Resolved - Regulated broker scams £7000+ EuropeFX.com

[MiliC8]

FPA has the power of exposure for an offending broker. Reputation is the soft spot as I’ve discovered. Thanks to FPA. Please find email from FO with specific reference to Unique Reference Number & acknowledgement of receipt of complaint by offending broker. Please safeguard my personal info. Cheers again.

Dear Mrs. Mili Tekiva Clayton,

In reply to your e-mails received on the 12 thof March 2018, we would like to inform you that if you wish to submit acomplaint to the Financial Ombudsman of Cyprus against a financial business regulated by the Cyprus Securities and Exchange Commission (CySEC) , weare forwarding you attached to this e-mail the complaint submission form, which you have to print it and fill it according to the generalinformation, provided that your complaint meets cumulatively theconditions for the submission of a complaint as mentioned on the first page of the complaint submission form.


The Complaint Form canbe submitted by e-mail and must be accompanied by a receipt of payment of the fee of twenty euro (€20). We recommend you to read carefully the following bank instruction before doing your payment.

When you make an international wire transfer (MT103 SWIFT) you are able to choose who pays for the transfer charges. Sending fees should always be paid by the sender. OUR and SHA are codes in a SWIFT document at field 71A ¨Details of Charges¨.

The OUR instruction means you pay for all transfer charges and this guarantees that we will receive your payment in full. Please note that you will have to pay any sending related fees, otherwise these will be deducted from the full amount you wish to send.

SHA (shared) means you only pay your bank’s outgoing transfer charges. We would receive your payment minus thecorrespondent (intermediary) bank charges. This will result your payment to arrive short into our account.

Kindly note that we cannot proceed to investigate your complaint unless the fee of 20 euro, determined by Law, is fully paid.

In addition, you need to provide us with a copy of your complaintsubmitted to the financial business against which your complaint is directed and the Unique Reference Number which wasprovided by the company when acknowledged receipt of your written complaint. The format of the Unique Reference Number is XXyyyynnnn (i.e. AB20151234). This reference number is a prerequisite to be provided by all financial businesses regulated by the Cyprus Securities and Exchange Commission (CySEC).

If you have any questions when completing your application please do not hesitate to contact the Financial Ombudsman Office for any further clarifications, office phone number +357 22848900.


Thankyou

Financial Ombudsman Office

 

[4evermaat]

........

In reply to your e-mails received on the 12 thof March 2018, we would like to inform you that if you wish to submit acomplaint to the Financial Ombudsman of Cyprus against a financial business regulated by the Cyprus Securities and Exchange Commission (CySEC) , weare forwarding you attached to this e-mail the complaint submission form, which you have to print it and fill it according to the generalinformation, provided that your complaint meets cumulatively theconditions for the submission of a complaint as mentioned on the first page of the complaint submission form.


The Complaint Form canbe submitted by e-mail and must be accompanied by a receipt of payment of the fee of twenty euro (€20). We recommend you to read carefully the following bank instruction before doing your payment.

When you make an international wire transfer (MT103 SWIFT) you are able to choose who pays for the transfer charges. Sending fees should always be paid by the sender. OUR and SHA are codes in a SWIFT document at field 71A ¨Details of Charges¨.

The OUR instruction means you pay for all transfer charges and this guarantees that we will receive your payment in full. Please note that you will have to pay any sending related fees, otherwise these will be deducted from the full amount you wish to send.

SHA (shared) means you only pay your bank’s outgoing transfer charges. We would receive your payment minus thecorrespondent (intermediary) bank charges. This will result your payment to arrive short into our account.

Kindly note that we cannot proceed to investigate your complaint unless the fee of 20 euro, determined by Law, is fully paid.

In addition, you need to provide us with a copy of your complaintsubmitted to the financial business against which your complaint is directed and the Unique Reference Number which wasprovided by the company when acknowledged receipt of your written complaint. The format of the Unique Reference Number is XXyyyynnnn (i.e. AB20151234). This reference number is a prerequisite to be provided by all financial businesses regulated by the Cyprus Securities and Exchange Commission (CySEC).

If you have any questions when completing your application please do not hesitate to contact the Financial Ombudsman Office for any further clarifications, office phone number +357 22848900.


Thankyou

Financial Ombudsman Office

Ask CySEC FOS in a reply the following:

1) can you link to the law that requires that the consumer (or applicant) pay 20 EUR fee in order to have their case evaluated? Either the relevant CySEC rule, the ESMA rule, or both is ok.

2) can they provide the law that
a) compels the company to provide the unique reference number for all complaints (and what timeframe do they have to provide it).
b) compels the complaining client to supply unique reference number to CySec as a prerequisite to them conducting any new/followup investigations.

3) What happens if the business does not or refuses to provide said Unique Reference Number? Is CySec / client hands just tied?

-------------------
I have never seen a regulator go though such arrogant lengths to not want to do their f---ing job. In a way it was better before when they just didn't do their job at all.

If CySec wants a unique case #, why dont THEY (cysec/FOS) issue this number themselves, instead of this back and forth, cat/mouse game of service provider vs client?

Please find email as received from financial ombudsman in Cyprus. I tried unsuccessfully to copy/paste hence presented in file format.

Attachment removed. If you want your email protected, please do not attach a file with your email address clearly showing.

You can reattach it with sensitive info blurred/blacked out. Or send it to me as a Private message.

 

[MiliC8]

Posting excerpt of email forwarded 04.04.2018 to Gidon Shuman requesting Unique Reference Number. When I asked him for this & acknowledgement receipt of my complaint during a phone conversation Gidon said “what number?”...”a phone number?” Of course I forwarded him FO email specifying this requirement.

Following I forwarded an email 06.02.2018 @17:44 addressing Miltos Erotokritou via backoffice@europefx.com requesting my EuropeFX account be reinstated and my funds be reimbursed. I stated that my account no. 6271941 had been disabled causing me to have no access to close or open trades. Also that my request should be regarded as an official complaint which I trusted EuropeFX would respond to by putting matters right. I added that I would be reporting to CYSEC in due course. I received an 'investigative call" from Richard the following day.

Since I have corresponded with the financial ombudsman. I trust Gidon, I have reiterated my complaint to you sufficiently and am expecting restitution of my funds which I regard as being absconded with by EuropeFX. Meanwhile I would appreciate a Unique Reference Number acknowledging receipt of my complaint be provided to me.

I am forwarding my last email to you Gidon, from complaints@financialombudsman.gov.cy for purposes of clarity and to find a way forward.

Thank you for your anticipated assistance.

Yours sincerely,

Mili Tekiva Clayton

 

[oscarra]

Gidon Shuman ? on LinkedIn shows COO at ccmarkets, Israel etc. ….also BigOption Caesares, Israel.....uhhhh

Better check the below list, before trusting any of them
https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=8b516f41-1851-413d-9f14-80636b9794fe

in the past, we sure recommended approaching CySec Ombudsman services, however in most cases eu civil/criminal courts are a must, already they started playing stupid games on you, and it's just the beginning of never ending BS !

 

[4evermaat]

I understand now that you can still complain to CySec [for free] and complain separately the financial ombudsman are 2 separate divisions. The ombudsman I am unclear whether their decision is binding. I think the broker can still choose to decline the action recommended by the ombudsman, assuming he actually makes a decision.

 

[oscarra]

The ombudsman I am unclear whether their decision is binding. I think the broker can still choose to decline the action recommended by the ombudsman,

" Just like in any other EU jurisdiction Cy. ombudsman proceedings are a
mediative measure only. This means that unlike civil judgments these
decrees can not be enforced or "executed" e.g. by applying for a third
party debt order or other enforcement measures. The CIF can comply with
it but if it does not, nothing will happen. On the other hand these
decrees have some advantages, they interrupt the statute of limitations,
they are cheap, and the claimant already has a very persuasive decision
if he/she decides to litigate the matter later."

https://www.cysec.gov.cy/en-GB/complaints/how-to-complain/

funny Mr Shuman don’t even know what a unique reference number is, but we seen all this garbage from Cysec’s Binary Options crook firms long time ago…..it just keeps on

and Step 4……… file criminal complaints on any EU court !

…. even the regulated crooks get indicted and jailed

 

[4evermaat]

The UK's FOS and AU's FOS decision is binding (if the customer accepts). It's not just a suggestion, the service provider would have to comply regardless of whether it is favorable or not. What would be the point then? especially if the customer has to pay for the investigation?

It's supposed to error on the side of the consumer, and encourage the service provider to be honest. Cysec really is a joke.

 

[oscarra]

It's supposed to error on the side of the consumer, and encourage the service provider to be honest. Cysec really is a joke.

Yes, these FOS provide high standards, no way to compare with the corrupted island’s institutions,
but mediators or call them conciliators still remain alternative measures for settling disputes, having no legal powers in order to conduct any kind of criminal investigation, even Uk Fos don’t accept every consumer case, often they will lead victims to proceed by courts, filing police complaints etc…think Uk Fos may as well forward themselves cases to court.

assuming some consumer get his house robed, next negotiate a settlement with the burglar, uhh sounds nasty


http://cyprusbusinessmail.com/?p=64404#prettyPhoto
“There is a financial war and we don’t know its outcome,” said economist Marios Clerides, a former banker who also in the past served as chairman of the Cyprus Securities and Exchange Commission (CySEC).

WOW he don’t know, but we know !

 

[CryptoatForex]

I thought this wasn't supposed to happen with regulated brokers?

 

[4evermaat]

I thought this wasn't supposed to happen with regulated brokers?

LOL,
Welcome to FPA.