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.
That's most likely a sham. I've contacted the bank and they confirmed that their account was closed in October 2018. SFX also stopped replying to me, the moment I asked them about more specific questions regarding their "bank audit".
I've received a reply on my police filing today. It by itself is almost as shameless as the acts of SFX Markets.
Tl;dr:
Apparently, it is my our fault to invest in a trading company in the first place, since trading is inherently risky and may result in the entire loss of capital. We've agreed to the risk and that entitles SFX Markets to run away with our money.
I have 10 days to reply to their mail.
While they are right, that SFX is not an Estonian company, I believe that they committed a criminal act on Estonian ground by ignoring the segregation of funds of the company. I do not know the regulation of financial companies in Estonia, but I assume that it is the banks' due diligence to assure that this segregation is upheld, even if the company is not regulated in that country. Feel free to correct me if I am wrong. Nevertheless, I hope to initiate a fruitful discussion, so that I can reply to the police appropriately.
I also encourage every victim to file a police complaint by himself. This can be done via this link:
https://www2.politsei.ee/en/teenused/politseile-avalduse-esitamine.dot
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Here are a few excerpts from the police's reply (Google translate):
Your application, attached documents, and application review
information collected shows that you registered as a customer on the Internet portal www.sfx-
markets.com, where brokers started trading in currencies and different financial markets
holding securities. Starting trading on this platform, each customer concludes an agreement with SFX
Global Ltd, under which the relationship between the customer and the company is regenerated according to the country
to the legislation in which that company is registered, in this case Saint Vincent &
Grenadines. This agreement contains a warning that trading in financial markets includes
the potential risks of losing your investment and financial resources and that
Financial services on this website are only suitable for customers with risk management experience.
In the light of the above, the body conducting the proceedings must indicate the following. In general, investment is meant
for a longer period of time - not days or weeks, but years.
When it comes to investing, it is very important to understand where you invest (everything must be excluded
which you do not understand) and the associated earning potential and risks.
When investing, earning money is not guaranteed and before the money is placed lightly
A foreign company needs to seriously consider its options for potential disputes
solution.
Pursuant to § 6 of the Penal Code, the Estonian Penal Act applies to an act committed in Estonia
territory.
An exception to this is § 7 of the Penal Code, which allows for criminal proceedings to be initiated also in a foreign state
committed crimes if the victim or suspect is an Estonian citizen or registered in Estonia
legal personality, but this provision is only used if criminal proceedings are initiated in such a way
crimes would be justified, ie criminal proceedings in Estonia would be faster and more efficient. So
additional justifiable factors that could be used to apply this exception
to conclude that criminal proceedings in Estonia would be faster and more efficient. If everything is important
sources of evidence and databases (eg servers, banks, etc.) are located abroad as well as offenses
the perpetrator is a national of another country and lives outside the territory of the Republic of Estonia
In case of cases, the Republic of Estonia has no possibilities for a fast and efficient procedure. You
the statement shows that these cases are a company registered in Saint
Vincent & Grenadines. This means that Estonian legislation does not regulate their activities and Estonia
The Republic has no way of collecting official data on these companies and it is not possible
provide an assessment of the activities of companies governed by the law of another country.
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Hi, any proof that their account has been closed last Oct 2018? please share, thxGuys, i want to break it to you that nordhill capital was previously known as sfx-funds.com as indicated by a member somewhere in the forum. Theres no AML and its a scam. The bank account was closed last oct 2018 as indicated by a forum member. What i believe is that they had duped enough people and they made the run for it leaving their proxies in trouble. Now that it has been more than 6 months, it can be difficult to see your money back.
Hi, can help to share the proof that the SFX account was closed since October 2018? thankssfx-funds.com
nordhillcapital.com
stgwealth.com
sfx-markets.com
likely all the same, because no one has seen the Russian owners before despite huge aum or entire aum came from stg side. I believed, investors are screwed now. Since nobody knows who is the BO of sfx-markets when it is likely the same, but how to get back fund when the company is incorporated in Saint Vincent & the Grenadines where no actual operation is run there, the bank account is in Estonia but whistleblower said it has been closed since October 2018.
If it's a banking issue, it won't take so long, because all the investors need is just a clarification and notice from the bank side. But now, it's just empty words I think either it is long forgotten if no one chase while it gets wrapped by itself as an online scam eventually with no recourse since who is accountable?
Hi Kumori, It was just a message from a chat window. When you login to sfx, you can activate chat and that's where I put my question. Their staff replied with that message, it was not through email that I can copy and paste here
Hi fxinvestor888,
Today, I have received the official statement from SFX Markets CEO as below.
Dear Valued Customer,
Pursuant to the AMLA investigation conducted by the regulatory authority, we regret to inform that till the end of the investigation our investors’ and company funds will be frozen. Therefore we’re unable to perform our obligations to customers and must suspend any business activity with immediate effect.
SFX is part of the financial institutions who is fully committed to abide by all the monetary regulations and compliances for the interests of all our customers. We have not and will not engage in any illegal business activities or abetting any money laundering activities at all time. We therefore firmly stand by our principles and consciences that we are at no time in breach any monetary legislations in the course of conducting our business activities.
In view of the circumstances, we have been strongly advised by our legal advisors to initiate legal proceedings for early recovery of our investors’ funds without any further delay.
The legal proceeding is inevitable, the processes are tedious and time constraints. However, on the positive note and in view of the favorable impressions and assurances vested by our legal experts, we are confident of a fruitful outcome and the funds may be released in a much shorter time frame.
We will keep you posted of any further development in due course.
On behalf of the Board of Directors and Management, we sincerely apologize for all the inconveniences and hardships caused.
Thank you for your understanding and continuous supports.
As he stated “must suspend any business activity with immediate effect”, currently their official website is down but the Private office is available.
In the Private Office, all the Trading Account are closed , all funds are transferred to the Personal Account, and only “Withdrawal” operation is available.
It seems that they are going to liquidate their business. Maybe "The legal proceeding" means "Official Liquidation", I think.
Hi folks,
It seems I'm on the same boat as you. Have money on the SFX platform (on my personal account) with only the withdrawal option available to me.
I've read through all the threads and I have a couple of questions regarding what my approach should be:
- Leave the money on the personal account so at least it is visible (if I need to show evidence of some sort)?
- Try the withdrawal which I know it will be stuck in processing (forever?)
- File a complaint on mychargeback.com/?
- Already filed a complaint with Estonian police, that will go nowhere but at least there is an official complaint filed somewhere.
Thanks for your input!