In sum, the client has confused "closed balance" and "net equity value".
Regards,
Head of Legal & Compliance
If you talking about me, I'm not confused.
I'd like to get my positions back, but you chose not to return them and make your own profit.
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.
In sum, the client has confused "closed balance" and "net equity value".
Regards,
Head of Legal & Compliance
You are welcome to contact me when you please.
I sent one more mail almost 40 minutes ago. No responce.
Tell me, please, what else would I do to get your attention?
we returned all of the money that was owed to you as a result of the cancelled trade
Pharaoh,
As you certainly understand, we are bound by a professional secrecy obligation regarding our clients' information. I will depend upon information publicly disclosed by our client as a waiver of our secrecy obligation (hence my response yesterday), but as the client has not published his accounts, I can not go into any meaningful discussion about them without compromising my obligation to secrecy.
What I can say, however, in general terms, is that our CFO has identified the source of our client's confusion. In sum, the client has confused "closed balance" and "net equity value".
Regards,
Head of Legal & Compliance
Update:
Trades executed on the client's account, as a result of momentarily wide bid ask spread (about 6 seconds), were cancelled last week and the client was refunded. last week, for all losses resulting from his stop orders being triggered.
The client failed to understand that his open existing positions, which were not affected by the bad quotes, contributed to a loss on his account.
If the client sincerely believes that that we should reimburse him the loss above and beyond the loss caused by the wide spread, he is not distinguishing, or fails to understand, two separate and independent causes for losses (bad quotes which were reimbursed, and his own trading loss which is entirely his own responsibility)
If the client does indeed distinguish and understand the aforementioned, then I can only reasonably deduct that he is acting in bad faith and attempting to have us reimburse his own legitimate trading losses, under the pretext that he had a bad fill and caused additional losses (again, these losses resulting from bad fills were cancelled and his account was reimbursed)
If the client is willing to post his accounts here, I will ask our CFO to comment and explain here in public.
For the record, I have been working in financial markets for over two decades (several years as a trader, and then over a decade as a lawyer specialised in financial markets) with top tier banks, hedge funds, brokerages, and portfolio management firms. I would not, and I could not jeopardise my career as a lawyer and as a registered compliance officer, for the sake of ripping off clients at a bucket shop. There have been times when my colleagues and myself have made errors, just as in every firm in the world, but this does clearly not appear to be the case in the mater at hand.
Moreover, My colleagues here at Squared Financial and myself showed concerned for the matter, inspected the cause, and attended to the best interests of the client in a timely manner, regardless of the fact that the client does not appear to appreciate the relative complexity behind the scenes and our sincere concern for upholding legitimate client interests.