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Been scammed by a Cyprus Broker? New instructions from Cysec

Discussion in 'Scam Alerts' started by AsstModerator, Oct 28, 2015.

  1. 4evermaat

    4evermaat Corporal

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    Can you post a screenshot of this email please?
    What email address are you getting these emails from?
    Can you (or FOS) please point to the law (webpage) that requires a fee be paid and/or Unique reference # in order to begin complaint investigation?

    I've never heard of this. The broker is supposed to pay into the dispute resolution scheme set by the regulator, not the consumer/complainant. It is normally a statutory requirement for a broker to obtain or keep a license to be part of the dispute resolution service.

    Also, requiring information that requires the other party take action should not be a requirement to completing a complaint.

    If this is true that CYSEC FOS has gone to charging fee from the complainant before investigating a case, then CYSEC is in worse condition that I originally thought.

    edit: I see the form now requiring 20 EUR fee. (And bank deposit/wire is the only way to pay it). Is this a new form? I never heard of that before.

    attachment
     

    Attached Files:

    #41 4evermaat, May 17, 2018
    Last edited: May 17, 2018
  2. MiliC8

    MiliC8 Private, 1st Class

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    I’ve taken screenshots of my email as received from financial ombudsman & pdf complaint form. Please if published safeguard my email details as FPA have kindly done before. Hope this info helps others. Infuriating as it is for a complaintant. Pdf contents posted first pages 1-4.

    THE FINANCIAL OMBUDSMAN OF THE REPUBLIC OF CYPRUS
    COMPLAINT FORM
    AGAINST FINANCIAL BUSINESSES
    BY INDIVIDUALS
    under the Law 84(Ι)/2010, as amended or replaced (hereinafter «the Law»).
    Α. GENERAL INFORMATION
    By filling in this form individuals can submit a complaint to the Financial Ombudsman against financial businesses, regarding a protest or objection or dispute of value up to the amount of one hundred and seventy thousand euro
    (€ 170.000), provided that the conditions are cumulatively met, under provision of articles 9 and 10 of the Law.
    These conditions are as follows:
    (a) The complaint is submitted by a consumer.
    (b) The consumer has previously addressed his complaint in writing to the financial business against which the complaint is directed, within fifteen (15) months from the date he/she became aware or reasonably should have become aware of the damaging act or failure of the financial business or the fact that he/she had reason for submitting a complaint.
    (c) The consumer has received a reply to the complaint from the financial business, which does not satisfy him/her, within a specified period of three (3) months from the date of receipt of the complaint or has not received a reply from the financial business and the three-month period has expired. The complaint is submitted to the Financial Ombudsman within a specified period of four (4) months from either the date of receipt of the reply from the financial business or the deadline of the three-month period during which the financial business had to respond to the consumer.
    (d) The financial business the complaint is directed against must have been in operation, under legal authorization or under the freedom of establishment regime, at the period referred to in the complaint.
    (e) The transaction falls under the supervision of the responsible supervisory authority.
    (f) A decision on the same complaint has not already been issued by a Court of the Republic and a judicial procedure is not pending for the enquiry of the same complaint.
    The complaint can be submitted to the Financial Ombudsman in one of three (3) ways:
    (a) By hand or by post to the address 13 Lordou Vironos Avenue, 1096, Nicosia or P.O. Box 25735, 1311, Nicosia (b) By facsimile (fax) to 22-660584 or to 22-660118
    (c) By electronic mail (e-mail) to the address: complaints@financialombudsman.gov.cy
    The complaint must be accompanied by a receipt of payment of the fee of twenty euro (€ 20). The payment can be made to one of the following accounts:
    (a) Cooperative Central Bank or Cooperative Credit Institution,

    IBAN: CY16 0070 1010 0000 0000 4002 8214 (b) Hellenic Bank, IBAN: CY78 0050 0109 0001 0901 7087 6401 (c) Bank of Cyprus, IBAN: CY52 0020 0195 0000 3570 1944 4789
    Swift Code & BIC Code: CCBKCY2N Swift Code & BIC Code: HEBACY2N Swift Code & BIC Code: BCYPCY2N
    For more information please visit the website of the Financial Ombudsman of the Republic of Cyprus (www.financialombudsman.gov.cy).
    B. FALSE STATEMENTS AND CONCEALMENT OF INFORMATION
    Under article 26 of the Law, whoever knowingly makes false, misleading or fraudulent statement or conceals an essential element or in any way obstructs the complaint investigation by the Financial Ombudsman, during the process of providing information for the purposes of the Law or Directives issued under it, is guilty of an offense and on conviction is subject to imprisonment not exceeding two years or to a fine not exceeding ten thousand euro (€ 10,000) or to both such penalties.
    C. STATEMENT OF CONSENT for Collection and Processing of Personal Data under the Law 138(Ι)/2001, as it is amended or replaced.
    I the undersigned (note your name & surname) ............................................................... with identity card no. or passport no. .............................. give my consent and authorize the Financial Ombudsman, to store and process personal information for the purpose of investigation of the complaint I submit with this form.
    ........................................................................ ........................................................................ [Full Name & Surname] [Signature]
    Date: ...................................
    1

    D. COMPLAINT DETAILS D1. Complainant Details
    Name:
    Surname:
    Identity Card No. /Passport No.:
    Nationality:
    Occupation:

    HOME ADDRESS

    Street:
    Number:
    Flat No.:

    Postal Code:
    City/Town:
    Country:


    POSTAL ADDRESS (if different from your home address)

    Street:
    Number:
    Flat No.:

    Postal Code:
    City/Town:



    Country:


    Mobile phone no.:
    Home phone no.:
    Fascimile (Fax) no.:

    Electronic Mail (e-mail):
    D2. Details about the Financial Business against which the complaint is directed
    Fill in accordingly:
    (Bank/Electronic Money Institution/Payment Institution/Insurance Company/Investment Services Provider Company/Mutual Funds Management Company/Other)
    D3. Subject of Complaint
    D.3.1. Amount relating to your complaint (up to one hundred and seventy thousand euro (€170.000)).

    Business Name:

    POSTAL ADDRESS OF BRANCH OFFICE

    Street:

    Number:

    Postal Code:
    City/Town:


    Currency

    Amount
    In writing

    Convert amount in euro (if the dispute involves foreign currency)

    In writing
    €___ ___ ___ .___ ___ ___

    ......................................................................
    D.3.2. Description Of Complaint and resulting consequences
    (Ι) Summary of complaint and recording of damages caused:
    .
    .......................................................................................................................................................................................... .......................................................................................................................................................................................... .......................................................................................................................................................................................... .......................................................................................................................................................................................... .......................................................................................................................................................................................... .......................................................................................................................................................................................... ..........................................................................................................................................................................................
    2



    ....................................................................................................................................................................................
    .......................................................................................................................................................................................... .......................................................................................................................................................................................... .......................................................................................................................................................................................... .......................................................................................................................................................................................... .......................................................................................................................................................................................... .......................................................................................................................................................................................... ..........................................................................................................................................................................................
    If you need more space, please use additional page that bears your signature and attach it to the end of this form.
    (ΙΙ) When and/or under what circumstances were you informed of the harmful, in your view, action or omission of the financial business or the fact that you had reason for submitting a complaint to the Financial Ombudsman?
    Day
    Month
    Year
    .......................................................................................................................................................................................... .......................................................................................................................................................................................... .......................................................................................................................................................................................... ..........................................................................................................................................................................................
    If you need more space, please use additional page that bears your signature and attach it to the end of this form.
    (ΙΙΙ) Have you initiated and/or are you aware of the commencement of any procedure relating to the submitted complaint before any Court in the Republic?
    If Yes, note the case number: ...............................................
    D.3.3. Submission of Complaint to the Financial Business
    No
    Yes

    (Ι)
    Have you submitted a written complaint to the financial business?
    Date of submission of complaint to the financial business:
    Yes / No

    If Yes, fill in the (ΙΙ)-(V) below:

    (ΙΙ)

    Day
    Month
    Year


    (ΙΙΙ)
    Have you been informed that the complaint was received by the financial business?
    If Yes, when?
    Yes / No
    Day
    Month
    Year

    (IV)
    Have you received a reply from the financial business? If Yes, when?
    Yes / No
    Day Month Year


    (V)
    Briefly explain why you are not satisfied with the reply of the financial business.

    .......................................................................................................................................................................................... .......................................................................................................................................................................................... .......................................................................................................................................................................................... ..........................................................................................................................................................................................
    If you need more space, please use additional page that bears your signature and attach it to the end of this form.
    3

    Ε. REQUIRED DOCUMENTS/INFORMATION TO BE SUBMITTED
    Please check if you have attached the following documents and make a record of any other document/information that you have attached to this form (with reference number of each document attached).
    No.
    DOCUMENTS
    ATTACHED? (YES/NO)
    1.
    Receipt of payment fee for complaint
    2.
    Copy of identity card or passport
    3.
    Copy of the complaint submitted to the financial business
    4.
    Complaint acknowledgement by the financial business (where applicable)
    5.
    Copy of the reply received from the financial business
    6.
    Copy of contract relating to the complaint (where applicable)
    7.

    8.
    9.

    10.
    F. SIGNED DECLARATION
    I hereby declare that until today a decision by a Court of the Republic has not been issued and/or is not pending and/or there is not any pending judicial procedure before a Court of the Republic in relation with my complaint submitted to the Financial Ombudsman of the Republic of Cyprus.
    ........................................................................ ........................................................................
    [Full Name & Surname]
    Date:...................................
    [Signature]
    FOR INTERNAL USE
    Date of Submission of Complaint Form

    Serial Number:.........../.........
    Day
    Month
    Year
    CODE
    By hand
    By Fascimile (fax)
    By Electonic mail (e-mail)
    By post
    Date of Payment of Fee for Complaint

    LCI at which deposit was made:
    Day
    Month
    Year


    Payment Fee Receipt Number


    Contact Phone: +357 22848900
    4
     
  3. MiliC8

    MiliC8 Private, 1st Class

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    Please find email as received from financial ombudsman in Cyprus. I tried unsuccessfully to copy/paste hence presented in file format.

    Attachment removed. If you want your email protected, please do not attach a file with your email address clearly showing.
     
  4. MiliC8

    MiliC8 Private, 1st Class

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    FPA has the power of exposure for an offending broker. Reputation is the soft spot as I’ve discovered. Thanks to FPA. Please find email from FO with specific reference to Unique Reference Number & acknowledgement of receipt of complaint by offending broker. Please safeguard my personal info. Cheers again.

    Dear Mrs. Mili Tekiva Clayton,

    In reply to your e-mails received on the 12 thof March 2018, we would like to inform you that if you wish to submit acomplaint to the Financial Ombudsman of Cyprus against a financial business regulated by the Cyprus Securities and Exchange Commission (CySEC) , weare forwarding you attached to this e-mail the complaint submission form, which you have to print it and fill it according to the generalinformation, provided that your complaint meets cumulatively theconditions for the submission of a complaint as mentioned on the first page of the complaint submission form.


    The Complaint Form canbe submitted by e-mail and must be accompanied by a receipt of payment of the fee of twenty euro (€20). We recommend you to read carefully the following bank instruction before doing your payment.

    When you make an international wire transfer (MT103 SWIFT) you are able to choose who pays for the transfer charges. Sending fees should always be paid by the sender. OUR and SHA are codes in a SWIFT document at field 71A ¨Details of Charges¨.

    The OUR instruction means you pay for all transfer charges and this guarantees that we will receive your payment in full. Please note that you will have to pay any sending related fees, otherwise these will be deducted from the full amount you wish to send.

    SHA (shared) means you only pay your bank’s outgoing transfer charges. We would receive your payment minus thecorrespondent (intermediary) bank charges. This will result your payment to arrive short into our account.

    Kindly note that we cannot proceed to investigate your complaint unless the fee of 20 euro, determined by Law, is fully paid.

    In addition, you need to provide us with a copy of your complaintsubmitted to the financial business against which your complaint is directed and the Unique Reference Number which wasprovided by the company when acknowledged receipt of your written complaint. The format of the Unique Reference Number is XXyyyynnnn (i.e. AB20151234). This reference number is a prerequisite to be provided by all financial businesses regulated by the Cyprus Securities and Exchange Commission (CySEC).

    If you have any questions when completing your application please do not hesitate to contact the Financial Ombudsman Office for any further clarifications, office phone number +357 22848900.


    Thankyou

    Financial Ombudsman Office
     
  5. 4evermaat

    4evermaat Corporal

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    Ask CySEC FOS in a reply the following:

    1) can you link to the law that requires that the consumer (or applicant) pay 20 EUR fee in order to have their case evaluated? Either the relevant CySEC rule, the ESMA rule, or both is ok.

    2) can they provide the law that
    a) compels the company to provide the unique reference number for all complaints (and what timeframe do they have to provide it).
    b) compels the complaining client to supply unique reference number to CySec as a prerequisite to them conducting any new/followup investigations.

    3) What happens if the business does not or refuses to provide said Unique Reference Number? Is CySec / client hands just tied?

    -------------------
    I have never seen a regulator go though such arrogant lengths to not want to do their f---ing job. In a way it was better before when they just didn't do their job at all.

    If CySec wants a unique case #, why dont THEY (cysec/FOS) issue this number themselves, instead of this back and forth, cat/mouse game of service provider vs client?

    You can reattach it with sensitive info blurred/blacked out. Or send it to me as a Private message.
     
    #45 4evermaat, May 18, 2018
    Last edited: May 18, 2018
  6. MiliC8

    MiliC8 Private, 1st Class

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    Posting excerpt of email forwarded 04.04.2018 to Gidon Shuman requesting Unique Reference Number. When I asked him for this & acknowledgement receipt of my complaint during a phone conversation Gidon said “what number?”...”a phone number?” Of course I forwarded him FO email specifying this requirement.

    Following I forwarded an email 06.02.2018 @17:44 addressing Miltos Erotokritou via backoffice@europefx.com requesting my EuropeFX account be reinstated and my funds be reimbursed. I stated that my account no. 6271941 had been disabled causing me to have no access to close or open trades. Also that my request should be regarded as an official complaint which I trusted EuropeFX would respond to by putting matters right. I added that I would be reporting to CYSEC in due course. I received an 'investigative call" from Richard the following day.

    Since I have corresponded with the financial ombudsman. I trust Gidon, I have reiterated my complaint to you sufficiently and am expecting restitution of my funds which I regard as being absconded with by EuropeFX. Meanwhile I would appreciate a Unique Reference Number acknowledging receipt of my complaint be provided to me.

    I am forwarding my last email to you Gidon, from complaints@financialombudsman.gov.cy for purposes of clarity and to find a way forward.

    Thank you for your anticipated assistance.

    Yours sincerely,

    Mili Tekiva Clayton
     
    IrwanI likes this.
  7. MiliC8

    MiliC8 Private, 1st Class

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    I am happy to declare a proposal settlement has been accepted by myself. Funds have been expedited to my bank account and my complaint with Europefx.com is now resolved.
    To Mr. Lem, Executive Clients Relation Manager I express my gratitude for an amicable and satisfactory solution for both parties.
    Despite Mr. Lem’s unenviable position of being chief negotiatior, mediating between the board, legal team of Europefx and myself; he has exercised due diligence, diplomacy and tact. This lengthy process of 5 months has involved at least 6 reviews and admendments to the original terms and conditions.
    I address FPA to query if the original waiver/release form of terms & conditions should be taken down or made private. I make this request not only because my complaint is resolved but to urge FPA to be GDPR compliant.
    Thank you Assistant Moderator/FPA for all your support & assistance during this process.
    Kind Regards
    Mili
     
  8. Musel

    Musel Recruit

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    Hi ,
    I have been scammed as well by some idiots in Cyprus .. thinking to try mycgargeback.com in England , who say they can work on my case to get my funds back .. did you try or have you heard something about them ?
     
  9. jujubes2

    jujubes2 Recruit

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    I am in the same position and have contacted "my chargeback " but I do not want to psend any more money if I can help it. Did you have any success with either Europe FX or my Chargeback ??
     
  10. Musel

    Musel Recruit

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    I haven't had any success with any yet .. I am not sure yet which to use
     
: cysec

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