CWM FX - I Told You So !

[Lightning McQueen]

I thought they only ever took 10% from your account? Then leveraged it up ten times?...
I really hope you get your money back pal.

Will you be taking it out of CWM for good?

if he gets any money out at all he will be one of the few lucky ones is my guess.

in the event that he sees 100% of his cash, and after everything that has been exposed here in this thread and in the media, he puts a penny of it back in to cwm then he's a mug imo. though some may say he's one of those already for falling for it all in the first instance. but your right, let's not get ahead here and wish everyone well in getting their money back from this debacle.

:clover:

 

[Watfordwig]

Mr "Billionaire Bullsh*ter" has been very quiet on social media this past month.

I wonder how many clients of CWM have been trying to get their money out this past month. I need to set up twitter so I can ask him a few questions personally.
It will be interesting to see how the coming months unfold for CWM.
This happened just in time for me, I was so close to lumping in serious cash into this exact sca........err....account.

 

[Indignation]

@ Chickenman.
Were you a "retail" investor into the forex platform run by Leverate or did you invest the £100K into their 5% GMP deal?

If you are the former, then all monies held on account after all positions have been closed will be returned to you by Leverate. Any loss from the trading account will be relative to losses on the trade positions taken.

If you are in the latter deal, then the news from CWM FX is a first for more than one reason.

Also, from previous news reports, CWM FX (CWM) were denied the opportunity to contact their clients as a direct result of bail conditions, so unless an agreement between CWM / City Police / FCA has been reached then this is also a little vague.

It would be interesting to know what deal you were in with CWM, either a retail client or the 100K 5% GMP deal and of course, good luck with having your monies returned, please keep us informed.

@ Watfordwig... you quote; "I thought they only ever took 10% from your account? Then leveraged it up ten times?..."

To my knowledge and from experience, this is not the case as I have suggested earlier. The full amount of invested funds are traded with a stop/loss (max drawdown) set at 10% of client invested (traded) funds. Leverage of up to ten times.

 

[Lightning McQueen]

is the 5% scheme the cwm brighton spc fund which appears associated with the kijani fund? as has been reported by the south china morning post recently.

in the article it is reported that the kijani fund directors (what's left of them after the original ones did a runner) are trying to distance themselves from the cwm element of their fund. bit late for that one would have thought, but hey you never notice the bad egg till it starts to smell

 

[Indignation]

This is all somewhat confusing... There is much speculation and joining of dots taking place so in order to have come clarity...

For those of you who have first hand knowledge of the 5% Guaranteed Monthly Interest deal, can you confirm/advise:

1. Who was the contract with CWM / CWM FX or another entity?
2. Do you know who were the counter parties of the contract / investment trade?
3. Were Belvedere or the Brighton SPC mentioned in the Contract?
4. Do you know who was signing off on the contract? Was it a member of CWM or another entity?

The Brighton SPC is a "regulated" open ended SPC, regulated out of the Caymans. I am curious to know if anyone has the evidence contractually linking the 5% deal to this particular vehicle?

It looks as if, and this is just my opinion, that there may well have been more than one option being "offered" by those involved in CWM FX / CWM.

 

[Lightning McQueen]

the south china morning post article is the first news article that links the cwm brighton spc fund to paying 5% monthly. rightly so that it is not known if the scheme allegedly sold by cwmfx was one and the same as the fund on the cwm world website. though they are one big happy family surely? one entity under one umbrella of cwm world.

I believe more to the point would be to ask whether any of the 5% has been paid to investors in the month of march.

the game will soon be up if there has been no payment, and will not be surprised if worms start falling out the woodwork very soon.

 

[Indignation]

@ Lightning McQueen:
You quote: "the south china morning post article is the first news article that links the cwm brighton spc fund to paying 5% monthly..."

> I don't actually see that. <

Remember that the Brighton SPC is an exempted Segregated Portfolio Company operating as an open-ended fund incorporated with limited liability under the laws of the Cayman Islands under registration number OS-288064 and is approved and regulated by the Cayman Islands Monetary Authority (CIMA)

Further: From Moneyweb 26th March: I quote, "The fund in question is Brighton SPC, a registered mutual fund in the Cayman Islands. Brighton SPC has two sections of cells, CWM and Kijani. The allegations pertained to both. However, Brighton SPC has not yet even launched the CWM cells."

> "However, Brighton SPC has not yet even launched the CWM cells." <

Which would confirm my understanding. I was led to believe that a CiMA regulated product was about to be launched utilising CWM platform trading provisions (Leverate) with the fund as a protected cell of the Brighton SPC. This product offering never actually made it to launch however it did have allocated seedol and isin's.

You quote, "I believe more to the point would be to ask whether any of the 5% has been paid to investors in the month of march."

> Knowing that the Police raid took place in early March, the trading platform removed, and CWM unable to trade or contact their customers (the latter being part of the set bail conditions) then obviously the 5% in all likliehood has not been paid. CWM were not in a position to do so as a result of the terms / sanctions imposed by the FCA / City Police enquiry. To have done so would have been a breach of bail conditions and an almost certain custodial sentence for those found in breach. <

 

[Indignation]

My original questions still stand and in order to be factual, perhaps those with first hand knowledge can shed some light as there is still much confusion here.

 

[chicken_man]

They did not give me all my money back, only the money that was left in my account. When they first contacted me I knew nothing about them or what trading was. They called me up and said they had an opportunity and asked me if I would be interested. They then told me that I could get into trading to make money. The basic message was this "when people trade they normally lose alot of money because they don't know what they are doing. With Sirix trading platform you can copy professional traders and you can win based off their trades". I knew absolutely nothing about trading prior to their phone call.

 

[Lightning McQueen]

@ Lightning McQueen:
You quote: "the south china morning post article is the first news article that links the cwm brighton spc fund to paying 5% monthly..."

> I don't actually see that. <

Remember that the Brighton SPC is an exempted Segregated Portfolio Company operating as an open-ended fund incorporated with limited liability under the laws of the Cayman Islands under registration number OS-288064 and is approved and regulated by the Cayman Islands Monetary Authority (CIMA)

Further: From Moneyweb 26th March: I quote, "The fund in question is Brighton SPC, a registered mutual fund in the Cayman Islands. Brighton SPC has two sections of cells, CWM and Kijani. The allegations pertained to both. However, Brighton SPC has not yet even launched the CWM cells."

> "However, Brighton SPC has not yet even launched the CWM cells." <

Which would confirm my understanding. I was led to believe that a CiMA regulated product was about to be launched utilising CWM platform trading provisions (Leverate) with the fund as a protected cell of the Brighton SPC. This product offering never actually made it to launch however it did have allocated seedol and isin's.

You quote, "I believe more to the point would be to ask whether any of the 5% has been paid to investors in the month of march."

> Knowing that the Police raid took place in early March, the trading platform removed, and CWM unable to trade or contact their customers (the latter being part of the set bail conditions) then obviously the 5% in all likliehood has not been paid. CWM were not in a position to do so as a result of the terms / sanctions imposed by the FCA / City Police enquiry. To have done so would have been a breach of bail conditions and an almost certain custodial sentence for those found in breach. <

well I'm not sure how you cannot see from the article the 5% connection, they clearly state that they saw brochures and emails from financial advisors in hong kong. and I quote -

"Kijani and the CWM Brighton funds were marketed in Hong Kong, according to investment advisers and promotional literature and emails seen by the South China Morning Post.

so clearly they would have seen and then written the following -

"CWM operated funds branded Brighton SPC that offered 5 per cent monthly interest. Kijani is part of Brighton, but would "sever any association" with the fund division, Kijani directors said in their statement."

I would find it absurd if the London scheme was any different to that offered in hong kong.

the rest of your post denies the thought that cwmfx are just the sellers of a scheme. do you really believe they directly manage the scheme once they've hooked an investor. they likely do f all. anyway i'm not sure the fca or indeed the police have direct authority offshore where the organ grinder and funds are likely located, which I guess is why other regulatory authorities abroad have been reported in the media as looking into these other involved entities overseas. of which Guernsey recently moved to quickly distance themselves from some cwm funds that were alleged to be in their backyard.

"CWM Cells - 26 March 2015
It has come to the Guernsey Financial Services Commission’s attention that a website cites the following as cells of The Global Mutual Fund PCC Limited, a fund authorised in Guernsey:

CWM Capital Fund
CWM Balanced
CWM Equity Fund
CWM Prime Fund
CWM Property Fund

Please note that the above are not cells approved by the Guernsey Financial Services Commission."

ar$e covering at it's best :cheesy:

 

[Lightning McQueen]

They did not give me all my money back, only the money that was left in my account. When they first contacted me I knew nothing about them or what trading was. They called me up and said they had an opportunity and asked me if I would be interested. They then told me that I could get into trading to make money. The basic message was this "when people trade they normally lose alot of money because they don't know what they are doing. With Sirix trading platform you can copy professional traders and you can win based off their trades". I knew absolutely nothing about trading prior to their phone call.

that's not the 5% fund then. that sounds like the fx trading offering, sirix was "their" ( leverates) web based trading platform.

glad to hear you got most of your money back. well done

as you could have followed an idiot and possibly lost the lot, if you don't mind me asking but if you were, to put it bluntly, clueless, how did you know who to follow? did they choose for you?

 

[LittleMuse]

Nothing new here I don't think but a good overview. http://www.nakedcapitalism.com/2015...-scalps-princess-anne-remains-unmolested.html

 

[Fxvictim]

I have to laugh, one guy who thinks he is an "investment entrepreneur" tried to get me to sign an NDA so he could introduce me to this "fantastic opportunity".
I looked at his web site and he does the usual stuff that everyone does, self storage, car parks, German property etc.. Yawn yawn
So when I brought this to his attention when it first broke he told me that it was all a set up by ex employers and that he knew AC PERSONALLY and that by using his billions would make sure that clients were not out of pocket.
Now this guy is an intelligent bloke,and prides himself on doing a serious amount of due diligence before using any investment to promote( really? Self storage??? LOL) so how could he fall for such a scam? Maybe AC told him he would make sure he was never out of pocket.!!
He also is involved in transferring pensions into QROPS , releasing cash and investing the remainder to pay interest that should cover the fees in 3-5 years!!!
So, I suppose another dodgy investment wouldn't look out of place

 

[maxprotrader]

FXPA and CWM?

Does anyone find it odd that CWM FX or CWM World are not featured on Forex Peace Army?

The site is normally is user generated content so why have none of the clients complained via the most popular website for FX broker complaints?

Leverate must have some good lawyers...

OK. I posted a warning thread up some weeks back about CWM FX being a boiler room and outlined all of the unethical practices there. I worked there as an employee literally for a couple of days and resigned in disgust after I witnessed the misrepresentation, misleading statements, lack of risk warnings and high pressure sales tactics.

An additional poster on the thread I started mentioned how CWM FX was soliciting for asset management business (outside of their licensing) with a 'guaranteed' investment offering guaranteed monthly returns 'off the record' and suggested that it was a ponzi scheme. Anyway, my post/ the thread was deleted from this forum.

I put the post up as a warning/ to caution people as to the situation purely. I had no axe to grind and was not a disgruntled employee but thought it a good idea to look out for my 'fellow man'.

Anyway, what do I read in City AM? I read that they were raided by the police a few days ago and 13 arrests were made. http://www.cityam.com/211002/heron-tower-raid-colourful-world-chelsea-fc-s-forex-partner-cwm-fx

I think the forum moderators should grow some balls and not delete posts. Posts like mine are not meant to be malicious but are written purely to give people on this forum a 'heads up' that could potentially save people their life savings. Good to see that somebody else had the good sense and British balls to try to bring the light of clarity on the situation.

 

[takeaview trading]

I believe that you may have done a bit of self storage and German property investment yourself, so before you criticise others, amend your own website.

http://www.chasegoldman.co.uk/investments/luxury-apartments-investments.html
http://www.chasegoldman.co.uk/investments/commercial-property.html

Who do you do your FX trading with? as I am looking for a good FX trader

 

[Fxvictim]

I believe that you may have done a bit of self storage and German property investment yourself, so before you criticise others, amend your own website.

http://www.chasegoldman.co.uk/investments/luxury-apartments-investments.html
http://www.chasegoldman.co.uk/investments/commercial-property.html

Who do you do your FX trading with? as I am looking for a good FX trader

Sorry bud wrong person! I only worked there until he got screwed over and had to go! I am now unemployed and that's why I hate backstabbing brokers
Find yourself someone. If your any good you should have no problem! I would never work in this industry again!

 

[takeaview trading]

Jealousy

Does anyone find it odd that CWM FX or CWM World are not featured on Forex Peace Army?

The site is normally is user generated content so why have none of the clients complained via the most popular website for FX broker complaints?

Leverate must have some good lawyers...

I agree entirely, people need to look at the facts before making comments.

Nobody has been charged with anything yet, in this country we are still "innocent until proven guilty"

Unfortunately a lot of comments have been made by people with a mob mentality who react on articles in the financial press which are littered with words such as "could have", "may have", "possibly" etc.

Wait for the facts to emerge!!!

 

[Indignation]

@ takeaview trading: Well said.

 

[chicken_man]

Hello,

You knew who to copy because the Sirix trader gives you the history of each trader, how often they win, their risk etc...

 

[Lightning McQueen]

Hello,

You knew who to copy because the Sirix trader gives you the history of each trader, how often they win, their risk etc...

hi, thanks. well if you liked the sirix platform and the ability to follow other traders, rather than wait forever for these clowns to get their act together and dig their way out of the hole they've found themselves, you may wish to check out gkfx.