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I assume you want to get your money out of it please?
only last week the regulator of that firm annouced
The Cyprus Securities and Exchange Commission ('the Commission') wishes to inform theCyprus Investment Firms (the 'CIFs') the following:1. It has been noted that CIFs grant trading benefits (e.g. bonuses) to their clients under certainconditions. Sometimes these conditions are associated with the funds that clients deposit inCIFs for trading. This practice is permitted provided that clients’ funds are free to withdrawat all times and whenever the client wishes.It has been observed, however, that the above does not always apply. There are caseswhere the client, who has been granted a benefit, may withdraw his funds only when heconducts trades whose total value reaches a specified, by the CIF, trading volume.2. Any restrictions on the withdrawal of clients’ funds are not in compliance with theprovisions of the Investment Services and Activities and Regulated Markets Law, as in force(“the Law”) and the Commission’s Directive DI144-2007-01 of 2012 for the authorisation andoperating conditions of CIFs (“the Directive”).Furthermore, prompting clients to conduct trades with a view to achieving a specifiedtrading volume and then be entitled to withdraw their deposits are not accepted as fair andgood practice towards clients.3. Specifically, all the above mentioned in point 2 seem to be not in accordance with theprovisions of:i. Section 18(2)(j) of the Law which states that a CIF, when holding funds belonging toclients must take every possible measure to safeguard clients’ rights.ii. Section 36(1) of the Law which states that CIFs must act honestly, fairly andprofessionally when providing investment services to their clients.iii. Directive regarding the provisions for the safeguarding of clients’ funds.4. CIFs that grant monetary benefits to their clients, must:i. Provide accurate, clear and not misleading information, when advertising such a scheme.ii. Describe in detail to their clients the way the scheme works, as well as its terms andconditions.iii. Always be able to separate the funds belonging to clients from the monetary benefitgranted to them.iv. Monitor on a continuous basis and take all appropriate measures to always be able tomeet the terms of the scheme without affecting their capital adequacy.Sincerely,Demetra KalogerouChairwoman of the Cyprus Securities and Exchange Commissio
Ok - and your contract is governed in Cyprus?
yes , however when i joined the company they was not regulated, the regulation came last year
Ok - well its bad news from my point I am afraid.
Because the contract is governed in Cyprus, you can not sue in the UK
This is because you have agreed I assume to Cypriot law.
This means you can only sue in Cyprus and not the UK.
If you were to sue in the UK then any Judgment would not be recognised there
The US sued them 300 million recently
In any event the small claims limit in the UK is £10,000 - anything more than this would be a 'fast track' trial.
Ok - well you would need to instruct a lawyer in Cyprus to sue for you.
becuase they were offering binary services to US customers
If the system works as it does in the UK then you need to issue proceedings.
Yes but the UK government has not sued
In any event you are a personal customer and would need to sue under contract
This means you need to hire a lawyer in Cyprus and issue proceedings in Cyprus
thats fine, but from what i have told you
do i have a case
You would of course have to pay legal fees for this, but if you win a Judge could award you costs.
But from what you have said, if they have changed their requirement and made it higher, then yes you sound like you do have a claim
Can I clarify anything for you about this today please?
i have signed a contract agreeing to what they have said
Yes of course and that certainly helps
however they added the turnover later on
because they had my signature saying the can
but i did not authroise refunds on that basis
Yes of course and they can NOT add this later.
All contract terms must be agreed in advance.
tecnically i have signed to say if i get a trade refund my bonus turnover will increase
the only problem is, the customer service reps and account managers said it wont
and gave me a less figure
I see, but I think you have a claim based on what they have said.
They changed the rules - not you
Can I clarify anything for you?
i was hoping for some legal advice where i can have a written letter
to sue them, and may be they can give my money back to me
This is a question and answer site. We can not do work for you or be instructed.
We can only answer questions for you.
If you want to draft a letter I can look at it and tell you what I think
ofcourse but im still unsure
Can I clarify anything else for you?
You have rated poor service?
But I can only give you the legal answers in accordance with the question and answer site.
I can not do work for you - this information is typed clearly on the site and disclaimer to the left of this text chat
Can I help you with anything else?
im still confused and im not sure if you fully understood my problem.
Yes I did.
You deposited $2000 and you had a bonus of $2540
You needed to turn over $88,300
They changed that to $250,800
Your current balance is $26,640 and you want to withdraw it.
Have I understood?
yeah but they are saying its never changed its always 250,800
because i signed a contract saying if i take a trade refund then they can increase it
only problem is, they never told me this until i reached 88300 and then they said well you got some more left yet
they have a office in london not sure what they do there
not a registered addrss
i only thing i got a claim becuase of what customer service and my account managers told me
but can a email be a binding contract
or what i have signed is still more powerful
Yes they are CHANGING the rules
They can not do this part way through
They have to set out the position at the very start
They can not just simply change it part of the way through - that just is not right.
but they said to me, they have a contract i signed and its never been changed, that was always the agreement
and the customer service and account managers gave me wrong information
Yes but they can't tell you $88k one day and change it to $250k the next day
well when i said that to them
If they do then THEY are in breach of contract and/or negligent
he said, because i tried to withdraw and when he did the checks, that when he could tell me
And that is the basis of any claim
Did you actually complete the withdraw?
but, i did try withdrawing 2 times before and they just cancelled it
nope the withdrawal was cancelled
i put in a request
and they apprently do checks, and that is when they added the 250,800
but i then told him, that i tried twice before
and no one told me about the 250,800 then
Then they can't just impose an increased limit on you
You didnt withdraw
Therefore they can't just say - well actually we are going to put it to $x
This is why though you would need to issue proceedings in Cyprus
Because the contract you have
when a company is sued, would it be sued for a lot more than what they own me
You can not issue proceedings in theUK
I do not know how much lawyers in Cyprus cost.
But if it was the UK and the matter went to trial it would be about £10,000
wont it be easier to just complain to their reguator
But in the UK if you win, you also get costs back too
You can also try that - but that process will be very slow.
ok if i accept the 9500
I am a lawyer I can only say what the legal options are
If someone owes you money you can accept a lesser sum or sue for the full amount
with the terms of not taking any legal action or complaining to the regulator in cyrpus
Yes you could do that.
But of course I would push for 50% of what you are owed
can i still legally sue them
Any payment would be in full and final settlement
You can not take payment and then try and sue after - any claim would fail.
but im in financialy difficulty and taking some money right now would be helpful then waiting for my money for years or months
Yes of course.
Its a personal decision
Accept a lower sum now, o
Try for a higher sum with a risk of litigation
ive tried to negotiate to 18k
Ok - I think 50% is more realistic.
but i think a letter from a lawyer could persuade them
do i need a finance lawywer
Yes. But you would need a Cypriot lawyer to do that.
well not really i have evidence on them about manipulating the price of the asset
to make me lose
my account was 43k
i lost money because of them
and they do not want me to show that to anyone
I can see that
i should have more bargaining power
but they not taking me serious
as there is no lawyer
The problem is they know you are in the UK
They know you would have to instruct one in Cyprus
And you may still have to, to get a letter written
I would recommend you spend the money and get a Cyprus lawyer to write to them
See if you can not get the offer increased
Can I clarify anything else for you today?
ive told the mail on sunday
his a financial writer
who exposes finance companies
his willinging to talk to them for me
Well get your own settlement done first and paid.
Then worry about what to do with them after.
Can I help with anything else?
but once i get paid, i cant do anything with them
as that was the agreement
im trying to get help from media, to get them to give me my money
You wont - but be happy you came out with more money than you put in
Look after yourself for the moment
hmm ok thanks
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