Discuss NordhillCapital.com (Maksim Sepp)

[Peter1124]

If no BO or owner is accountable, the introducers will likely be the one tanking for them sadly, getting fine or jail by the authority if the investigation takes place.

 

[Voltaire]

I've received a reply on my police filing today. It by itself is almost as shameless as the acts of SFX Markets.

Tl;dr:

Apparently, it is my our fault to invest in a trading company in the first place, since trading is inherently risky and may result in the entire loss of capital. We've agreed to the risk and that entitles SFX Markets to run away with our money.

I have 10 days to reply to their mail.
While they are right, that SFX is not an Estonian company, I believe that they committed a criminal act on Estonian ground by ignoring the segregation of funds of the company. I do not know the regulation of financial companies in Estonia, but I assume that it is the banks' due diligence to assure that this segregation is upheld, even if the company is not regulated in that country. Feel free to correct me if I am wrong. Nevertheless, I hope to initiate a fruitful discussion, so that I can reply to the police appropriately.
I also encourage every victim to file a police complaint by himself. This can be done via this link:
https://www2.politsei.ee/en/teenused/politseile-avalduse-esitamine.dot
__

Here are a few excerpts from the police's reply (Google translate):

Your application, attached documents, and application review
information collected shows that you registered as a customer on the Internet portal www.sfx-
markets.com, where brokers started trading in currencies and different financial markets
holding securities. Starting trading on this platform, each customer concludes an agreement with SFX
Global Ltd, under which the relationship between the customer and the company is regenerated according to the country
to the legislation in which that company is registered, in this case Saint Vincent &
Grenadines. This agreement contains a warning that trading in financial markets includes
the potential risks of losing your investment and financial resources and that
Financial services on this website are only suitable for customers with risk management experience.

In the light of the above, the body conducting the proceedings must indicate the following. In general, investment is meant
for a longer period of time - not days or weeks, but years.
When it comes to investing, it is very important to understand where you invest (everything must be excluded
which you do not understand) and the associated earning potential and risks.
When investing, earning money is not guaranteed and before the money is placed lightly
A foreign company needs to seriously consider its options for potential disputes
solution.

Pursuant to § 6 of the Penal Code, the Estonian Penal Act applies to an act committed in Estonia
territory.
An exception to this is § 7 of the Penal Code, which allows for criminal proceedings to be initiated also in a foreign state
committed crimes if the victim or suspect is an Estonian citizen or registered in Estonia
legal personality, but this provision is only used if criminal proceedings are initiated in such a way
crimes would be justified, ie criminal proceedings in Estonia would be faster and more efficient. So
additional justifiable factors that could be used to apply this exception
to conclude that criminal proceedings in Estonia would be faster and more efficient. If everything is important
sources of evidence and databases (eg servers, banks, etc.) are located abroad as well as offenses
the perpetrator is a national of another country and lives outside the territory of the Republic of Estonia
In case of cases, the Republic of Estonia has no possibilities for a fast and efficient procedure. You
the statement shows that these cases are a company registered in Saint
Vincent & Grenadines. This means that Estonian legislation does not regulate their activities and Estonia
The Republic has no way of collecting official data on these companies and it is not possible
provide an assessment of the activities of companies governed by the law of another country.

__

 

[ScammerMayCry]

That's most likely a sham. I've contacted the bank and they confirmed that their account was closed in October 2018. SFX also stopped replying to me, the moment I asked them about more specific questions regarding their "bank audit".

A bank transfer is most likely, i learnt that sfx markets once made interbank funds transfer without the clients approval. Maybe this time, the money is long gone from the estonia. By the way, you can buy a E-resident in Estonia, hence i feel its a russian operated scam, the owners are not estonians but merely e-resident. It took them just 4 years to scam 130million usd by closing the bank account citing AML. For such a large amount and itd magnitude, its one of the most successful scam pulled off in modern society.

 

[Peter1124]

In Summary, no further actions can be taken from Estonian side, as this is a matter between the bank and the account opening of an entity registered in SVG with no known presence in any part of the world other than their agents/IBs. Even if the police report is made, this does not implicate any residents of Estonia, thus the local police can do so little.

In the light for all investors under nordhillcapital and sfx-markets, the minimum the bank can do or the police can do is to make known whether the bank account is closed (Aka scam is completed, don't pray or hope anymore for investors) or is it really frozen due to AML, etc which is likely untrue.

Next, no recourse can be done in SVG, the notification to SVG FSA will only blacklist and de-register the entity from SVG island, the only company that knows who is the ultimate owner and beneficiary of this scam is only the corp-secretary that helps to register this company in SVG under SFX Global Ltd. (company number: 22382 IBC 2014) located at Suite 305, Griffith Corporate Center, Beachmont, Kingstown, St. Vincent and the Grenadines.

It has been more than 6 months or even 8 months since there were withdrawal issues, by now it's good enough to believe that the money has already been moved out long ago. End game and good game for investors, just accept the truth. Continue to wait and nothing will happen because the perpetrator already long gone.

Thanks for updates.

I've received a reply on my police filing today. It by itself is almost as shameless as the acts of SFX Markets.

Tl;dr:

Apparently, it is my our fault to invest in a trading company in the first place, since trading is inherently risky and may result in the entire loss of capital. We've agreed to the risk and that entitles SFX Markets to run away with our money.

I have 10 days to reply to their mail.
While they are right, that SFX is not an Estonian company, I believe that they committed a criminal act on Estonian ground by ignoring the segregation of funds of the company. I do not know the regulation of financial companies in Estonia, but I assume that it is the banks' due diligence to assure that this segregation is upheld, even if the company is not regulated in that country. Feel free to correct me if I am wrong. Nevertheless, I hope to initiate a fruitful discussion, so that I can reply to the police appropriately.
I also encourage every victim to file a police complaint by himself. This can be done via this link:
https://www2.politsei.ee/en/teenused/politseile-avalduse-esitamine.dot
__

Here are a few excerpts from the police's reply (Google translate):

Your application, attached documents, and application review
information collected shows that you registered as a customer on the Internet portal www.sfx-
markets.com, where brokers started trading in currencies and different financial markets
holding securities. Starting trading on this platform, each customer concludes an agreement with SFX
Global Ltd, under which the relationship between the customer and the company is regenerated according to the country
to the legislation in which that company is registered, in this case Saint Vincent &
Grenadines. This agreement contains a warning that trading in financial markets includes
the potential risks of losing your investment and financial resources and that
Financial services on this website are only suitable for customers with risk management experience.

In the light of the above, the body conducting the proceedings must indicate the following. In general, investment is meant
for a longer period of time - not days or weeks, but years.
When it comes to investing, it is very important to understand where you invest (everything must be excluded
which you do not understand) and the associated earning potential and risks.
When investing, earning money is not guaranteed and before the money is placed lightly
A foreign company needs to seriously consider its options for potential disputes
solution.

Pursuant to § 6 of the Penal Code, the Estonian Penal Act applies to an act committed in Estonia
territory.
An exception to this is § 7 of the Penal Code, which allows for criminal proceedings to be initiated also in a foreign state
committed crimes if the victim or suspect is an Estonian citizen or registered in Estonia
legal personality, but this provision is only used if criminal proceedings are initiated in such a way
crimes would be justified, ie criminal proceedings in Estonia would be faster and more efficient. So
additional justifiable factors that could be used to apply this exception
to conclude that criminal proceedings in Estonia would be faster and more efficient. If everything is important
sources of evidence and databases (eg servers, banks, etc.) are located abroad as well as offenses
the perpetrator is a national of another country and lives outside the territory of the Republic of Estonia
In case of cases, the Republic of Estonia has no possibilities for a fast and efficient procedure. You
the statement shows that these cases are a company registered in Saint
Vincent & Grenadines. This means that Estonian legislation does not regulate their activities and Estonia
The Republic has no way of collecting official data on these companies and it is not possible
provide an assessment of the activities of companies governed by the law of another country.

__

 

[fxinvestor888]

Guys, i want to break it to you that nordhill capital was previously known as sfx-funds.com as indicated by a member somewhere in the forum. Theres no AML and its a scam. The bank account was closed last oct 2018 as indicated by a forum member. What i believe is that they had duped enough people and they made the run for it leaving their proxies in trouble. Now that it has been more than 6 months, it can be difficult to see your money back.

Hi, any proof that their account has been closed last Oct 2018? please share, thx

 

[fxinvestor888]

sfx-funds.com
nordhillcapital.com
stgwealth.com
sfx-markets.com

likely all the same, because no one has seen the Russian owners before despite huge aum or entire aum came from stg side. I believed, investors are screwed now. Since nobody knows who is the BO of sfx-markets when it is likely the same, but how to get back fund when the company is incorporated in Saint Vincent & the Grenadines where no actual operation is run there, the bank account is in Estonia but whistleblower said it has been closed since October 2018.

If it's a banking issue, it won't take so long, because all the investors need is just a clarification and notice from the bank side. But now, it's just empty words I think either it is long forgotten if no one chase while it gets wrapped by itself as an online scam eventually with no recourse since who is accountable?

Hi, can help to share the proof that the SFX account was closed since October 2018? thanks

 

[kumori]

Hi Kumori, It was just a message from a chat window. When you login to sfx, you can activate chat and that's where I put my question. Their staff replied with that message, it was not through email that I can copy and paste here

Hi fxinvestor888,

Today, I have received the official statement from SFX Markets CEO as below.

Dear Valued Customer,

Pursuant to the AMLA investigation conducted by the regulatory authority, we regret to inform that till the end of the investigation our investors’ and company funds will be frozen. Therefore we’re unable to perform our obligations to customers and must suspend any business activity with immediate effect.

SFX is part of the financial institutions who is fully committed to abide by all the monetary regulations and compliances for the interests of all our customers. We have not and will not engage in any illegal business activities or abetting any money laundering activities at all time. We therefore firmly stand by our principles and consciences that we are at no time in breach any monetary legislations in the course of conducting our business activities.

In view of the circumstances, we have been strongly advised by our legal advisors to initiate legal proceedings for early recovery of our investors’ funds without any further delay.

The legal proceeding is inevitable, the processes are tedious and time constraints. However, on the positive note and in view of the favorable impressions and assurances vested by our legal experts, we are confident of a fruitful outcome and the funds may be released in a much shorter time frame.

We will keep you posted of any further development in due course.

On behalf of the Board of Directors and Management, we sincerely apologize for all the inconveniences and hardships caused.

Thank you for your understanding and continuous supports.

As he stated “must suspend any business activity with immediate effect”, currently their official website is down but the Private office is available.
In the Private Office, all the Trading Account are closed , all funds are transferred to the Personal Account, and only “Withdrawal” operation is available.
It seems that they are going to liquidate their business. Maybe "The legal proceeding" means "Official Liquidation", I think.

 

[Peter1124]

Honestly, this seems as if it's a valid closure, but there's still no proof and evidence of the bank account being frozen as the money was so called still trading on the LP side.
Why would you send back the money to a so-called frozen bank account? If you can by other means return back to the client through other valid channel and liquidation method.
If you understand brokerage business, money is not kept at the bank when a client deposited because some margin is required on the prime broker or LP side for the trading facility, so even if the former bank account is closed or frozen, the money can still be recovered as long it's there.

And stop the blatant that SFX is a financial institution when it's only a simple IBC registered in SVG which cost merely $1200 USD max. It is not an entity that required regulations at all, it's just a normal company. It is not a regulated entity by any regulator or financial authority, and the bank account is only a standard corporate bank account at most.

Seems like, it's just a closure to stop the IBs and Investors from harassing them while giving them a glimpse of hope, and this could drag on forever, and by 1-2 years time the said company has long not renewed itself in SVG already and no beneficiary owners can be traced...

Hi fxinvestor888,

Today, I have received the official statement from SFX Markets CEO as below.

Dear Valued Customer,

Pursuant to the AMLA investigation conducted by the regulatory authority, we regret to inform that till the end of the investigation our investors’ and company funds will be frozen. Therefore we’re unable to perform our obligations to customers and must suspend any business activity with immediate effect.

SFX is part of the financial institutions who is fully committed to abide by all the monetary regulations and compliances for the interests of all our customers. We have not and will not engage in any illegal business activities or abetting any money laundering activities at all time. We therefore firmly stand by our principles and consciences that we are at no time in breach any monetary legislations in the course of conducting our business activities.

In view of the circumstances, we have been strongly advised by our legal advisors to initiate legal proceedings for early recovery of our investors’ funds without any further delay.

The legal proceeding is inevitable, the processes are tedious and time constraints. However, on the positive note and in view of the favorable impressions and assurances vested by our legal experts, we are confident of a fruitful outcome and the funds may be released in a much shorter time frame.

We will keep you posted of any further development in due course.

On behalf of the Board of Directors and Management, we sincerely apologize for all the inconveniences and hardships caused.

Thank you for your understanding and continuous supports.

As he stated “must suspend any business activity with immediate effect”, currently their official website is down but the Private office is available.
In the Private Office, all the Trading Account are closed , all funds are transferred to the Personal Account, and only “Withdrawal” operation is available.
It seems that they are going to liquidate their business. Maybe "The legal proceeding" means "Official Liquidation", I think.

 

[lukeneves]

Hi folks,

It seems I'm on the same boat as you. Have money on the SFX platform (on my personal account) with only the withdrawal option available to me.

I've read through all the threads and I have a couple of questions regarding what my approach should be:

1. Leave the money on the personal account so at least it is visible (if I need to show evidence of some sort)?
2. Try the withdrawal which I know it will be stuck in processing (forever?)
3. File a complaint on mychargeback.com/?
4. Already filed a complaint with Estonian police, that will go nowhere but at least there is an official complaint filed somewhere.

Thanks for your input!

 

[Peter1124]

Hi folks,

It seems I'm on the same boat as you. Have money on the SFX platform (on my personal account) with only the withdrawal option available to me.

I've read through all the threads and I have a couple of questions regarding what my approach should be:

1. Leave the money on the personal account so at least it is visible (if I need to show evidence of some sort)?
2. Try the withdrawal which I know it will be stuck in processing (forever?)
3. File a complaint on mychargeback.com/?
4. Already filed a complaint with Estonian police, that will go nowhere but at least there is an official complaint filed somewhere.

Thanks for your input!

Investors priorities are as follows:

1) Lodge a police report locally and with Estonian Police for an official complaint about your funds being held up by SFX or its Bank.

2) Using (1), your objective is to get enough power and interests to verify and validate that the bank account of your money is indeed frozen for AML checks and audits, as long it is a real and verifiable operation of such incident in the banking system, there's still hope of retrieving back your money, but note that SFX is not regulated, thus the account is a company bank account which is not segregated at all, because there's no transparency and means of validating it as segregated account, it's also likely even if there's money left, the amount will not be full, this means the company will have to be liquidated and huge process in order for clients to get back their money, because it's very hard to proof how much you have deposited, earned and how much you should be able to withdraw out as SFX itself do not do auditing on its PNL, to verify your earnings from trading programs. So this can be a very very long process even if it's real as most FX companies lied about their nature of business during account opening, as these days banks do not open account with non-regulated brokers due to high risks involved.

3) If you used a credit card, you may attempt to use charge-back but the possibility of getting back is very very slim as well if you had done this investment a long time ago.

4) There's no money, it's only credits data on the back end, which can be put up by the web/mt4 manager placing withdrawal/deposits into the CRM.

What matters is to verify and validate the bank account is indeed frozen by tallin business bank, and get an official letter from it, if not it will be another case of GCG Asia incident, where bank may already been closed and money were already withdrawn. And SFX Markets/SFX Global is very likely not renewing itself very soon, and once the company no longer exists, the bank's monies will also be lost forever, same goes for their website renewal date which is very near.

It's a scam until proven otherwise, as there were lack of official evidences and documents, with both Beneficial owners of nordhill/sfx markets hiding behind the screens, and their marketing IBs pushing away the responsibilities to SFX which is likely going to disappear very soon.