RefcoFX and Gain deal canceled

Discussion in 'Forex Brokers' started by Cybren, Jul 26, 2006.

  1. Cybren


    Important Client Notice

    Trading by RFXA to Terminate
    Customers Asked to Close Positions

    July 25, 2006

    This notice is intended to provide updated information regarding Refco F/X Associates (RFXA).

    RFXA today announced that the proposed agreement with privately held GAIN Capital Group, under which GAIN was to acquire the RFXA retail customer account information and related assets, has been jointly terminated. While the parties had entered into a term sheet outlining the transaction, they were unable to reach terms on a final asset purchase agreement.

    As a result of its inability to enter into a final asset purchase agreement, RFXA plans to terminate its agreement with FXCM, the company that services RFXA’s web-based platform as of July 31, 2006. Thereafter, customers will no longer be able to trade on the web-based platform. In an effort to make the transition as smooth as possible, customers are asked to close their positions before 4PM New York time July 31. RFXA will close any open positions as of that date and accounts will be locked from any further trading activity.

    As stated in June 8 and June 27 Notices, clients are advised that it is the position of RFXA that post-bankruptcy gains and losses will be netted against pre-bankruptcy account balances to arrive at an amount that will be treated as a single pre-bankruptcy claim. Therefore, your total claim against RFXA would be a pre-bankruptcy claim in the amount of your final account balance when you stop trading. Clients were also advised that it is possible that the Bankruptcy Court would have a different view on this issue than that of RFXA.

    Should you have any questions, in the U.S., please call our toll-free line at 866-327-0774. International clients should call +212-660-6381. Or you may e-mail the company at
  2. ddunbar

    ddunbar Guest

    A trajedy. So sorry for Refco Fx clients.
  3. Cybren


    Well this deal was nothing to begin with, so I am pleased to see RefcoFX customers will not be robbed twice......
  4. hedonQ


    What a scam. You lost 50K with Refco and Gain would deposit $150 for you to trade.
    Only if you make 10,000 trades a month the next 6 months you can receive "portion" of your capital.

    Ludicrous .. glad it did not go through. Never trade with Gain ... it shows you what they're about ...!
  5. Xenia


  6. Cybren


    Gain paid 750.000 USD for the customer list of 15.000 clients and a database full of marketing contacts (former prospects of RefcoFX).

    They now try to lure old RefcoFX customers to them with an 'offer' of which they will disclose details next week.

    Probably as bad as the offer they came with earlier.....
  7. farley


    "Earn up to $1000 when you open a account.

    As a former Refco F/X customer, we want to extend a special offer exclusively for you: Earn up to $1000 when you open a account by December 31, 2006.

    You'll see the cash appear in your account within 30 days of funding. Learn more about this exclusive offer."

    To receive this bonus, qualified persons must open and fund a trading account with GAIN Capital or by December 31st, 2006. Limit one offer per client. Self-directed trading accounts only; IRA accounts are not eligible for this offer.

    Bonus will be added as equity to your trading account within 30 days of initial account funding. Withdrawal of bonus funds is contingent upon the completion of round trip standard lots (or the mini equivalent) according to the following schedule: $100 equals 5 trades, $200 equals 10 trades, $350 equals 20 trades, $500 equals 30 trades and $1000 equals 50 trades.

    *The iPod® Shuffle promotion is good while supplies last. Person will be qualified to receive the iPod® Shuffle offer if the account is opened and funded with a minimum $2500 by December 31, 2006. Persons who reside outside of the United States will receive a credit to their account for the approximate retail value of an iPod® Shuffle ($79). iPod® Shuffle will normally ship within 3-4 weeks from the date of account funding. Apple is not a participant or sponsor of this promotion.
  8. mokwit


    Note, only proven losers are eligible for this offer:D
  9. This is equal to a 2 pip credit per EUR/USD trade up to a maximum of 50 trades. No reason to limit it to RefcoFX customers.
  10. That offer sucked me in... I figure they only have my soul for a month or two. :D
    #10     Dec 18, 2006