Problem Universal Brokerage FX minnisota

[Dan Wadsworth]

I'm a newbie so pardon my lack of skill in this forum.
I opened a managed forex account with Universal Brokerage FX (Pat Kiley) in Burnsville, Minn back in November. They only give quarterly statements with very little detail except bagin bal, end bal & earnings. No monthly activity. They charged a 5% up front fee to join and earn about 10 to 13% annum so it will be 6mos just to cover that. I'm into it for 150k and have heard unsubstantiated rumblings about problems but don't know where to turn for help. I don't see them on your reviews so that worries me right away.
Can anybody point me in the right direction for info on these folks?
Thanks,
Desperate

 

[mtrimble]

UBFX

I'm a newbie so pardon my lack of skill in this forum.
I opened a managed forex account with Universal Brokerage FX (Pat Kiley) in Burnsville, Minn back in November. They only give quarterly statements with very little detail except bagin bal, end bal & earnings. No monthly activity. They charged a 5% up front fee to join and earn about 10 to 13% annum so it will be 6mos just to cover that. I'm into it for 150k and have heard unsubstantiated rumblings about problems but don't know where to turn for help. I don't see them on your reviews so that worries me right away.
Can anybody point me in the right direction for info on these folks?
Thanks,
Desperate

Dan,

I have known Pat Kiley for 12+ years and am familiar with the UBXF trading methodology. I have visited their Headquarters; and being an old commodities trader, I can honestly say that I am impressed with their program and trading methods. There are no huge swings, draw-downs or any gut wrenching trading . Slow and steady wins the race. While their trading methodologies are not "sexy", they work year in and year out.

 

[candyErik]

universal brokerage fx

I just want to know who regulates ( pat kiley) universal brokerage fx and who insures the deposits.

 

[Pharaoh]

It seeems that UBFX is an IB for CrownForex. You might want to check the Scam Alerts folder. There have been some recent complaints about problems getting money back from CrownForex.

Hopefully, it's just a temporary cash flow problem with the brokerage, but I would recommend holding off risking any money with them until the situation is resolved.

 

[mtrimble]

Clarification...

"Hopefully, it's just a temporary cash flow problem with the brokerage, but I would recommend holding off risking any money with them until the situation is resolved."

Universal Brokerage FX is having no problems whatsoever. Please contact us directly with any additional questions. 651-209-2606

Thanks to FPA for the opportunity to openly address investor inquiries.

 

[bunganya]

Greetings

I am a customer of Universal Brokerage FX. Since the crown forex sa bankruptcy came out been trying to contact Patrick Kiley of the company, and when i called would get a message saying no one is available right now.
Visiting their website last night at
Universal Brokerage FX. Global investment strategies for individual investors. - Home
I saw this message..
Dear Investors:

The purpose of this letter is to inform you of recent developments at Universal Brokerage FX (“UBFX”) and the UBS Diversified FX Growth Fund (“UBS Fund”). UBFX and UBS Fund have received subpoenas from the U.S. Securities and Exchange Commission requesting certain documents. Our attorneys are responding to these requests. In addition, nine individuals have filed a civil lawsuit making allegations including fraud.

UBFX and UBS Fund are not accepting investor funds. Investors should not send funds to UBFX, UBS Fund, Crown Forex, or indirectly to Crown Forex via Entrust or Millenium. UBFX and UBS Fund have received information that Crown Forex is in bankruptcy proceedings. For more information regarding Crown Forex, see the following website: CROWN FOREX SA. UBFX and UBS Fund are unable to fulfill withdrawal or redemption requests.


Sincerely,

Universal Brokerage FX & UBS Fund

How can i proceed to recover my funds? Is my money lost? Are their any other board members in a similar situation like me?
Also saw this article in the star tribune today, titled investors cannot get back their money.
Investors try to get their money back

Cheers

 

[REDHORSE]

Seeking Info on UBFX as well

Greetings

I am a customer of Universal Brokerage FX. Since the crown forex sa bankruptcy came out been trying to contact Patrick Kiley of the company, and when i called would get a message saying no one is available right now.
Visiting their website last night at
Universal Brokerage FX. Global investment strategies for individual investors. - Home
I saw this message..
Dear Investors:

The purpose of this letter is to inform you of recent developments at Universal Brokerage FX (“UBFX”) and the UBS Diversified FX Growth Fund (“UBS Fund”). UBFX and UBS Fund have received subpoenas from the U.S. Securities and Exchange Commission requesting certain documents. Our attorneys are responding to these requests. In addition, nine individuals have filed a civil lawsuit making allegations including fraud.

UBFX and UBS Fund are not accepting investor funds. Investors should not send funds to UBFX, UBS Fund, Crown Forex, or indirectly to Crown Forex via Entrust or Millenium. UBFX and UBS Fund have received information that Crown Forex is in bankruptcy proceedings. For more information regarding Crown Forex, see the following website: CROWN FOREX SA. UBFX and UBS Fund are unable to fulfill withdrawal or redemption requests.


Sincerely,

Universal Brokerage FX & UBS Fund

How can i proceed to recover my funds? Is my money lost? Are their any other board members in a similar situation like me?
Also saw this article in the star tribune today, titled investors cannot get back their money.
Investors try to get their money back

Cheers

Little by little we are popping to the surface. I was also a Kiley/Ubfx client. I too have been researching any means to take action againt this firm to recovery my funds. Have tried filing with Fina, FNA, CFTC and SEC. So far an exercise in futility! Have talked to the attorney representing a group from Ohio. He may end up representing those of us that got deceived by Kiley. My email is tannis1@comcast.net for anone that wants to contact me offline

 

[bunganya]

UBFX is terrible

Greetings Chief Master Sergeant

Please check the email you provided. Kiley sure fooled alot of people, so many trusted him with his follow the money program. I had sleepless nights reflecting on him. This looks like another madoff scandal, i sincerely hope we can recover our funds. Good to know i am not alone. What are our chances of recovering our funds, i read it is near impossible to recover funds in forex scams? Sad thing is litigation costs are so high in Ohio, I am unable to pay for justice.

Cheers

 

[Pharaoh]

There was some guy with the username mtrimble who tried his best to pump up UBFX and downplay any worries about Crown Forex in another thread. From the way he wrote about them, I think he may have worked for UBFX. Marc Trimble is some sort of self-proclaimed managed account guru. Nice to see a "guru" sending people's money on a one way trip to Crown even after the Swiss Regulators started to crack down on them. I wonder who was paying him and how much.

I did a little digging on the web. UBFX is involved in a court case now along with some other investment firms. I haven't dug deep enough to find all the gory details, but the SEC seems to be involved. I can't tell yet if the Crown mess is related or if this is some totally new and different issue.

 

[bunganya]

Thanks Pharoah

Greetings

Thanks for the info pharoah, I am a customer of Kiley and have no idea how i will recover my funds. I am trying, but feel all is lost. These Ohio lawyers are charging so much. I been trying to contact UBFX office for three weeks now, I think Marc Trimble works for UBFX, i read his posts, when u need him he is not here. I even tried calling his number.
So far all indications are UBFX is a scam, although they are innocent until proven guilty, but i suspect they put most of their funds in crown forex.
I emailed finma, and there response was they only dealth with crown forex account holders. What is going on with the US, they have the best securities market in the world, we should not have to go to lawyers, but regulatory agencies like they have in switzerland.