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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I have been forex trading online with Algo Capitals, the account

Resolved Question:

I have been forex trading online with Algo Capitals, the account came into a few problems. My account manager told me further funds would be needed to rescue the account. I deposited a further $8000. My account manager assured me his traders were working on the account and I should see movement on the account. The account has virtually been wiped out and I have not seen any assistance with the account. Do I have a case to take Algo Capitals or the account manager to court?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts : Hello my name is ***** ***** I will help you with this.
Alex Watts : are you doing the trades please?
Customer:

Yes i was doing the trades.

Alex Watts : Ok. If you were doing the trades you must have seen your losses.
Alex Watts : What would the claim against Algo be for?
Customer:

The account had a balance of $286,000 but with a lot of hedged trades. The account manager was supposed to has been closing the hedged trades but no assistance was forthcoming.

Customer:

To my knowledge the account manager has since been sacked by the senior broker.

Alex Watts : Did you instruct that the trades be closed?
Customer:

I instructed the account manager to help. He assured me that his traders would be closing the trades. Most of the conversations between me and the account manager were via message on skype. I do have copies of my conversation history with all Algo capital contacts that I have.

Alex Watts :

You need to write and set out your losses and request a refund within 14 days or say you will go to Court within 14 days. You should make sure you send this signed delivery and keep a copy.



If they do not refund you then you can issue proceedings in the County Court. You can either do this online at: www.moneyclaim.gov.uk or by completing form N1 http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n001-eng.pdf and take it to your local County Court.



The Court will then issue a claim which a copy will be sent to the Defendant who will have a limited time to defend it, if not you can enter Judgment and enforce.



If the claim is for £10,000 or less it will be a small claim so you will not need legal representation. Over this value you would need representation for trial. Over £10,000 then you will need a Solicitor and Barrister to represent you as if this is a claim for $286,000 it will be formal Court with rules and procedures in place.



Can I clarify anything for you about this today please?

Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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