yassershivani
Recruit
- Messages
- 10
Dear All
I am writing to you to address an URGENT issue. I thought I should bring to your attention for Pepperstone to look into before the case is taken to the regulators by my lawyers.
I had been doing business with Pepperstone since 2016 and an activated partner since 2017. Generally my accounts are on a 3 pip markup and I have a default markup arrangement of 0.3 pips on Islamic accounts. So the contract is to get a 3.3 pips rebate.
On 6th May, 2021, I saw that there happens to be something wrong in the spreads where I could not see the markup added. I thought it to be my ethical responsibility and the very next minute I informed the team via live chat and emails to support, ib and my account manager. I also told them this is something urgent in nature and that they check for my markups as I do not see it in the spread. I was being well confirmed that there is no error and that the spreads are fine and that the markup will be received as normal and successfully. Upon confirmation, I still insisted that I still think it is an error and that they should check it. I also made it a point that it will not be my headache later on as I have well informed and I will also not be willing to forego any of my rebate. I was confirmed that everything is normal and there is no error.
I continued the business and as a matter I also funded more via my card on the 10th May. I also deposited almost all my rebates, my income receipts, to my trading accounts. On 19th May, my rebate entry went missing for the trades of 18th May followed by another day of missed rebate entry on 20th. I had filed a case for missed rebate and asked the team to kindly credit my rebates totalling approximately 17500 USD. I continuously contacted but there happened to be no concrete reply neither to my email nor on the live chat. I insisted I require funds for trading purposes so be quick in giving the status.
On 20th May, my account manager told me that Pepperstone had wrongly placed markup of 1 pip whereas paid 3 pip so they are in a process to recalculate all the rebates and that an investigation is on the way. I at once send them the screenshot of a random date of 4th May 2021 to tell them their claim is in any case wrong as the screenshot showed the correct pricing including the 3 pip markup. I have many other screenshots, maybe hundreds or thousands of them. I told them it was on the 6th May that this change occurred and I informed them the same and got confirmation that there is no error and everything is normal. I also informed them that upon repeated confirmation, I thought to myself that Pepperstone had done some price adjustment from ECN so I carried on business as normal and also funded my accounts further instead of withdrawing. I also tried calling Pepperstone to discuss if they need to understand anything from me or if they want my help as a team member.
While I was waiting for 17500 USD APPROX, I saw that on the morning of 28th May,2021 my account got restricted with open positions and soon after I received a letter enclosed. I denied the validity of the letter which claimed that material error was being identified on the 17th May and that I will need to pay back around 65000 USD to 70,000 USD to Pepperstone as the company has overpaid the rebates to me. Wow, that gave me shock and health problems until my lawyers told me the reality of how easy this case is. I replied that material error was identified and insisted upon by myself on the 6th May and I also stated that it will not be my headache.
My account is restricted still to date where my positions closed out on margin calls as I was unable to hedge or trade further, also Ppepperstone is losing sufficient daily business whereby my average daily volume is from 200 to 400 lots a day. I see pathetic team members of the company who are ignorant to clients' queries later to find them problems. Also, they already have earned sufficient business since 2017 and also must have earned well in the days that they have restricted the account. I also gave them a proposal to put withdrawal restriction till the case is resolved but no use of trade restriction which will be a lose-lose situation at both ends.
Enclosed are few evidences and communications and I have more of them as well. Before I go to your industry ombudsmen and regulator, I had in mind that maybe it can be resolved mutually by the CEO knowing the matter as I am confident the CEO always has a better vision of business and will never want to lose a valuable client. I still trust Pepperstone as a company and am still willing to move forward with my business. I cannot be the one to loose all the amounts within a minute whereby the employees have committed an error. Despite my clear communication, your team members still say that I am liable to pay back the over payment. How childish of the company to pay 65 to 70 grands of overpayment. Clearly these are not overpayments and these payments are in accordance with my written agreement of 3.3 pips. If you quoted a wrong price, which I also identified already the very next minute, it is your error and your loss. I had already done my part where I was confirmed that there was no error.
Kindly look into this at URGENT basis and I am available for every communication. I am confident you will retain your valuable client and we will not need to enter into any chaotic situation through legal means. The first thing with clear communication is the attached chat transcript with the file name
identification of error on live chat.txt
for your ease.
Sorry for the long email. Your time is appreciated and shall be thankful for your kind response. All attachments are sent in the email to pepperstone and I can reproduce here as well. The attachments are also sent to Pepperstone CEO. They say they will make my account balances to zero and also claim more payments.
I am writing to you to address an URGENT issue. I thought I should bring to your attention for Pepperstone to look into before the case is taken to the regulators by my lawyers.
I had been doing business with Pepperstone since 2016 and an activated partner since 2017. Generally my accounts are on a 3 pip markup and I have a default markup arrangement of 0.3 pips on Islamic accounts. So the contract is to get a 3.3 pips rebate.
On 6th May, 2021, I saw that there happens to be something wrong in the spreads where I could not see the markup added. I thought it to be my ethical responsibility and the very next minute I informed the team via live chat and emails to support, ib and my account manager. I also told them this is something urgent in nature and that they check for my markups as I do not see it in the spread. I was being well confirmed that there is no error and that the spreads are fine and that the markup will be received as normal and successfully. Upon confirmation, I still insisted that I still think it is an error and that they should check it. I also made it a point that it will not be my headache later on as I have well informed and I will also not be willing to forego any of my rebate. I was confirmed that everything is normal and there is no error.
I continued the business and as a matter I also funded more via my card on the 10th May. I also deposited almost all my rebates, my income receipts, to my trading accounts. On 19th May, my rebate entry went missing for the trades of 18th May followed by another day of missed rebate entry on 20th. I had filed a case for missed rebate and asked the team to kindly credit my rebates totalling approximately 17500 USD. I continuously contacted but there happened to be no concrete reply neither to my email nor on the live chat. I insisted I require funds for trading purposes so be quick in giving the status.
On 20th May, my account manager told me that Pepperstone had wrongly placed markup of 1 pip whereas paid 3 pip so they are in a process to recalculate all the rebates and that an investigation is on the way. I at once send them the screenshot of a random date of 4th May 2021 to tell them their claim is in any case wrong as the screenshot showed the correct pricing including the 3 pip markup. I have many other screenshots, maybe hundreds or thousands of them. I told them it was on the 6th May that this change occurred and I informed them the same and got confirmation that there is no error and everything is normal. I also informed them that upon repeated confirmation, I thought to myself that Pepperstone had done some price adjustment from ECN so I carried on business as normal and also funded my accounts further instead of withdrawing. I also tried calling Pepperstone to discuss if they need to understand anything from me or if they want my help as a team member.
While I was waiting for 17500 USD APPROX, I saw that on the morning of 28th May,2021 my account got restricted with open positions and soon after I received a letter enclosed. I denied the validity of the letter which claimed that material error was being identified on the 17th May and that I will need to pay back around 65000 USD to 70,000 USD to Pepperstone as the company has overpaid the rebates to me. Wow, that gave me shock and health problems until my lawyers told me the reality of how easy this case is. I replied that material error was identified and insisted upon by myself on the 6th May and I also stated that it will not be my headache.
My account is restricted still to date where my positions closed out on margin calls as I was unable to hedge or trade further, also Ppepperstone is losing sufficient daily business whereby my average daily volume is from 200 to 400 lots a day. I see pathetic team members of the company who are ignorant to clients' queries later to find them problems. Also, they already have earned sufficient business since 2017 and also must have earned well in the days that they have restricted the account. I also gave them a proposal to put withdrawal restriction till the case is resolved but no use of trade restriction which will be a lose-lose situation at both ends.
Enclosed are few evidences and communications and I have more of them as well. Before I go to your industry ombudsmen and regulator, I had in mind that maybe it can be resolved mutually by the CEO knowing the matter as I am confident the CEO always has a better vision of business and will never want to lose a valuable client. I still trust Pepperstone as a company and am still willing to move forward with my business. I cannot be the one to loose all the amounts within a minute whereby the employees have committed an error. Despite my clear communication, your team members still say that I am liable to pay back the over payment. How childish of the company to pay 65 to 70 grands of overpayment. Clearly these are not overpayments and these payments are in accordance with my written agreement of 3.3 pips. If you quoted a wrong price, which I also identified already the very next minute, it is your error and your loss. I had already done my part where I was confirmed that there was no error.
Kindly look into this at URGENT basis and I am available for every communication. I am confident you will retain your valuable client and we will not need to enter into any chaotic situation through legal means. The first thing with clear communication is the attached chat transcript with the file name
identification of error on live chat.txt
for your ease.
Sorry for the long email. Your time is appreciated and shall be thankful for your kind response. All attachments are sent in the email to pepperstone and I can reproduce here as well. The attachments are also sent to Pepperstone CEO. They say they will make my account balances to zero and also claim more payments.
