Mig Bank

[akram bin khalid]

Dear Sir

I'm a Clint's in MIG BANK in Switzerland under account number 213350 MAM account 213300 and with leverage 1to 200 .MIG BANK make Meany wrong and Bad behavior does not befit the reputation of Swiss banks of ancient and accurately known her dealings and good :

1- MIG BANK close my account by margin call while I make full hedging on my all positions antel 7 of Oct 2010 but in 7 of Oct 2010 when I have around 17564 $ as equity and free margin and i opened 3 positions only everyone with 0.2 lots with total margin requirements 2290.93$ that's where AUD/USD and USD /CHF and USD /JPY has not registered any loss remember in the margin call time from other side it was protected by stop-loss order and take profits during the margin call time, from other side when MIG BANK close the positions and they make my equity (-14427$) and this act is contrary to the laws of banking and margin because they braek the security cost of the margin 0.5% and they must return my margin requirements if there system was correct for assumption.

2-MIG BANK did not return my commission 20 $ per lot total 30260 $ as we agreed with each other through the documents that were sent from them and through phone calls .

3- MIG BANK made my account as swap account and calculate it but we agree and confirm that my account must be with free swap - free interest account or Islamic account and I send them all document by DHL and by fax and by email but they But they dealt neglect this aspect.

4-MIG BANK , after I Sent to them all the contracts and documents by DHL they have not signed and sent to me so far as they promised.

I try with them to return my money but they were manipulating the crooked ways by sending details of the operations that were shut down and as if they do not know the market system which is hurtful to see that this is fraud and deception and procrastination, and your will show all details and in formations in this complaint and you will note that manipulation of the MIG Bank, which is as follows:
1 - they does not recognize margin requirements and wants to make it zero for all open positions on the basis that there full hedge while the claims of fraud, and embezzlement because the margin requirements value as you know must be returned to after the close of hedging to the account of the investor and the positions were suspended from the first returned value of the margin account to the client but MIG BANK want to embezzlement and theft of the value of the margin requirement .

2- regarding the commission 32260 $ they did not recognize on it while they but my account on MAM platform while all individual Clint's trade on MT4 platform and they sent me the documents of the commission and they promised me to add it to my accounts monthly by there phone call through nidhal abdulhadi and dina sharaiha and they absolve themselves of that agreement but installed them through those recordings, email and MAM platform It would not have admitted under my MAM accounts.

3- Regarding the margin call:
From daily statement you will note following details:
In 6 Oct 2010 the financial bar was:
Balance 138003$ equity 17564 $ free margin17564$ swap 2569.0 floating P/L-117896$
Margin requirement 102987.75$

In 7 Oct 2010 the financial bar changes to the following details:
Balance 138003$ equity 14427$ free margin14427$ swap 2569.05
floating P/L-149861$
You will show that difference between total statement of 6 Oct total
(-117869.77) $ and statement of 7 Oct total (-149861.06) $ on same open positions which are under full hedge and there are difference value 31992$ without justification

Margin requirement for 2 lots audusd and 2lots usdchf and 2 lots usdjpy 2290.93$

2290.93$ + 102987.75$ = 105987.86$ total margin requirement to 7 Oct 2010

Regarding swap I don't admitted in, but when thay add it on the total loss they make it from reasons to margin call,

In general if that there was an initial positions has been surrounded by a full hedge position, the value of the loss and gain remains constant but with MIG BANK on my account there was fraud and theft by monopuling and you will show that difference between total statement of 6 Oct total (-117869.77) $ and statement of 7 Oct total (-149861.06) $ on same open positions which are under full hedge and there are difference value 31992$ happening in the total of tow statement in one nights only but if you calculated you will get big theft result its 38953$ how it's happen and way they do that with me??!!This amount, which created it, without justification, to be a tool for fraud and theft on Oct. 7 did not exist on Oct. 6, although the positions itself has not changed ,
For that I need to return my fund as following:
Margin requirement 105978.68$ + 14427$ for equity+30260$ commission
=150665.75$ total

best regards
akram bin khalid

 

[Chaz McHan]

akram bin khalid

As-Salaamu Alaykum!

1. I would like to help you get to the bottom of this, but the Swiss privacy laws are some of the tightest in the world, so it'd be very difficult for me to even begin a conversation with them on someone else's behalf. In fact, it'd be the same story just about anywhere in the world.

2. I don't have any official status with the Forex Peace Army to sanction any investigation done by me. Maybe sometime in the future. There are some great investigators here, though.

3. I understand that your case is unique because of your Sharia Law requirements. Is it possible that MIG didn't understand what you understood when you signed up?

4. Different banks and brokerages calculate their margin usage differently. Some cancel out opposite positions against margin usage, some merely don't add opposite-direction hedge positions to the used margin total, and some add them all up and count the entire combined sum of the positions against your margin. None of them, to my knowledge, give any special benefit to cross-hedges. Is it possible you didn't understand their margin policy?

5. Moreover, some banks reduce maximum allowable margin, not just available margin, based on combined open ticket size (like from 100:1 to 50:1 on a large total of combined contracts).

6. Some banks individualize their margin policies for different clients.

7. MIG has a pretty good reputation as far as my personal experience goes. I would assume that they'd want to make sure that there was complete understanding between you and them and that an honorable and fair solution would be provided. That DOESN'T mean that they get a free pass to abuse people. It also doesn't mean they have to do anything for you if the misunderstanding is yours. If there's an investigation, I am sure it will be done in an unbiased way.

8. Is it possible that you can find a better language translation program? The English of your post is extremely hard for me to get through, though I believe I can understand the main points.

 

[Pharaoh]

This is a little hard to interpret.

Why did you start any significant trading before getting back all the papers?

How long were you trading from opening the account until the margin call?

With what I'm guessing was a fairly new account, why did you open such large positions?


You mention some daily statements. Can you attach those? Make sure to edit out anything too personal on them.

 

[akram bin khalid]

Hi Sir

you Can examine the data after the final revision that was back :

 

[akram bin khalid]

http://:\Documents and Settings\العربية\My Documents\MIG BANK COMPLAINtT $.docx
Hi Sir

you Can examine the data after the final revision that was back :

 

[Pharaoh]

You appear to be placing a hyperlink to a file on your own computer. That may display to you, but won't be visible to anyone else.

Can you answer some of the questions Chaz and I posted above?

 

[migbank]

Mig Bank Reply

Dear Reader,

At MIG Bank, we are always committed to provide highest levels of transparency in all aspects of what we do that is based on our first value that Integrity comes first. On top of that, MIG BANK is a Swiss bank, regulated by Swiss Financial Markets Regulatory Authority (FINMA) and is continually monitored in all aspects it does to ensure that it treats its customers fairly and professionally.

Here at MIG Bank, we generally refrain from addressing general comments using public forums as we do not know who is behind. Instead, we focus on constant improvements of our services and invest heavily in our customer support infrastructure and have professional support team trained to assist all our customers whenever possible. However, we felt it necessary to respond publicly to Mr. Bin Khalid's false accusations against MIG Bank as he has publicly mentioned details of his account and posted these false allegations. His accusations are misleading and do not represent the true facts which can be proven by Mr. Bin Khalid’s account statement, trading history and agreements signed and we feel that it is our duty to bring the truth to the public.

MIG Bank has responded to Mr. Khalid's complaints on several occasions as we always look to serve best our clients and look into any issues they face. We take seriously any complaint and review all complaints at the management level and always hold ourselves accountable if the client is right. However, if a client’s claims are not based on true facts and are simply aimed to recover the losses caused by his own trading decisions, then we of course cannot compensate that.

All Mr. Bin Khalid claims is false and this was explained to him on several occasions and, as mentioned, can be proven simply by looking at the facts. We hereby quote our latest official letter sent to Mr. Khalid on 3/12/2010 in response to his claims:

"
1.Regarding the positions issue
As per the statements in the attachment, it clearly appears that you had open positions on the 7th of Oct 2010, which means that the account was not fully hedged as you claim and you had the following net open positions:
- 2 lots of buying AUDUSD
- 2 lots of selling USDCHF
- 2 lots of selling USDJPY
You will find in the attachment a full statement of your account 212350.
These positions that you opened yourself resulted in the entire loss on your account and thereby closing of all positions in your account. Having signed the request to open an account, you confirmed to be aware of the risks involved in trading Forex. Moreover, by signing an Asset Manager contract, you have further confirmed to be a professional in financial instruments, and in Forex in particular.

Therefore, we consider your accusations that the closing out of your open positions absolutely false.

2.Regarding the commissions issue
First of all, we point out the sole account you introduced is held by yourself. It is not make sense to charge yourself commissions on your own trading anyways and you were not deducting any commissions from your account to be rebated to your commissions account.
Furthermore, MIG has never received any duly signed PICPF Form from you although we have sent it to you on the 9th of March 2010. We point out that this document is signed by a client in order to remunerate the asset manager managing the client’s account. The amount of commissions/fees are debited from the client’s account and credited to the asset manger’s account.
Moreover, as you had an online access to your trading account, you could see clearly that there were zero commissions charged on your account and you could have requested easily for this to be changed by signing and sending the PICPF to MIG.
Therefore, you cannot claim that MIG owes any commissions to you as you didn’t introduce any client to be managed by you and your own account was not charged anything and so it is clear that your allegations about MIG owing you an amount of USD 32,260 as commissions are clearly unfounded. We state again that the basis of calculations that you have used are pure fantasy.

3.Regarding the swap free issue :
We have received the swap free request for MAM TCA 213350 in August but were not able to change the group because there were opened positions on the account. We have informed you of this on the 24th August 2010 about the Swap free status of your account as per e-mail enclosed.We emphasize that you have never closed your open positions since and therefore it was impossible for us to provide you with this Swap Free account.

In any case, we underline that MIG has the absolute right to accept or reject a Swap Free account.

Therefore, your allegations about the swaps are therefore totally unfounded. It is through your own fault that we could not make the changes necessary to your account even if it is not an obligation on us to do so.’’

Finally, as per our agreement with Mr. Akram, if he is in disagreement with our answers and facts we provide, he can always take us to courts and hold us responsible for his losses. However, we believe that as his claims are false, he has unfortunately chosen to blackmail us by publishing his false accusations which we strongly deny and we will take appropriate legal action in a timely manner.

Thanking you in advance for your attention.

Kind Regards,
MIG BANK.

 

[AsstModerator]

Akram,

You publicly challenged MIG and they've publicly responded. Do you have any additional response to this?

If so, please post it by January 25th. If not, I'll consider the issue to be closed.

 

[akram bin khalid]

hello every one

I'm apologized for the delay in responding to you preoccupation with some very important business in the previous period,

Sorry for the long answer, but the situation requires some detail

MIG Why did not respond to the Saudi Embassy in Switzerland??!!

MiG still lends itself to the aura of a claim perfection and false description and excellence shameful usual sneaky status in Switzerland as the long history of the Swiss bank founded through them and necessary for us to get and to know who they are MiG bank

first: we must identify the owner of MiG Mr. George mansour, a Jordanian national who was a pharmacist working in Jordan and in the nineties and the beginning of the second millennium entered the field of forex trading during the emergence of the forex crisis there, which hit thousands of Jordanians and he lives in Amman and i found him a person who does not know anything about currency trading or the laws of the market and his son hisham running CEO of MiG.

dear reader as to the answer mug tell you this site, including the following:

1- MiG has a very powerful work of propaganda by world champion Michael schumacher, race car, making all customers, which led to my approach personally to open an account with building my confidence in Mr. Michael schumacher and his reputation as a man who does not accept the error.

2 - finma the second factor that made me open an account with MiG, depending on the reputable Swiss historical strong in banking and when i entered the site finma i found that there is full protection and the direct supervision of money for the investors, but after being robbed of my money from MiG i made them back complaints and they did not do any action to ensure their commitment to location and noted that the differences on financial issues to consider forex in the civil courts and that MiG is recorded to have



second: tell you that i had an accident blackmail by MiG which is to request from me to removed this complaint from this site or sued me so wants to confiscate my freedom to view the complaint against them as they have already issued my money unlawfully.

MiG officials why you did not return to me or your attorney?!, who have established in Saudi Arabia against me when you knew that you were involved in the crime of embezzlement of funds through the Internet punishable by Saudi law??!!

they held a lawyer in Saudi Arabia against me and threatened me that if the complaint removed from the Internet they will communicate with me to end the dispute or they will be evaluated on a case of defamation but when they learned that they was involved in computer crimes of burglary during my money and Saudi law punishable by a fine that these crimes are of five million riyals and imprisonment for five years, and after lost contact of them did not respond in any way other than this message reply which is the last response from them.

MIG easy to play with your senses to respond here but it is difficult or even impossible to change the facts, and if the bank's exposure to discuss the details will be revealed embarrassing facts people are not stupid, you should understand that

there is a big problem with MIG bank in the form of contracts with customers which are as follows:
first: do not provide any guarantees to preserve the rights of clients.
second: do not provide the methodology for international trade forex as the others.
third: completely biased in favor of the bank and disclaims any duty to the client's favor

fourth: do not contain the legal reference for the bank in the event of disagreements



i sent all document to you before you opened my account by dhl and your claim that i have not signed the documentation of free swap and picpf was false and shameful because if i cannot sign it and send it to you that you cannot open the account originally and did not let me use the mam platform which i dealing from because you need to keep your right first.

no one bartered or bargained stole his money and i demand my right to from my account statement you can shows that i closed the deal at more than $ 50000 without hesitation because i am a merchant and know how to trade.

claim that you did not close the my position to exculpatory to yourself and this is lie and fraud and evasion of financial e-crime what the following:

first: this command is determined through detection devices to your server through inspectors.

second: the closure of my open positions clear by you because the balance of the account you are not allowed any form of closure was.

third: you are claiming a number of reasons to close my open positions and you have stated the following:

A-the top three positions are the cause of the recent.

B- the spread are increased.

C- there is strong news of UK interest.

and this conflict makes you a false for the following reason:

A- there are enough funds

B- the spread increasing dos not effected on open position under full hedging and the effected positions that only under order and direct in and out execution position at the news .

C- you confirm that the spread will be increase 10 peps maximum and you inform me it's increased on my account 32 peps and this is fraud, you closed my open position before the news with 2hours and this is impossible because the wide spreads, while the descent of the news.

there are illegal deportation of profits and losses of more than 143 000$ from account statement and amplify the loss of positions under full hedging with 32000$.

how do you claim to ensure 2% of margin securty of the the client funds and make my account negative -14000$??!!

why you did not return the margin requrment and evade the answer??!! return my money



this is my reply



akram bin khalid

 

[migbank]

Mig Bank Reply

Dear Readers,

We hope that this latest post of Akram Bin Khalid will help you make your own judgment of this case and clearly understand his intentions.

For those of you, who are not familiar with MIG BANK, we would like to mention that MIG BANK was established in Switzerland in 2003 as an FX brokerage company MIG INVESTMENTS. In 2009 MIG INVESTMENTS became the first Swiss FX broker to be granted a Swiss banking license by the Swiss Financial Markets regulatory Authority (FINMA) and MIG BANK is regulated by FINMA like all other Swiss banks.
MIG BANK is now the largest Swiss online FX trading bank. MIG BANK employs more than 100 people of more than 20 nationalities and has offices in Neuchâtel, Switzerland.
MIG BANK is audited by KPMG and has ISO certification for Effective Quality Management (QMS) and Information Security Management Systems (ISMS). MIG BANK is a team partner of Mercedes GP Petronas Formula One Team (formerly Brawn GP) and is an active supporter of UNICEF.
We offer some of the best FX trading conditions to tens of thousands of our clients in more than 120 countries and provide support in more than 20 languages.

Sincerely.

MIG BANK