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Alpari.co.uk Discussion

  • #4,561
  • Feb 25, 2015 4:14pm Feb 25, 2015 4:14pm
In addition to the previous post....

If KPMG could lawfully take money from the segregated accounts to pay for costs incurred they would do it without asking us to accept it. They are only asking if we want that to be paid out of our pockets because they can't do it themselves lawfully. They can if we accept it.

For example, creditors don't have that option. By law it will come out of their share if the assets of the company are not enough to cover all creditors so they have no votes if they wanna pay for it or not.

I could be mistaken but I think this is their angle!
  • #4,562
  • Feb 25, 2015 4:59pm Feb 25, 2015 4:59pm
I filled the form the same way, papamax. You got my support with your choices.
  • #4,563
  • Feb 25, 2015 7:09pm Feb 25, 2015 7:09pm
How do I know if I had trades on 15/16 when I haven't got access to history of my trades. I've opened account a week before everything happened, I've had small trades, for short run, I was opening and close it, I've got no clue if I had anything opened at this time 15/16 - My trades was really small any way! The only thing I know is that I've checked my acc couple days after and that I didn't have any trades opened, no access to trades and POSITIVE balance, which I'm satisfy with .

So do i need to fill anything or just wait?


BTW, it looks like KPMG is biggest winner here ! I don't mind if they take few % , even I think they are a way too expensive ! But to be honest they should claim it from Alpari or FCA not from clients with positive balance !
  • #4,564
  • Feb 25, 2015 10:56pm Feb 25, 2015 10:56pm
Could anyone upload the proposals documents?
  • #4,565
  • Feb 25, 2015 11:19pm Feb 25, 2015 11:19pm
Quoting papamax
In addition to the previous post.... If KPMG could lawfully take money from the segregated accounts to pay for costs incurred they would do it without asking us to accept it. They are only asking if we want that to be paid out of our pockets because they can't do it themselves lawfully. They can if we accept it. For example, creditors don't have that option. By law it will come out of their share if the assets of the company are not enough to cover all creditors so they have no votes if they wanna pay for it or not. I could be mistaken but I think...
Yeah like I would accept to PAY to get my OWN money back!! What do they think we are? Those prison b**ches? We traders already got f***ed by Alpari ditching on us and now we have to accept to get f***ed again by the guy who's supposed to work to return our own money back to us? If KPMG ever dares to touch one cent of our money which is supposed to be COMPLETELY segregated and returned to us long time ago, we are going to sue them for grand larceny and funds embezzlement and we are going to press charges against them. So they better be careful or they might end up being prison b***ches themselves!

They were hired by FCA so they should be paid by FCA. Whoever hires whoever pays! Maybe we should go to the media to exert some pressures on those fraudsters! This is getting ridiculous.
Make your losses in demo. Earn your profits live.
  • #4,566
  • Feb 25, 2015 11:34pm Feb 25, 2015 11:34pm
Quoting papamax
Citibank - FXCM - HMRC - AVIVA Life Insurance - Barclays Bank - Broadgate Estates - Google - CitiFX Do you really care what happens to these massive companies or if they pay for the costs? These costs or even these losses mean nothing for them. The remaining creditors are mostly professional clients who should have protected their butts better, unfortunately. Resolution 6 - FOR because voting against would only delay the process further and not change the outcome. Resolution 7 - FOR because voting against would only delay the process further and...
Barclays is one of their creditors? The bank that stopped the quoting system and then turned around and bucketshopped the brokers with fill price that's 7K+ pips worse than the market price on the CHF and that probably was the reason that drove Alpari to bankruptcy??? OMG!!! LOL Karma IS sweet!!!

http://forexmagnates.com/banks-bucke...nc-volatility/

After seeing this, I would be DEFINITELY voting against paying for the fees out of the client especially seeing some of the creditors was responsible for Alpari's demise. They are going to pay for any fees out of their fat pocket! They want to drag this to court??? Let them!! The rule on segregated funds is VERY CLEAR: It's segregated, COMPLETELY separate from any other accounts of the company and CANNOT be used for any operating activities or any activities by the company. Alapri UK is still a company right now; it has not officially disappeared yet. It's just entered bankruptcy protection and is in the process of being wound down. Returning the client funds to their rightful owner is still part of the operating activity the company that still exists and thus any fees incurred during that operating activity is borned by the company or whoever hired the a**hole KPMG.

Yeah NO MORE 100 pounds lunches, KPMG!!! Witnessing this Alpari debacle, I am having less and less confidence in FCA if this is what can happen if you ever invest in a firm in Britain under the FCA, a supposedly the best financial regulatory body in the world! Well seeing the creditors' list, I guess they are the same as any governmental agencies; they live in the pockets of those that they were suppose to regulate and never really afford any protection for us little guys.

Good luck to you all!
Make your losses in demo. Earn your profits live.
  • #4,567
  • Feb 25, 2015 11:59pm Feb 25, 2015 11:59pm
Quoting Forexia
{quote} Barclays is one of their creditors? The bank that stopped the quoting system and then turned around and bucketshopped the brokers with fill price that's 7K+ pips worse than the market price on the CHF and that probably was the reason that drove Alpari to bankruptcy??? OMG!!! LOL Karma IS sweet!!! http://forexmagnates.com/banks-bucke...nc-volatility/ After seeing this, I would be DEFINITELY voting against paying for the fees out of the client especially seeing some of the creditors...
i al ready mention it was the worst place in all regulation market UK,none beleive that, however so far we didn t see any act to make the client above all other things in the task of KPMG
  • #4,568
  • Feb 26, 2015 12:17am Feb 26, 2015 12:17am
Is it fine to just insert "chairman of the meeting" as my proxy holder?
  • #4,569
  • Feb 26, 2015 12:26am Feb 26, 2015 12:26am
What about the people that might have a negative balance, but not sure about it? Or voting is only for people that are listed in the pdf file?
  • #4,570
  • Feb 26, 2015 1:53am Feb 26, 2015 1:53am
Quoting dennist
Is it fine to just insert "chairman of the meeting" as my proxy holder?
Yes, it is fine to make him your proxy! It is the easiest way if you are not attending the meeting and don't know anyone attending. Just CHOOSE your votes OR he will vote as he wishes!
  • #4,571
  • Feb 26, 2015 1:57am Feb 26, 2015 1:57am
Quoting Forexia
{quote} Yeah like I would accept to PAY to get my OWN money back!! What do they think we are? Those prison b**ches? We traders already got f***ed by Alpari ditching on us and now we have to accept to get f***ed again by the guy who's supposed to work to return our own money back to us? If KPMG ever dares to touch one cent of our money which is supposed to be COMPLETELY segregated and returned to us long time ago, we are going to sue them for grand larceny and funds embezzlement and we are going to press charges against them. So they better be careful...
FCA choose them because they had to choose someone. The law is, the court will appoint somebody and the bill is paid by the liquidated assets, whatever is left is distributed to creditors... Our money is not a company asset so as I said I doubt they could use it to pay part of the fees without our approval or a special court order.
  • #4,572
  • Feb 26, 2015 2:05am Feb 26, 2015 2:05am
Quoting Jadgeha
{quote} i al ready mention it was the worst place in all regulation market UK,none beleive that, however so far we didn t see any act to make the client above all other things in the task of KPMG
The process is the process, and it is being followed! The FCA doesn't have the power to make KPMG release the money in the first day, in fact the money is not even accessible in the initial phase! This is how an adminitration process works. The court appoints an administrator and immediatelly all the assets and accounts under company's control are FROZEN.

This wouldn't have worked any different in a different juristiction, and if it was in a unregulated one you wouldn't see a penny.

As for your final comment, the job of the FCA is NOT to put clients above all other things! It seems like your understanding of businesses and of how things actually work in real life is very poor.
  • #4,573
  • Feb 26, 2015 2:30am Feb 26, 2015 2:30am
Bad Timing: Sent funds via e-banking (like wire transfer) on 14 Jan and 15 Jan.
I deposited 9900 euro to ALPARI UK LIMITED on 14 Jan, 08:37 a.m. and another 9900 euro on 15 Jan, 06:37 a.m.
Not a single trade was ever opened at all and I have a retail client account.

It takes 2-3 business days for funds to reach the "Alpari UK - Client" Barclays bank account.

Received 2 emails with Subject Daily Confirmation with the following details
Ticket ...........Open Time............Type.....Lots Item..TradeP/L.Deposit..Equity...Balance
602661248 2015.01.16 14:32:28 balance EUR #9544 9 900.00 9 900.00 9 900.00 9 900.00
602661305 2015.01.20 19:28:48 balance EUR #9544 9 900.00 9 900.00 19 800.00 19 800.00

Thus on 15 Jan 2015 my balance was zero so I do not belong to the first tranche of clients?
I have emailed KPMG about it but all I get are automated replies. (no help phoning them as well)
Have sent no claims forms at all and will wait until the end of next week to see if I get an email from KPMG or not.

Do you know anyone else that wired funds just before 15 Jan 2015? Any advice will be appreciated ...
  • #4,574
  • Feb 26, 2015 2:39am Feb 26, 2015 2:39am
To my understanding as soon they come up with the portal they will skip these forms. I sent all the papers today. Better safe than sorry. I don't trust them that much honestly.
  • #4,575
  • Feb 26, 2015 2:40am Feb 26, 2015 2:40am
Quoting papamax
{quote} The process is the process, and it is being followed! The FCA doesn't have the power to make KPMG release the money in the first day, in fact the money is not even accessible in the initial phase! This is how an adminitration process works. The court appoints an administrator and immediatelly all the assets and accounts under company's control are FROZEN. This wouldn't have worked any different in a different juristiction, and if it was in a unregulated one you wouldn't see a penny. As for your final comment, the job of the FCA is NOT to...
respect bro
  • #4,576
  • Feb 26, 2015 2:48am Feb 26, 2015 2:48am
Quoting andreas1966
Bad Timing: Sent funds via e-banking (like wire transfer) on 14 Jan and 15 Jan. I deposited 9900 euro to ALPARI UK LIMITED on 14 Jan, 08:37 a.m. and another 9900 euro on 15 Jan, 06:37 a.m. Not a single trade was ever opened at all and I have a retail client account. It takes 2-3 business days for funds to reach the "Alpari UK - Client" Barclays bank account. Received 2 emails with Subject Daily Confirmation with the following details Ticket ...........Open Time............Type.....Lots Item..TradeP/L.Deposit..Equity...Balance 602661248 2015.01.16...
If you had money in your account as per your deposits your balance couldn't be zero. Your balance is all the money you have in your account if no positions were open! That said you belong to group one and will have access to the portal early. You should expect an email from KPMG in the coming days.
  • #4,577
  • Feb 26, 2015 2:51am Feb 26, 2015 2:51am
Quoting papamax
{quote} If you had money in your account as per your deposits your balance couldn't be zero. Your balance is all the money you have in your account if no positions were open! That said you belong to group one and will have access to the portal early. You should expect an email from KPMG in the coming days.

in your experience with a bit of hindsight, how do u see this playing out..in terms of what we get?
  • #4,578
  • Feb 26, 2015 2:58am Feb 26, 2015 2:58am
Quoting nAVIN2007
{quote} in your experience with a bit of hindsight, how do u see this playing out..in terms of what we get?
In my humble opinion it will depend on what is decided at the meeting! If the whole pool of segregated money is available as KPMG claims and no money is missing I see 2 possible scenarios:

1 - We don't have to pay any of KPMG's fees and get the PRO-RATA amount on the client pool, which should be 100% if no money is missing.

2 - We get to pay part of the KPMG's fee and get the PRO-RATA amount of whatever is left off client pool, which be the total amount minus KPMG's fees

As for how long it will take it is really difficult to predict since there is a lot of factors involved.
  • #4,579
  • Feb 26, 2015 3:07am Feb 26, 2015 3:07am
Quoting papamax
{quote} In my humble opinion it will depend on what is decided at the meeting! If the whole pool of segregated money is available as KPMG claims and no money is missing I see 2 possible scenarios: 1 - We don't have to pay any of KPMG's fees and get the PRO-RATA amount on the client pool, which should be 100% if no money is missing. 2 - We get to pay part of the KPMG's fee and get the PRO-RATA amount of whatever is left off client pool, which be the total amount minus KPMG's fees As for how long it will take it is really difficult to predict since...
thinking the same..thanks for yur input
  • #4,580
  • Feb 26, 2015 3:08am Feb 26, 2015 3:08am
Quoting papamax
{quote} In my humble opinion it will depend on what is decided at the meeting! If the whole pool of segregated money is available as KPMG claims and no money is missing I see 2 possible scenarios: 1 - We don't have to pay any of KPMG's fees and get the PRO-RATA amount on the client pool, which should be 100% if no money is missing. 2 - We get to pay part of the KPMG's fee and get the PRO-RATA amount of whatever is left off client pool, which be the total amount minus KPMG's fees As for how long it will take it is really difficult to predict since...
3. Sell to a broker( pay or not pay the fee)
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