Forex Trend keeps disappearing from the market
Forex Trend NZ office has closed in New Zealand and all staff have left the company. According to the employees, no one manages the broker, and the management does not engage in dialogue. There is only hope for the justice system.
Who is Forex Trend?
Forex Trend is a brokerage company from Ukraine. At the beginning of May the regulator of New Zealand (FMA - Financial Markets Authority) informed about insolvency of the company. The company's clients who tried to complain to the regulator can be assured of the final bankruptcy of New Zealand Forex Trend NZ.
What happened to Forex Trend?
The first warning against Forex Trend NZ by the FMA was published in early May. Even then the representative of the broker in New Zealand informed the regulator about the insolvency of the company. At a time when the brokerage company could continue to attract funds from customers, a warning about the dangers of investing in Forex Trend was published.
Financial Dispute Resolution (FDR) is an independent dispute resolution organization, where Forex Trend has membership. But the situation shows that it is more reasonable to ask for help from a knowledgeable lawyer. In fact, FDR cannot induce the broker to do anything, for example to pay the clients their money which they have been trying to get for quite a long time.
What is Forex Trend NZ in the structure of a brokerage company?
Their goal was to enter the New Zealand and Pacific markets. There was no interaction with existing clients, only attracting new ones. In this case, the closure of the New Zealand office would not cause any significant damage or inconvenience to the customers of the apparently defunct company.
Forex Trend leaves everyone behind, leaving as little trace as possible
As it became known, on May 29, 2015, Forex Trend NZ in New Zealand notified the regulator that the company's office will be closed as of June 12. This was reported by the FDR in response to inquiries from some clients of Forex Trend.
In addition, in a notice to the regulator, the Forex Trend NZ team points out that they have repeatedly tried to reach a dialogue with the owners of the company, but no response has been received. The company's support does not work and no one answers customers' calls. Two offices in Ukraine were closed in April and May for reasons unknown to the New Zealand unit. Some employees (legal counsel and accountant), completed their work in March 2015. Also, the company had a certain new director, who never got up for registration in the New Zealand registry. In addition, the SBU brought charges of multiple wrongdoing against the company's management. There is no confirmation that the funding of the office will be continued.
Is there any hope?
The current state of the company leaves much to be desired. The owners do not want to be contacted. At the same time Customers are writing on various forums that there is hope that the Forex Trend project has the right to revive, but by new investors. There is, of course, no official confirmation of this information.
Thus, while clients are waiting for their money and entertaining themselves with the hope that the issue will be resolved, the management of Forex Trend removes itself, the company offices are closed, and clients' money remain in the pockets of completely different people.