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Concerns about SparenFX

Discussion in 'Scam Alerts' started by sparen must pay, Mar 28, 2011.

  1. sparen must pay

    sparen must pay Private

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    SparenFX has decided to close its retail division, that is to say to conclude the accounts of the retail traders and the partnerships with most of its IB.
    The withdrawals from Sparen have been very difficult these last months (for me but not only) and I hope they'll pay back the amounts which are in the accounts at the moment.
    I hope but I'm not sure.

    So if you have also difficulties to have your money back from SparenFX, don't hesitate to post here.
     
  2. fxelfin

    fxelfin Recruit

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    same here

    I am waiting few hundred of dollars only from Sparen - over 3 weeks already. A year ago they paid in few days - always! Now they are trying to delay (or avoid even?) transfers with pretty stupid explanation like I just received after my 2 additional emails:(Quote)

    "Our front person for Accounting no longer works with us, so we are trying our best to continue processing withdrawals. Our apologies for any delays in answering. Right now, withdrawals are handled by our director Mr. Mark Rice. I have copied him on this email.

    Warm regards,

    ACCOUNTING DEPT
    SPARENFX TEAM"
     
  3. Jbam

    Jbam Recruit

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    I have just after 2.5 weeks finally received my withdrawal now. It was for 76K. Things have definitely got a lot slower. This was my 3rd withdrawal. they seemed to have taken longer and longer, but have all came through. I spoke previously to Mark Rice as well who is an owner of Sparen. Seems like a nice guy, and is in Houston Texas. I am in a managed account at sparen, and have been told that they are also closing down retail so they will eventually close and refund most retail accounts such as myself. Accredited investors should be allowed to stay, and institutional. But that means i will be Gonzo!
     
  4. sparen must pay

    sparen must pay Private

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    You're lucky. I'm waiting for 6 weeks this time.
    Last time it was two months.
     
  5. Jbam

    Jbam Recruit

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    my last withdrawal was almost 30% more than it should have been. clearly some communication issues with their accounting team etc. I had to send some back. Been a little frustating to say the least, but most of the time there are no problems.
     
  6. Lou nguyen

    Lou nguyen Recruit

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    Message for Jbam

    Jbam, You are so lucky 75 k and you wait for 2 and 1/2 weeks only. I have been waiting for 2 months and so far I only got back half of my money. I ordered a withdrawal of 28500 and so far I just got 15000. I am waiting for the other 13000.
    Very surprised that you have to call Mark Rice to ask for your money?? and he seemed nice ???
     
  7. Jbam

    Jbam Recruit

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    yes, i am too, but at least he is being responsible for it. Their accounting team apparently is outsourced first in luxumbourg then in germany, and it sounds like there has been some problems with the different groups along the way. Mark has been clm wtih me as i have been upset with delays. I hear of some long delays like yours. some short ones. then some WRONGE ones like mine, where i have to go to the bank and send money back. too bad i didn't know Lou that you were waiting on one, as i could have sent it to you instead! Anyways, it doesnt matter anyways as it looks like we are all getting closed down and refunded there eventually.
     
  8. Lou nguyen

    Lou nguyen Recruit

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    I got the wrong transfer

    JBam
    Yes you would have sent the money for over transfer to me, I got the payment but under transfer.
    Who would not be upset if there is a delay like months. It seems to me that you know a lot about Sparenfx's operation. All I know that Sparenfx could not handle too many retail clients , and that is why Sparenfx gets stuck with outgoing transfers.
    I talked to Mark Rice today. Hopefully I see the money tommorrow.
     
  9. Jbam

    Jbam Recruit

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    Hi Lou. Only i only know what they tell me which i have no idea if its real or not. I have been with them for a long time in a managed account, but in all honesty I am somewhat happy to leave. I am not sure what to tell you for your wire transfer, only that it should get there i would assume. It sounds like there was terrible confusion with the different accounting groups, and now with the retail exodus, too. Please let us know when you get it so that we know they didnt leave you.
     
  10. Lou nguyen

    Lou nguyen Recruit

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    I got my money finally

    JBam
    I finally got my money yesterday after 2 months. You are right they will send the money with a big delay, and clients would be very frustrated. Hower, Sparenfx is not a scam.
     

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