Problem NoaFX failed to return EUR 275,000 funds

[Pharaoh]

Gian, did you send a link to this thread to NoaFx yet?

Also, please get screenshots of anything linking Noa to FxEthos and get those posted.

 

[Gian Piero]

Gian, did you send a link to this thread to NoaFx yet?

Also, please get screenshots of anything linking Noa to FxEthos and get those posted.

Of course I did, but I don't expect any feedback from them.
As for the evidence linking NoaFX to FxEthos, please be advised authorities investigations and court proceedings are still underway.
Anyway:

FIRST, upon investigation by the New Zealand Law Society, Stewart & Associates Lawyers Limited (who were acting as trustee for Capital Market Investments Limited's clients funds as per NoaFX Customer Agreement) admitted they paid out to CMIL whichever funds they had received in the trust account, either from NoaFX or FxEthos clients. All NoaFX and FxEthos funding activity was processed in the same bank account held at Bank of New Zealand in Stewart's name.

SECOND, on researching the broker in July 2015 my business partner Carl double checked for Noa/Ethos differences with Karthik Subramanian on Skype as per the following conversation (I was referred as “the client”):

[7/20/15 12:20:35 PM] Carl XXXXX: ut how "complex" of a process will things be if you allow the client to do his Fx trading at Noa Fx?
[7/20/15 12:21:19 PM] ns_karthik1: Noafx is always under high scrutiny by regulatory guys
[7/20/15 12:21:52 PM] ns_karthik1: So I didn't want to risk doing something that might hold up the disbursal of funds
[7/20/15 12:22:02 PM] ns_karthik1: I will discuss again anyway
[7/20/15 12:22:07 PM] Carl XXXXX: Ah… ok…. so it really boils down to you guys having the leeway with ehtos....
[7/20/15 12:22:33 PM] ns_karthik1: Cos whether u put it in ethos or noa the bank accounts are the same
[7/20/15 12:22:51 PM] ns_karthik1: It's just under which ledger we want to show these funds
[7/20/15 12:23:02 PM] Carl XXXXX: Well it may be something artificial but of course the client would feel better about larger funds at Noa….. although if he must be at Ethos maybe he sends in less cash to trade and just has that cash trade at a higher leverage setting
[7/20/15 12:23:13 PM] Carl XXXXX: same trading at the end of the day…
[7/20/15 12:23:54 PM] ns_karthik1: I will ask once again but that should not stop anything I suppose. Things can move forward
[7/20/15 12:24:06 PM] Carl XXXXX: Well I guess you ask again… and I will relay to the client...
[7/20/15 12:24:27 PM] ns_karthik1: If noa is okayed I will get the acct done there in a couple of hours
[7/20/15 12:24:32 PM] Carl XXXXX: Ok… will let the client know… Im sure he will be moving some money over in the coming days
[7/20/15 12:24:42 PM] Carl XXXXX: Ah.. ok…..
[7/20/15 12:25:48 PM] ns_karthik1: Ok great
[7/20/15 12:26:15 PM] ns_karthik1: I Can assure u on the safety of funds as you have seen already

 

[1wildhorse]

Of course I did, but I don't expect any feedback from them.
As for the evidence linking NoaFX to FxEthos, please be advised authorities investigations and court proceedings are still underway.
Anyway:

FIRST, upon investigation by the New Zealand Law Society, Stewart & Associates Lawyers Limited (who were acting as trustee for Capital Market Investments Limited's clients funds as per NoaFX Customer Agreement) admitted they paid out to CMIL whichever funds they had received in the trust account, either from NoaFX or FxEthos clients. All NoaFX and FxEthos funding activity was processed in the same bank account held at Bank of New Zealand in Stewart's name.

SECOND, on researching the broker in July 2015 my business partner Carl double checked for Noa/Ethos differences with Karthik Subramanian on Skype as per the following conversation (I was referred as “the client”):

[7/20/15 12:20:35 PM] Carl XXXXX: ut how "complex" of a process will things be if you allow the client to do his Fx trading at Noa Fx?
[7/20/15 12:21:19 PM] ns_karthik1: Noafx is always under high scrutiny by regulatory guys
[7/20/15 12:21:52 PM] ns_karthik1: So I didn't want to risk doing something that might hold up the disbursal of funds
[7/20/15 12:22:02 PM] ns_karthik1: I will discuss again anyway
[7/20/15 12:22:07 PM] Carl XXXXX: Ah… ok…. so it really boils down to you guys having the leeway with ehtos....
[7/20/15 12:22:33 PM] ns_karthik1: Cos whether u put it in ethos or noa the bank accounts are the same
[7/20/15 12:22:51 PM] ns_karthik1: It's just under which ledger we want to show these funds
[7/20/15 12:23:02 PM] Carl XXXXX: Well it may be something artificial but of course the client would feel better about larger funds at Noa….. although if he must be at Ethos maybe he sends in less cash to trade and just has that cash trade at a higher leverage setting
[7/20/15 12:23:13 PM] Carl XXXXX: same trading at the end of the day…
[7/20/15 12:23:54 PM] ns_karthik1: I will ask once again but that should not stop anything I suppose. Things can move forward
[7/20/15 12:24:06 PM] Carl XXXXX: Well I guess you ask again… and I will relay to the client...
[7/20/15 12:24:27 PM] ns_karthik1: If noa is okayed I will get the acct done there in a couple of hours
[7/20/15 12:24:32 PM] Carl XXXXX: Ok… will let the client know… Im sure he will be moving some money over in the coming days
[7/20/15 12:24:42 PM] Carl XXXXX: Ah.. ok…..
[7/20/15 12:25:48 PM] ns_karthik1: Ok great
[7/20/15 12:26:15 PM] ns_karthik1: I Can assure u on the safety of funds as you have seen already

i love his last comment-i can assure u on the safety of funds as you have seen already.....hilarious!!

 

[Gian Piero]

i love his last comment-i can assure u on the safety of funds as you have seen already.....hilarious!!

Looks like this time they cannot deny allegations of their involvement with FxEthos as they did for Online4x. It's about time the authorities open the Pandora's box once and for all. I wonder how many scammed FxEthos and Online4x traders are still out there waiting for some sort of a fair outcome.

 

[fpad111]

I have had the same **** going on with 37k not being paid out sence december - so ethos/noafx is a big scam in my opinion, and the authorities in NZ are very slow and provide no help thus far...seems the people behind ethos/noa have been doing this again and again - so beware!

 

[Gian Piero]

I am not allowed to provide further details, but the authorities are definitely moving now.

 

[nicos]

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.

I am also one of the unlucky, to use a kind word!!, guys involved in this scam. I invested 45 K and none of them came back. My broker was FXETHOS, wich is the same with Noa FX, under another name. Iknow several other people are in the same siyuation with me and we all teamed up to find a solution to our problem.
I can only hope that something good will happen because 45K is A LOT MONEY TO LOOSE!!!!!

 

[1wildhorse]

I am also one of the unlucky, to use a kind word!!, guys involved in this scam. I invested 45 K and none of them came back. My broker was FXETHOS, wich is the same with Noa FX, under another name. Iknow several other people are in the same siyuation with me and we all teamed up to find a solution to our problem.
I can only hope that something good will happen because 45K is A LOT MONEY TO LOOSE!!!!!

i think the authorities are now involved,although to what extent im unsure.in all probability they are scurrying around trying to find excuses about how they dont have to accept any culpability in this mess instead of actually going after the perpetrators...it is normal.

 

[Gian Piero]

i think the authorities are now involved,although to what extent im unsure.in all probability they are scurrying around trying to find excuses about how they dont have to accept any culpability in this mess instead of actually going after the perpetrators...it is normal.

As is always the case, the authorities need to be given a strong enough incentive to move their feet. Attention from the media is notably the strongest of them all.

 

[Bernhard]

Hi,
I also confirm, to be robbed by NoaFX or lets call them Capital Markets Investments Limited. They stole my wife and me 48.000 USD. We Deposited the funds in 11 and 12.2015 and initiated our Withdrawals at the beginning of February 2016. the Wires were "approved" but no money hit our accounts, yet ! They stopped answering via mail or chat. WARNING ! WARNING ! Dont invest with NoaFX / CMIGroup, be aware of the old "directors", they will initiate further scamming Brokerages, soon, I guess. Regards.