NoaFX failed to return EUR 275,000 funds

Gian Piero

Private, 1st Class
Messages
38
I am a professional trader trading US equity and oil futures and options since 1989. In July 2015 I opened a trading account at NoaFX to complement my long time derivatives activity.

On researching the broker NoaFX, reference to a funds segregation scheme administered by a New Zealand law firm made in Customer Agreement, along New Zealand’s solid legal framework and good business reputation, settled any doubt I may have had about the broker and made me feel safe carrying out investments through it.

Over the following months I transferred quite a significant amount of money to Stewart & Associates Lawyers Limited trust account held at Bank of New Zealand as per NoaFX’s funding instructions. By the end of November 2015 I was holding EUR 375,000 funds in my trading account.

Despite the aforesaid reassurances. earlier on in December 2015 I started to grow very concerned about my funds safety and, more broadly, about the reputability of the brokerage. There were too many loose ends in NoaFX’s story about a proper (and working) segregation scheme in place and false claims about safety of clients deposits kept adding up. Extremely at unease with such a situation, I eventually requested to have all my funds wired out and sent back to my USA broker accounts.

At first, NoaFX support claimed they were experiencing some sort of unspecified liquidity clog and were able to wire back only EUR 100,000 funds. This sounded extremely alarming. A 375,000 wire was supposed to be a no-brainer for a brokerage professing to hold multiple hundred million in AUM.

Later on in December 2015, NoaFX stopped to process any further withdrawal and kept on blaming the bank for delays in issuing wires, while feeding me with any kind of excuse. Mr Karthik Subramanian, NoaFX Head of Operations, even dared to email me wire slips and SWIFT messages for my outgoing transfers to show me they were taking good care of my requests (you can find more about Mr Subramanian’s previous scam successes here fxethosisscam.wordpress.com and here jon-greed.blogspot.com). Those bank documents had all been blatantly fabricated in order to deceive me. More than 3 full months have now passed and I am still waiting for my other EUR 275,000 funds to be returned.

Funds segregation, too, eventually turned out to be a hoax and a fraudulent misrepresentation of facts. No segregation scheme for clients funds has ever existed at NoaFX.

NoaFX stopped any communication with me as of 16 January 2016.

My lawyers have tried multiple times to contact the broker but always unsuccessfully. Letter Before Action was sent to them but got no reply whatsoever.

Reports to all the relevant authorities have already been filed: New Zealand FMA, New Zealand Serious Fraud Office, New Zealand Financial Intelligence Unit, New Zealand Insolvency Office, New Zealand Law Society, Bank of New Zealand, Singaporean Police, Singaporean Monetary Authority, Singaporean OCBC Bank, Malaysian CIMB Bank Berhad and USA Department of the Treasury FinCEN.

Investigations are underway.

For the record, NoaFX (www.noafx.com) is not a company in itself but just a FX brokering brand and is part of Capital Market Investments Limited (www.cmigroup.co.nz), a New Zealand company allegedly with “strong footholds in New Zealand”. NoaFX claims to provide funds segregation scheme and segregated trust deposits for clients funds held in top prime banks as deposit custodians (www.noafx.com/why-noafx.php). The same people who run NoaFX also run FxEthos (www.fxethos.com), a company in liquidation who appears as well to be on the FCA's alerts list since long. Both NoaFX and FxEthos clients funds are ultimately paid out to the same Capital Market Investments Limited company.

According to the warning the FMA has issued about Capital Market Investments Limited fma.govt.nz/news/warnings-and-alerts/a-z-list-of-all-fma-warnings/#C and regardless of what is still claimed on NoaFX website:

- NoaFX is not FMA regulate and doesn't operate under the strict licensing and regulation requirements of New Zealand

- NoaFX doesn’t hold any FSP license (www.business.govt.nz/fsp/app/ui/fsp/version/searchSummaryCompanyFSP/FSP284605/26.do)

- NoaFX is not a member of the NZ Financial Dispute Resolution scheme

- NoaFX doesn’t hold clients funds in a trust account administered by a law firm

- NoaFX doesn’t provide any segregation scheme for clients funds

- Despite those “strong footholds in New Zealand”, Capital Market Investments Limited is about to be removed from the New Zealand Register of Companies (www.business.govt.nz/companies/app/ui/pages/companies/3693175) and the only NZ-resident director – Alex Bob Cijffers, former bankrupt – has just resigned his office.
 

FxMaster

Lt. Colonel
Messages
9,556
Two steps that you must follow

1st - Invite them to join this thread via email (Send email to every possible address).

2nd - Invite him via skype or any communication address you have for him.
 

TommyStenberg

Recruit
Messages
2
This company Noa Fx has failed to return a little more than $10,000 since I requested my funds during the first week of January. The withdrawal was approved but the money was never sent. After I asked where the money was after a week or so I was told they had banking issues and could not find my banks swift code. Which is ridiculous as my bank is a household name. After I complained a couple times to them by email and online chat they stopped communication.

Shortly after this time I did my research, (a little late) on the firm and come to find out I am not the only one that has been apparently robbed. Noa fx is not the first company that these people have used. Every company before it has resulted in the same outcome for its clients.

I do not know how the system allows for a company to take clients money so easily. Again and again. I did not lose 275k but 10k was a lot of money for me. I will put all my efforts into doing anything I can to stop these guys. My time and service is available to anyone or anything that may help stop these scammers / thief's.
 

TommyStenberg

Recruit
Messages
2
My bank confirmed the swift codes I gave them were correct and they said in no way can this bank claim that they are not able to wire to a valid swift destination.
 

1wildhorse

Private, 1st Class
Messages
434
personally i made over $300k using online4x,another subsidiary of CMI,and have been chasing it since last march to no avail.the lawyers giambrone that i retained did next to nothing,and are no longer replying to emails.
i sincerely with you luck and will be only too happy to help in any way i can
 

Laurent T.

Recruit
Messages
1
Hi Everybody,

This company Fxethos or Noa fx or CMI, as they use several nickname.. has failed to return a little more than $45,000 since I requested my funds during the first week of January. The withdrawal was requested several times by email / chat message with this company, the funds was withdrewn from my MT4 Platform but i have never seen any penny. After I asked where the money was after a week but he says that is in progress, now, i was banned when i try to chat with this company, it is very petty and ridiculous. . After I complained a couple times to them by email and online chat they stopped communication.

SO BE AWARE ABOUT THIS COMPANY: I AM NOT THE SOLE IN THE CASE, IT IS IMPORTANT TO FIGHT THESE SCAMMERS, IT IS HARD TO HAVE PROFIT IN FOREX TRADING AND NOW IT BECOME MORE COMPLICATED WITH SCAMMERS
 

oscarra

2nd Lieutenant
Messages
1,237
.the lawyers giambrone that i retained did next to nothing,and are no longer replying to emails.
No Formal letters to Banks……..nothing?

IT IS IMPORTANT TO FIGHT THESE SCAMMERS, IT IS HARD TO HAVE PROFIT IN FOREX TRADING AND NOW IT BECOME MORE COMPLICATED WITH SCAMMERS
It sure needs some experience prior hopping on returns , but with all those scam brokerage Firms not even mentioning the Binary BS, it’s a systematic LOOSER deal……very dangerous ! Traders these days better keep a couple of thousand bugs on the side, for the LAW Firms, part of money management strategy.
 

Angel ren

Sergeant
Messages
219
personally i made over $300k using online4x,another subsidiary of CMI,and have been chasing it since last march to no avail.the lawyers giambrone that i retained did next to nothing,and are no longer replying to emails.
i sincerely with you luck and will be only too happy to help in any way i can

Hi, can I check with for the law firm? I am currently engaging Giambrone. So why they did nothing in such case? Shouldn't they suggest the court action for you? May I know more about this?
 
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