Rakuten Securities Australia - AFCA - ASIC

Kamaja Fx

Recruit
Messages
1
On June 8-2018, I started to trade with Rakuten Securities Australia Pty Limited (ACN 153 803 804 ) regulated by Asic, opening a real account. The beginning was auspicious. As I live in a very complicated country to make cross-border bank transfers, I decided to look for an alternative method. I decided on Skrill. Then I looked for a broker that would allow me to use this deposit and withdrawal method. That's how I got to Rakuten. On their website - Deposit options explained to me that I could fund my account with Skrill and withdraw funds (1% commission). As I understood, it did not occur to me to read their faq and since my English is not native I did not read its Terms and Conditions either.At the beginning of October I tried to make a withdrawal. To my surprise what they advertised on the home page of their website was not true. The truth was hidden in its faq section and Terms and Conditions. Only the initial deposit could be withdrawn by Skrill, the profits could only be withdrawn by bank wire. I withdrew my initial deposit. Then I contacted the Afca,(Australian Financial Complaints Authority) at October 11-2018, and i started a dispute against RSA because i had considered that the broker had cheated me by not allowing me to withdraw my profits by Skrill according to the main page at it website. And here my nightmare began. After sending my email, Afca sent me a reply.. They did it several times to clear up all doubts. I know they also contacted the broker. At the beginning of January, they explained to me that, having understood the reason for my dispute, they were now preparing to issue a preliminary determination. As they stopped contacting me and the preliminary determination did not arrive, I contacted them but they did not respond. I just received a response after 5 emails and 6 weeks. They explained to me that the dispute was going to be resolved in my favor and that in a few days they would send me the preliminary determination.This determination came to me, the dispute was resolved in my favor. I had the right to recover my profit and I would receive AUD 200 as compensation but I could only withdraw my money by bank wire. I replied to Afca that for me it was unacceptable because I was not going to make that transfer given the complication in my country and that for that reason I had chosen an alternative payment method. They explained to me that according to the Australian laws against money laundering and financing of terrorism that was my only chance to recover my money but at least the amount of compensation could be recovered by Skrill for not being a profit. I rejected this preliminary determination because I considered that I was not responsible for the lack of auditing of the ASIC by allowing a broker regulated by them to cheat their clients from their website, the preliminary ruling was not in my favor but against me, I would never get my money back. A few days later the final determination came to me and to my surprise the ruling changed.Now the determination was not in my favor but partially in my favor (I did not understand partially). It recognized that Rsa confused its clients from it website by writing Withdrawals: commission 2%, actually it was 1% that I was harmed by opening another account with another broker, something that is false because I had offered Afca the possibility to make a broker to broker transfer with a broker that accepted Skrill as a payment option, so i had opened a demo account with another Australian broker. That the Aud 200 compensation could now only be withdrawn by bank wire with my profits in case of accepting the final determination. Contact the persons responsible for drafting this Afca determination: Melinda Cavalieri and Angela Tucci. I asked them if they could rewrite the decision given the inaccuracies related to the withdrawal fee, the fact that i had not opened account with another broker and I also asked them if they could change the ruling: or in my favor or against me because partially in my favor It was ridiculous. After all, it was a legal decision. Angela Tucci refused to do it and I understood it in part: if she failed in my favor she accepted that the broker and the Asic were participants and responsible in the scam and if she failed against me the scam was legal. The last day of my deadline to respond to this illegal determination they contacted me to give them an answer. I did not accept it of course. By not accepting Rsa did not pay any fine, neither to me nor to the Asic for what I could know. RSA is not guilty and because i can not withdraw my profits, even they have received as compensation my profits. So I am responsible for looking for a broker that would offer me an alternative method of payment. And it is more I was applied a law against terrorism and money laundering. As I explained in my reply to Angela Tucci, my money was not lost, it was stolen by RSA in complicity with Afca and Asic. I do not think there is an Australian forex industry but rather a brotherhood of thieves. I also add that after accepting that my money was stolen, I contacted the broker with the intention of closing my account. They answered that it would be possible if the balance were 0. In other words, I do not even have the right to close the account. If you visit the Afca website in it section About Afca - What we do they write: «Our role is to assist consumers and small businesses to reach agreements with financial firms about how to resolve their complaints. We are impartial and independent. We do not act for either party to advocate their position. If a complaint does not resolve between the parties, we will decide an appropriate outcome.

This is false.I consider that my rights as a consumer were totally violated by both the broker and by afca and asic. Even i can not close my account after to accept that my money was stolen.


My purpose in writing these lines is for FPA to take my case to it court but i know that there is a new traders court so i shall post these lines at scam alert thread. I do not know if a regulatory authority and an entity destined to resolve disputes between traders and brokers can be brought to the scam alert thread. In case this can not be done, I'll settle for leaving testimony of the experience to the community of traders. I know that there are Australian brokers of great reputation but be careful because in case a problem appears and you decide to start a dispute, Afca and Asic can make you live a nightmare. As I understand that antiterrorist and anti-money laundering law stipulates that profits can only be withdrawn by bank, although many brokers clarify it in small print, hide it or directly cheat you by offering other options. Rakuten corrected this on it website during my dispute, I suppose at the request of Afca. But I know at least 2 other brokers that did not change it. One of them says that withdrawals by Skrill and Neteller are instantaneous. They contacted me by phone and told me the truth after asking. If you live in a country where it is very complicated or prohibited to make international bank wires to third parties or for any reason you wish to trade using alternative payment methods do not open an account with brokers regulated in Australia because your profits will be stolen by the brokers in complicity with Afca and Asic. Also, when contacting the broker, ask them what methods of withdrawal the profits they offer because the Australian brokers hide it.

So, in summary, as it was practically impossible for me to use wire tranfers as a payment option, I decided to use an alternative option. Then i select a broker that would allow me to fund and withdraw initial deposit and profits with this option. The brokers that I chose had cheated me. When starting a dispute I lost my profit, the broker stole my money with the complicity of afca and asic, I was not compensated, the broker was not fined and by applying it Australian law I had the feeling that I was being treated as a potential terrorist.
They gave me the possibility of going to a second instance with an independent lawyer but I will not do it. The reason for my decision is that I am 49 years old, have two daughters and I work 14 hours a day. I consider myself a good man so I do not like to be in contact with criminals.



My real account with Rakuten: 61024370
My dispute number in Afca: Case 548066.


Rakuten Securities Australia: support@sec.rakuten.com.au
Afca:
https://www.afca.org.au/
 

4evermaat

2nd Lieutenant
Messages
1,982
everything is written as one paragraph and it is hard to interpret. Instead you should use
"Attestation....evidence" method. You attest to what crime the broker committed, and then you list evidence (screen recordings, screenshot, trading log, activity logs, emails, etc

In one or two short sentences each, explain;
1) What transgressions has Rakuten done to you or your trading account? Can you list dates and screenshots?
2) can you upload your trading record (generate an entire account history since the first deposit if you can). or at least the final month tha)

3) How much are you owed total? can you break down each expense why it is owed?
4) Can you attach document of all replies that acra made to you?
5) What country are you from? (What country are you a resident of when you opened broker account?)
6) What is the difficulty in having bank account in your resident country?

If any document is larger than 1MB, you may use dropbox, google drive, etc to upload.

You must back up you claims if you want people to take you seriously.
 

jeraldbenadict

Recruit
Messages
2
everything is written as one paragraph and it is hard to interpret. Instead you should use
"Attestation....evidence" method. You attest to what crime the broker committed, and then you list evidence (screen recordings, screenshot, trading log, activity logs, emails, etc

In one or two short sentences each, explain;
1) What transgressions has Rakuten done to you or your trading account? Can you list dates and screenshots?
2) can you upload your trading record (generate an entire account history since the first deposit if you can). or at least the final month tha)

3) How much are you owed total? can you break down each expense why it is owed?
4) Can you attach document of all replies that acra made to you?
5) What country are you from? (What country are you a resident of when you opened broker account?)
6) What is the difficulty in having bank account in your resident country?

If any document is larger than 1MB, you may use dropbox, google drive, etc to upload.

You must back up you claims if you want people to take you seriously.
B book broker
 
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