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

[Dewey McG]

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

How do you know about the white label broker? Any idea what happened?

I have tried to reach Gary but his phone is no longer working and his direct e-mail at 4of7thecollectivefx.com doesn't work either.

 

[Dewey McG]

This is on IFSC's page today:


BDG FINANCIAL SERVICES LTD. aka THE COLLECTIVE FX GLOBAL

International Financial Services Commission Warning Notices BDG FINANCIAL SERVICES LTD. aka THE COLLECTIVE FX GLOBAL


Posted on June 4, 2014 · Posted in Warning Notices


Office of the International Financial Services Commission,

Sir Edney Cain Building,

Belmopan,

Belize, C.A.


3 June 2014


WARNING NOTICE


BDG FINANCIAL SERVICES LTD.

aka THE COLLECTIVE FX GLOBAL


It is notified for general information that BDG Financial Services Ltd., operating under the trading name of “The Collective FX Global”, is no longer licensed by the International Financial Services Commission of Belize (IFSC) for trading in foreign exchange or to engage in any other international financial services. The Company’s licence had expired on 31 December 2013.


All persons concerned are asked to take note and exercise caution.


GIAN C. GANDHI

DIRECTOR GENERAL

International Financial Services Commission of Belize

 

[Pharaoh]

Confirmed. The press release is here:

BDG FINANCIAL SERVICES LTD. aka THE COLLECTIVE FX GLOBAL | International Financial Services Commission

Interesting that their registration expired back in December, but that the IFSC didn't get around to notifying people until now. This is another reason to go for brokers under better regulation.

Can anyone who got the email message from The Collective Fx post the email headers? You can edit out your own address, but it would be good to have this on hand in case the money doesn't arrive.

 

[Dewey McG]

Confirmed. The press release is here:

BDG FINANCIAL SERVICES LTD. aka THE COLLECTIVE FX GLOBAL | International Financial Services Commission

Interesting that their registration expired back in December, but that the IFSC didn't get around to notifying people until now. This is another reason to go for brokers under better regulation.

Can anyone who got the email message from The Collective Fx post the email headers? You can edit out your own address, but it would be good to have this on hand in case the money doesn't arrive.

How do you do that? On yahoo mail I only get the niickname

 

[tkerlinger]

The Collective FX Global‏
news@thecollectivefxglobal.com
6/02/14
[Keep this message at the top of your inbox]
To: xxxxxxxxxx@xxxxxxxxx
news@thecollectivefxglobal.com

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]

How do you do that? On yahoo mail I only get the niickname

I went to the IFSC website and looked through the press releases.

 

[ilearn2t]

Hello Dewey McG

How do you do that? On yahoo mail I only get the niickname

I came across the same link http://www.ifsc.gov.bz/bdg-financial-services-ltd-aka-the-collective-fx-global/ while researching another broker just yesterday.

Most brokers use a different trading names from their "owners" name.

Example:

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

It's best to look for the owners name (usually on their website) and use that name to track the broker.

Good luck
Liz

 

[RMSTrader]

6.5 weeks since The CollectiveFX's email informing us of the closure of the brokerage.

No return of my significant funds to date.

 

[Pharaoh]

Since you are in the USA, a call to the CFTC might be a worthwhile way to spend some time.

 

[smtm]

Clyde Wallace was the guy that I corresponded with from the beginning. Heeja Han was part of accounts and registration.

The only address I got before they moved to Belize was:

The Collective FX, 5241 Savoy Court, Cape Coral, FL. 33904. USA.

Another address (of Gary Slingo) I found online was:
Protrader FX Ltd
51 Huggets Lane
Eastbourne, East Sussex BN22 0LT United Kingdom

And one more:

310-471-1845 (last known residence - Santa Barbara)


There were a couple of interviews that was done by Michael Greenberg at Forex Magnates. He may hold more information. Either at least seen him or called him through a phone number.

I got the shaft too......

Read more: Need information on the collective fx...cash reward involved - Page 2