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Need some advice -Universal Brokerage FX

Discussion in 'Scam Alerts' started by bunganya, Jul 22, 2009.

  1. bunganya

    bunganya Recruit

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    Greetings

    I am a customer of Universal Brokerage FX. Since the crown forex sa bankruptcy came out been trying to contact Patrick Kiley of the company, and when i called would get a message saying no one is available right now.
    Visiting their website last night at
    Universal Brokerage FX. Global investment strategies for individual investors. - Home
    I saw this message..
    Dear Investors:

    The purpose of this letter is to inform you of recent developments at Universal Brokerage FX (“UBFX”) and the UBS Diversified FX Growth Fund (“UBS Fund”). UBFX and UBS Fund have received subpoenas from the U.S. Securities and Exchange Commission requesting certain documents. Our attorneys are responding to these requests. In addition, nine individuals have filed a civil lawsuit making allegations including fraud.

    UBFX and UBS Fund are not accepting investor funds. Investors should not send funds to UBFX, UBS Fund, Crown Forex, or indirectly to Crown Forex via Entrust or Millenium. UBFX and UBS Fund have received information that Crown Forex is in bankruptcy proceedings. For more information regarding Crown Forex, see the following website: CROWN FOREX SA. UBFX and UBS Fund are unable to fulfill withdrawal or redemption requests.


    Sincerely,

    Universal Brokerage FX & UBS Fund

    How can i proceed to recover my funds? Is my money lost? Are their any other board members in a similar situation like me?
    Also saw this article in the star tribune today, titled investors cannot get back their money.
    Investors try to get their money back

    Cheers
     
    #1 bunganya, Jul 22, 2009
    Last edited: Jul 22, 2009
  2. REDHORSE

    REDHORSE Recruit

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    Seeking Info on UBFX as well

    Little by little we are popping to the surface. I was also a Kiley/Ubfx client. I too have been researching any means to take action againt this firm to recovery my funds. Have tried filing with Fina, FNA, CFTC and SEC. So far an exercise in futility! Have talked to the attorney representing a group from Ohio. He may end up representing those of us that got deceived by Kiley. My email is tannis1@comcast.net for anone that wants to contact me offline
     
  3. bunganya

    bunganya Recruit

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    UBFX is terrible

    Greetings Chief Master Sergeant

    Please check the email you provided. Kiley sure fooled alot of people, so many trusted him with his follow the money program. I had sleepless nights reflecting on him. This looks like another madoff scandal, i sincerely hope we can recover our funds. Good to know i am not alone. What are our chances of recovering our funds, i read it is near impossible to recover funds in forex scams? Sad thing is litigation costs are so high in Ohio, I am unable to pay for justice.

    Cheers
     
    #3 bunganya, Jul 23, 2009
    Last edited: Jul 23, 2009
  4. Pharaoh

    Pharaoh Colonel

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    There was some guy with the username mtrimble who tried his best to pump up UBFX and downplay any worries about Crown Forex in another thread. From the way he wrote about them, I think he may have worked for UBFX. Marc Trimble is some sort of self-proclaimed managed account guru. Nice to see a "guru" sending people's money on a one way trip to Crown even after the Swiss Regulators started to crack down on them. I wonder who was paying him and how much.

    I did a little digging on the web. UBFX is involved in a court case now along with some other investment firms. I haven't dug deep enough to find all the gory details, but the SEC seems to be involved. I can't tell yet if the Crown mess is related or if this is some totally new and different issue.
     
  5. bunganya

    bunganya Recruit

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    Thanks Pharoah

    Greetings

    Thanks for the info pharoah, I am a customer of Kiley and have no idea how i will recover my funds. I am trying, but feel all is lost. These Ohio lawyers are charging so much. I been trying to contact UBFX office for three weeks now, I think Marc Trimble works for UBFX, i read his posts, when u need him he is not here. I even tried calling his number.
    So far all indications are UBFX is a scam, although they are innocent until proven guilty, but i suspect they put most of their funds in crown forex.
    I emailed finma, and there response was they only dealth with crown forex account holders. What is going on with the US, they have the best securities market in the world, we should not have to go to lawyers, but regulatory agencies like they have in switzerland.
     

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