• Please try to select the correct prefix when making a new thread in this folder.

    Discuss is for general discussions of a financial company or issues related to companies.

    Info is for things like "Has anyone heard of Company X?" or "Is Company X legit or not?"

    Compare is for things like "Which of these 2 (or more) companies is best?"

    Searching is for things like "Help me pick a broker" or "What's the best VPS out there for trading?"

    Problem is for reporting an issue with a company. Please don't just scream "CompanyX is a scam!" It is much more useful to say "I can't withdraw my money from Company X" or "Company Y is not honoring their refund guarantee" in the subject line.
    Keep Problem discussions civil and lay out the facts of your case. Your goal should be to get your problem resolved or reported to the regulators, not to see how many insults you can put into the thread.

    More info coming soon.

Problem NoaFX failed to return EUR 275,000 funds

I am having an issue with a company
This is cool, is there anything I can do that is really annoying for them beyond emailing them all? If not, I'll at least send some emails out... Thanks for your efforts, Craig.
 
innoblitztechnologies.com plays role in managing the scam websites

Pranesh Krishnan runs the site and has to do with them
 
Found that the owner of the scam sites Seeni JG's bank account in the DB

Check the following pic

bankacc.png
 
Next step better you will find a good password hash cracker and DB specialist
I cracked still a few of them at the moment.
I dumped all the data from the DBs so that someone can analyze them much deeper than me

Thanks
 
Seeni is claiming that he is now working through a UK based firm, however, they are seeking legal advice to distance themselves... Capital TradeFX ( capitaltradefx.com ) share an address in the Grenadines with NoaFX but claim to 'no longer' be working with them. It could be the next incarnation post FX Ethos and NoaFX?
 
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.

Hey! Just wanted to ask, I know this post is from 2k16 but is the problem solved already or are the funds still in NoaFX?
 
capitaltradefx.com is another scam
There is a DB which is named capitaltradefx in the SQL server of cmigroup.co.nz
Parthasarathy Ramanujam partha@mt4gurus.com is system admin as always

Parthasarathy Ramanujam OR Suthakaran
Address 226, Jalan Acasia 15, Sikamat Acasia Country Heights
City Seremban
States NS
Country Malaysia
70400
Tel +164921030
 
Back
Top