The Neuimex case

Discussion in 'Forex Brokers' started by feb2006, Feb 20, 2007.

  1. feb2006


    The Forex Broker 'Neuimex' based in Switzerland ist undergoing an official investigation.

    During investigation funds are freezed, but customers are offered to close their trades at market.

    First results are expected beginning of March at the earliest.

    See thread 'Neuimex Übersicht' or "Auszahlungsprobleme" (whithdrawls problems) in swiss Elite Trading Forum for more information.

  2. virgin


    what's the reason for the investigation ?
  3. feb2006


    Hi virgin,

    it seems they lost that stuff what's mentioned by your name :D

    Their own explanation was as follows:
    <b>Neuimex</b> email 14/02/07 -> Customers

    Dear Customer,

    Neuimex Asset Management AG is currently undergoing an unannounced investigation by the Swiss Federal Banking Commission (SFBC).

    The SFBC is verifying whether Neuimex Asset Management AG is performing any unauthorized activities.

    During the investigation the Trading Terminal may be unavailable and we apologize for any inconvenience and ask for your patience.

    <b>The acceptance of payments and the execution of withdrawals will not possible during the current investigation.</b>

    We hope to resume the ordinary services as soon as possible. Please contact your customer accountant for any question.

    Neuimex Asset Management AG


    The <b>Swiss Authority </b>(SFBC) explains in its FAQ:

    <b>Which possibilities does the SFBC have to intervene in the case of supervised institutions?</b>

    The protection of creditors and investors and the confidence which the public places in the financial system constitute the main criteria in this respect.

    In selecting <b>suitable measures</b>, the SFBC must at all times observe the principle of proportionality and <b>select measures which least interfere</b> with the rights of the parties involved whilst nevertheless attaining their purpose.

    what sounds different to me.

    The Neuimex investigation is discussed in the swiss Elite Trading Forum in detail .

  4. feb2006


    In the meantime a customer involved in the Neuimex case with a considerable amount reported, that he got trustworthy insider information that the investigation probalby will lead to a positive result for Neuimex and its customers.

    So there might be hope

  5. Chood


    Because this thread apparently is bad news for customers of a forex retailer, it’s no more news to me than a “Dog Bites Man” headline. Here’s a story that’d catch my eye, meriting the title “News”:

    Forex “Broker” Comes Clean
    Admits Customer Dough Blown on Hookers

    Won the Company at Dice in Beirut,
    Investigators Say

    A shadowy underworld figure known as Sasha, who is listed under an alias as the owner of BigDoughFX, a forex broker licensed in Switzerland, admitted today to Swiss investigators that his firm allowed customers to trade currencies via the internet, but never paid them for profits in their accounts or returned deposits when requested.

    “We blew the money on hookers,” he admitted, adding, “I meant to do better and run the thing right, but I got bored and couldn’t help myself.”

    Sasha reportedly won the trading platform and the Swiss license from a Dutch national in a dice game in Beirut, although he disputes that allegation made by the Swiss authorities.

    “They were given to me as favor from a friend who owed my money.”

    It Was Fun at First

    “We had a lot of fun at first, with all the squiggly lines the trading platform created in things like the American dollar and the Euro. Then I figured out how to move the lines myself and got laughs that way.”

    But the novelty soon wore off, especially when “people starting bugging us about money and things like that.”

    “I tell you, I got completely fed up when these older folks would call and say they had sent us all their savings and now had nothing to eat.

    “Like they’re supposed to have cash for big fancy meals. I mean, they were so old, why bother?”

    But Sasha is not without remorse. “You couldn’t even play poker on the platform, so really it was just a big waste of time.” Except for the money. “That part I liked.”

    An unnamed Swiss official says BigDoughFX can continue to accept customer funds and allow trading on the platform, “but only as long as it doesn’t mess up again.”

    No word on whether customer withdrawals will be permitted.
  6. feb2006


    Nice story.

    Would like to refer to it in our discussion thread on swiss forex brokers.

    Could you give some references and links verifying your story.

  7. virgin


    I think, I have read Chood's story in the Wall Street Journal , can you confirm this Chood ? :cool:
  8. Chood



    “Wacky World of Retail Forex” auf deutsche gesprachen. Verstehen Sie?
  9. Chood


    Don't know if it was in the Journal. Latest report I saw is that Sasha promises to restart the platform if he gets enough new customer deposits to make it worthwhile. He'll also restart (again if the money is enough) BigDoughFX's popular hedging program and free hedging signals.

    Allowing customers to withdraw money also is under consideration, I understand.
  10. virgin



    Will the ability to withdraw money via wire be channeled through Panama and/or Monaco for added privacy ?
    #10     Feb 26, 2007