mario seglina
Recruit
- Messages
- 16
Pay your debts Mark Rice or go to jail.
Last edited:
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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 SparenFX
- Thread starter wlthintl
- Start date
I am having an issue with a company
All SparenFX customers received the email below and I was wondering if anyone has heard anything further?
SparenFX has decided to exit the retail trading account marketplace. This
announcement was made to traders and IB’s by direct contact and via our
website on March 25, 2011. The official announcement that is still on our
website is at the end of this email. In short SparenFX is designed and
setup for institutional trading not retail trading. While SparenFX never
sought pure retail business some select retail Brokers and traders were
allowed to bring their client accounts in and trade them. Your account is
one of these. This type of trading and subsequent activities proved
unacceptable to our liquidity, pricing and banking providers that are
providers for institutional brokers, which was our original and exclusive
focus.
Attached is some paperwork for your review. It will answer many questions
you may have regarding this retail trading exit procedure and your
account. There are options for you to keep your funds working during this
process. A further email will be sent you next week detailing these
options and the exit form for you review. The exit form will allow you
to input your banking details of where you want your funds sent. It is an
account closure and funds delivery form. If you have additional questions
or would like to know options for your account during this process please
email: retail_end_2011@sparenfx.com or call +507-832-2471. Additional
contact details are in the announcement below.
In closing we want to thank you for your patronage with SparenFX and we
will expedite this retail exit process as swiftly as possible.
SparenFX has decided to exit the retail trading account marketplace. This
announcement was made to traders and IB’s by direct contact and via our
website on March 25, 2011. The official announcement that is still on our
website is at the end of this email. In short SparenFX is designed and
setup for institutional trading not retail trading. While SparenFX never
sought pure retail business some select retail Brokers and traders were
allowed to bring their client accounts in and trade them. Your account is
one of these. This type of trading and subsequent activities proved
unacceptable to our liquidity, pricing and banking providers that are
providers for institutional brokers, which was our original and exclusive
focus.
Attached is some paperwork for your review. It will answer many questions
you may have regarding this retail trading exit procedure and your
account. There are options for you to keep your funds working during this
process. A further email will be sent you next week detailing these
options and the exit form for you review. The exit form will allow you
to input your banking details of where you want your funds sent. It is an
account closure and funds delivery form. If you have additional questions
or would like to know options for your account during this process please
email: retail_end_2011@sparenfx.com or call +507-832-2471. Additional
contact details are in the announcement below.
In closing we want to thank you for your patronage with SparenFX and we
will expedite this retail exit process as swiftly as possible.
Pharaoh
Brigadier General
- Messages
- 20,306
Assuming that message isn't just a way to stall people from complaining to the authorities, I'd recommend skipping any offer to "keep your funds working during this process." Focus solely on retrieving your cash and don't risk it in the market with a broker that already says their liquidity providers can't handle your account.
Hi guys,
im new to this forum but just wanting to check in to see if anyone has any more info on the sparen retail account exit process. I have over 70,000 with sparen and am having real difficulty getting in contact with anyone. I used to deal with a woman named Liz Gonzalez, however she seems to have vanished. The office number goes to answering machine. I have been waiting 2 months now and have not heard a word from them. Any news or ideas you guys have would be greatly appreciated.
im new to this forum but just wanting to check in to see if anyone has any more info on the sparen retail account exit process. I have over 70,000 with sparen and am having real difficulty getting in contact with anyone. I used to deal with a woman named Liz Gonzalez, however she seems to have vanished. The office number goes to answering machine. I have been waiting 2 months now and have not heard a word from them. Any news or ideas you guys have would be greatly appreciated.
Lou nguyen
Recruit
- Messages
- 12
Mark Rice is in trouble
I also have about 70 k with Sparenfx , traded by Cayoflow money manager. So far I have not received anything from Sparenfx. Sparenfx told Cayoflow that we should receive money in 3 weeks.
If you google Mark Rice + forex, you see that he is in trouble, and the court freezes his asset in USA. Mark Rice is a director of Sparenfx , I dont know if he is still a director there ???
John, did you fill out the exit form yet?
I also have about 70 k with Sparenfx , traded by Cayoflow money manager. So far I have not received anything from Sparenfx. Sparenfx told Cayoflow that we should receive money in 3 weeks.
If you google Mark Rice + forex, you see that he is in trouble, and the court freezes his asset in USA. Mark Rice is a director of Sparenfx , I dont know if he is still a director there ???
John, did you fill out the exit form yet?
Pharaoh
Brigadier General
- Messages
- 20,306
If any clients haven't gotten in touch with the CFTC yet, what are you waiting for?
If your money gets returned later, you can always let the CFTC know about it then. In the meantime, there's no reason at all not to let the CFTC know just how big this problem is.
If your money gets returned later, you can always let the CFTC know about it then. In the meantime, there's no reason at all not to let the CFTC know just how big this problem is.
Sparen
Today was the first I heard of problems with Sparen. I didn't get the email they sent out. I have a small amount on deposit. Thank goodness, only a small amount. I sent an email this morning to the email on the home page. I will post my progress here for all to see. The website still seems to be taking individual deposits. Beware all.
Today was the first I heard of problems with Sparen. I didn't get the email they sent out. I have a small amount on deposit. Thank goodness, only a small amount. I sent an email this morning to the email on the home page. I will post my progress here for all to see. The website still seems to be taking individual deposits. Beware all.
New Millennium
Recruit
- Messages
- 5
Sparen FX Scam
Hi Folks,
This would be my first post here, though Ive long known of the FPA.
I am the trading director for www.new-millenniuminc.com, and an IB for Sparen FX, know the Cayo fellas well and have had a direct line to Mark Rice.
I can confirm that withdrawal requests are pending, and have been for some time. The lines of communications have been cut off in more recent times and I simply dont receive repsonse to my email, my clients emails, nor skype messages.
The line that funds will be paid later is reason for serious concern, because in my experience there's only 2 reason you dont get your money:
1) Its been lost, due to reckless trading using your unseggreated funds OR
2) Mark Rice and co have decided to take it..and it would be millions.
(possibly a combo of both is more likely)
The reality of this situation is that Mark Rice has your money, and he's not giving it back.
If this was legimate - you can be certain that Sparen FX would duly communicate with its clients - not provide such limited, spasmodic communications and no real reasons. They are just buying time, and putting distance between this scam and where the funds are headed.
You can almost be certain that the CFTC can do little to nothing about it...........anything you allege is just that, an allegation and unsubstantiated at that. So, if you feel compelled to report to CFTC ensure that you have the case laid out for them - do not be so naive to think that all it requires is one phone call to set the dogs loose.
For folks relying on the CFTC or the US jurisdiction to do anything - I think you are unfortunately kidding yourselves and will be sadly dissapointed - keep in mind you (like me, my clients) decided to send your funds outside of the US juridiction into the Panamanian one. I have been in the exact same situation before (and had thought I was savvy enough that these days were behind me).
I believe one plan on the table is to collect 1M of complaints, and then a certain ex-FBI agent and his team can work on bringing him swiftly to account via the criminal system - specifically keep lawyers out of the mix. I doubt any of you reading this will see a cent, I believe Rice is savvy enough to ensure the funds have been well hidden.
The only options that I think would have any real affect to compel mark Rice to do the right thing - are ones that exist outside the relm of the laws of the land.
I was supplied a clear accurate copy of his passport recently - if anyone wants a copy just ping me and I'll send you a copy. If you want to be a part of the 1M in complaints then ping me as well and I will pass over your details to the folks that organising this.
If anyone can obtain his residential address - post it here for all to see or ping me with it and I will.
I dont take kindly to my clients or I getting ripped off.
Take good care folks - only deal with brokers in reputable juridictions and insist on account seggregation and you'll avoid these scams.
Regards, Adam Liddiard
Trading Director
www.new-millenniuminc.com
Hi Folks,
This would be my first post here, though Ive long known of the FPA.
I am the trading director for www.new-millenniuminc.com, and an IB for Sparen FX, know the Cayo fellas well and have had a direct line to Mark Rice.
I can confirm that withdrawal requests are pending, and have been for some time. The lines of communications have been cut off in more recent times and I simply dont receive repsonse to my email, my clients emails, nor skype messages.
The line that funds will be paid later is reason for serious concern, because in my experience there's only 2 reason you dont get your money:
1) Its been lost, due to reckless trading using your unseggreated funds OR
2) Mark Rice and co have decided to take it..and it would be millions.
(possibly a combo of both is more likely)
The reality of this situation is that Mark Rice has your money, and he's not giving it back.
If this was legimate - you can be certain that Sparen FX would duly communicate with its clients - not provide such limited, spasmodic communications and no real reasons. They are just buying time, and putting distance between this scam and where the funds are headed.
You can almost be certain that the CFTC can do little to nothing about it...........anything you allege is just that, an allegation and unsubstantiated at that. So, if you feel compelled to report to CFTC ensure that you have the case laid out for them - do not be so naive to think that all it requires is one phone call to set the dogs loose.
For folks relying on the CFTC or the US jurisdiction to do anything - I think you are unfortunately kidding yourselves and will be sadly dissapointed - keep in mind you (like me, my clients) decided to send your funds outside of the US juridiction into the Panamanian one. I have been in the exact same situation before (and had thought I was savvy enough that these days were behind me).
I believe one plan on the table is to collect 1M of complaints, and then a certain ex-FBI agent and his team can work on bringing him swiftly to account via the criminal system - specifically keep lawyers out of the mix. I doubt any of you reading this will see a cent, I believe Rice is savvy enough to ensure the funds have been well hidden.
The only options that I think would have any real affect to compel mark Rice to do the right thing - are ones that exist outside the relm of the laws of the land.
I was supplied a clear accurate copy of his passport recently - if anyone wants a copy just ping me and I'll send you a copy. If you want to be a part of the 1M in complaints then ping me as well and I will pass over your details to the folks that organising this.
If anyone can obtain his residential address - post it here for all to see or ping me with it and I will.
I dont take kindly to my clients or I getting ripped off.
Take good care folks - only deal with brokers in reputable juridictions and insist on account seggregation and you'll avoid these scams.
Regards, Adam Liddiard
Trading Director
www.new-millenniuminc.com
Hi Adam,
I agree with doing something outside the legal framework as you say. We know Mr Rice lives in Texas, Sugar Land (
http://forexcentral.com/?p=368) but no exact address (maybe the Cayo fellas know.
Could you please send Mark's passport with an email at jasontrading@yahoo.com?
I believe the US authorities may show some interest in this case, because Mr Rice has an off-shore vehicle through which he has made millions and he has not paid his taxes in USA. His relationship with Sparen could be verified by his ex-stuff like Liz Gonzalez (if she accepts to testify) and other people. Also if we sue Sparen, won't the registered shareholder and the board of directors get in big trouble? There is a good chance that they are Panamian residents. To avoid the law suit the registered shareholder may name Mark Rice as beneficial owner of Sparen and show the decleration of trust with Mark's name on it. A problem would be if the registered Shareholder is not in Panama. Do you have by any chance have the articles of incorporation of Sparen?
I think you and your clients should combine forces with Cayo flow and their clients and whomever else you can think of (like Liz Gonzalez) and do whatever is possible. I do think though that the best way is go to Mr Rice in his house and force him to pay back whatever is left or else....
have a look in the other thread too:
https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/14547-concerns-about-sparenfx-4.html
Please send me his passport and we'll talk more.
I agree with doing something outside the legal framework as you say. We know Mr Rice lives in Texas, Sugar Land (
http://forexcentral.com/?p=368) but no exact address (maybe the Cayo fellas know.
Could you please send Mark's passport with an email at jasontrading@yahoo.com?
I believe the US authorities may show some interest in this case, because Mr Rice has an off-shore vehicle through which he has made millions and he has not paid his taxes in USA. His relationship with Sparen could be verified by his ex-stuff like Liz Gonzalez (if she accepts to testify) and other people. Also if we sue Sparen, won't the registered shareholder and the board of directors get in big trouble? There is a good chance that they are Panamian residents. To avoid the law suit the registered shareholder may name Mark Rice as beneficial owner of Sparen and show the decleration of trust with Mark's name on it. A problem would be if the registered Shareholder is not in Panama. Do you have by any chance have the articles of incorporation of Sparen?
I think you and your clients should combine forces with Cayo flow and their clients and whomever else you can think of (like Liz Gonzalez) and do whatever is possible. I do think though that the best way is go to Mr Rice in his house and force him to pay back whatever is left or else....
have a look in the other thread too:
https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/14547-concerns-about-sparenfx-4.html
Please send me his passport and we'll talk more.
