apexfxrading.com - problems with withdrawing

andriussurf

Recruit
Messages
2
I am client of APEX FX since 2011. Couple of times I made withdrawal, and there were no problems.
(About broker: Apex FX Trading . APEX FX Trading is the registered business name of Apex Derivatives Pty Ltd ABN 57 143 512 501 (Apex Derivatives) and is regulated by the Australian Securities and Investments Commission (ASIC) Australian Securities and Investments Commission. APEX Derivatives holds an Australian Financial Services Licence No. 359820.)

At 2013-02-13 i've got the message to close all my open positions until 14Feb, because company ''is experiencing operational issues''.

(Original mesage: "Due to recent financial regulation changes and the current financial position of APEX FX Trading, ASIC has required APEX close all current open client financial positions. At 9am AEST on February 14th, 2013 any and all open/active trading positions will be closed.")

After closing positions, on same day (Feb13) I've send request for withdrawal.
On Feb20, I've got an email that clients accounts and my withdrawal are frozen.

(Original messages:
Message#1: Dear Client, As you are aware, Apex Derivatives Pty Ltd trading as Apex FX Trading (Apex FX) has temporarily suspended offering financial services in Australia. This follows the new financial regulations that came into effect on 31/1/13.
Some of our clients have expressed concerns at the length of time it has taken to complete withdrawal requests and we understand your concerns. At the moment, APEX’s client accounts are frozen. The freeze will be lifted once a final decision has made on how best to proceed. APEX is exploring all potential options with legal and regulatory assistance and we appreciate our obligations to our clients.
Message#2: Dear Client, At the moment we do not have an update. Yes, your withdrawal has been frozen. The regulators and legal counsels are involved and we’re working to resolve the situation as quickly as possible, but it will take some time. Should you wish to file a dispute, please contact FOS. However, they are aware of the situation and we need to wait for the legal situation to conclude before we can proceed with any withdrawals.)

In to questions for more details they don't answer. Also I wrote an inquiry for ASIC, but they said that answer will be maybe in 10 days.
Can anybody tell me, how can I get more info about this case. What to expect now ? How long I should wait, and what to do next ?
 

Pharaoh

Colonel
Messages
20,041
Keep trying to contact Apex and ASIC.

Depending on how much money is involved, you may want to consult with a lawyer.
 

andriussurf

Recruit
Messages
2
Keep trying to contact Apex and ASIC.

Depending on how much money is involved, you may want to consult with a lawyer.


Apex is offering to sign the agreement for 25% pay out from cash balance and to release Apex from all obligations. And to sign it until 1st of March. They said after that the company will be put under external administration.

Original message:
"...Dear Client,
As of February 20th, 2013, the AFS licence of APEX Derivatives Pty Ltd trading as APEX FX Trading (APEX FX) has been cancelled. At the moment, APEX is exploring all potential options with legal and regulatory assistance and we appreciate our obligations to our clients.
Unfortunately APEX does not have the funds to pay its clients in full. With the help of the Australian Securities and Investment Commission, our lawyers and Consultants we have come to the final decision to offer each client 25% of their final account balance if they sign the attached release form.
The company will be put into external administration this week and this form will need to be signed before the company is handed over. This document must be signed by March 1st, 2013. Once you send me a signed copy, the balance due will be transferred.
Regards,
Support @ APEX FX Trading ..."


There is 18000 usd on account. I still don't have any answer from ASIC. I still don't know is this story is true, because all the information goes from apex email. Maybe this is only fraud.
 
Last edited:

Pharaoh

Colonel
Messages
20,041
Time to try any and all possible means to contact ASIC. Dig through their site for email addresses, contact us forms, phone numbers, etc.

Assuming the offer is not a fraud, the 18,000 dollar question is whether the offer to give up 75% of your money and get 25% now is better or worse than not signing the agreement and seeing what the "external administration" will come up with.
 
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