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Alpari insolvency - how we get our money back?

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  • Alpari insolvency - how we get our money back?

    I've created this thread hoping to find some answers from ppl in same situation like me.
    As u know at the end of Jan 2015 Alpari entered in an insolvency procedure appointing some Special Joint Administrators which from time to time they post their updates here https://www.insolvency-kpmg.co.uk/ca...F119D1101.html

    The language used in those documents is lawyerish(I guess i just invented this word) meaning, even if u are a native speaker u could find it difficult to understand their ballshit.
    Going through those documents, my limited understanding is that
    1) I might not get my money back even though my money were kept in segregated accounts.
    2) might get smth back depending on the resource pool left after paying the 1st wave of client/creditors and after KPMG(the company that is involved in the insolvency procedure) is paid for their services. If u check their prices in one of that document, u'll realize that they are ****ing expensive.

    My question to ppl reading this thread is: Why the hell I'm not getting my money back? My assets should have been guaranteed by a big bank in UK or something. Could we organize in some kind of group and forward a former complain as we did in case of ICMarkets?

  • #2
    Originally posted by cris47 View Post
    I've created this thread hoping to find some answers from ppl in same situation like me.
    As u know at the end of Jan 2015 Alpari entered in an insolvency procedure appointing some Special Joint Administrators which from time to time they post their updates here https://www.insolvency-kpmg.co.uk/ca...F119D1101.html

    The language used in those documents is lawyerish(I guess i just invented this word) meaning, even if u are a native speaker u could find it difficult to understand their ballshit.
    Going through those documents, my limited understanding is that
    1) I might not get my money back even though my money were kept in segregated accounts.
    2) might get smth back depending on the resource pool left after paying the 1st wave of client/creditors and after KPMG(the company that is involved in the insolvency procedure) is paid for their services. If u check their prices in one of that document, u'll realize that they are ****ing expensive.

    My question to ppl reading this thread is: Why the hell I'm not getting my money back? My assets should have been guaranteed by a big bank in UK or something. Could we organize in some kind of group and forward a former complain as we did in case of ICMarkets?
    We had $20k+ with Alpari as well Cris so I've been following this closely as well.

    KPMG are opening up a portal for clients that have submitted claims to access and withdraw funds in the coming week from what I understand. Have you submitted a claim to them yet?

    There is no point in banding together on this, they've gone under and it's in the hands of the extremely expensive administrators to divvy up what's left and distribute it.
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    • #3
      Originally posted by Nick View Post
      We had $20k+ with Alpari as well Cris so I've been following this closely as well.

      KPMG are opening up a portal for clients that have submitted claims to access and withdraw funds in the coming week from what I understand. Have you submitted a claim to them yet?

      There is no point in banding together on this, they've gone under and it's in the hands of the extremely expensive administrators to divvy up what's left and distribute it.
      Should money kept in customer accounts be left in segregated accounts and always guaranteed ??...
      This means our money at icmarkets could be lost too ??.
      I was just planning to pump in a good sum..??

      Comment


      • #4
        Originally posted by Sherif View Post
        Should money kept in customer accounts be left in segregated accounts and always guaranteed ??...
        This means our money at icmarkets could be lost too ??.
        I was just planning to pump in a good sum..??
        Hi Sherif, this thread will help answer your question.

        Short answer $0 client protection at IC Markets/Axitrader/Pepperstone etc... Accounts opened in Australia regulated by ASIC.


        https://www.forexsignals.com/forum/s...8051#post28051

        Good Luck,
        Last edited by genki7; 03-05-2015, 02:54 AM.

        Comment


        • #5
          When Jade FX was closed down by regulators a few yrs ago I had an account there & it took around 12 months before I received a payout of approx. half of my original balance of 20K - the account was flat at time of closing down. The procedure was handled by CFTC in US & reasons for closing down were complex as the company was accused of operating outside of CFTC regulations so there was investigation on a criminal level as well as dealing with funds allocation. A lot of cash probably got sucked up by the criminal prosecution in this case before it even got to funds distribution. At this point the Alpari process appears to be moving faster than it did with CFTC & Jade FX so hopefully you guys involved here will get a quicker result.

          Comment


          • #6
            Hi Nick,

            On 16th of Jan, I don't know..call it a felling, I've made a withdrawn request to get my fund out of there, request that hasn't been processed yet.
            I've downloaded and filled the Claim request from the administrator's page, a few days ago and sent it to them as I don't have access to the claim portal. Seems that there will be some prioritization on how they process these claims. First wave is composed of clients that didn't trade at all on 15-16th of Jan. Second wave hopefully will include also my account(I traded during those days but not chf related pairs)
            Last edited by cris47; 03-05-2015, 07:24 AM.

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            • #7
              Here's what I did:
              - Go to the Claims Portal https://www.alpariadministration.com, and log in with your MyAlpari login (NOT your MT4 identification!);
              - Fill in the form and agree on your claims amount;
              - If you're owed less than 50K pounds, select YES to apply your claim to FSCS. This way, you will be reimbursed by them (a compensation fund), and not by Alpari.
              - You will receive email from Alpari, stating your claim;
              - Wait for email from FSCS; you don't have to contact them yourself.

              Comment


              • #8
                Thank you Anton123, but I get this message'The Joint Special Administrators have not yet finalised your account balance(s). You will receive an email when you are able to access the Claims Portal.'
                Seems I need to wait further instructions via e-mail
                I guess you were able to fill that form because you didn't trade or had no open trades on 15th of January(day when SNB lifted the peg)

                Comment


                • #9
                  Originally posted by cris47 View Post
                  Thank you Anton123, but I get this message'The Joint Special Administrators have not yet finalised your account balance(s). You will receive an email when you are able to access the Claims Portal.'
                  Seems I need to wait further instructions via e-mail
                  I guess you were able to fill that form because you didn't trade or had no open trades on 15th of January(day when SNB lifted the peg)
                  Yeah I'm getting the same notification as yourself. I also had trades open on the 15

                  Comment


                  • #10
                    Sorry, I forgot to mention that I indeed had no open trades on January 15th.

                    Comment


                    • #11
                      Reading through the latest info they posted here https://www.insolvency-kpmg.co.uk/ca...F119D1101.html made me wonder how come such people can leave with their selves like that. What they are doing is nothing else than a robbery.
                      I mean, I'm a highly trained IT Engineer with over 10y of exp, living in the most expensive country in the word and I'm not getting 300Gbp/h...not by far. Makes me wonder what are those Administrators and their employees doing for that remuneration? Maybe, they go an extra mile and suck the dicks of some bankers..excuse my french.
                      And 100k GBP rent a month for their office..which is now cheaper than previous months.....WHAT the ****? My father pays 5k a month for a 4 bedroom house with garage and garden in London so what the hell did they rented? Part of Queens palace?

                      Nick, one question for u mate but not only. Based on your experience, is there any possibility for us a customers to draft a complaint about this outrageous quotations, saying that we don"t agree with their prices? And if we say we don't agree, they (Apari or some other party) will still process our Claim?
                      Every month that goes by, those bastards feed from our(customers) money pool, leaving nothing for us

                      Comment


                      • #12
                        Originally posted by cris47 View Post
                        Reading through the latest info they posted here https://www.insolvency-kpmg.co.uk/ca...F119D1101.html made me wonder how come such people can leave with their selves like that. What they are doing is nothing else than a robbery.
                        I mean, I'm a highly trained IT Engineer with over 10y of exp, living in the most expensive country in the word and I'm not getting 300Gbp/h...not by far. Makes me wonder what are those Administrators and their employees doing for that remuneration? Maybe, they go an extra mile and suck the dicks of some bankers..excuse my french.
                        And 100k GBP rent a month for their office..which is now cheaper than previous months.....WHAT the ****? My father pays 5k a month for a 4 bedroom house with garage and garden in London so what the hell did they rented? Part of Queens palace?

                        Nick, one question for u mate but not only. Based on your experience, is there any possibility for us a customers to draft a complaint about this outrageous quotations, saying that we don"t agree with their prices? And if we say we don't agree, they (Apari or some other party) will still process our Claim?
                        Every month that goes by, those bastards feed from our(customers) money pool, leaving nothing for us
                        Hi Cris,

                        I feel your frustration, especially because we've been lumped in with the "creditors" pool which means that we're one of the last to get paid. So ever dollar they spend is less that's available to be distributed to us.

                        Unfortunately this is just what it costs to employ administrators. It's an absolute joke...

                        Guys in the industry call it a "Fee Fest"
                        Would you like free lifetime access to our forex trading room?

                        Open an account at Blueberry Markets and save the $97/monthly fee.

                        Click here to find out more.

                        Comment


                        • #13
                          A link from FSCS relative to Alpari:

                          http://www.fscs.org.uk/news/2015/mar...agr-jhknh3k1d/

                          Comment


                          • #14
                            Finally got the e-mail to fill in the claim but don't understand much from what they want.
                            Seems the amount I had on my account was correctly reported also the sums in GBP and USD were corrected translated. Now I need to send it but not sure what they mean by:

                            ''You will be asked on the Claims Portal to indicate whether you intend to make a claim on the FSCS. Applying to the FSCS is a separate and parallel process. The Claims Portal does not allow you to apply directly for compensation from the FSCS. Should you indicate that you wish to assign your claims arising out of your Client Agreement to the FSCS, they will contact you in due course. You do not need to contact them.
                            If you indicate to the Joint Special Administrators that you wish to retain your claim arising out of your Client Agreement against the Company instead of claiming from the FSCS, you will be asked to provide your bank account details to the Joint Special Administrators so that in due course they can make payments to you in respect of your claims.''

                            Also I could see that we could pursue our claim wither through FSCM or Joint Sp. Admin. Does anyone know what's the cost difference?
                            Last edited by cris47; 03-18-2015, 03:55 PM.

                            Comment


                            • #15
                              FSCS is if your a uk resident and they safegaurd 50k of your money

                              its a uk safety net that if the company your claim against is unlikely to pay, they will pay out up to 50k compensation, without the FSCS i believe your liable to get what ever is left in the pot as a dividend.

                              from the paragraph above it is asking which route are you going to take, if you go the FSCS route then they will handle the claim, if not submit your bank details to the joint administrators
                              http://www.myfxbook.com/members/dupapa

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