vidamarkets.com
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Vidamarkets
I`m in the same situation as you, is there anyone else in the same boat?
They are replying the same e-mail to all of us and simply refusing to give us access to my account since Nov-December last year (2012)
Already took the contact with FMA in NZ...RE: "Contact Referral - Vida Trading LP - Complaint - Case ID 3619" I will copy later on their reply.
I have 10K with them, and from one day to another no access to my account at all, they simply disappeared, but from time to time they reply to my e-mail..the last one with the same answer as yours on the 29th of May 2013.
"Hi Almos,
Thank you for your email. Please note that we are receiving your emails. Mr. Pereira, legal council to Vida Markets will be following up with each client effected personally. There have been losses on the accounts due to a technical error, and he is going through the cause/effect, extent and potential recovery options available before addressing each client. We appreciate your patience in the matter.
Kind Regards,
Katie"
Please advise to solve this issue..by thew way based on the reply from FMA their license in NZ has been revoked but see their answer bellow.
"Dear Almos
Thank you for contacting FMA about the entity Vida Trading. We are looking into whether Vida Trading is potentially breaching any of the laws we enforce.
We would be interested in any information you have about Vida Trading’s activities being based in NZ, such as the investment services being provided from NZ, NZ bank accounts, etc.
We note from a search of the Financial Service Providers Register (FSPR) that Vida Trading was de-registered on 21 December 2012 as it did not have a place of business in NZ. You are able to see this public information here: Search Summary Company FSP.
We note Vida Trading’s website states that it has a “FSP License Number” and lists the financial services it was registered to provide as “Licensed Activity”. To be clear, registration on the FSPR does not necessarily mean that the entity is authorised or licensed by FMA or that its activities are directly supervised by any regulatory body in NZ. I can confirm that Vida Trading is not licensed by FMA in any way. You are able to read more about what it means to be registered on the FSPR:
Checking the Financial Service Providers Register | Financial Markets Authority.
We note from the entity’s information on the FSPR that it belongs to a dispute scheme, Financial Services Complaints Limited (FSCL) and the entity still appears to be a scheme member. You can search for Vida Trading’s membership information here: List of Participants :: FSCL - Financial Services Complaints Ltd.. You may wish to consider lodging a complaint about Vida Trading with the scheme as we understand the scheme is able to consider complaints about a participant while the entity is still a scheme member.
I trust this information is of assistance.
Kind regards"
Unfortunately didn`t have time to work on this but I have to, otherwise 10K USD loss wich is huge!!!
Thank you v.m.
I`m in the same situation as you, is there anyone else in the same boat?
They are replying the same e-mail to all of us and simply refusing to give us access to my account since Nov-December last year (2012)
Already took the contact with FMA in NZ...RE: "Contact Referral - Vida Trading LP - Complaint - Case ID 3619" I will copy later on their reply.
I have 10K with them, and from one day to another no access to my account at all, they simply disappeared, but from time to time they reply to my e-mail..the last one with the same answer as yours on the 29th of May 2013.
"Hi Almos,
Thank you for your email. Please note that we are receiving your emails. Mr. Pereira, legal council to Vida Markets will be following up with each client effected personally. There have been losses on the accounts due to a technical error, and he is going through the cause/effect, extent and potential recovery options available before addressing each client. We appreciate your patience in the matter.
Kind Regards,
Katie"
Please advise to solve this issue..by thew way based on the reply from FMA their license in NZ has been revoked but see their answer bellow.
"Dear Almos
Thank you for contacting FMA about the entity Vida Trading. We are looking into whether Vida Trading is potentially breaching any of the laws we enforce.
We would be interested in any information you have about Vida Trading’s activities being based in NZ, such as the investment services being provided from NZ, NZ bank accounts, etc.
We note from a search of the Financial Service Providers Register (FSPR) that Vida Trading was de-registered on 21 December 2012 as it did not have a place of business in NZ. You are able to see this public information here: Search Summary Company FSP.
We note Vida Trading’s website states that it has a “FSP License Number” and lists the financial services it was registered to provide as “Licensed Activity”. To be clear, registration on the FSPR does not necessarily mean that the entity is authorised or licensed by FMA or that its activities are directly supervised by any regulatory body in NZ. I can confirm that Vida Trading is not licensed by FMA in any way. You are able to read more about what it means to be registered on the FSPR:
Checking the Financial Service Providers Register | Financial Markets Authority.
We note from the entity’s information on the FSPR that it belongs to a dispute scheme, Financial Services Complaints Limited (FSCL) and the entity still appears to be a scheme member. You can search for Vida Trading’s membership information here: List of Participants :: FSCL - Financial Services Complaints Ltd.. You may wish to consider lodging a complaint about Vida Trading with the scheme as we understand the scheme is able to consider complaints about a participant while the entity is still a scheme member.
I trust this information is of assistance.
Kind regards"
Unfortunately didn`t have time to work on this but I have to, otherwise 10K USD loss wich is huge!!!
Thank you v.m.
Pharaoh
Brigadier General
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Don't delay. File complaints with any and all regulators. Also, file with econsumer.gov - Your site for cross-border complaints.
Thank you! Yes I know..it`s might be too late, but never give up..submitted 2 more also on the link mentioned by you, so waiting for their answer.By the way just one very important minor thing..The LPOA never been revoked and has been signed, stamped by Excelsior Trading Group Ltd. on that time based in Hong Kong..I was thinking to complain against them as well as most probably are the same people behind. What I don`t understand how they can simply just disappear..I understand that they might have huge loss...but still..zero access to the account and even I don`t know the End brokerage house name...I will check with the bank where I have transferred the funds on that time as they supposed to have an account with them..but as far as I am not their client they won`t help me out.
Thanks for your support.
Cerberus13
Private
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I am confused how can the MAM trader block your access to your account. The only one who can do that is the Broker.
something shady is going on... Especially since they ( the broker, from what I understand) were de-registered.
something shady is going on... Especially since they ( the broker, from what I understand) were de-registered.
Pharaoh
Brigadier General
- Messages
- 20,308
Some brokers have a crazy rule that blocks a trader from revoking an LPOA if there are any trades open. Anyone considering allowing another person to manage an account for them needs to make certain that the broker planned for this activity does not have a rule like this.
Just got a reply from them last night.
"Hi Almos,
Oscar has already addressed all clients. He must have missed your email. I will have him contact you right away.
Kind Regards,
Katie"
And here is Oscar`s reply with an attached document which is waiting for my signature.
Mr. Bajtalan,
Attached herein you will find a formal statement regarding the status of your account at Vida Markets.
With Regards,
Oscar Pereira
TG&F Legal Services
Mr. Bajtalan,
Attached herein you will find a formal statement regarding the status of your account at Vida Markets.
With Regards,
Oscar Pereira
TG&F Legal Services
Attachments
Pharaoh
Brigadier General
- Messages
- 20,308
Ask Oscar and Katie for TG&F's full contact info. The letter seems to leave this critical detail out. There should be a verifiable street address, phone number, website, and email. There should be information on the website about the qualifications of they lawyers employed by the firm.
They are asking for your signature, but no one is formally signing and agreeing on behalf of VM. This means you could be bound by the terms and they might not be.
Based on my reading, it looks like even an informal complaint, such as a review or a post at the FPA would wipe out your chances of recovering any money this way.
There is the unfortunate possibility that this is just a method to silence criticism while giving the company a 6 month head start to get away.
They are asking for your signature, but no one is formally signing and agreeing on behalf of VM. This means you could be bound by the terms and they might not be.
Based on my reading, it looks like even an informal complaint, such as a review or a post at the FPA would wipe out your chances of recovering any money this way.
There is the unfortunate possibility that this is just a method to silence criticism while giving the company a 6 month head start to get away.
