GUILTY Case# 2016-014 | fpad111 vs noafx.com

Based on the available evidence, do you believe that NoaFx.com is Guilty?

  • Guilty

    Votes: 59 100.0%
  • Not guilty

    Votes: 0 0.0%

  • Total voters
    59
  • Poll closed .

fpad111

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23
Original FPA Traders Court Submission:

I am submitting the case against: www.noafx.com

My Case is: I have requested a withdrawal on Dec 17th 2015. On Dece 21 it was debited from my MT4 and I got a respoonse by skype from my account Agent ns_karthik1, that my funds were send on Dec 22nd with value date 23rd.

However the wire to this day has not been recieved so I kept asking noafx for aproof of transfer until on December 8th they suddenly emailed me saying the wire was not sent and that they had a massive backlog of withdrawals and my wire was scheduled to be process 3rd week of january.

I am very concered they have liquidity or other issues and have lost client funds so they cannot make withdrawals and are not telling the truth about it.

New thread in the Scam Alerts Folder:

Review is submitted by AD on 01/06/16

The company was first contacted about the issue on 01/03/16 the last contact was on 01/11/16

Details: ---------- Forwarded message ----------
From: NoaFX <support@noafx.com>
Date: 2016-01-08 9:21 GMT+01:00
Subject: Re: Reply
To: XXXXXX


Hi,
Thanks for getting in touch with NoaFX. We apologise for the confusion surrounding your withdrawal. We have checked with the accounts team and they inform us that the withdrawal has not gone out yet. We do not understand why your account manager had informed that the withdrawal had gone out (maybe he got confused with the name or something) but we can now confirm that the withdrawal did not go out yet.

The reason for this is that there was a spate of withdrawals right from the beginning of December till around year end which we did not anticipate and this has led to a backlog of pending withdrawals which we are trying to clear right now. This sudden rush of withdrawals could be due to year end holiday withdrawals or maybe due to US changing its interest rates. We are not sure of the reason. But the fact is that there have been a spate of withdrawals and we have processed the withdrawals based on differing priority and are processing the rest.

We understand your anxiety in getting your withdrawal and the delay in that and we have to profusely apologise for that. But please do understand that we will process each and every withdrawal and it is just a matter of 'when' this will happen rather than 'if' as we dont have any liquidity issues and its just a problem caused due to unanticipated withdrawals (big and small) which we are now looking to fix. We really solicit your help and cooperation in this matter until we sort this out.

We also request you to use this email thread for further queries and communication as the CS staff on chat may not have the entire picture about each withdrawal and hence may not be able to provide you with the correct withdrawal information always. Again, we assure you that we will process your withdrawal and except for the delay, there arent any issues with that.


NoaFX Customer Support

Email: support@noafx.com | web: www.noafx.com

NoaFX IB contest period starts from December 15th, 2015 to March 23rd,2016

For all inquiries please contact our Client Services:
cmigroup.co.nz/contact.php
Telephone (24 Hours) : +64 9914 3120

Capital Market Investments Limited (HQ)
Level 1, 4 Bond Street,
Wellington 6011, New Zealand
New Zealand
Telephone : +64-9914-3120 | Fax: +64-9355-0385

Company representatives' emails: Jane B <jane.b@noafx.com>

 

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fpad111

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they state here: noafx.com/customer-service.php

True People, Real Solutions
All your e-mail responses will be addressed personally by a staff member with their name and designation. These people are not outsourced and provide real solutions.

We believe in personal-ized services. You deserve nothing less.

however as you see from the response they sent me i published above it was NOT signed by any name - I even sent a follow up email asking who I am speaking with, however since last friday total radio silence... no response by email ever again. ns_karthik1 by skype also stopped answering. and I even called the CMI group office mutiple time, a womanw ith the name jane would respond but she would only say same thing as noafx chat support (where also a woman writes back called jane) that she cannot put me through to anyone and will forward my query but I never get responses - ever
 

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fpad111

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23
this is from the noafx website chat just now - I have had similiar chats multiple times - not once I was given any answer with substance:

→hello

Jane: Hi Ad.

Jane: Welcome to Live Support !

→hello jane

Jane: How may I assist you now.?

→once again i am trying to get any repsonse from noafx

→nobody is answering my emails

→since last friday

→i have called your office multiple times too

Jane: Ad shall we know your query please.

→my withdrawal

→1xxxxx

→is my account number

Jane: Ad thanks for sharing your account number with us.

→and now?

→can someone answer me please?

→I have been waiting for days since the last response

→and almost a month for my withdrawal

→hello ?

Jane: Ad we have forwarded your query to the concern team. Since our accounts team have left for the day. We request you to allow us some time.

→you do realize you have been saying this to me every day for a month now?

→and noone ever answers back ?

Jane: Ad we do understand your concern and the situation. But right now we are sorry to convey you. Please do understand. We have forwarded your request.

→what other option do we have instead of keep doing this multiple times a day?

→why is noone answering? what are they telling you?

→are you getting any feedback?

Jane: Once we have received the updates from our concern team. Sure our customer support team will get back with you through mail.

→but like i said they havent in several days now, is this usual?

Jane: We request you some more time please Ad .

→and this despite me expressing a high degree of urgency

→how much more time please?

→and for what exactly?

Jane: Ad please allow us 1 -2 business days to get your exact status of your withdrawal.

→you know, I would, really if you had not said the exact same thing again and again for weeks.

→At this point I have to consider I have been a victim of a scam here - can you provide anything that will ease this concern?

→hello ?

Jane: Yes Ad.

→you can provide something that will ease this concern you say?

→please what is it ?

Jane: We are following up with our accounts team. Once we receive the updated information. We are ready to share the details. We NoaFX are not the scammer. We NoaFX are reputed concern in the Forex industry.

→then why would you be not able to transfer my withdrawal in almost one month's time?
 

fpad111

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23
so further now CMI group was deregistered from the FSP register: http://www.business.govt.nz/fsp/app/ui/fsp/version/searchSummaryCompanyFSP/FSP284605/26.do

---------- Forwarded message ----------
From: FSPR Compliance<compliance@fspr.govt.nz>
Date: 2016-01-12 22:10 GMT+01:00
Subject: FW: Complaint form submitted via FSPR website [UNCLASSIFIED]
To: "XXX>


Dear XXX,

This email is in reply to your complaint as outlined below.

The Office of the Registrar of Financial Service Providers has reviewed the information provided. However, the Registrar’s main role is to hold and maintain the register and cannot assist you in this matter.

Registration as a financial service provider is NOT an official approval of an individual, business, or organisation and does not necessarily indicate that the provider is licensed or regulated in New Zealand or any other country. We strongly recommend thorough due diligence on the part of any investor and suggest you contact the legal authorities in your own jurisdiction. As you are aware, CAPITAL MARKET INVESTMENTS LIMITED FSP284605 has been deregistered as a Financial Service Provider on the FSPR.

A copy of your complaint has also been forwarded to the Financial Markets Authority (FMA).

Kind regards
FSPR Compliance

For REGISTRAR OF FINANCIAL SERVICES PROVIDERS
Companies Office, Market Services Group
New Zealand Companies Office
Compliance@fspr.govt.nz

Private Bag 92061, Auckland Mail Centre 1142 l Level 18, 135 Albert Street, Auckland www.business.govt.nz/companies/
 
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fpad111

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23
and this is a email response I recieved from noafx this morning...without any content as usual

--------- Forwarded message ----------
From: NoaFX<support@noafx.com>
Date: 2016-01-13 7:41 GMT+01:00
Subject: Re: Reply
To: xxx


Hi,
Thanks for getting in touch with NoaFX and our sincere apologies in not getting back to you earlier on this. We understand that one of our general managers is in touch you over skype regarding the withdrawal and has explained the situation to you. This is the reason that we have not reached you over this ticket.

Please do get back to us if you feel otherwise or if you need any further clarification.


NoaFX Customer Support

Email: support@noafx.com | web: www. noafx.com


For all inquiries please contact our Client Services:

http://www.cmigroup.co.nz/contact.php
Telephone (24 Hours) : +64 9914 3120
Capital Market Investments Limited (HQ)
Level 1, 4 Bond Street,
Wellington 6011, New Zealand
New Zealand
Telephone : +64-9914-3120 | Fax: +64-9355-0385
 
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fpad111

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Messages
23
I just posted here: http://www.forexpeacearmy.com/community/threads/noafx-not-paying-withdrawal-for-a-month.43667/


Further I recieved the following response from ns_karthik1 on skype - somewhat saying it was my own fault I have not recieved my money yet...


[03:25:52] ns_karthik1: Great AD....yes, I do deal with few clients (some big, some small) and I do take care of the server and ops stuff...but to say that I run the companies and manage them is way out of my league...but of course, you can assume what you want and I cannot stop that...and I don't mind as well cos I know what I am...more than you ever do...

[03:27:20] ns_karthik1: as a third person (apart from the management and u), I can only say that you guys are complicating a simple situation....you thought u could bulldoze your withdrawal and in your haste you went thru posting online, complaining to FDR, complaining to PXM, all of which serves little purpose in your withdrawal....all the time when support and management was trying to reach you...this really put off the management...

[03:29:42] ns_karthik1: and management did reach out to you on Skype (they showed me the Skype conversation) to explain the situation and discuss the withdrawal timelines with you but you chose to address them in a high derogatory manner....this made them conclude that you are just out to create trouble rather than someone aggrieved with a delayed withdrawal....so, it has now become an ego issue between you and the management where you have shown most of the things that you can do to defame the company and so now NoaFX thinks why should they negotiate when a lot of defamation is already done....

[03:30:59] ns_karthik1: if you think about it, support said that you will get your withdrawal in 2 weeks...now already 1 week is past...if you had just chosen to sit tight and wait, you could have received your withdrawal in the next 5 days....in your haste, you chose to complicate the situation and now both sides refuse to come down to solve a simple situation...

[03:32:39] ns_karthik1: NoaFX, from what I understand, plans to run this biz for long...in such a situation, it is good for them to pay you off and just get on with their business....which is what they tried to do....and from your view, once you get withdrawal, you are just going to go about your business...NoaFX doesn't gain anything by blocking your withdrawal and you don't get anything by defaming it....so why fight over it?

[03:34:42] ns_karthik1: and on top of all this, you are trying to bite the hand that feeds you...I am trying to help both sides reach a solution but by making such outlandish claims against me, you are just making me switch off and have you handle it yourself...again, all due to your haste....again, you can continue to have your assumptions and take any action you deem fit but if you think logically, neither side is going to gain anything out of this situation...good luck..

[08:18:02] AD: Can you please show me the chat of your Management with me on Skype karthik?
[08:18:14] AD: Noone talked to me
[08:19:16] AD: And that is the point why I did what I did, because I was ignored and ignored and if I ever got an answer, I did from Noa support by email in the most generic way

[08:19:36] AD: I called cmi many times, I spoke with you many times here
[08:20:06] AD: Not a single time ever I got a response directly from Management as you call them, that could have eased my concerns and mind

[08:20:33] AD: If anything a simple situation was made more difficult by the lack of Transparency and actual communication back to me
[08:20:45] AD: I have been talking to a Wall for several weeks now

[08:24:02] AD: Also what is there to negotiate about please? I am a client who has been waiting for his own money for one month, are you saying clients have to negotiate to get their own deposits back?
[08:27:06] AD: So I am happy to repeat. I have no interest to defame NoaFX or anyone for that matter
[08:28:32] AD: I would like to get my withdrawal amount into my bank account, and I would like to speak with a real Management person, who has a name and shows Transparency and speaks with me on the phone to explain what is the hold up please. I have left my phone number many times. 00xxxxxxxxxx
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,636
I had to edit your thread in Scam Alerts. There is an explanation and request below it.
 

Pharaoh

Colonel
Messages
20,046
Yo AsstMod! It looks like this one is ready for a formal invitation when you have a moment.
 
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