Concerns about SparenFX

[Pharaoh]

Sounds like it's time for everyone who had an account to contact the CFTC.

 

[Tibor Borzak]

Sparenfx problems

Hi, I am also a former client, still waiting for my small 5k fund, which was extracted from my trading account on 2nd June 2011, no sign till then about the wire transfer. Which regulator is overseeing SparenFX ? It is in Germany or in other country ? Looks like all former clients need to make a common front and find a solution to get their money back...

 

[Lou nguyen]

The main office is in Panama

I think the main office of Sparenfx is in Panama. The office in Germany is just a representative office. I received a standadized letter form Sparenfx exit team that it would be soon they finish the retail exit without even mentioning specific time. I replied to them if I dont receive my 70 k in 3 weeks I will report to CFTC.
Question for Pharaoh? I am Canadian , Could I report directly to CFTC ? I planned to report to RCMP in Canada, and I think the RCMP will contact CFTC. My managed account was traded by Cayoflow, and Mario Seglina ( he has some posts in this forum , and he is the one to introduce me to Cayoflow...IB). Both of them are Canadian... and it seemed to me they know much about Mark Rice. I was hesitated to invest with Cayoflow at first one and half years ago because Sparenfx is in Panama but Cayoflow said they trusted this owner Mark Rice since they know the owner for a longtime and there is no chance for Sparenfx to scam investors. I still have emails from Cayoflow that Mark Rice is the owner of Sparenfx. Dont know if he is still owner now??. Cayoflow managed forex guys are Canadian, l will let the RCMP find out more about Mark Rice from Cayoflow. I did send email to question Cayoflow regarding Mark Rice 's latest news with CFTC and the promise which Sparenfx told Cayoflow that they would clear all accounts with Cayoflow managed PAMM in 3 weeks but I have not received any reply from Cayflow yet. There are something fishy about Sparenfx.
Please anybody who has an accounts with Sparenfx and not receive any payment please show up on this forum and we plan to complain together.
Thanks
Lou

 

[Pharaoh]

Since the CFTC is actively involved, I can't see how they would object to you contacting them. If they are going after assets, some of those assets may be owed to you.

 

[Jason13]

Sparen is regulated by a certain body in Panama which will do absolutely nothing about us. I have been the victim of a similar scam from another company which was regulated by this same authority and they didn't bother much. Besides by the time Sparenfx clears their accounts they will have left Panama for good. What I think is happening is that Sparen is withdrawing their balances from their bank (HSBC in Hong Kong) and is moving them to another bank under the name of a different (new) company. It must have taken them 3-4 months to do so as they can not move large amounts without raising concerns within HSBC. If you are early clients of Sparen you will remember that they were using HSBC in Panama not Hong Kong. Why did they move it to Hong Kong recently? To make sure Panamian authorities can do nothing to keep them within the country in case of a law suit.

I believe we have lost our money guys and there is little we can do to retrieve them. What I want to do is find Mark Rice and break his legs. Perhaps he will give the money back then....

I am in for the complaint against him in CFTC. He is a US Resident and they must be able to do something. If we all start ringing them about this issue they may take some action soon.

 

[Jason13]

And by the way, Mark Rice's involvement may not formally appear anywhere but his ex-stuff like Liz Gonzalez can verify his involvement

 

[Bumbacher Andreas]

I agree with Jason13 guess we lost our shirt with sparenfx. Another big scam

 

[pipsta]

Cayoflow were IB to Sparen. They were also IB to Inovotrade, which has also run away with client money. A coincidence that both of Cayoflow's brokers are scammers, or are they involved in the scam?