Problem Caesar Trade scammed me

[ilearn2t]

Hello CaesarTrade

Caesar Trade does not accept funds via 3rd parties. In this case, the transfer "slipped through the cracks".

FSCL is a Dispute Resulution Scheme required of us as a NZ Registered FSP. All clients are covered under this registration.

Your IB seems to be the scam. You will need to contact him/her and seek your refund. If you have further questions, please direct them to support@caesartrade.com or to the FSCL in New Zealand.

How the FSCL works:

Before we can begin our investigation we need to give your financial service provider the opportunity to resolve the complaint with you. Very often your complaint will be resolved at this stage.

you are unable to resolve your complaint with your financial service provider
your complaint is unresolved after 40 days of making a complaint to your financial service provider
your financial service provider tells you to take your complaint to FSCL. If this is the case please refer your complaint to us immediately as delay could affect FSCL’s ability to investigate your complaint.

Will the FSCL be able to do anything to recover the clients money from the "original funder" ?

Good luck
Liz

 

[CaesarTrade]

Caesar Trade followed proper custody of funds, only transferring funds back to their original funding source. The suspected illegal activity was committed by the IB against his own clients in Vietnam. It is the unfortunate situation of the account holders to seek legal action against the party that remitted the funds in Vietnam, where the actual "cash" transactions took place. Because of AML/KYC violations that occurred with the accounts that were associated with Diep Pham Hong (the money remitter) and Nguyen Van Minh (the IB) we (and the FSCL) consider the refund of original funds back to the original funding source a closure to this matter as it relates to each indvidual account. Further, we consider that each account (although in multiple names of multipe people) was actually funded and owned by Diep Pham Hong. He is the only individual that actually has standing in this matter, and, since he has not verified his identity by providing proper identification, all activity on his accounts are null and void. Any initial fundings have been returned.

 

[CaesarTrade]

Hello CaesarTrade





How the FSCL works:





Will the FSCL be able to do anything to recover the clients money from the "original funder" ?

Good luck
Liz

The original funder is not a Registered FSP in NZ and is not covered by the FSCL Dispute Resolution Scheme as we are. The FSP has jurisdiction over Caesar Trade, but not over the original funder. FSP/FSCL would be concerned about how Caesar Trade handled the custody of funds. That being said, we forwarded the funds we received back to the original funder. We fulfilled our obligation to the FSP/FSCL. The clients will need to take action against the IB or "original funder" locally in Vietnam.

 

[ilearn2t]

Hello CaesarTrade

Caesar Trade followed proper custody of funds, only transferring funds back to their original funding source. The suspected illegal activity was committed by the IB against his own clients in Vietnam. It is the unfortunate situation of the account holders to seek legal action against the party that remitted the funds in Vietnam, where the actual "cash" transactions took place. Because of AML/KYC violations that occurred with the accounts that were associated with Diep Pham Hong (the money remitter) and Nguyen Van Minh (the IB) we (and the FSCL) consider the refund of original funds back to the original funding source a closure to this matter as it relates to each indvidual account. Further, we consider that each account (although in multiple names of multipe people) was actually funded and owned by Diep Pham Hong. He is the only individual that actually has standing in this matter, and, since he has not verified his identity by providing proper identification, all activity on his accounts are null and void. Any initial fundings have been returned.

Do you not require your "clients" to have a verified account, before any withdrawal request regardless the actions

Good luck
Liz

 

[FxMaster]

One Best question from me as per my experienced so far, Why broker`s are allowing us to deposit money without verify our accounts and why they only asking more proofs when we earned good money from account there ?

Forex brokers strategy is......... don't do anything with traders account till they are loosing theirs money and when they earned good profit than refer all rules to them and stop theirs withdrawals.

 

[CaesarTrade]

Hello CaesarTrade



Do you not require your "clients" to have a verified account, before any withdrawal request regardless the actions

Good luck
Liz

We are required to verify the account before withdrawal.

 

[CaesarTrade]

As a trader, before trading with any company you should always submit your documents in advance even though we are obligated to verify your documents before withdrawal. In addition, read the trading rules (especially if you accept a bonus) and understand them. If you have questions, ask them before trading.

It's nice to always blame the broker, but when a trader is presented with the rules and requirements then doesn't follow them, they need to accept the blame for their inaction, ignorance or errors.

 

[ilearn2t]

Hello CaesarTrade

It is a sad fact that some brokers have only themselves to blame when somethings goes wrong, you yourself has posted quite a few details about your brokers mistakes that helped someone scam others in the name of your brokerage firm.

since he has not verified his identity by providing proper identification, all activity on his accounts are null and void. Any initial fundings have been returned.

Can you confirm if the "original funder" account was verified or not before any withdrawal was returned to "his" payment processor/bank

Good luck
Liz

 

[Pharaoh]

If multiple accounts were funded from the same Perfect Money account, that's a pretty damned big crack in CaesarTrade's AML KYC verification to slip through. If even one of these clients does bring this up before the FSCL or FDRS, someone at CaesarTrade will have a lot of explaining to do.

In the meantime, my best recommendation would be to:

1. Send back all funds deposited from that Perfect Money account. Send both the Caesar Trade account owner as well as the Perfect Money account owner proof that this has been done.

2. Request all parties to notify CaesarTrade when those funds have been returned to the rightful owners.

3. Suspend all other payments to the IB until all clients confirm getting their deposits back.

4. Notify all account owners that future deposits and withdrawals will be to accounts verified as belonging to the trading account owner. Ask those clients for whatever is needed to verify their bank accounts, perfect money accounts, etc.

5. Notify all IBs that "local deposit" IBs are against CaesarTrade's terms of service. Don't forget to add an explicit mention this in new contracts for IBs.

 

[CaesarTrade]

Hello CaesarTrade

It is a sad fact that some brokers have only themselves to blame when somethings goes wrong, you yourself has posted quite a few details about your brokers mistakes that helped someone scam others in the name of your brokerage firm.



Can you confirm if the "original funder" account was verified or not before any withdrawal was returned to "his" payment processor/bank

Good luck
Liz

Liz, the fact that some traders decided to run a complicated scam and utilize our good name is what upsets us. The fact that you feel that we are to blame because we "helped" someone else run a scam is a bit disingenuous. We infact were also scammed by this group of people and incurred great expense for liquidity and trading volume that never should have occurred. Everyone involved, in name or deed should have been cut off earlier, and for that mistake, we accept responsibility.

The original funder account was never verified. Because of this, there was no legitimate client and all funds received were returned to the original source as required by AML/KYC Policy.