CaesarTrade
CaesarTrade.com Representative
- Messages
- 57
View attachment Emails.pdfAll funds due to you were sent to Diep Pham Hong, the owner of Perfect Money Account # U3759673 on behalf of your IB, Mr. Nguyen Van Minh. Further, you specifically requested that funds be sent to Perfect Money Account # U3759673. This request was honored long before you began submitting complaints to the NZ Regulator. I am copying below the communications between us, you and the regulator concerning your complaint.
I will mention that the FSCL closed the matter with no further action as your complaint was unfounded as your designated agent received the money. The fact remains, you were attempting to run a scam on our company by receiving an additional withdrawal through a SWIFT transfer request that you were not entitled to. This attempt was stopped in it's tracks by our AML/KYC Compliance procedures.
At this point, seek your funds from your depositing agent, they have your money. In the future, follow proper procedures for depositing funds and you will not have this issue again.
-------------------------------------------------------------
Email 1 – Initial Complaint Filing to FSCL
From: Vũ Thị Ngà [mailto:vungaforex53@gmail.com]
Sent: Tuesday, 11 March 2014 3:01 p.m.
To: Stephanie Chapman
Subject: Caesar Scam
Dear Sir,
I deposited 1 000$ to Caesar and trade, but now I can't withdraw Deposit money and Profit Money.
My Account: 1042490
I contacted with Caesar a long time but they don't reply
Please help me
--
Vũ Thị Ngà
Email 2 – FSCL Receipt of Complaint by Caesar Trade New Zealand Office
From: Stephanie Chapman
Sent: 12 March 2014 11:15 a.m.
To: Debbie Errington Jeffares
Cc: vungaforex53@gmail.com
Subject: FW: Complaint - Mr Vu Thi Nga. Our ref: 14/00136
Dear Ms Jeffares,
We have received a complaint from Mr Nga against CTFC Limited which is outlined in the email below.
I have copied Mr Nga into this email for his records.
It appears the complaint has not been through your internal complaints process. Please now communicate further with Mr Nga directly in an effort to resolve the complaint. I have told Mr Nga that he can expect to hear from you within the next ten days.
FSCL will not be taking any further action for the time being, but please advise us of the outcome of this complaint in due course.
I will be out of the office from 13 March 2014, returning on 18 March 2014. If you have an urgent enquiry during this time please call our main number, otherwise I will attend to any emails/messages upon my return to the office.
Kind regards
Stephanie Chapman | Case Manager
Financial Services Complaints Limited | Home
Email 3 – Our Response to you concerning your official complaint to FSCL
Wed 3/12/2014 5:20 PM
Joshua - Caesar Trade Operations
Your Complaint
To:vungaforex53@gmail.com
Cc: support@caesartrade.com
Dear Sir,
I am in receipt of your complaint that was filed with the NZ FSCL. At this time, a hold has been placed on your account for a number of reasons, which I will explain below:
1. The initial deposit into your account was not made by you. It was made by a 3rd party representative.
2. Your account was involved in hedging activities in violation of the terms and conditions which were agreed to when a 400% bonus was accepted. The specific clause that applied is below:
On our 400% Regular offer, where between very small lot sizes where no profit or loss is generated, there are large lot size transactions where profits are made then withdrawal requested. Additionally, the pattern is repeated by a multitude of traders who come from the same Region and/or IB/Affiliate. Additionally, it has come to our attention that Forums (not necessarily in English) are actually writing about how to hedge against us. The patterns that we state here are, we believe, a result of this and reconfirms our policies and actions at this time.
3. Your previous withdrawal request that was processed and subsequently rejected by your bank contained a name mismatch. This indicates that a 3rd party funds transfer was requested, and this is a compliance issue which must be rectified.
Due to the issues raised in numbers 1 and 3 above, we will investigate the matter and process the withdrawal if and when the compliance issue is resolved by the original depositor. If and when this is resolved, the funds will be returned to the original payment account. The issue raised in issue number 2 have caused cancellation of profits on the account. If and when issue 1 and 3 are resolved, the most that will be available for withdrawal will be USD $1,000 minus any bank fees incurred due to the bank rejection that was received from the bank with which you requested funds be sent to.
Finally, your account was opened in November of 2013 with Caesar Trade International, Limited in Seychelles. All terms and conditional related to your account are governed by your agreement with this company. CTFC, Limited did not begin trading or accepting client funds until February 1, 2014 and you did not elect for your account to be moved to this company. Therefore, all issues related to this complaint will be handled through the internal dispute resolution policies of Caesar Trade International, Limited in Seychelles.
If you have any further questions, please don’t hesitate to ask.
Sincerely,
Josh
Operations Manager
Director of Affiliate Marketing
………………………………………………………………………………..
Caesar Trade – Forex / CFDs
josh@caesartrade.com . Forex, CFD, Gold, Oil, Grains & Indices Trading
………………………………………………………………………………..
Item 4 – Our Official Response to the FSCL Concerning your complaint
Account # 1042490
March 12, 2014
Client Name: Nga Vu Thi
Email: vungaforex53@gmail.com
Our Response
Initial Deposit and Hedging Violations
The account in question was opened in November of 2013 by a representative on behalf of the client in November 2013 by and between the client and Caesar Trade International Limited, a Seychelles Company. CTFC Limited, did not begin trading or accepting client until February of 2014. Because of this, this claim is being handled in accordance with the internal complaint procedures of Caesar Trade International, Limited in Seychelles. CTFC, Limited does not have standing in this matter.
Although CTFC, Limited does not have standing in this matter, in an effort to provide a transparent review of this file, we are detailing the issues and occurances related to this account.
Initial Deposit and Hedging Violations
A local representative (Minh Nguyen) on behalf of Mr. Vu Thi Nga opened an account with Caesar Trade International, Limited (a Seychelles Company) on November 29, 2013. A deposit in the amount of USD $1,000 was made on this day. Further, the client accepted a bonus deposit in the amount of USD $3,000. Acceptance of this bonus placed a number of trading requirements and restrictions on his account. The client was presented with both the company’s general terms and conditions as well as the specific bonus requirements. He digitally signed his acceptance of these terms. Specific conditions related to this offer include:
Hedging That We Do Not Allow
The hedging that we cannot accept and cannot pay a trader his/her profits is when they are using our aggressive offers against other brokers.
1. When a client places very limited trades, while using a very aggressive and attractive policy, then wants to withdraw profits raises red flags.
2. When a client places very limited trades, while using a very aggressive and attractive policy, then wants to withdraw profits and the initial deposit is confirmation enough.
3. Normally, a client interested in hedging also contacts the ceo and another representative of the company in order to be friendly and make statements that are contrary to what will occur in their trading account.
4. On our 400% Regular offer, consistently requesting withdrawal upon very few trades with significant leverage. A regular trader who has made a significant amount, and has already withdrawn, and who has a high degree of accuracy, will tend to trade for a longer period of time to maximize profits. Additionally, the pattern is repeated by a multitude of traders who come from the same Region and/or IB/Affiliate. Additionally, it has come to our attention that Forums (not necessarily in English) are actually writing about how to hedge against us. The patterns that we state here are, we believe, a result of this and reconfirms our policies and actions at this time.
5. On our 400% Regular offer, where between very small lot sizes where no profit or loss is generated, there are large lot size transactions where profits are made then withdrawal requested. Additionally, the pattern is repeated by a multitude of traders who come from the same Region and/or IB/Affiliate. Additionally, it has come to our attention that Forums (not necessarily in English) are actually writing about how to hedge against us. The patterns that we state here are, we believe, a result of this and reconfirms our policies and actions at this time.
6. We offer $100 to any trader that alerts us to forums that encourage misuse of our offers.
7. Mentioning in conversation that another "broker" never paid you. Not all brokers are bad. There may have been a reason for this.
Arbitrage
Arbitrage is making a risk-free trade against the broker through the use of errors in its data feed, or a misplacement of bonus of credit in the traders account.
This can occur especially in exotic tradable instruments which we specialize in.
1. A client trades only exotic pairs in patterns that appear to test the quality of the price quotes
2. The trader scalps and has a seemingly 100% track record and the time between opening and closing transactions is essentially 0 seconds.
3. Data spikes that distort profit and loss
It was determined, based upon 5 particular trades that this client placed, that he was in violation of these restrictions. These trades are shown below:
10505618 2013.12.23 14:23 buy 2.17 gbpusd 1.63654 0.00000 1.70275 2013.12.27 08:45 1.64663 0.00 0.00 -40.62 2 189.53
10504832 2013.12.23 12:40 sell 0.18 usdchf 0.89601 0.00000 0.82759 2013.12.27 08:45 0.89120 0.00 0.00 -5.64 97.15
10505333 2013.12.23 13:39 buy 1.45 gbpusd 1.63575 0.00000 1.70275 2013.12.27 08:45 1.64663 0.00 0.00 -27.13 1 577.60
10504805 2013.12.23 12:37 buy 0.72 gbpusd 1.63455 0.00000 1.70275 2013.12.27 08:45 1.64663 0.00 0.00 -13.49 869.76
10504506 2013.12.23 12:08 buy 0.18 gbpusd 1.63433 0.00000 1.70275 2013.12.27 08:45 1.64662 0.00 0.00 -3.36 221.22
The client was engaged in acts of hedging and specifically violated the following term from above:
5. On our 400% Regular offer, where between very small lot sizes where no profit or loss is generated, there are large lot size transactions where profits are made then withdrawal requested. Additionally, the pattern is repeated by a multitude of traders who come from the same Region and/or IB/Affiliate. Additionally, it has come to our attention that Forums (not necessarily in English) are actually writing about how to hedge against us. The patterns that we state here are, we believe, a result of this and reconfirms our policies and actions at this time.
Based upon this, the client is not entitled to the withdrawal of any profits, but is may be entitled to his principal of USD $1,000 based upon compliance with issues mentioned below.
Funds Transfer Rejection and possible AML/KYC Issues to be resolved
On February 18, 2014 Caesar Trade was notified by our bank that the SWIFT transfer details provided to us by the client were incorrect and the transfer was cancelled. Following the bank rejection, it was revealed that there was an “account mismatch”. We further investigated and determined that original funds were sent to us through a payment service called PerfectMoney. The funds were not in fact sent to us from Mr. Vu Thi Nga but by another person by the name of Minh Nguyen a local representative in Vietnam that was representing Mr. Vu Thi Nga. Caesar Trade does not hold due diligence documentation on the sender. We are contacting the client to request that proper due diligence be sent to us so that we can obtain proper documentation and then forward funds back to the original source of payment to us.
A copy of the most recent email sent to the client is shown below:
From: Joshua - Caesar Trade Operations <josh@caesartrade.com>
Sent: Wednesday, March 12, 2014 4:45 PM
To: vungaforex53@gmail.com
Cc: support@caesartrade.com
Subject: Your Withdrawal Request
Dear Sir,
On February 12, 2014, Caesar Trade International processed a withdrawal request in the amount of USD
$1,000 to your bank account with using SWIFT instructions that you provided.
On February 18, 2014 we received the following communication from our bank:
F79: Narrative
NARRATIVE: RE YOUR REF MTHO40212H000199 DTD
2/12/2014 FOR USD1,000.00. WE HAVE RECEIVED THE
FOLLOWING INQUIRY WHOSE TEXT MAY NOT APPEAR IN
FULL:
PLS REFER TO A PYMT FOR AMOUNT 1,000.00/USD
VALUE DATE 12/02/2014 CHIPS SSN 0251851 SREF
140212044430000A . PLS BE ADV WE HAVE BEEN
CONTACTED BY EBVIVNVXLHA STS QTE PLS BE ADVISED
THAT WE ARE UNABLE TO APPLY FUNDS BECAUSE ACCOUNT
MISMATCH . THEREFORE, PLS CHECK UP WITH THE
REMITTER N PROVIDE US WITH THE CORRECT ACCOUNT
AND BEN'S NAME. UNQTE PLS REVERT WITH THE
DETAILS REQUESTED AND QUOTE OUR FIELD 20
REFERENCE IN FIELD 21 ON ALL FUTURE
CORRESPONDENCE RELATING TO THIS QUERY.
PLEASE RESPOND TO US URGENTLY VIA AUTH MSG QUOTING
OUR CASE REFERENCE WACNY1404421033.
REGARDS,
CUSTOMER CARE AGENT, CUSTOMER CARE
This information was communication between your bank and ours. Your bank informed our bank that there was an “ACCOUNT MISMATCH” and that your bank was unable to credit funds to you. The funds were returned to us. After further investigation, we determined the following:
1. The bank account that you provided was not in your name and we do not hold a Passport or
Identity Card or Proof of Address for the recipient on that account.
2. That we are unable to send funds to anyone other than the original depositor.
3. That your initial deposit was made via a PERFECT MONEY account that did not belong to you.
At this point, the compliance department of Caesar Trade International has placed a hold on your account until such time as we are able to ascertain the true origin of the funds in question. The owner of the Perfect Money account that was used to make the initial transfer to us must contact us and provide compliance documentation that meets our minimum requirements. At that time, a decision will be made on the release of funds.
Sincerely,
Josh
Operations Manager
Caesar Trade
Further, we sent an additional email to the client detailing our response to this complaint, to him. The text is below:
From: Joshua - Caesar Trade Operations <josh@caesartrade.com>
Sent: Wednesday, March 12, 2014 5:20 PM
To: vungaforex53@gmail.com
Cc: support@caesartrade.com
Subject: Your Complaint
Dear Sir,
I am in receipt of your complaint that was filed with the NZ FSCL. At this time, a hold has been placed on your account for a number of reasons, which I will explain below:
1. The initial deposit into your account was not made by you. It was made by a 3rd party representative.
2. Your account was involved in hedging activities in violation of the terms and conditions which were agreed to when a 400% bonus was accepted. The specific clause that applied is below:
On our 400% Regular offer, where between very small lot sizes where no profit or loss is generated, there are large lot size transactions where profits are made then withdrawal requested. Additionally, the pattern is repeated by a multitude of traders who come from the same Region and/or IB/Affiliate. Additionally, it has come to our attention that
Forums (not necessarily in English) are actually writing about how to hedge against us. The patterns that we state here are, we believe, a result of this and reconfirms our policies and actions at this time.
3. Your previous withdrawal request that was processed and subsequently rejected by your bank contained a name mismatch. This indicates that a 3rd party funds transfer was requested, and this is a compliance issue which must be rectified.
Due to the issues raised in numbers 1 and 3 above, we will investigate the matter and process the withdrawal if and when the compliance issue is resolved by the original depositor. If and when this is resolved, the funds will be returned to the original payment account. The issue raised in issue number 2 have caused cancellation of profits on the account. If and when issue 1 and 3 are resolved, the most that will be available for withdrawal will be USD $1,000 minus any bank fees incurred due to the bank rejection that was received from the bank with which you requested funds be sent to.
Finally, your account was opened in November of 2013 with Caesar Trade International, Limited in Seychelles. All terms and conditional related to your account are governed by your agreement with this company. CTFC, Limited did not begin trading or accepting client funds until February 1, 2014 and you did not elect for your account to be moved to this company. Therefore, all issues related to this complaint will be handled through the internal dispute resolution policies of Caesar Trade International, Limited in Seychelles.
If you have any further questions, please don’t hesitate to ask.
Sincerely,
Josh
Operations Manager
Item 5 – 3/12/2014 Email from Caesar Trade and from you concerning bounced wire transfer to you and Perfect Money Account issues (AML ISSUES) and investigation into earlier Perfect Money Transactions on your behalf
Email from You:
Dear Sir,
I check with my bank. But they said that. My account has not get any money from you. Besides, they said that, if ACCOUNT is MISMATCH as you said my bank will contact with me to confirm information.
As before email, I send you my bank account information in scanner file. Please check attachment for more detail and send Deposit and Profit Money to me.
Account Name: VU THI NGA
My Address: THUY XUAN TIEN, CHUONG MY HA TAY
Account Number: XXXXXXXXXXXXXXXXX
Swift: EBVIVNXLHA
Bank Name: EXIMBANK
Best regards,
Ms Nga
Reply from Caesar Trade:
2014-03-12 21:44 GMT+07:00 Joshua - Caesar Trade Operations <josh@caesartrade.com>:
Dear Sir,
On February 12, 2014, Caesar Trade International processed a withdrawal request in the amount of USD $1,000 to your bank account with using SWIFT instructions that you provided.
On February 18, 2014 we received the following communication from our bank:
F79: Narrative
NARRATIVE: RE YOUR REF MTHO40212H000199 DTD
2/12/2014 FOR USD1,000.00. WE HAVE RECEIVED THE
FOLLOWING INQUIRY WHOSE TEXT MAY NOT APPEAR IN
FULL:
PLS REFER TO A PYMT FOR AMOUNT 1,000.00/USD
VALUE DATE 12/02/2014 CHIPS SSN 0251851 SREF
140212044430000A . PLS BE ADV WE HAVE BEEN
CONTACTED BY EBVIVNVXLHA STS QTE PLS BE ADVISED
THAT WE ARE UNABLE TO APPLY FUNDS BECAUSE ACCOUNT
MISMATCH . THEREFORE, PLS CHECK UP WITH THE
REMITTER N PROVIDE US WITH THE CORRECT ACCOUNT
AND BEN'S NAME. UNQTE PLS REVERT WITH THE
DETAILS REQUESTED AND QUOTE OUR FIELD 20
REFERENCE IN FIELD 21 ON ALL FUTURE
CORRESPONDENCE RELATING TO THIS QUERY.
PLEASE RESPOND TO US URGENTLY VIA AUTH MSG QUOTING
OUR CASE REFERENCE WACNY1404421033.
REGARDS,
CUSTOMER CARE AGENT, CUSTOMER CARE
This information was communication between your bank and ours. Your bank informed our bank that there was an “ACCOUNT MISMATCH” and that your bank was unable to credit funds to you. The funds were returned to us. After further investigation, we determined the following:
1. The bank account that you provided was not in your name and we do not hold a Passport or Identity Card or Proof of Address for the recipient on that account.
2. That we are unable to send funds to anyone other than the original depositor.
3. That your initial deposit was made via a PERFECT MONEY account that did not belong to you.
At this point, the compliance department of Caesar Trade International has placed a hold on your account until such time as we are able to ascertain the true origin of the funds in question. The owner of the Perfect Money account that was used to make the initial transfer to us must contact us and provide compliance documentation that meets our minimum requirements. At that time, a decision will be made on the release of funds.
Sincerely,
Josh
Operations Manager
Director of Affiliate Marketing
………………………………………………………………………………..
Caesar Trade – Forex / CFDs
Additional Communication from Caesar Trade to You
3/13/2014 9:43AM
Re: Your Withdrawal Request
As I explained in my previous email, we are aware that funds were not delivered to your bank account. Your bank notified our bank in the form of an electronic message through the swift system that there was a name mismatch. Because of this name mismatch, your bank did not credit your account and returned the funds to our bank.
Now, as I explained in the previous emails, we are unable to reprocess this withdrawal to your bank account. After researching the transaction that was received from you when you funded the account, we determined that you did not in fact fund the account it was funded by someone else. With this knowledge, we are now obligated to refund this payment back to the original form of payment and to the original payer.
In order for us to make this payment to the original payer, we must receive a passport or ID card and a utility bill for proof of address from the original payer.
If you have any further questions, please let me know.
Sincerely,
Josh
Operations Manager
Caesar Trade
Follow up Emails from you and us
From: Vũ Thị Ngà [mailto:vungaforex53@gmail.com]
Sent: Thursday, March 13, 2014 11:43 AM
To: josh@caesartrade.com
Cc: Support CaesarTrade FX-CFD
Subject: Re: Your Withdrawal Request
Dear Sir,
I send to you information of original payer. He is IB of Caeser and my account on his IB
His Name: NGUYEN VAN MINH
His Address: HUONG SON, MY DUC, HA TAY
His Account Number: XXXXXXXXXXXXX
Siwft: EBVIVNVXLHA
Name of Bank: EXIMBANK
Please check attachment for more detail
Best regards,
Ms Nga
Our Reply: 3/13/2014 11:46am
Madam,
The person that sent the funds to us is not known to us. This means we do not have his/her Passport/ID Card and utility bill on file. We are unable to effect any funds transfers until we receive this. Once we do receive this, the only method of refund of funds that will be available is PerfectMoney as this was the original method of payment used.
Sincerely,
Josh
Operations Manager
………………………………………………………………………………..
Caesar Trade – Forex / CFDs
Phone: +44-203-608-6283, Press 7 When Answered
josh@caesartrade.com . Forex, CFD, Gold, Oil, Grains & Indices Trading
………………………………………………………………………………..
Item 6 – Communications from our NZ Office to the FSCL
From: Debbie Errington Jeffares
Sent: 13 March 2014 4:54 p.m.
To: 'Stephanie Chapman'
Subject: RE: Complaint - Mr Vu Thi Nga. Our ref: 14/00136
Hi Stephanie
I hope you are well.
Nr Nga is not a customer of CTFC Limited the NZ company but is in fact a client of Caesar Trade International Limited, a Seychelles Company. However to be fully transparent we have attached a summary of the investigation done on this complaint and the communication sent to the client. If you have any questions please do not hesitate to contact me.
For your information the internal procedures outlined in the attached document relating to Caesar Trade International Limited are not the same as is carried out in the NZ company.
We now consider this compliant closed .
Kind Regards
Debbie
Item 7 – Complaint Closed by the FSCL
From: Stephanie Chapman
Sent: 27 March 2014 1:41 p.m.
To: Debbie Errington Jeffares
Subject: RE: Complaint - Mr Vu Thi Nga. Our ref: 14/00136
Thank you for your email Debbie.
FSCL is not taking any further action in relation to this complaint.
Kind regards
Stephanie Chapman | Case Manager
Financial Services Complaints Limited | Home
I will mention that the FSCL closed the matter with no further action as your complaint was unfounded as your designated agent received the money. The fact remains, you were attempting to run a scam on our company by receiving an additional withdrawal through a SWIFT transfer request that you were not entitled to. This attempt was stopped in it's tracks by our AML/KYC Compliance procedures.
At this point, seek your funds from your depositing agent, they have your money. In the future, follow proper procedures for depositing funds and you will not have this issue again.
-------------------------------------------------------------
Email 1 – Initial Complaint Filing to FSCL
From: Vũ Thị Ngà [mailto:vungaforex53@gmail.com]
Sent: Tuesday, 11 March 2014 3:01 p.m.
To: Stephanie Chapman
Subject: Caesar Scam
Dear Sir,
I deposited 1 000$ to Caesar and trade, but now I can't withdraw Deposit money and Profit Money.
My Account: 1042490
I contacted with Caesar a long time but they don't reply
Please help me
--
Vũ Thị Ngà
Email 2 – FSCL Receipt of Complaint by Caesar Trade New Zealand Office
From: Stephanie Chapman
Sent: 12 March 2014 11:15 a.m.
To: Debbie Errington Jeffares
Cc: vungaforex53@gmail.com
Subject: FW: Complaint - Mr Vu Thi Nga. Our ref: 14/00136
Dear Ms Jeffares,
We have received a complaint from Mr Nga against CTFC Limited which is outlined in the email below.
I have copied Mr Nga into this email for his records.
It appears the complaint has not been through your internal complaints process. Please now communicate further with Mr Nga directly in an effort to resolve the complaint. I have told Mr Nga that he can expect to hear from you within the next ten days.
FSCL will not be taking any further action for the time being, but please advise us of the outcome of this complaint in due course.
I will be out of the office from 13 March 2014, returning on 18 March 2014. If you have an urgent enquiry during this time please call our main number, otherwise I will attend to any emails/messages upon my return to the office.
Kind regards
Stephanie Chapman | Case Manager
Financial Services Complaints Limited | Home
Email 3 – Our Response to you concerning your official complaint to FSCL
Wed 3/12/2014 5:20 PM
Joshua - Caesar Trade Operations
Your Complaint
To:vungaforex53@gmail.com
Cc: support@caesartrade.com
Dear Sir,
I am in receipt of your complaint that was filed with the NZ FSCL. At this time, a hold has been placed on your account for a number of reasons, which I will explain below:
1. The initial deposit into your account was not made by you. It was made by a 3rd party representative.
2. Your account was involved in hedging activities in violation of the terms and conditions which were agreed to when a 400% bonus was accepted. The specific clause that applied is below:
On our 400% Regular offer, where between very small lot sizes where no profit or loss is generated, there are large lot size transactions where profits are made then withdrawal requested. Additionally, the pattern is repeated by a multitude of traders who come from the same Region and/or IB/Affiliate. Additionally, it has come to our attention that Forums (not necessarily in English) are actually writing about how to hedge against us. The patterns that we state here are, we believe, a result of this and reconfirms our policies and actions at this time.
3. Your previous withdrawal request that was processed and subsequently rejected by your bank contained a name mismatch. This indicates that a 3rd party funds transfer was requested, and this is a compliance issue which must be rectified.
Due to the issues raised in numbers 1 and 3 above, we will investigate the matter and process the withdrawal if and when the compliance issue is resolved by the original depositor. If and when this is resolved, the funds will be returned to the original payment account. The issue raised in issue number 2 have caused cancellation of profits on the account. If and when issue 1 and 3 are resolved, the most that will be available for withdrawal will be USD $1,000 minus any bank fees incurred due to the bank rejection that was received from the bank with which you requested funds be sent to.
Finally, your account was opened in November of 2013 with Caesar Trade International, Limited in Seychelles. All terms and conditional related to your account are governed by your agreement with this company. CTFC, Limited did not begin trading or accepting client funds until February 1, 2014 and you did not elect for your account to be moved to this company. Therefore, all issues related to this complaint will be handled through the internal dispute resolution policies of Caesar Trade International, Limited in Seychelles.
If you have any further questions, please don’t hesitate to ask.
Sincerely,
Josh
Operations Manager
Director of Affiliate Marketing
………………………………………………………………………………..
Caesar Trade – Forex / CFDs
josh@caesartrade.com . Forex, CFD, Gold, Oil, Grains & Indices Trading
………………………………………………………………………………..
Item 4 – Our Official Response to the FSCL Concerning your complaint
Account # 1042490
March 12, 2014
Client Name: Nga Vu Thi
Email: vungaforex53@gmail.com
Our Response
Initial Deposit and Hedging Violations
The account in question was opened in November of 2013 by a representative on behalf of the client in November 2013 by and between the client and Caesar Trade International Limited, a Seychelles Company. CTFC Limited, did not begin trading or accepting client until February of 2014. Because of this, this claim is being handled in accordance with the internal complaint procedures of Caesar Trade International, Limited in Seychelles. CTFC, Limited does not have standing in this matter.
Although CTFC, Limited does not have standing in this matter, in an effort to provide a transparent review of this file, we are detailing the issues and occurances related to this account.
Initial Deposit and Hedging Violations
A local representative (Minh Nguyen) on behalf of Mr. Vu Thi Nga opened an account with Caesar Trade International, Limited (a Seychelles Company) on November 29, 2013. A deposit in the amount of USD $1,000 was made on this day. Further, the client accepted a bonus deposit in the amount of USD $3,000. Acceptance of this bonus placed a number of trading requirements and restrictions on his account. The client was presented with both the company’s general terms and conditions as well as the specific bonus requirements. He digitally signed his acceptance of these terms. Specific conditions related to this offer include:
Hedging That We Do Not Allow
The hedging that we cannot accept and cannot pay a trader his/her profits is when they are using our aggressive offers against other brokers.
1. When a client places very limited trades, while using a very aggressive and attractive policy, then wants to withdraw profits raises red flags.
2. When a client places very limited trades, while using a very aggressive and attractive policy, then wants to withdraw profits and the initial deposit is confirmation enough.
3. Normally, a client interested in hedging also contacts the ceo and another representative of the company in order to be friendly and make statements that are contrary to what will occur in their trading account.
4. On our 400% Regular offer, consistently requesting withdrawal upon very few trades with significant leverage. A regular trader who has made a significant amount, and has already withdrawn, and who has a high degree of accuracy, will tend to trade for a longer period of time to maximize profits. Additionally, the pattern is repeated by a multitude of traders who come from the same Region and/or IB/Affiliate. Additionally, it has come to our attention that Forums (not necessarily in English) are actually writing about how to hedge against us. The patterns that we state here are, we believe, a result of this and reconfirms our policies and actions at this time.
5. On our 400% Regular offer, where between very small lot sizes where no profit or loss is generated, there are large lot size transactions where profits are made then withdrawal requested. Additionally, the pattern is repeated by a multitude of traders who come from the same Region and/or IB/Affiliate. Additionally, it has come to our attention that Forums (not necessarily in English) are actually writing about how to hedge against us. The patterns that we state here are, we believe, a result of this and reconfirms our policies and actions at this time.
6. We offer $100 to any trader that alerts us to forums that encourage misuse of our offers.
7. Mentioning in conversation that another "broker" never paid you. Not all brokers are bad. There may have been a reason for this.
Arbitrage
Arbitrage is making a risk-free trade against the broker through the use of errors in its data feed, or a misplacement of bonus of credit in the traders account.
This can occur especially in exotic tradable instruments which we specialize in.
1. A client trades only exotic pairs in patterns that appear to test the quality of the price quotes
2. The trader scalps and has a seemingly 100% track record and the time between opening and closing transactions is essentially 0 seconds.
3. Data spikes that distort profit and loss
It was determined, based upon 5 particular trades that this client placed, that he was in violation of these restrictions. These trades are shown below:
10505618 2013.12.23 14:23 buy 2.17 gbpusd 1.63654 0.00000 1.70275 2013.12.27 08:45 1.64663 0.00 0.00 -40.62 2 189.53
10504832 2013.12.23 12:40 sell 0.18 usdchf 0.89601 0.00000 0.82759 2013.12.27 08:45 0.89120 0.00 0.00 -5.64 97.15
10505333 2013.12.23 13:39 buy 1.45 gbpusd 1.63575 0.00000 1.70275 2013.12.27 08:45 1.64663 0.00 0.00 -27.13 1 577.60
10504805 2013.12.23 12:37 buy 0.72 gbpusd 1.63455 0.00000 1.70275 2013.12.27 08:45 1.64663 0.00 0.00 -13.49 869.76
10504506 2013.12.23 12:08 buy 0.18 gbpusd 1.63433 0.00000 1.70275 2013.12.27 08:45 1.64662 0.00 0.00 -3.36 221.22
The client was engaged in acts of hedging and specifically violated the following term from above:
5. On our 400% Regular offer, where between very small lot sizes where no profit or loss is generated, there are large lot size transactions where profits are made then withdrawal requested. Additionally, the pattern is repeated by a multitude of traders who come from the same Region and/or IB/Affiliate. Additionally, it has come to our attention that Forums (not necessarily in English) are actually writing about how to hedge against us. The patterns that we state here are, we believe, a result of this and reconfirms our policies and actions at this time.
Based upon this, the client is not entitled to the withdrawal of any profits, but is may be entitled to his principal of USD $1,000 based upon compliance with issues mentioned below.
Funds Transfer Rejection and possible AML/KYC Issues to be resolved
On February 18, 2014 Caesar Trade was notified by our bank that the SWIFT transfer details provided to us by the client were incorrect and the transfer was cancelled. Following the bank rejection, it was revealed that there was an “account mismatch”. We further investigated and determined that original funds were sent to us through a payment service called PerfectMoney. The funds were not in fact sent to us from Mr. Vu Thi Nga but by another person by the name of Minh Nguyen a local representative in Vietnam that was representing Mr. Vu Thi Nga. Caesar Trade does not hold due diligence documentation on the sender. We are contacting the client to request that proper due diligence be sent to us so that we can obtain proper documentation and then forward funds back to the original source of payment to us.
A copy of the most recent email sent to the client is shown below:
From: Joshua - Caesar Trade Operations <josh@caesartrade.com>
Sent: Wednesday, March 12, 2014 4:45 PM
To: vungaforex53@gmail.com
Cc: support@caesartrade.com
Subject: Your Withdrawal Request
Dear Sir,
On February 12, 2014, Caesar Trade International processed a withdrawal request in the amount of USD
$1,000 to your bank account with using SWIFT instructions that you provided.
On February 18, 2014 we received the following communication from our bank:
F79: Narrative
NARRATIVE: RE YOUR REF MTHO40212H000199 DTD
2/12/2014 FOR USD1,000.00. WE HAVE RECEIVED THE
FOLLOWING INQUIRY WHOSE TEXT MAY NOT APPEAR IN
FULL:
PLS REFER TO A PYMT FOR AMOUNT 1,000.00/USD
VALUE DATE 12/02/2014 CHIPS SSN 0251851 SREF
140212044430000A . PLS BE ADV WE HAVE BEEN
CONTACTED BY EBVIVNVXLHA STS QTE PLS BE ADVISED
THAT WE ARE UNABLE TO APPLY FUNDS BECAUSE ACCOUNT
MISMATCH . THEREFORE, PLS CHECK UP WITH THE
REMITTER N PROVIDE US WITH THE CORRECT ACCOUNT
AND BEN'S NAME. UNQTE PLS REVERT WITH THE
DETAILS REQUESTED AND QUOTE OUR FIELD 20
REFERENCE IN FIELD 21 ON ALL FUTURE
CORRESPONDENCE RELATING TO THIS QUERY.
PLEASE RESPOND TO US URGENTLY VIA AUTH MSG QUOTING
OUR CASE REFERENCE WACNY1404421033.
REGARDS,
CUSTOMER CARE AGENT, CUSTOMER CARE
This information was communication between your bank and ours. Your bank informed our bank that there was an “ACCOUNT MISMATCH” and that your bank was unable to credit funds to you. The funds were returned to us. After further investigation, we determined the following:
1. The bank account that you provided was not in your name and we do not hold a Passport or
Identity Card or Proof of Address for the recipient on that account.
2. That we are unable to send funds to anyone other than the original depositor.
3. That your initial deposit was made via a PERFECT MONEY account that did not belong to you.
At this point, the compliance department of Caesar Trade International has placed a hold on your account until such time as we are able to ascertain the true origin of the funds in question. The owner of the Perfect Money account that was used to make the initial transfer to us must contact us and provide compliance documentation that meets our minimum requirements. At that time, a decision will be made on the release of funds.
Sincerely,
Josh
Operations Manager
Caesar Trade
Further, we sent an additional email to the client detailing our response to this complaint, to him. The text is below:
From: Joshua - Caesar Trade Operations <josh@caesartrade.com>
Sent: Wednesday, March 12, 2014 5:20 PM
To: vungaforex53@gmail.com
Cc: support@caesartrade.com
Subject: Your Complaint
Dear Sir,
I am in receipt of your complaint that was filed with the NZ FSCL. At this time, a hold has been placed on your account for a number of reasons, which I will explain below:
1. The initial deposit into your account was not made by you. It was made by a 3rd party representative.
2. Your account was involved in hedging activities in violation of the terms and conditions which were agreed to when a 400% bonus was accepted. The specific clause that applied is below:
On our 400% Regular offer, where between very small lot sizes where no profit or loss is generated, there are large lot size transactions where profits are made then withdrawal requested. Additionally, the pattern is repeated by a multitude of traders who come from the same Region and/or IB/Affiliate. Additionally, it has come to our attention that
Forums (not necessarily in English) are actually writing about how to hedge against us. The patterns that we state here are, we believe, a result of this and reconfirms our policies and actions at this time.
3. Your previous withdrawal request that was processed and subsequently rejected by your bank contained a name mismatch. This indicates that a 3rd party funds transfer was requested, and this is a compliance issue which must be rectified.
Due to the issues raised in numbers 1 and 3 above, we will investigate the matter and process the withdrawal if and when the compliance issue is resolved by the original depositor. If and when this is resolved, the funds will be returned to the original payment account. The issue raised in issue number 2 have caused cancellation of profits on the account. If and when issue 1 and 3 are resolved, the most that will be available for withdrawal will be USD $1,000 minus any bank fees incurred due to the bank rejection that was received from the bank with which you requested funds be sent to.
Finally, your account was opened in November of 2013 with Caesar Trade International, Limited in Seychelles. All terms and conditional related to your account are governed by your agreement with this company. CTFC, Limited did not begin trading or accepting client funds until February 1, 2014 and you did not elect for your account to be moved to this company. Therefore, all issues related to this complaint will be handled through the internal dispute resolution policies of Caesar Trade International, Limited in Seychelles.
If you have any further questions, please don’t hesitate to ask.
Sincerely,
Josh
Operations Manager
Item 5 – 3/12/2014 Email from Caesar Trade and from you concerning bounced wire transfer to you and Perfect Money Account issues (AML ISSUES) and investigation into earlier Perfect Money Transactions on your behalf
Email from You:
Dear Sir,
I check with my bank. But they said that. My account has not get any money from you. Besides, they said that, if ACCOUNT is MISMATCH as you said my bank will contact with me to confirm information.
As before email, I send you my bank account information in scanner file. Please check attachment for more detail and send Deposit and Profit Money to me.
Account Name: VU THI NGA
My Address: THUY XUAN TIEN, CHUONG MY HA TAY
Account Number: XXXXXXXXXXXXXXXXX
Swift: EBVIVNXLHA
Bank Name: EXIMBANK
Best regards,
Ms Nga
Reply from Caesar Trade:
2014-03-12 21:44 GMT+07:00 Joshua - Caesar Trade Operations <josh@caesartrade.com>:
Dear Sir,
On February 12, 2014, Caesar Trade International processed a withdrawal request in the amount of USD $1,000 to your bank account with using SWIFT instructions that you provided.
On February 18, 2014 we received the following communication from our bank:
F79: Narrative
NARRATIVE: RE YOUR REF MTHO40212H000199 DTD
2/12/2014 FOR USD1,000.00. WE HAVE RECEIVED THE
FOLLOWING INQUIRY WHOSE TEXT MAY NOT APPEAR IN
FULL:
PLS REFER TO A PYMT FOR AMOUNT 1,000.00/USD
VALUE DATE 12/02/2014 CHIPS SSN 0251851 SREF
140212044430000A . PLS BE ADV WE HAVE BEEN
CONTACTED BY EBVIVNVXLHA STS QTE PLS BE ADVISED
THAT WE ARE UNABLE TO APPLY FUNDS BECAUSE ACCOUNT
MISMATCH . THEREFORE, PLS CHECK UP WITH THE
REMITTER N PROVIDE US WITH THE CORRECT ACCOUNT
AND BEN'S NAME. UNQTE PLS REVERT WITH THE
DETAILS REQUESTED AND QUOTE OUR FIELD 20
REFERENCE IN FIELD 21 ON ALL FUTURE
CORRESPONDENCE RELATING TO THIS QUERY.
PLEASE RESPOND TO US URGENTLY VIA AUTH MSG QUOTING
OUR CASE REFERENCE WACNY1404421033.
REGARDS,
CUSTOMER CARE AGENT, CUSTOMER CARE
This information was communication between your bank and ours. Your bank informed our bank that there was an “ACCOUNT MISMATCH” and that your bank was unable to credit funds to you. The funds were returned to us. After further investigation, we determined the following:
1. The bank account that you provided was not in your name and we do not hold a Passport or Identity Card or Proof of Address for the recipient on that account.
2. That we are unable to send funds to anyone other than the original depositor.
3. That your initial deposit was made via a PERFECT MONEY account that did not belong to you.
At this point, the compliance department of Caesar Trade International has placed a hold on your account until such time as we are able to ascertain the true origin of the funds in question. The owner of the Perfect Money account that was used to make the initial transfer to us must contact us and provide compliance documentation that meets our minimum requirements. At that time, a decision will be made on the release of funds.
Sincerely,
Josh
Operations Manager
Director of Affiliate Marketing
………………………………………………………………………………..
Caesar Trade – Forex / CFDs
Additional Communication from Caesar Trade to You
3/13/2014 9:43AM
Re: Your Withdrawal Request
As I explained in my previous email, we are aware that funds were not delivered to your bank account. Your bank notified our bank in the form of an electronic message through the swift system that there was a name mismatch. Because of this name mismatch, your bank did not credit your account and returned the funds to our bank.
Now, as I explained in the previous emails, we are unable to reprocess this withdrawal to your bank account. After researching the transaction that was received from you when you funded the account, we determined that you did not in fact fund the account it was funded by someone else. With this knowledge, we are now obligated to refund this payment back to the original form of payment and to the original payer.
In order for us to make this payment to the original payer, we must receive a passport or ID card and a utility bill for proof of address from the original payer.
If you have any further questions, please let me know.
Sincerely,
Josh
Operations Manager
Caesar Trade
Follow up Emails from you and us
From: Vũ Thị Ngà [mailto:vungaforex53@gmail.com]
Sent: Thursday, March 13, 2014 11:43 AM
To: josh@caesartrade.com
Cc: Support CaesarTrade FX-CFD
Subject: Re: Your Withdrawal Request
Dear Sir,
I send to you information of original payer. He is IB of Caeser and my account on his IB
His Name: NGUYEN VAN MINH
His Address: HUONG SON, MY DUC, HA TAY
His Account Number: XXXXXXXXXXXXX
Siwft: EBVIVNVXLHA
Name of Bank: EXIMBANK
Please check attachment for more detail
Best regards,
Ms Nga
Our Reply: 3/13/2014 11:46am
Madam,
The person that sent the funds to us is not known to us. This means we do not have his/her Passport/ID Card and utility bill on file. We are unable to effect any funds transfers until we receive this. Once we do receive this, the only method of refund of funds that will be available is PerfectMoney as this was the original method of payment used.
Sincerely,
Josh
Operations Manager
………………………………………………………………………………..
Caesar Trade – Forex / CFDs
Phone: +44-203-608-6283, Press 7 When Answered
josh@caesartrade.com . Forex, CFD, Gold, Oil, Grains & Indices Trading
………………………………………………………………………………..
Item 6 – Communications from our NZ Office to the FSCL
From: Debbie Errington Jeffares
Sent: 13 March 2014 4:54 p.m.
To: 'Stephanie Chapman'
Subject: RE: Complaint - Mr Vu Thi Nga. Our ref: 14/00136
Hi Stephanie
I hope you are well.
Nr Nga is not a customer of CTFC Limited the NZ company but is in fact a client of Caesar Trade International Limited, a Seychelles Company. However to be fully transparent we have attached a summary of the investigation done on this complaint and the communication sent to the client. If you have any questions please do not hesitate to contact me.
For your information the internal procedures outlined in the attached document relating to Caesar Trade International Limited are not the same as is carried out in the NZ company.
We now consider this compliant closed .
Kind Regards
Debbie
Item 7 – Complaint Closed by the FSCL
From: Stephanie Chapman
Sent: 27 March 2014 1:41 p.m.
To: Debbie Errington Jeffares
Subject: RE: Complaint - Mr Vu Thi Nga. Our ref: 14/00136
Thank you for your email Debbie.
FSCL is not taking any further action in relation to this complaint.
Kind regards
Stephanie Chapman | Case Manager
Financial Services Complaints Limited | Home
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