Andreicha said:
- Grinta promise 3 – 5% of monthly return, first month was great and they bought my attention and I give good comment for them on FPA site and increase my invest, but after it was waste of time and finally money. Dec + 6.31 %, Jan + 3.4 %, Feb + 2.83 %, Mar + 2.64 %, Apr + 3.06 % = 18.24% minus 30% of grinta performance fee = 12.77% from my deposit I could receive, but dealing with Grinta Invest I have big loss totally.
This brings up 2 points.
1. Do you have this promise in writing or a recording of it in a spoken conversation?
2. Unless Grinta-Invest does performance fees in a bizarre way, the 30% would be 30% of the 18.24% profit, not 30% of the entire account balance. Are you claiming they subtracted 30% of your total? If so, can you post documentation showing this?
- Once Grinta understands that you would take your money from them, they will create new rules to take from you as much possible different commissions, penalties and so on. I did 3 transfers with small amounts to different banks to find out pay less commission and when I decide to withdraw all deposit they suddenly create a rule that if withdrawing more than one time per month you will be charged for 4% of the amount.
Something like this should be clearly laid out in the TOS. Do you have screenshots showing the original and altered terms?
Andreicha
and Micheal said:
- They have their account with Czech Republic bank and when you withdrawing money from your trade account you will lose 3 – 7% of the amount because this bank using chain of other correspondence banks and do not have straight agreements with other banks to provide transferring with lowest rates. - I don't know what's wrong with a German bank with a local branch in Czech-Republic. My clients in Europe receive funds this way the same day, with no charges at all ! They use EUR bank accounts to send/get money with our bank, and those with USD accounts use the USD bank account details. You should be happy it's not in Bulgaria or Cyprus or Greece... Asking me to find out about all your bank rates and fees and all the correspondence banks fees and cancel them is not within my power, I don't control the world banking system, nor GRINTA and when I checked the last time, it's not possible to avoid "chain of other correspondence banks" when sending money between different continents.
Intermediary banks can suck. This is where it is a good idea to do a few test transfers in both directions, and to make sure those transfers don't pass some limit on the number of monthly transfers. The percent sounds large, but if the transfer was small, this could easily happen.
- Just remember, if you willing to keep your money less than 365 days with Grinta Invest, you will lose any profit and not the fact you will escape your initial deposit as they may do with your money whatever they want without any responsibility and excuses. They wish keep client’s money under a bank deposit conditions, when you withdrawing early of agreed time you not getting deposit interest, that the approach of Grinta as they thinking about them self they a bank. They actually forgot that a bank in such case still will allow less interest. - Sir, when taking money away from a saving plan at your bank, they will put a penalty on your INVESTMENT and cancel all profits they did for you. Luckily for you we are not a bank and we didn't touch your funds, and even sent you back 20% of the total profits that were done for you. T&C are clear - don't go under 10k total invested funds during your first full 12 months in the service. You asked for all the money back , profits included with a vague promise to be back in few months, I activated T&C of the service like I should, so this claim "you will lose any profit" - is FALSE accusation. Allow me to ignore the other claims in this case as this is all written already in the T&C , part 20-25. I invite the readers to see for themselves.
Part 25 does state that 80% of profits will be removed. I assume this percent was applied after the 30% performance fee (one side or the other, please correct me if I am wrong in this assumption). So the client should have emerged from this with his initial balance and some small amount of profit (excluding banking fees).
I personally would not agree to a penalty that large, but if the client did, and the calculations were properly applied, then there is no real complaint here. Unlike many people, I read financial contracts carefully and am ready to walk away from a deal if I don't like the terms and can't negotiate for better ones.
- Grinta promised me that they very-very shortly becoming registered certified with some authority to be under regulation, - sweet song, they never intend to be regulated, such entity never may be regulated by respective authorities. Also they always telling about they will listed on the stock exchange, but it absolutely empty words, - only to force you to deposit more amount. - My promise holds, we are in final process with VFSC regulator and true, our 5 years plan is to be PUBLIC company, traded in UK100 index. However, plans and reality don't always match at the same time. I'm not sure you or other readers are fully aware, but VFSC took a serious "hit" recently. Many regulated brokers by them were "playing dirty" with clients, delaying withdrawals, ignoring them, changing their trading conditions, opening losing trades for them and more ugly manipulations. Clients complained to the regulator and they have decided to change their policy, making it harder to register with them (asking for more documents, proofs of company registrations, more trusties, basically - MORE). We were in final stages being fully regulated with the old form they asked and now it's delayed a little bit because of the new demands. WHICH IS GREAT because this regulator is becoming "stronger" and more respectable. Good for us and good for our clients. Our plan to be a public company still stands ! Time will show if this plan came through.
Vanuatu "regulation".
Although Vanuatu regulation means about as much as a participation trophy for coming in 30th place, and even though this regulation isn't even final yet; regulation, or lack thereof, is not relevant to the core complaint. Being listed on the London Stock Exchange or the Dominican OTC Exchange isn't relevant to the core issue. The core issue is whether the client was denied any money legitimately due.
Is there a claim that the contract the client signed isn't the one which is attached in this thread? So, are there any specific, documented disputes over the contractual terms or evidence of TOS being changed? Are there any documented disputes over the calculations of the amount to be paid out to the client?