Capital Market Services International - BM, Ltd. doesn't intend to return my money.



My name is Konstantin.

As I understand, Capital Market Services International - BM, Ltd. is licensed to conduct Investment Business by the Bermuda Monetary Authority.

15.09.2009 I established an account in CMSI.

23.02.2010 I established one more account in the company.

While dealing with CMSI I had transferred funds from account to my banking account 7 times. I was greatly pleased to deal with the company.

25.03.2010 I sent a form to draw money from the first account and informed the company of my intention to close the account.

30.03.2010 I sent a form to draw money from the second account and also informed the company of my intention to close the account.

30.03 2010 I received a letter from CMSI that read as follows: "Your withdrawal request is being reviewed at this moment. We apologize for the delay."

01.04.2010 I received a letter from CMSI of the following content: "This is to notify you that we have received you withdrawal request in the amount of -19369.00 USD and it has been taken out of your trading account and processed according to your request."

01.04.2010 another letter from CMSI was sent: "We herewith confirm that your withdrawal request has been processed and sent to your bank account. You should be able to see the funds within 3-5 business days. Your account also has been closed as per your request."

07.04.2010 a CMSI representative Katarina Hoskins sent me the following letter: "First of all I want to apologize for the delay of your withdrawal requests. There was a misunderstanding from our side so we reviewed the withdrawals only last week Friday. Unfortunately Credit Suisse in Zurich had bank holidays so they haven't processed any withdrawals until yesterday. Our accounts department processed the withdrawals this morning. Please see the attached."
The same day I received one more letter from CMSI Customer Service: "We apologize for the delay in responding your question. We believe that our colleague Katarina Hoskins has already answered regarding your both withdrawals and that they should arrive to your bank account soon. The delay was caused by Easter holidays in Switzerland when our bank was not operating and just started doing it yesterday. We hope it was helpful. In any event, if you have any further questions - please let us know."

09.04.2010 I decided to check application form. I found a DOUBLE mistake in my account number. I would like to call your attention to the fact of the double mistake - this suggests that the mistake was made intentionally,
The same day I informed the CMSI representative Katarina Hoskins of the mistake. The reply was: "Let me check with the accounts department and I will get back to you."

12.04.2010 Katarina Hoskins wrote me: "The corrected transactions have been made on Friday afternoon. Therefore the payments only left the account this morning. Please give it at least 2-3 business days to get to your account."

20.04.2010 Katarina Hoskins sent me a letter of the following content: "We are investigating internally about your transfers and it would be very helpful if you could visit our St. Petersburg office to solve all queries as soon as possible. Please bring your passport or ID for identification purposes as well as your account opening contract and your bank details. +7(812)324-31-37 Pirogovskaya nab., 21A, Business-center "Nobel", office 80. ask for Vladimir Kukhar"

I'd never heard about CMSI office in St. Petersburg before, for there's no such information on the company's website. I called the phone numbers given me by Katarina Hoskins and had a talk with a man whose name was specified in the letter. Vladimir Kukhar told me I had to arrive at the company's office as some inaccuracies in my documents had been found. I asked Vladimir Kukhar whether they were intending to give my money back. He answered that the question of transferring funds to St. Petersburg was outside his competence. I said I couldn't arrive at his office that time because I was in another city by reason of my employment contract. Vladimir Kukhar said he could arrive at my place at a distance of several hundred kilometers away from St. Petersburg himself and check my documents. I said he could do it if he wanted. We had no more conversations so far.

22.04.2010 I received the last letter from Katarina Hoskins where she informed me: "We would like to clarify the situation relating to your accounts and clear any confusion you may have. As you are aware, CMSI is a forex trading company registered in Bermuda and regulated by the Bermuda Monetary Authority. We have a physical office in Bermuda and staff working in that office. A CMSI-affiliated company is providing back-office and other support to Bermuda operations from St. Petersburg in Russia.
Upon your request to close your accounts at CMSI and withdraw funds, our accounting department processed a wire of funds but the funds were returned to the CMSI due to the error in the account number. At that point, the account was flagged for internal investigation in order to double-check account opening documents and respective banking information. Upon such internal investigation, CMSI determined that there were material discrepancies in your personal information as evidenced by certain customer identification documents you provided.
CMSI is obligated under the regulations of the Bermuda Monetary Authority to take customer identification issues very seriously. Upon discovery of the discrepancies, CMSI blocked further transfers of funds to the bank account identified in the application documents pending confirmation of your identity. The reason I suggested that you come to the office in St. Petersburg was to accommodate you and speed up the document review process since you are a resident of Russia. Without an in-person confirmation of your identity and the accuracy of the documents you provided (either through the visit to our St. Petersburg office or through embassy/government Apostille process), CMSI will not process the wire of funds. You are certainly welcome to go to any police and government authorities to discuss this matter. Any governmental agency in Russia or in Bermuda will confirm to you that it is crucial to verify the identity of the individual immediately upon discovery of application and documentation irregularities before any transfer of substantial funds can be made. I hope this explanation addresses all of your concerns."

Could you please assist me with the situation? The company doesn't intend to return my money.
I have answer from Bermuda Monetary Authority.

"We have reviewed the content of your email below. It is not part of the Authority's role to deal directly with customer complaints and I advise that, in this instance the Authority is unable to assist you further. I can only suggest you continue to liase with the Institution and resolve their concerns."
Why not provide the documents they ask for and then see if they give you the money?
Good. Ask them to send you an acknowledgment when they get the documents and let everyone here know if they come up with any new excuses for not paying you.
attack emails

They keep the silense.

for them to be silent will not help you at all. You have to call them sent them emails , you should distract them from them working. Make the imposible possible. Just dont let this to fade away. Get your rights.
reply to situation

Did you apply for your account in person with Capital Market Services International? My guess is you didn't.

I would ask them this question...

Why can I open an account online and deposit money online without doing it in person to make sure that the bank account or credit card account monies that I am using to deposit are indeed mine and not those of my neighbors? What's the difference?

This is awfully fishy!