GUILTY Case# 2013-158 | MOHAMMED MINHAJ vs www.netotrade.com

[Pharaoh]

If AsstMod follows usual procedure, voting on this cases begins next week.

 

[MOHAMMED MINHAJ]

Thanks Pharaoh

 

[Cazzie]

my view on this case regarding Neto-trade should be quickly nipped in the bud, rather than being left to escalate.
A warning letter from the FPA informing them they are being monitored for withholding profit funds which rightly belongs to one -or more - of their clients.
This should be followed through with a legal letter and also the authorities should be made aware of this companies behaviour.

 

[MOHAMMED MINHAJ]

Thanks for your support Cazzie

 

[Awais Rasheed]

On Neto Trade Site: "NetoTrade Global Investment Ltd is committed to protecting its clients' interests. We have taken all necessary measures to secure client funds, and will always continue to do so.

Client funds are held in company-managed, segregated fiduciary bank accounts. These funds are off the company's balance sheet and cannot be used to pay creditors in the unlikely event of default. In other words: these funds can only be used to repay clients.

NetoTrade maintains both operational and client bank accounts with reputable banking institutions such as HSBC Hong-Kong.

As a leading forex broker, NetoTrade is obligated to meet strict financial requirements. These include the monthly submission of financial reports to an external accounting firm. NetoTrade is required by law to maintain sufficient liquid capital to cover all client deposits and expenses. Furthermore, a detailed annual audit conducted by an independent auditor is provided to an accounting firm charged with overseeing the company on behalf of the regulator.

NetoTrade continuously identifies, assesses, monitors and controls any type of risk associated with its operations. This requires the evaluation of our policies, standards and procedures - all of which guarantee our ability to fund our operations at any time." Security Of Funds And Registration - NetoTrade

How on earth one is satisfied with the above statement??? No Regulator and just a statement having account in HSBC..!!

 

[MOHAMMED MINHAJ]

This company is scam and should be closed. I think there are many others how became victim of this scam company and did not come to our knowledge. It is clear that this company is using clients money to make profit for them and not at all interested in paying even a single dollar profit of clients.

They are holding our money for months for no reason. To protect others this company should be closed. I request all FPA members to take this company seriously.

NetoTrade is putting there customers in trouble for what ? they are using our money and giving us hard time.
Cancelling withdrawals everyday and playing with us

 

[Master Yoda]

guilty as hell

 

[MOHAMMED MINHAJ]

Thanks Eddiger..

 

[cokemon]

Mr Minhaj, having gone over this case I have been unable to vote because I am unclear on a couple of issues.

1. I understand, that most of your dealings with Neotrade were done via voice communication. Nonetheless, I would imagine that hard copies of contractual agreements would have been delivered to you. Could you not make these available to this court? I believe it would further your case.

2. It is normal practice that traders are compensated for their efforts via a percentage on profits. The most common rate is 20% trader, 80% investor. Nonetheless, it is not unheard of if the agreement was 50-50. Now, the fact that you produced on site the MT4 statement in its entirety suggests that there was no profit sharing agreement. Is this correct?

Neotrade have failed to present their case in this court, which points to some form of culpability. But I would prefer that the above is cleared before I move to voting guilty.

Thank you,

Peter

 

[MOHAMMED MINHAJ]

Hi cokemon, i had only voice communication with netotrade i did not visit there office or i see any of the employee of netotrade as all the traders do, they were calling to invest for more than six months and made lots of promises i first tried with small amount and later i increase more as you can see my statement on first page, I ask them to make the agreement but they did not and told me that they are going to charge 3% for withdrawal and nothing other than that. All these verbal agreement were done before i make any investment. I also told them to make agreement and take their share if they want but they did not agree and once Mr Steven told me at the time of second deposit that he will make it double in one day but i know he was telling me all this just to make deposit and its not possible as every one knows the risk of the market. I don't have any hard copy of any agreement from them but have the call records for all this discussion and i have the hard copy of money transaction to netotrade account in hsbc hongkong. From the beginning until the last call they were telling me that all the money in account in mine but all of the sudden they stop mails and no calls and one day got call from netotrade that they will pay only invested amount, they use my money for more than 4 months and don't want to pay a single dollar. After waiting for month when there was no reply from Steven i made withdrawal request but they cancel all the withdrawal request. If they were not interested in paying the profit they would have told me at the beginning, using my money with fake promises and ignoring me once they get the deposit is cheating.