CTM now de-registered with NZ FSPR
Also contact media to put pressure on authorities to investigate this fraud.
Google "investigative journalism" in Canada and New Zealand. Here in USA we have a show called "American Greed" on CNBC for people like Reza
Please continue to share what you find out
Most CTM clients know that email promises have been made stating that financial withdrawals will be processed by the end of May but for reasons previously listed in this thread most of us remain skeptical. Perhaps all will turn out OK but as suggested, all clients must continue to contact legal authorities until we actually see our deposits refunded.
I have contacted an investigative journalist in NZ who says he has an ongoing investigation and that other CTM clients have spoken to him.
The SFO office appears to be unhelpful. But complaints should still be sent to them. Their reply to my complaint was that they didn't see that any fraud had occurred (yet). They were slim on details but I'm guessing that the posted website promises that CTM is in the process of making business adjustments were enough to satisfy SFO.
I'm amazed that a financial services company is allowed by the laws in New Zealand to simply tear up their agreement with the national oversight agency without having all their company accounts and assets frozen. Looking back, it should have been a red warning light when my account funds were directed to be deposited in an account outside the country of business registration. I wonder if anyone has
directly contacted the Royal Bank of Canada concerning their deposited funds?. It might be worthwhile.
It's my recommendation that FPA consider putting all members
on alert concerning doing business with any New Zealand based FX broker. The info popup message at CTM states, '....rest assured CTM is in good standings and fully compliant with the FSPR. " CTM was officially de-registered from the FSPR on May 18.!! (
Search Summary Company FSP)
The NZ government must be aware that their country's loose business registration practices encourages fraud. If they don't intercede and provide diligent oversight of local businesses, they are willfully turning their country into the Pirate Bay of offshore FX broker registration. If NZ allows businesses to setup office, accept funds, move funds to another country, then de-register from government oversight, the NZ government is complicit in any fraud that occurs.
Have any CTM clients received the funds from the withdrawal request? Please post here if and when. I certainly will if it appears that CTM decides to make good on their financial obligations.
My withdrawal request at CTM is currently listed as "Pending Approval".