I will post on here the step by step process of retrieving the funds from the Special Administration Team.
So please check for the updates and feel free to email me on nshah10@hotmail.com will try and respond back to you by close of play each day.
Kind Regards
Rav
I have called this number this morning and they have an answering machine message which states that the line will be open at 12:00 midday
This is the phone number as mentioned previously: 020 3284 8829
I request all the people that have read this particular blog to share it on as many forums and boards to help all the 1000's of individual clients that have been defrauded.
DAY 1:
Well my day is over I have tried to reply to as many helpless people that have been affected by worldspreads. I have made the phone calls now just watitng for the claim forms to come out so that we can move on to stage 2. In the meanwhile there has been some developments may be rumours with ETX lets see what happens.
I could not concentrate on any trading at all as a result of all of these issues so might just take it easy for a bit..
I have heard from several Worldspread Employees that they have lost their jobs and are under so much stress of being fired without a notice..
My Prayers are there for both, the 1000's of clients and Worldspreads employees.
Regards
Rav
Day 2:
Today has been another day of trying to understand the situation of traders from a financial perspective. The amount of horror stories and believe me there is no other word for this that
are coming in are just unreal. Today the most discussed subject has been the open positions
that have been closed by worldspreads on the the 16th of march 2012 at 20:00.
Today we have had support from both SUN NEWS and the TELEGRAPH and would like to
mention a thank you for taking the time to publish articles in both the newspapers.
I am still hoping that in the next 3 working days the claim process will initiate and atleast get
to stage one of claiming our money back.
Take care all
Regards
Rav
I request all the people that have read this particular blog to share it on as many forums and boards to help all the 1000's of individual clients that have been defrauded.
DAY 1:
Well my day is over I have tried to reply to as many helpless people that have been affected by worldspreads. I have made the phone calls now just watitng for the claim forms to come out so that we can move on to stage 2. In the meanwhile there has been some developments may be rumours with ETX lets see what happens.
I could not concentrate on any trading at all as a result of all of these issues so might just take it easy for a bit..
I have heard from several Worldspread Employees that they have lost their jobs and are under so much stress of being fired without a notice..
My Prayers are there for both, the 1000's of clients and Worldspreads employees.
Regards
Rav
Day 2:
Today has been another day of trying to understand the situation of traders from a financial perspective. The amount of horror stories and believe me there is no other word for this that
are coming in are just unreal. Today the most discussed subject has been the open positions
that have been closed by worldspreads on the the 16th of march 2012 at 20:00.
Today we have had support from both SUN NEWS and the TELEGRAPH and would like to
mention a thank you for taking the time to publish articles in both the newspapers.
I am still hoping that in the next 3 working days the claim process will initiate and atleast get
to stage one of claiming our money back.
Take care all
Regards
Rav
Weekly update on the Worldspreads Heist
Dear all,
One week has now completed after our funds have disappeared into thin air.
How do I feel on a personal level almost the same as all of you disgusted that we
Have been left hanging in an emotion of hope. What else can we do at this point?
I have sent 2 emails now to kpmg on behalf of us all saying in an ten week process
Should you not at least give us a weekly update of what is going on?
There is no point making phone calls to them as they have a standard script which
they abide to hence I have voiced my opinions further up.
All those clients at Worldspreads that have lost below £50,000 please note your funds are safe.
All those clients at Worldspreads have lost below £100,000 will also probably be safe and this is my opinion after doing some maths.
Anyone above it we will have to just wait and see what comes of the distribution of the Funds left.
I don’t see any point in trying to start a legal battle until we get some kind of statement of findings from Kpmg as this is what they are paid to do so we should be patient and wait for the day.
We have heard that that the Worldspreads Platform has been sold to ETX for a figure of around £460,000 so let’s see what else Kpmg can salvage for us.
I totally understand the frustration of most of the clients and can only try and help you by responding to your questions. The horror stories just get worse as a result of “The heist”.
Daily incomes of full time traders on hold, faith on managed account traders has been lost, clients that have had their long term positions for over 6-7 months have made some massive losses, Partners have split up.. this list goes on...
My deepest sympathy to all those that have been affected.
Right now we have no option but to be patient and wait for KPMG to give us a statement.
KPMG is obliged to make a report of their findings in 10 weeks – the first week of June – which will detail the likeliest outcome for creditors.
The question regarding open positions, the positions have been closed and a loss will be a loss and a profit will be a profit as per close of trading on the 16th of march there is nothing at all that can be done due to the terms and conditions in the agreement between you "The Client " and "Worldspreads"
(I guess now it is time to review all the spread betting agreements and make sure we know where we stand)
A lot of clients who have had accounts in Europe have the same question, regarding their funds i.e. Are they protected and the answer is yes they are up to £50,000.00
Other than this I will keep you updated on any responses from FSA, FSCS and KPMG
Kind regards
Rav
Thank you for all your support in distributing this blog to the thousands of Worldspreads clients who have been affected by this Financial Catastrophe.
One week has now completed after our funds have disappeared into thin air.
How do I feel on a personal level almost the same as all of you disgusted that we
Have been left hanging in an emotion of hope. What else can we do at this point?
I have sent 2 emails now to kpmg on behalf of us all saying in an ten week process
Should you not at least give us a weekly update of what is going on?
There is no point making phone calls to them as they have a standard script which
they abide to hence I have voiced my opinions further up.
All those clients at Worldspreads that have lost below £50,000 please note your funds are safe.
All those clients at Worldspreads have lost below £100,000 will also probably be safe and this is my opinion after doing some maths.
Anyone above it we will have to just wait and see what comes of the distribution of the Funds left.
I don’t see any point in trying to start a legal battle until we get some kind of statement of findings from Kpmg as this is what they are paid to do so we should be patient and wait for the day.
We have heard that that the Worldspreads Platform has been sold to ETX for a figure of around £460,000 so let’s see what else Kpmg can salvage for us.
I totally understand the frustration of most of the clients and can only try and help you by responding to your questions. The horror stories just get worse as a result of “The heist”.
Daily incomes of full time traders on hold, faith on managed account traders has been lost, clients that have had their long term positions for over 6-7 months have made some massive losses, Partners have split up.. this list goes on...
My deepest sympathy to all those that have been affected.
Right now we have no option but to be patient and wait for KPMG to give us a statement.
KPMG is obliged to make a report of their findings in 10 weeks – the first week of June – which will detail the likeliest outcome for creditors.
The question regarding open positions, the positions have been closed and a loss will be a loss and a profit will be a profit as per close of trading on the 16th of march there is nothing at all that can be done due to the terms and conditions in the agreement between you "The Client " and "Worldspreads"
(I guess now it is time to review all the spread betting agreements and make sure we know where we stand)
A lot of clients who have had accounts in Europe have the same question, regarding their funds i.e. Are they protected and the answer is yes they are up to £50,000.00
Other than this I will keep you updated on any responses from FSA, FSCS and KPMG
Kind regards
Rav
Thank you for all your support in distributing this blog to the thousands of Worldspreads clients who have been affected by this Financial Catastrophe.
