Problem Caesar Trade scammed me

[CaesarTrade]

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.

1. Please understand, most of these transactions occurred over 6 months ago. The problems associated with these payments were reviewed by FSCL and it was recognized by them that all payments were returned to the original funder when the clients complained to the NZ Government. We have already proven this to the FSCL. That was our obligation. The fact that they are now claiming a scam here on FPA is because they filed a complaint with the FSCL the finding was not in their favor. If a third party impartial arbitrator that represents the interests of the FSP (the NZ Government) and not the client or the broker can't be trusted, who can be?

2. There was only 1 party to fund and to receive refunds. This has been completed and verified by the FSCL on behalf of the Government of NZ's FSPR.

3. We suspended all payments to the IB many months ago. We do not work with this IB anymore.

4. This is the case and has been done so since our FSP Registration has been in place.

5. Once again, this has been done months ago.

As far as your statements in the beginning of your post, the "crack" in the AML/KYC policy occurred prior to our FSP Registration, but in an effort to provide transparency, this particular issue was handled under the FSCL guidelines. The complaint was handled by FSCL and we did a lot of explaining to them and many policies were changed.

Perfect Money is the "perfect" solution for someone that wants to run a scam as it's easy to hide (but not totally conceal) your identity with their system. Although we still accept payments through this method, it is now with a different method of verification and generally used with clients we already "know".

 

[ilearn2t]

Hello CaesarTrade

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.

Sorry if I give anyone the impression that your company has a direct connection to the unprofessional behavior of the IB agent at the time.

I do believe some of your reasons to exclude your brokerage firm from this case is unbelievable:

All funds were sent to:
Diep Pham Hong, the owner of Perfect Money Account # U3759673

Caesar Trade followed proper custody of funds, only transferring funds back to their original funding source. Because of AML/KYC violations that occurred with the accounts that were associated with Diep Pham Hong (the money remitter)

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.

We are required to verify the account before withdrawal.

we are obligated to verify your documents before withdrawal.

So can you clear a few things up:

1) Did the "original funder" receive the full requested money back into his/her own presonnal money account or accounts before his/her brokerage account was blocked ?

2) Did the "original funder" receive any money back without having a verified trading account with your brokerage firm or any other "group" associated with your company ?

If the answer is yes to both questions, then I believe your brokerage firm as not acted in good faith towards the other parties involved, and only your brokerage firm can make amends by refunding the innocent parties.


Please remember, most if not all quotes in my reply have been shorten to show main points of concern, and no intention to hide or distort the facts is meant.

Good luck
Liz

 

[CaesarTrade]

Hello CaesarTrade



Sorry if I give anyone the impression that your company has a direct connection to the unprofessional behavior of the IB agent at the time.

I do believe some of your reasons to exclude your brokerage firm from this case is unbelievable:











So can you clear a few things up:

1) Did the "original funder" receive the full requested money back into his/her own presonnal money account or accounts before his/her brokerage account was blocked ?

2) Did the "original funder" receive any money back without having a verified trading account with your brokerage firm or any other "group" associated with your company ?

If the answer is yes to both questions, then I believe your brokerage firm as not acted in good faith towards the other parties involved, and only your brokerage firm can make amends by refunding the innocent parties.


Please remember, most if not all quotes in my reply have been shorten to show main points of concern, and no intention to hide or distort the facts is meant.

Good luck
Liz

1) Yes, and this was reviewed with FSCL.

2) Yes, and only because we can not "keep" the funds. If the funder can't be verified, we return the funds from where they came from. This maintains proper custody of funds as far as AML compliance is concerned.

As far as your belief that we didn't act in good faith, your reasons are unfounded. We are obligated to follow the law based upon our regulation. Are you suggesting that we disobey the law and the strict rules that revolve around AML and KYC Compliance? Because it sounds like you are suggesting that we ignore that face that the funds came from Perfect Money Account # U3759673 and send it back to other accounts owned by other parties (verified or not) who in fact never sent us even $1 themselves. These people trusted their money to an IB who is not employed by our company and an illegal money changer both in their own country. If they are looking for redress in this matter, they should probably file a report with their local police or court system in their home country where they have access to the culprits. Also, CaesarTrade is required to maintain proper custody of funds. In a situation like this one, we are required to return funds to the same account from which they were received NO EXCEPTIONS and this would be Perfect Money Account # U3759673. No funds were ever sent to us from a different source.

I understand that you would like to see compensation paid from Caesar Trade to the "innocent parties" because we are a reputable, regulated company. We can be located and held accountable. In this particular case, we have been held harmless by the FSCL because we did follow the law / rules. The clients and their agents did not follow the rules/law. We are not obligated to compensate people for their own mistakes. They trusted their money to untrustworthy people and allowed themselves to become involved in a scheme to defraud them of their money. They must assume liability for their own actions instead of trying to push it off to a company such as ours simply because it seems easier.

As a note of warning to clients that are considering depositing funds with Caesar Trade or ANY OTHER BROKERAGE... Never give your hard earned money to an IB. An IB is only an INTRODUCER and should never be trusted with your money. Only remit funds to a brokerage from an account that you own. You will ensure that you are entitled to any and all principal or earned bonus/gains when you request a withdrawal. Utilizing an IB who uses some shady "money changer" is a guarantee that you will lose your money and no brokerage I know of will compensate you for your own error.

 

[ilearn2t]

Hello CaesarTrade

We are obligated to follow the law based upon our regulation. Are you suggesting that we disobey the law and the strict rules that revolve around AML and KYC Compliance? Because it sounds like you are suggesting that we ignore that face that the funds came from Perfect Money Account # U3759673 and send it back to other accounts owned by other parties (verified or not)

Surely you must agree and obey your own terms and conditions and withhold all payments until the "original funder" verified his/her account

Good luck
Liz

 

[CaesarTrade]

Hello CaesarTrade



Surely you must agree and obey your own terms and conditions and withhold all payments until the "original funder" verified his/her account

Good luck
Liz

Liz, I do agree that we must obey our own terms and conditions and ALM/KYC Compliance Rules and Laws. The AML/KYC Policy that we are obligated to follow requires us to "refuse and return" unverified funds.

Consider this, what if the "original funder" never verified his account? What do you expect us to do with the money? Pocket it? That would be tantamount to stealing. Would you expect us to "disburse" the funds to anyone who claims it's really theirs? We have no financial relationship with the people that say they gave money to this IB or his "funder". How do we know about transactions they conducted outside of our company? The only solution is send to unverified funds back to where it originally came from. End of story.

I think at this point in the conversation, you are drawing at straws to find a way to justify your arguments, but you are hitting a dead end, no matter how good your intentions may be.

 

[minhnguyen217]

Dear Ceasar,

First of all, Please pay all money (Deposit and Profit) of my clients.

You said many words but you don't action. Please action

 

[CaesarTrade]

Dear Ceasar,

First of all, Please pay all money (Deposit and Profit) of my clients.

You said many words but you don't action. Please action

Sir,

Your clients didn't pay any money directly to us.It is our understanding that your clients trusted you with their money. They gave the money to you and then you gave it to Diep Pham Hong, who then sent it to us through Perfect Money. We sent the money back to Diep Pham Hong to the same Perfect Money account he used to send us the money as we are required. You and/or your clients need to contact Diep Pham Hong in order to get the money that was sent to him. If he doesn't give the money back, you might want to consider talking legal action in your country against him.

 

[minhnguyen217]

Sir,

Your clients didn't pay any money directly to us.It is our understanding that your clients trusted you with their money. They gave the money to you and then you gave it to Diep Pham Hong, who then sent it to us through Perfect Money. We sent the money back to Diep Pham Hong to the same Perfect Money account he used to send us the money as we are required. You and/or your clients need to contact Diep Pham Hong in order to get the money that was sent to him. If he doesn't give the money back, you might want to consider talking legal action in your country against him.

Dear Ceasar,

I deposit money for:
1. Pham Hong Diep: 1000$
2. Vu Thi Nga: 1000$
3. Nguyen Linh Nham: 1000$
4. Pham Thi Tuyet Hanh:1000$

All clients I deposit by my Perfect Money Account U3759673. Ms Pham Hong Diep has not have Perfect Money account. You're lying me, all my clients and others.

Please recheck and send money soon

 

[diepforex]

Sir,

Your clients didn't pay any money directly to us.It is our understanding that your clients trusted you with their money. They gave the money to you and then you gave it to Diep Pham Hong, who then sent it to us through Perfect Money. We sent the money back to Diep Pham Hong to the same Perfect Money account he used to send us the money as we are required. You and/or your clients need to contact Diep Pham Hong in order to get the money that was sent to him. If he doesn't give the money back, you might want to consider talking legal action in your country against him.

Sir,

My account deposit by IB of Mr Minh, You sent 2 014$ to Perfect Money account of Mr Minh, it my profit.

You have not have PM account. What are you talking? You don't pay deposit money and lie

 

[Master Yoda]

CaesarTrade, since minhnguyen217 claims that you didn't pay Pham can you prove you did send the money?