Spread International (SICFX) in UAE, Owned by Prince of Saudi Arabia

ozberk

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This forex broker is sister company of ABA Invest and on their own website and other business network sites, they claim to be owned by His Royal Highness, prince of Saudi Arabia. Their former relationship manager contacted me on November 2012 and asked for my business. We agreed on the conditions that I could trade on 1:200 leverage for all currencies and forex robots were allowed. I opened an account of USD 10K and started trading on a forex robot from a vps. After a while I found out that my trades on USDTRY were rejected because of insufficient funds. I tested and found out that they were using 1:66 leverage on USDTRY. I applied them about this. First they denied that the leverage was 1:66. I sent them a screen shot. And they sent me their back office screen shot. (lol) Eventually my relationship manager accepted that it was their fault and had a meeting with their management promising that they would make a refund of my loss of 8K. (They accepted my loosing trades and rejected my winning trades because of wrong leverage) But at the end management said the problem was because of their liquidity provider. They did not take any responsibility because or their error on leverage. So I lost 8K with them and they rejected my winning trades in USDTRY. My relationship manager resigned because of this.
Since they are Prince's broker, they are not regulated by Dubai FSA. So I have been left alone with the loss. I have got all the conversation records that they allow forex robots and they offer 1:200 leverage for all the instruments.
They have been either ignoring my complaints or being rude to me.
I cant complain to Prince because I dont have his contact details. (lol)
I believe its a scam and they are using the Prince's name. At the end there is no way out for me for the compensation of my losses because of their fault.
 

Pharaoh

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You could send a message to the Saudi Embassy in your country. Include all documentation of where the company makes this claim of royal ownership.
 

ozberk

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Spread International (SICFX) in UAE

You could send a message to the Saudi Embassy in your country. Include all documentation of where the company makes this claim of royal ownership.



Thank you for your post. I am not sure if it helps even if the broker is owned by Royal Family. I even got the personal email address of the Prince himself. But the management is arrogantly challenging that I could make every action I like. I applied Dubai Financial Services Authority and they replied that they will asses my application and reply in 28 days. I retained all the evidences of email correspondance, agreement signed, screen shots, basically everything. I wish I had searched the management before I opened the account with them. Royal Family ownership kind of gave me confidence as if they would be client oriented vision. I used to be a forex dealer in London brokerage firm back in 1998-2000 and expecting the brokers I choose to treat in the same way that I used to treat my clients.
 

Pharaoh

Colonel
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20,029
Does this broker claim to be regulated in Dubai, or are you complaining there because you are in Dubai?

Saudi Arabia has a number of princes. They guy in charge is ranked as a king.

I still think an inquiry to the Saudi Embassy would be worthwhile.
 

ozberk

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Apparently this broker is regulated by DMCC and Prince and Al-Bilad company ARE the partners on this broker. First I want to wait for Prince to reply to my email, then I will contact Saudi Embassy to make a query. By the way I am based in Turkey. The broker is in Dubai. On their website they say they are regulated, but do not mention who regulates them and do not show any reference number or membership number of regulation. They ignore the complaints and do not get back to me with any info. Last time an employee called Ahmed challenged me to make any action I like now. For some reason they are arrogant and dont respond at all. I hope my withdrawal instruction would be done:))
 

ozberk

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Now I am sure that they are scammers. I just received the below email from them. They accuse me to be illegal money launderer. See their email to the officials. So they froze my account for 30 days meaning they dont send my balance back. Bunch of thieves:

"
Prime Ministry,
Undersecretariat of Treasury
General Directorate of Banking and Exchange
Central Bank of the Republic of Turkey:

Capital Markets Board

Revenue Administration


Dear Sir/Madam
It has recently come to our attention that a resident of Turkey could be in contravention of Decree 32 of the Undersecretariat of Treasury (General Directorate of Banking and Exchange).
We are a spot forex trading company incorporated in Saudi Arabia providing the services of making a platform available to our customers on which they can buy and sell foreign currency for their own account. Our anti money laundering policy (AML) requires that we report all suspicious and alleged illegal activity.
We received a deposit of $10,000 United States dollars from a resident of Turkey on 29 November 2012 under the impression that this was a legal deposit . His details are as follows:

Name: ****
Address: *****
Phone: *****
e-mail: ******
IP address: *****

We have received a withdrawal request from Mr Ozberk for the balance of his account (please see attached for details). This withdrawal was referred to our AML department and the account suspended for trading awaiting your guidance within the next 30 days.

Please let us know if your require any further information on this matter.

Sincerely

"


This proves that they not only changed my leverage to reject the winning deals, but also keeping my money with the above money laundering bullsh**.
Obviously I am a legal person with a legitimate business. Its just an excuse to take revenge from me.

Unbelievable.
 

ozberk

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Hi Again,
This morning I received a an email from SICFX. They frozen my account because of my complaint and rejected to send my balance back to me. They sent the below letter to all the officials in my country Turkey.
---------------------------------------------------------------------
Prime Ministry,
Undersecretariat of Treasury
General Directorate of Banking and Exchange
Central Bank of the Republic of Turkey:

Capital Markets Board

Revenue Administration


Dear Sir/Madam
It has recently come to our attention that a resident of Turkey could be in contravention of Decree 32 of the Undersecretariat of Treasury (General Directorate of Banking and Exchange).
We are a spot forex trading company incorporated in Saudi Arabia providing the services of making a platform available to our customers on which they can buy and sell foreign currency for their own account. Our anti money laundering policy (AML) requires that we report all suspicious and alleged illegal activity.
We received a deposit of $10,000 United States dollars from a resident of Turkey on 29 November 2012 under the impression that this was a legal deposit . His details are as follows:

Name: ******
Address: ******
Phone: *****
e-mail: *******
IP address: *******

We have received a withdrawal request from Mr Ozberk for the balance of his account (please see attached for details). This withdrawal was referred to our AML department and the account suspended for trading awaiting your guidance within the next 30 days.

Please let us know if your require any further information on this matter.

Sincerely

--------------------------------------------------------------------------------------------------------------

So now this issue is more than a simple dispute. Clearly they refuse to pay my balance.

Does anyone know any reliable lawyer with Financial Services experience who would take this case to the court on "damages on commercial reputation"??

Thanks in advance for your help.
 
Last edited:

Pharaoh

Colonel
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20,029
Have a friend in another country contact them and make some polite "I want some info before opening an account" inquiries. Make certain that the friend asks about regulation and other details.
 

ozberk

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They say that since they are owned by His Royal Highness Prince Abdullah Bin Bander Bin Abdelaziz Al-Saud of Saudi Arabia, the clients do not need regulation. Obviously they need regulation because when there is a problem, we can not contact the His Royal Highness Prince Abdullah Bin Bander Bin Abdelaziz Al-Saud of Saudi Arabia because I dont think he answers those kind of complaints.
By the way I found out that Spread International (sicfx) does not have a forex broker license nor they are regulated by any authority including DFSA. I received a letter from DFSA confirming that Spread International is not their member

So now I will contact Saudi Arabia Embassy in Turkey and will inform them that I will take Spread International to UAE court for breach of contract and commercial damages.

By the way they sent my balance although their email to officials in my country about money laundering. But I am very angry because of their behaviour. Its certain that they keep the balance of their clients's emails with an excuse of money laundering suspicion when the client has a complain.

They are clearly do not act ethically. Its very dangerous to open an account with Spread International owned by His Royal Highness Prince Abdullah Bin Bander Bin Abdelaziz Al-Saud of Saudi Arabia.
 
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