1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

BEWARE RIAZ ASGAR PATEL, WSD GLOBAL, WSD INDIA, WSD DIRECT etc etc etc SCAMS

Discussion in 'Scam Alerts' started by growsd, Dec 11, 2010.

  1. growsd

    growsd Recruit

    Joined:
    Dec 11, 2010
    Messages:
    4
    Likes Received:
    1
    SFO executes search warrants in WSD Group investigationThe Serious Fraud Office (SFO) today announced that it had opened an investigation into the affairs of the WSD group of companies, executing search warrants at WSD Group’s premises at 475 Mount Eden Road and a private residence in Glendowie earlier today.

    WSD was, until recently, controlled by former Wall Street Banking Corporation Director, Riaz Patel.

    The investigation involves WSD Global Markets Limited, WSD Financial (NZ) Limited, WSD Financial Group Limited and others. WSD Global Markets Limited is accredited as an NZX Futures and Option Firm. None of the other entities are accredited or regulated by NZX.

    SFO Chief Executive, Adam Feeley said the investigation had been coordinated closely with the NZX and Securities Commission.

    Mr Feeley said that WSD has actively promoted New Zealand as part of its marketing strategy to investors stating (on its website):

    “New Zealand has developed a sophisticated, unrestrictive business environment that competes aggressively in world markets. Geographically New Zealand has the advantage of being the first country to start the trading day being midway between the USA and Asia. This advantage is further complemented with political stability and world class, business orientated, governance…. With new initiatives it has grown into a financial services powerhouse in the Pacific with regulations that add support to the industry. More and more international investors are now looking to New Zealand for investments and related services.”

    “Most of the investors in WSD are overseas residents, so it is important that the SFO does all it can to protect New Zealand’s reputation amongst both domestic and international investors as a well-regulated and safe place to invest.”

    The investigation centers on allegations WSD has failed to correctly account to investors for funds received.

    In 2008 the Cook Islands Financial Supervisory Commission placed WSBC in statutory management and revoked the banking licence with effect from 31 December 2009.

    Mr Feeley, said, “There is a misconception that the SFO has previously investigated WSBC. In 2008 we simply to provided assistance to the foreign authorities who were investigating WSBC. The file was closed once that role had been fulfilled.”

    Mr Feeley added that the investigation was the twelfth major investigation commenced by the SFO this financial year.

    “We are well ahead of the expected caseload for the year to date, with a total of 20 cases involving losses of over $630M under investigation, and a further 32 cases involving losses over $235M being prosecuted.”

    Mr Feeley said that the SFO did not see any sign the SFO’s caseload diminishing in the near future.

    For further information
    Adam Feeley
    Chief Executive
    Serious Fraud Office
    Phone 021 333 539

    Note to editors
    Background of WSD Group
    WSD describes itself as “an international company that specialises in Foreign Exchange, Precious Metal, Futures, Options, and CFD’s.”

    WSD is believed to be operating in New Zealand, Australia, Kenya, India, Thailand, UAE and the United States.

    SFO provided assistance to Cook Islands and Indian authorities in 2008 when those authorities investigated WSBC and Mr Patel in 2008.

    A former representative of one of the firms under investigation has alleged that the WSD group of companies is nothing more than a “Ponzi” scheme.

    WSD Global Markets Ltd was the outsourced margin trader for WSBC Bank formerly the holder of a banking licence in the Cook Islands. The Cook Islands Financial Supervisory Commission placed WSBC in statutory management in 2008 and revoked the banking licence with effect from 31 December 2009.

    During the period of statutory management the investments of many WSBC clients appear to have been transferred to WSD entities. Concerns have been raised over the legitimacy of some of these transfers.

    The Thai Securities and Exchange Commission terminated WSD Financial (NZ) Ltd's futures trading license on 8 June 2010.

    The role of the Serious Fraud Office
    The Serious Fraud Office (SFO) was established in 1990 under the Serious Fraud Act in response to the collapse of financial markets in New Zealand at that time.

    The SFO operates under two sets of investigative powers. Part 1 of the SFO Act provides that it may act where the Director “has reason to suspect that an investigation into the affairs of any person may disclose serious or complex fraud.”
     
  2. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,679
    Likes Received:
    2,229
  3. growsd

    growsd Recruit

    Joined:
    Dec 11, 2010
    Messages:
    4
    Likes Received:
    1
    Hi Pharoah

    dont know how to do that...is that the trackbacks feature????
     
  4. Ted Stewart

    Ted Stewart Recruit

    Joined:
    Dec 19, 2010
    Messages:
    2
    Likes Received:
    0
    This is an official investigation conducted by our New Zealand - Serious Fraud Office but that doesn’t mean that WSD has been charged or is guilty of any fraud.

    An investigation has been conducted already in 2009 against WSD and they have been cleared in early 2010 - http://www.scoop.co.nz/stories/BU1005/S00074.htm

    So let’s stay cool and be careful with rash statements here
     
  5. growsd

    growsd Recruit

    Joined:
    Dec 11, 2010
    Messages:
    4
    Likes Received:
    1
    RIAZ PATEL similar to Dad, ASGAR PATEL

    Hi

    WSD was NEVER investgated by the SFO...the SFO will tell you that if you care to ring them;

    The SFO simply helped the Cook Islands Securities commission investigate the losses by depositors of USD 10 million or more by Riaz Patels Bank WSBC Bank which they threw out of the Cook Islands 12 months ago;

    The Cook Islands Government also tried to track a further 20-30 Million of deposits that were "transferred" to ASP International in the BVI by Asgar Patel (Riaz Patels dad) in the 5 years prior to that...(ASP stands for Asgor S Patel...dads initials...dad thought it would give all of his investors a great deal of comfort to use his initials on the BVI company);

    Now the SFO is looking at the son, Riaz Patel and his myriad of WSD initialled companies...not only did he repeat what the father did and leave a new round of investors (depositors) down by losing (spending) their money in the WSBC bank.....he has used your country..New Zealand to present a "clean" image to people world wide to raise further funds for FX trading;

    It is hard enough to make money trading FX anyway without giving your principal capital away to someone who wont return it or tries to turn it into capital in his "new" company as Asgar did with ASP International.

    View WSD India.....Riaz Patel..having had his company delicenced in Thailand, The Cook Islands, not able to trade in Dubai...he cant return to Dubai..being severely investigated in New Zealand...unable to be licenced in much stricter Australia or USA..has only India left to restart a business in....WSD- India.

    Like Maddoff who only scammed Jews, he tends to work off his fathers old reputation as some "magnate" and get mostly Indian people to trust him....so be very careful when you try to support a man who has lost so much money for so many people...mostly Indians of course.

    or dont you really care...are you just a "pretend" front for Mr Patel?????
     
    indianscamsterswatch likes this.
  6. Ted Stewart

    Ted Stewart Recruit

    Joined:
    Dec 19, 2010
    Messages:
    2
    Likes Received:
    0
    WSDGM and Riaz Asgar Patel soon to be cleared by NZ SFO of unfounded scam allegations

    As of my information I received this week concerning the SFO investigation against WSD Global Markets, it looks like WSD Global Markets will soon be cleared because all the allegations made have no real foundation. It looks like all these wishes postings have been part of a smear campaign WSD Global Markets and Riaz Asgar Patel especially.

    BEWARE RIAZ ASGAR PATEL, WSD GLOBAL, WSD INDIA, WSD DIRECT etc etc etc SCAMS – this is all part of a big smear campaign orchestrates by a few people of a competitor FX Broker who tried unsuccessfully to take over WSD Global Markets in 2009 and now they are seeking to destroy the reputation of a respectable New Zealand licensed brokerage company which is in business since 1999.

    This is intolerable and the New Zealand Serious Fraud Office should open an investigation against those people.

    They use and get backed by forums like fxstreet.com and forexfactory.com and forexpeacearmy.com to smear the reputation of people and Forex Brokers and they think that they are all safe and that such proceedings are legit.

    It’s always the same few people who post in these forums.

    It is time that our Serious Fraud Office starts investigating those people and the forums that allow such unsupported smear campaigns and back-them-up.

    Those so called independent Forex portals should also be subject to stronger supervision by financial authorities because by allowing such postings and publications they assist to destroy businesses and jobs without having any real facts. If they do assist and supports smear campaigns which turn out to be groundless they should also face legal consequences for their conduct.

    Other FX companies like fxopen.com or gomarkets or others which are paying fees for advertising to those independent Forex platforms seems to stay unharmed and protected by those forums at least not much of negative publications are tolerated by administrators on their forums and blogs. Strange independence.

    From my point of view I am glad to see that our New Zealand Serious Fraud Office did their job by investigating WSD Global Markets and now will be able to clear their name as well as the name of Riaz Asgar Patel from unsubstantiated scam allegations.

    Congrats WSD Global Markets
     
  7. growsd

    growsd Recruit

    Joined:
    Dec 11, 2010
    Messages:
    4
    Likes Received:
    1
    RE RIAZ PATEL ,WSD INDIA, SCAMS and NON RETURN OR SLOW RETURN OF MONEY

    Hullo Ted Stewart or some such other front-man for RIAZ PATEL

    1)The SFO would not tell you this unless you were Riaz Patel or his lawyer...so while it maybe true...it is not because you are honest...there is a very high threshhold for honesty that does not include repaying money you owe under the threat of a criminal conviction

    2)many clients could not get their money in the same way that many depositors lost money at YOUR WSBC BANK with Riaz Patel and under the "threat" of a criminal conviction, i believe all of those investors WHO YOU REFUSED TO REPAY INITIALLY have now UNDER PRESSURE ON YOU had their money repaid from their FX Accounts...thank heavens for the NZ SFO....AND SITES LIKE FOREXPEACEARMY…..WHAT ABOUT ALL THE POOR DEPOSITORS IN YOUR UNDERREGULATED COOK ISLANDS BANK….NOW THAT YOU ARE SUDDENLY “HONEST”….BUT WITH NO THREAT OF CRIMINAL CONVICTION…WILL YOU PROVE YOUR HONESTY AND REPAY THEM AS WELL???????

    3)Maybe you could now turn around and pay all the depositors from WSBC Bank...given that you are HONEST and have never taken anyones money...if you are to be believed....tell that to all the depositors in your bank that are owed money or all the people who had their deposits transferred to your fathers company ASP International in the BVI from WALL STREET BANK

    4)congratulations if you have got off the fraud charges...a criminal conviction of this nature is very difficult for the SFO as you use so many jurisdictions and pay 100,000's of dollars to lawyers..I WONDER WHERE YOU GET ALL THE MONEY FOR LAWYERS….WHERE HAS THAT COME FROM???...WHAT HAPPENED TO THE DEPOSITORS MONEY IN WSBC BANK?????...but that does not make you honest...criminal convictions rightly have very severe penalties and very high thresholds...please don’t confuse that with honesty ….PERHAPS THE THOUGHT OF A REAL JAIL WORRIED YOU…OR YOUR DAD….

    5)all of the complaints came about because you did not do what you said you would do and kept peoples money until it was returned under pressure and reglatory duress....all of those people are very fortunate that New Zealand has a SFO that is activist....

    6)What about all the money from WSBC Bank...will you also return that now to all the depositors also...what about ASP International (BVI) with your father ASGAR PATEL...will he repay the debenture holders who were previously depositors in the bank.....???? LETS SEE SOME REAL AND TOTAL HONESTY FROM THE PATELS.....

    7)Too Bad the COOK ISLANDS doesnt have the same resources as the NZ SFO;...ELSE YOU WOULD HAVE HAD PROBLEMS THERE ALSO AFTER THEY TOOK AWAY YOUR BANK LICENCE....
     
  8. fxfrench

    fxfrench FXOpen AU Representative

    Joined:
    Jun 1, 2008
    Messages:
    392
    Likes Received:
    1
    Sorry to step in and rain on your conspiracy but since you named us.... Yes, FXOpen does support Forex Peace Army with advertising, but that doesn't save us from criticisms from users. Sometimes, lines of communication can break down and a trader with a problem has no other choice but take it public. If there is criticism of your company on FPA, it is up to you to deal with the problem in a professional way rather than point fingers and come up with half baked conspiracy theories.

    If your company was found not guilty, why not make a press release about it with links to anything that backs up your position instead of accusing others of foul play?
     
  9. Marissa

    Marissa Recruit

    Joined:
    Jun 25, 2010
    Messages:
    10
    Likes Received:
    0
    Is the trappings of a (convicted) BLACKMAILER!!!

    Ah!! these seem tobe the trapping and ramblings for the famous blackmailer Mark McSweeney and no one else. The man has a vested interest and an Axe to grind and the SFO know about this vendetta and conspiracy theory.

    Why dont you tell the people Mr Blackmailer, what you really are and what you really on about. Your blackmailing antics known to the SFO and all people that matter. TED is totally right about what he has said and dont you think for a minute that your deeds will go unpunished as very soon the tables will be turned. Mr. blackmailer seems to have fired his last shot and running out of breathe and ammunition.

    Maybe things should be revealved about you and your involvement and people should know who the true culprit is. A coward is someone who has something to hide and hits and run. If anyone has a problem reveal your true name and identity and confront the issues like a MAN.

    Marissa

     
  10. Marissa

    Marissa Recruit

    Joined:
    Jun 25, 2010
    Messages:
    10
    Likes Received:
    0
    They cant keep a GOOD MAN down!!

    Kudos to you TED for standing up to these guys who have nothing better to do than attack WSD and the principles. It is surprizing how forums will let people air greviences rather than talk about a problem, a real problem.

    What all this about anyway? No case, no compliants, no issues!!! but we have a bunch of loosers taking out vendetta's. We have seen them do thsi for the last 2-3 years and nothing has happening to WSD or its principles. Why? becoz they are in the right and have done no wrong?

    I am a long standing member of FPA for a long time now. I havent joined just for these postings like the others. I researched this matter and made some inqueries and found that if everyone is dumping on WSD, then there is something fishy.

    No one including the SFO has found anything on them till date. The future no one can tell but given the trading history of WSD and the principles no allegation has been proven till date. We watch the space further and also watch how this conspiracy theory unfolds on an Institution that has done no wrong.

    Assumptions, suppositions and innuendoes is all that is there and nothing else.

    Marissa

     

Share This Page