TheCollectiveFX

Post by **Dewey McG** » Fri May 30, 2014 12:47 am

TheCollectiveFx has always had a good reputation until now. I never had a problem withdrawing funds until I requested one just over 2 weeks ago. I had no response, then did a search and saw in the last couple weeks people started having problems getting their money as well:

http://www.forexpeacearmy.com/forex-for ... s-ltd.html

Post by **SteveHopwood** » Fri May 30, 2014 7:56 am

Thanks for posting this Dewey. I am including it in my round up on Sunday.

I hope you get your money back.

Post by **Dewey McG** » Fri May 30, 2014 3:13 pm

I never thought I would be in this situation.

Supposedly the accounts are segregated and the liquidity provider is Citibank. My Empty4 platform still shows the account being there and I have no problem taking trades, but obviously I am very worried.

Does anyone here know anything about how to try to recover the funds if they are in a segregated account?

Post by **Dewey McG** » Mon Jun 02, 2014 12:43 am

It is looking pretty ugly. AS of 4:00 PM EST (9 PM London time) the platform lost connection to the broker and has not been back up

Post by **Dewey McG** » Mon Jun 02, 2014 4:23 am

I have been doing more research to see what I could dig up.

The European license supposedly came from Cypress but there is no record.

I already sent a complaint to the IFSC. Since the broker was originally based in the US and the liquidity provider was Citibank I complained to the CFTC as well. Their server for their website is based in the UK and the owner is British (Gary Slingo) so I will contact the British Cyber Crime unit too.

I have the account name and number of the client's segregated account in Belize but have no idea who to contact about trying to freeze any funds there if anything is left. I will be making some calls tomorrow.

bbclenet · Post by **bbclenet** » Mon Jun 02, 2014 10:34 am

Hi .....You cannot imagine how stunned I was when I could not connect to my account this morning and then I read the different files on the net about it ......I have 100 k with them and am very scared ... Could someone phone to their bank in belize to know if our money is still there? never had a problem with them and suddenly.....Did you notice that they did not take their 147 dollars last month.......

Post by **Dewey McG** » Mon Jun 02, 2014 11:26 am

bbclenet » Mon Jun 02, 2014 6:34 am wrote:Hi .....You cannot imagine how stunned I was when I could not connect to my account this morning and then I read the different files on the net about it ......I have 100 k with them and am very scared ... Could someone phone to their bank in belize to know if our money is still there? never had a problem with them and suddenly.....Did you notice that they did not take their 147 dollars last month.......

Here is what I have been able to dig up so far:

The owner's name is Gary Slingo. Contact information about registration for his website shows his name (Gary Slingo), phone number and address in England. http://reviews.gcoupon.com/view/compani ... ation.html

The phone number is disconnected. If any of you are in England may you could pay Gary a "visit" if his address is legit

The Bank where the segregated funds were held is Belize Bank International Limited. All the segregated funds were held in one account named "BDG. FIN. SVCS. LTD. (Clients)" However, the bank will not confirm or deny anything because the account is in the name of the company, not us. I am not sure what we can do yet to claim our funds if they are still there.

These are the e-mail addresses to contact the regulatory agency in Belize:

legalconsl@btl.net
director@ifsc.gov.biz

I am not sure how much they will do but I would start there.

I would also file a complaint with the CFTC in the US. The broker started in the US and the liquidity provider was Citibank so they might look into it. http://www.cftc.gov/ConsumerProtection/ ... /index.htm

Gary is British and the website server was located in the UK so I intend to file a complaint with the NCA here: http://www.nationalcrimeagency.gov.uk/a ... crime-unit

Here are more websites registered under Gary's name:

thecollectivefx.com

robottraderfx.com

thecollectivefxglobal.com

fxtreasurechest.com

ifxsuccess.com

mt45pro.com

pureecnfx.com

ifxmillions.com

The more of us making as much noise as possible the better. Hopefully we can get some of the authorities going after them.

SatchFan · Post by **SatchFan** » Mon Jun 02, 2014 11:33 am

Khalaad » Sun Jun 01, 2014 10:55 pm wrote:
Dewey McG » Fri 30 May 2014 8:13 pm wrote:I never thought I would be in this situation.

Supposedly the accounts are segregated and the liquidity provider is Citibank. My Empty4 platform still shows the account being there and I have no problem taking trades, but obviously I am very worried.

Does anyone here know anything about how to try to recover the funds if they are in a segregated account?
The Collective FX say they hold a (never heard off before) ‘European regulated license’ which may, or may not be the same as being regulated under EU directives and regulations regarding handling of client funds.

Personally, I doubt it; Belize is not an EU country.

Therefore, your only option seems to be to contact the Belize International Financial Services Commission:
http://www.ifsc.gov.bz/contact-us/

Best,
Khalid

http://forexmagnates.com/collective-fx- ... promotion/
Read the comments by "Gary Slingo". He states they are using their Belize credentials, not their European License.

Post by **Dewey McG** » Mon Jun 02, 2014 12:30 pm

I just received this e-mail from the CollectiveFX:

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.

SatchFan · Post by **SatchFan** » Mon Jun 02, 2014 1:32 pm

Well Well, looks like there is a Silver Lining on this cloud. At least your going to be able to get your money back! I hope you can get it back in one chunk and not in multiple payments as stated in the email. Bottom line, your getting your money back and I can't tell you how many Brokers I have seen go away over the years for various reasons and not give the money back to their clients. So feel good about getting your money back when it arrives as sooo many traders never got that opportunity!

This is one of the MAIN reasons I have decided to stop trading spot and only trade on Nadex now. Better regulations. (Somewhat better, but not perfect

)

I hope all works out for all the traders at The Collective FX Global.

Peace,

SatchFan

P.S.
I think this is the first time I have seen a White Label take down the underlying broker (That I can remember). I'll be watching to see what the exact circumstances were that made them shut down. . .