will receive their newsletter I DONT CARE. we just care to do everything possible for take back ours funds and leaprate is a good way for have a contact with heis of KPMG. For sure more easily than make that kind of petition of 4fx! I signed both...So what's the problem? i received call for invest my funds yesterday too from another company. We are in the...
I dont think u understand infact even myself u may not think it is important but can u imagine what a series of names and email addresses along with telephone number is worth, especially if they are all from alpari UK?
a lot of money thats what..much more than u can imagine!!
I signed a pertition asking me for my email..but i kinda trust the person ..no other info is required
the point is the data is worth something ..so dont just give , next thing u know someone has claimed it, because they went down the right channel no joke aside..need to carefull
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