sparen must pay
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Gcmfx declared itself bankrupt (see the text on their website:
Dear Customers,
Gallant Capital Markets, herein referred to as “the Company”, announced on Friday, April 14th, it has commenced a formal proceeding to restructure its balance sheet to better position itself for future opportunities. To facilitate this restructuring, the company filed voluntary petitions under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in the Eastern District of New York. While the company regrets having to take such actions, it does so in the best interests of the company and its clientele. The decision to voluntarily file results from an inability to withdraw funds from one of its regulated counterparties in order to meet liquidity demands. The decision to file was not an easy one, and was done only after a comprehensive review of all options available to the company. The firm has notified its regulatory body and will do all it can to provide information in a timely and transparent fashion to its client base as the court allows. We thank you for your continued patience and hope for a quick and satisfactory resolution for our clients and vendors.
Sincerely,
Gallant Capital Markets )
For a "regulated" broker (BVI regulation) who told to keep the money in a segregated account, the explanations seem curious. You can read the site leaprate.com who reveals the suspicion of frau again the owner of GCMFX.
This thread is intended to be kept alive in order to share the development of the story. Obviously, I've tried to contact Gallant by mail or by phone but there's nobody to answer my questions.
Dear Customers,
Gallant Capital Markets, herein referred to as “the Company”, announced on Friday, April 14th, it has commenced a formal proceeding to restructure its balance sheet to better position itself for future opportunities. To facilitate this restructuring, the company filed voluntary petitions under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in the Eastern District of New York. While the company regrets having to take such actions, it does so in the best interests of the company and its clientele. The decision to voluntarily file results from an inability to withdraw funds from one of its regulated counterparties in order to meet liquidity demands. The decision to file was not an easy one, and was done only after a comprehensive review of all options available to the company. The firm has notified its regulatory body and will do all it can to provide information in a timely and transparent fashion to its client base as the court allows. We thank you for your continued patience and hope for a quick and satisfactory resolution for our clients and vendors.
Sincerely,
Gallant Capital Markets )
For a "regulated" broker (BVI regulation) who told to keep the money in a segregated account, the explanations seem curious. You can read the site leaprate.com who reveals the suspicion of frau again the owner of GCMFX.
This thread is intended to be kept alive in order to share the development of the story. Obviously, I've tried to contact Gallant by mail or by phone but there's nobody to answer my questions.
