From Forex Trend to Concrode Capital. Terms of transition with refunds announced
More recently. Concorde Private Equity offered clients of the bankrupt broker Forex Trend on favorable terms to transfer their deposits to the created -brokerThe company is part of the Concorde Capital group of companies. Thus, this Ukrainian investment and banking group is going to develop a new line of business - marginal currency trading in the OTC market.
At the same time it was announced that Concorde Capital is not going to be liable for the obligations of Forex Trend, therefore, it is safe to say that this is nothing more than poaching of the client base.
Forex Trend's funds have not been returned for more than six months, and a clear explanation from the company has not been forthcoming. What should affected traders do in such a situation?
What are the preferential terms?
As previously reported, clients of Forex Trend will be given preferential terms for the transfer of deposits to a new broker. Those who will receive benefits will be disposed of in the bankrupt FT on a bidding basis. The list of clients who will be able to transfer to the new company is limited by the total amount of deposits of all clients. The total amount of deposits should not exceed $10 mln. Consequently, only the very best will be able to get to the new broker until the appropriate amount is accumulated.
Applications are accepted until August 15
Recall that at the beginning of July Forex Trend's website is back in operationwhich published an offer for the transition to the project FXT2 until August 15. Access to the form was provided through the personal cabinet of each client. At the same time to make the transition it was necessary to cancel the old withdrawal request.
The application form did not contain any details about the transition to the new company. Apparently, this will be known after the tender and the selection of the number of clients, whose accounts will be transferred to the Forex Trend 2 project. Of course, in this situation, there are still many questions. And that's what this is all about. The support service, which is available through the online chat and by email.
It is already known that the applications will be considered by the current administration of Forex Trend, which may not be legally related to the previous one, under which the company went bankrupt.
It consists of a number of Forex Trend investors, and they have already worked out some rules for transferring funds to a new broker and creating a new company. This approach led to a fierce debate on the forums, where customers were divided into two parts. Some would like to transfer their deposits, returning at least part of the funds, while others are highly skeptical of this probably fraudulent scheme.
Two types of preferential transfer programs
In order to move to the new company from the old one, customers are offered two schemes.
The first one is called "1+1". and implies doubling his deposit to Forex Trend at the expense of the client's funds. That is, the funds are transferred if the client deposits the same amount of money to the broker's account. It will be possible to trade for the full amount of the deposit. The client who has chosen this option becomes a priority for the transfer of funds to FXT2.
Concorde Capital benefits from the first option? And this is obvious, because in this case the new broker gets free passives for quite a long time with minimal risks. It practically guarantees the client a transfer to the new company.
The second scheme is called "Discount. Client funds are transferred, but accounted on the deposit in Forex Trend 2 with a discount of 25%, 50% or 75%. Choosing the highest discount percentage, the client is advanced in the queue ahead of those who have chosen less, but his application will be processed only after the applications of those clients who have chosen the first option "1+1".
If the client agrees to one of the options, it means his complete renunciation of claims against the bankrupt Forex Trend. At the same time, funds transferred to FXT2, apparently, will be frozen in the accounts indefinitely (probably up to six months after the launch of the project, which is scheduled for September 1, 2015). This is probably done to protect against the flight of customers' funds from deposits in the first days.
If in time the accounts are unfrozen, the client will decide whether to continue working with this company or not after it has safely existed for six months. It is extremely important that the profits from trading operations (yes, trading with frozen funds will be possible) in the new company will be immediately available for receipt.
What is known about the new company?
The new broker's name and jurisdiction will be announced on August 1, 2015, and the website will be launched, presumably on August 10. At about the same time, Forex Trend clients will be able to legally formalize their transition to the new company.
What do customers think?
Many Customers consider this offer as the only possible way to get back at least part of their investment in Forex Trend. And Concorde Capital is successfully taking advantage of the desperate situation of defrauded depositors.
I would like to add that the scheme proposed by FXT2 does not look transparent, clear and open, which from the first steps of the company's work creates a negative attitude among current and future clients. All these schemes with a person who will receive money that does not exist yet, indicates that the company wants to work on a long and successfully tested scheme "to create a buzz" around them, and a positive attitude of people through, for example, free advertising from the owners of specialized Internet sites that will move up the queue faster if they place information about the company. This means that now there will be a mass of absolutely fictitious articles and reviews on the net, which will tell the ignorant traders how great it is to trade in Forex Trend 2. There will be those who will believe and those who will forget for the periods specified in the payout schemes. And the fact that someone will get the money in the end is questionable - we do not know this new company, but we see the methods with which it starts its work.
Anyway, we really hope that everything will end well for the clients of Forex Trend. We also hope for the decency of the new owner of the client base.
Discussion
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I completely agree with the author of the article - the scheme of transfer of funds offered by the Forex Trend "is pure fraud. Ask yourself one simple question - How can you believe the company, which once (but then, if you pick up the history of forex trend, then not once, remember Sigma Bank) has "duped" its customers and tarnished his name? It is clear that clients in desperate situation grasp at straws, but it all looks like fraud again!
Sergey, this is the scam! Most of the former FT clients will choose the discount, which means that they give up their claims to Forex Trend, and Concorde will owe them 25, 50 or 75% less. And it is clear that either both companies have the same founders, or Forex Trend merged and simply sold their debts and clients at a huge discount.
The suckers want to be bumped a second time