The Collective FX GLOBAL-trading name of BDG Financial Services Ltd.

[Dewey McG]

As far as not taking new members from the US that has been the case for a while now. They told me the ones who were already members were fine, but they just would not take any new ones.

From my last deposit, their beneficiary bank is Belize Bank International Limited. Their e-mail address is services@BelizeBankInternational.com I sent them an e-mail asking if they could be of any assistance.

 

[Pharaoh]

For anyone in the USA, a call to the CFTC wouldn't be a bad thing to try at this point.

 

[Dewey McG]

For anyone in the USA, a call to the CFTC wouldn't be a bad thing to try at this point.

Can they do anything with the broker being in Belize?

 

[Dewey McG]

I am not sure if they can help, but you can file a complaint with CFTC at File a Tip or Complaint - CFTC

They were original based in the US and supposedly the accounts are segregated. The liquidity provider was Citibank so that may be cause for the US agency to step in

 

[Dewey McG]

Now the broker connection is gone. Time for a Trader's Court to get the word out to as many people as possible

 

[Dewey McG]

They just sent this:

Dear Collective FX Global Members,

Over the last several weeks we have been dealing with the consequences of a ’trading agent’ who has essentially operated their business as a White Label of the Collective FX Global. The way that this company has conducted trading on behalf of its clients and the false and misleading representations that this company has made about its trading system, performance, risks etc. is the subject of several regulatory investigations. Whilst only a ‘middle man’ in this scenario, we need to ensure that we are fully protected and that we and our members are not entangled in any possible fallout of the investigations. As such we have taken the decision to close the Collective FX Global immediately.

As of last Friday, May 30th 2014, there will be no more trades. Any open positions have been closed and your account balances will reflect this for withdrawal purposes.

Please submit withdrawal forms, by Friday 13th June 2014, via the members area of the web site and specify ‘ALL’ as the amount. Your correct balances will be attributed to your withdrawal form by the person actioning the wire transfer(s). Please note that it is possible that your withdrawal may be sent via multiple wire transactions, on multiple dates, based on incoming funds and funds already on deposit in Belize.

Due to the regulatory world that we live in we need to observe the rules and regulations in place in Belize and those of the IFSC. Unfortunately, withdrawals may take up to 90 days to be actioned as we believe the IFSC will hold funds and check all withdrawals and wire instructions.

It is important that you complete your withdrawal form in FULL and carefully check that ALL information is correct, specifically the name and account number of the trading account(s). Also please ensure the name of the bank account matches exactly the name of the account at The Collective FX Global. If you have recently submitted a withdrawal form in the course of normal business that has not yet been actioned then please submit a new form as all incomplete withdrawals have to be disregarded.



We are saddened to have to take this course of action, but believe it is in the best interests of all of our members to do so, given the circumstances.



This process will take time and we don't expect to have any updates whilst it takes place. However, we will keep you informed of any significant news via this channel.



The Collective FX Global.

 

[Pharaoh]

Now to see if anyone really gets the money promised or not.

 

[fierro]

I still have not received any communication from them including the email posted by Dewey regarding closure of accounts or ’trading agent’ who has essentially operated their business as a White Label of the Collective FX Global. Did anyone receive any such email or is everyone just getting the info via the FPA posts?

 

[PipStar]

Now to see if anyone really gets the money promised or not.

Seen all this before with many cases here at FPA and it rarely has a happy ending. Some people receive their money which gives hope to others that their funds are on its way, some receive part of their money and others nothing at all. In other words, the broker doesn't have enough money to pay everyone. Hope it doesn't happen like that this time but the pattern of similar cases is not reassuring.

 

[tkerlinger]

I guess it's time I joined this group of worried traders.....I currently have $5000 with this broker sitting in an IDLE account. What that means in my case is that I cannot even access the account to get the screen shots necessary to make a claim with the regulatory agencies.
I did receive the same letter that Dewey McG posted above.....and was hoping for the best. But now that it is apparent that there were serious withdrawal problems for weeks prior to the letter, I am getting a little freaked out.
The White Label that was mentioned in the letter is possibly: forexpgt.com
I know nothing for sure but they look very shady to me!
Has anyone tried to contact Gary Slingo directly......I know it's a long shot, but we should try.
In these situations....information is power.....so lets keep it flowing.

I will be sending emails to all agencies mentioned here and hoping for the correct outcome.

Tom K