Problem Gtl trading dmcc

[nzwaikato]

I am a victim of GTL, I felt ASIC is useless on protecting investors, I also have accounts with other OZ based brokers, but now I closed all of my accounts with them. What I learned from GTL incident is STAY AWAY from australia financial institutions.

 

[dubaiscam]

News from New Zealand

NZ investors hit in Aussie broker failure | Stuff.co.nz

Read that part of the article.There is no doubt that Riaz and liquidators are very close to each other.
Riaz and his associates are a "nightmare"!

* The liquidators report said they were "aware of information on the internet regarding, as at this time, unsubstantiated allegations that have been made against Mr Riaz in various countries around the world."
Warner told the Sunday Star-Times there were ties between the Australian company and the Dubai and BVI-based entities featured in the Italian allegations, but untangling the links was proving a "nightmare". *

 

[dubaiscam]

I am a victim of GTL, I felt ASIC is useless on protecting investors, I also have accounts with other OZ based brokers, but now I closed all of my accounts with them. What I learned from GTL incident is STAY AWAY from australia financial institutions.

It was a wise decision. Please remembernly CFTC(USA) or FSA (UK) regulated forex brokers.
The OTC markets are considered as a ”gray zone” in many countries,including Australia and New Zealand.

 

[dubaiscam]

NZ investors hit in Aussie broker failure | Stuff.co.nz

Read that part of the article.There is no doubt that Riaz and liquidators are very close to each other.
Riaz and his associates are a "nightmare"!

* The liquidators report said they were "aware of information on the internet regarding, as at this time, unsubstantiated allegations that have been made against Mr Riaz in various countries around the world."
Warner told the Sunday Star-Times there were ties between the Australian company and the Dubai and BVI-based entities featured in the Italian allegations, but untangling the links was proving a "nightmare". *

Did tou read that article?It's hilarious!
The liquidators of Gtl tradeup have contacted the liquidators of Global tradewaves (BVI) because they thought to be a creditor of that company.But the liquidators of Global Tradewaves thought to be a creditor of Gtltradeup too!
What is it that's so difficult to understand?
The many Gtl companies are empty boxes with no money,which serve the single purpose of the fraud.Once the aim has been achieved,they promptly go into liquidation.

 

[dubaiscam]

Counterparty Hedge & Risk

Umh!Something is wrong...

" GTL Trading DMCC and GTL Tradeup only conduct hedging with counterparties that are considered by Standard&Poors(S&P) to be of an
A+ or higher credit rating. GTL TradingDMCC's two key hedging counterparties are ABN AMRO (S&P A+) and Rabobank (S&P AA)".
http://www.gtltradeup.com/documents/GTL_Hedging_policy.pdf

 

[dubaiscam]

And ASIC added an useless warning...

ASIC Warns Of Dangers Of Foreign Exchange Trading For Retail Investors

I think that ASIC has mixed up their warning somewhat to consumers, as there are two, separate issues at play which they confused.
Choosing a reputable broker, and trading responsibly.
One can choose a reliable,good broker, yet still trade irresponsibly. And conversely, one can have a very disciplined and good approach to trading yet get shafted by a dodgy broker.The fraud case of Gtl tradeup and Mahmood Riaz have nothing to do with trading responsibly.

 

[dubaiscam]

Reputable brokers blame ASIC for their misleading message

ASIC Warns Of Dangers Of Foreign Exchange Trading For Retail Investors

I think that ASIC has mixed up their warning somewhat to consumers, as there are two, separate issues at play which they confused.
Choosing a reputable broker, and trading responsibly.
One can choose a reliable,good broker, yet still trade irresponsibly. And conversely, one can have a very disciplined and good approach to trading yet get shafted by a dodgy broker.The fraud case of Gtl tradeup and Mahmood Riaz have nothing to do with trading responsibly.

Brokers Blame Australian Regulator for Unfairly Slamming Down Their Business | Forex Fever

 

[dubaiscam]

Brokers Blame Australian Regulator for Unfairly Slamming Down Their Business | Forex Fever

I believe ASIC are playing a blame game. They have made a huge mistake allowing a gangsters to register a business in Australia.And they now blame the consumers.for having chosen a fraudolent broker incidentally licensed by ASIC!...It's bizzarre,right?

 

[dubaiscam]

New zealander and australian regulators as well as judicial authorities,must be roused from their lethargy before these scumbags screw other people
Riaz & Partners are at least linked to two New Zealand-based fake companies as QForex (NZ) Limited (formerly Gtl Tradeup NZ) and Elysian FX limited.
But of course,when the mess is quite made,they could declare anyway that they: “were aware of information on the internet regarding, as at this time, unsubstantiated allegations that have been made against Mr Riaz in various countries around the world.”

 

[dubaiscam]

GTL Tradeup Pty Ltd (Australia) -
GTL TRADING DMCC: ( EAU ) dissolved ?
GTL FOREX : (EAU) dissolved
GTL FINANCIAL TECHNOLOGY LTD.: (UK ?) dissolved
GTL FINANCIAL GROUP : (Malta) dissolved
GTL COMMODITIES PVT. LTD. : (Pakistan) dissolved ?
GTL Trade Finance Inc. : (British Virgin Islands) -
Global Tradewaves AG : (Swiss) dissolved
Global Tradewaves Ltd : (Swiss) dissolved
Global Tradewaves SA : (Swiss) dissolved
GTL Financial AG : (Swiss) dissolved
GTL Financial Ltd : (Swiss) dissolved
GTL Financial SA : (Swiss) dissolved

It seems that also Gtl trading dmcc shortly will be put into liquidation.
So,we should soon update the list of the many dissolved GTL firms,for the umpteenth time.
After Gtl Tradeup,it's up to Gtl Trading dmcc.

updated october 2013:
GTL Tradeup Pty Ltd (Australia) -dissolved
GTL FOREX : (EAU) dissolved
GTL FINANCIAL TECHNOLOGY LTD.: (UK ?) dissolved
GTL FINANCIAL GROUP : (Malta) dissolved
GTL COMMODITIES PVT. LTD. : (Pakistan) dissolved
GTL Trade Finance Inc. : (British Virgin Islands) - dissolved
Global Tradewaves AG : (Swiss) dissolved
Global Tradewaves Ltd : (Swiss) dissolved
Global Tradewaves SA : (Swiss) dissolved
Global Tradewaves ltd : (BVI) dissolved
GTL Financial AG : (Swiss) dissolved
GTL Financial Ltd : (Swiss) dissolved
GTL Financial SA : (Swiss) dissolved