Protect your deposit from off shore firm,WTS--another firm disappears with our deposit after Title T

Discussion in 'Prop Firms' started by kang, Oct 7, 2015.

How much deposit and payment have you lost ?

  1. 0

    53.3%
  2. 0 to 1k

    0 vote(s)
    0.0%
  3. 1k to 5k

    13.3%
  4. 5k to 50k

    6.7%
  5. 50k to 200k

    13.3%
  6. 200k-1m

    13.3%
  7. 1m+

    0 vote(s)
    0.0%
  1. Ok that's a start. You're better off dealing with a Canadian court than a Grand Cayman one, just my opinion.
     
    #31     May 14, 2016
  2. Yes, they are REGISTERED in Cayman, but they are still EXEMPT from Securities Laws regulation in Cayman.

    WTS is listed as "Excluded Persons" and to get that exclusion, they had to sign a declaration and pay an annual fee. I was curious as to how they were able to obtain the exclusion, and the Cayman site has the following:

    "Note: Recognised Overseas Regulatory Authorities

    Among the persons falling within the category of "Excluded Persons" as set out in Schedule 4 of the SIBL are those to whom section 4(1) of the law applies but who are "regulated in respect of securities investment business by a recognised overseas regulatory authority in the country or territory (other than the Islands) in which the securities investment business is being conducted."

    The list of overseas regulatory authorities that are recognised for the purpose of Schedule 4 can be accessed here: Recognised Overseas Regulatory Authorities."

    http://www.cimoney.com.ky/regulated_sectors/reg_sec_ra.aspx?id=278#Excluded_

    When you scroll through the link and click on the "Recognised Overseas Regulatory Authorities" it will open a .pdf. In that .pdf file, it lists "All provincial and territory securities regulators in Canada" for the country of Canada.

    So it seems although they received an exemption from Cayman, they are claiming Canada as their provincial jurisdiction. It also corresponds to your Class B agreement that any disputes are resolved in Montreal.

    If I were you, the first thing to conduct is a search of the Montreal securities regulation office and file a complaint immediately regarding your concern.

    Ok, hope that helps and again, best of luck.
     
    #32     May 14, 2016
  3. Srkisrle

    Srkisrle

    ScalperJoe, you are the man. If you ever stop by Barcelona, make sure you say hello, I'll buy you a dinner (a cheap one, now I am broke, lol).
     
    #33     May 14, 2016
  4. lol, no worries, I'll buy you few brews at a local Barcelona pub if I'm fortunate enough to ever get back to Europe. :D
     
    #34     May 14, 2016