CWM FX - I Told You So !

Its a common tactic often employed by social media firms to boost someone's twitter profile. Essentially you can pay to generate massive followers, there has been some comment about it in general in the media.
Makes you look good though doesn't it................its all about appearance, remember......
 
I haven't been able to get hold of him the last week or so. I'll keep you posted if I hear anything though.
 
I have been shown a private account of someone that indeed did get £5000 per month, over the 3 statements that I saw, into a UK bank account from the Cayman's.

Again lets keep things factual (or at least historical), if this is a ponzi, and I am not suggesting that it is, this would be normal to get withdrawals, for 1, 2 3 may be more years (and in Mr Madoffs case since the 1960's(if Google is to be believed)), again I am not drawing any parallels with Mr Madoff.

You have to remember that new investors have to dry up for such a scheme to be exposed.

I hope for everyone's sake including the company that it gets cleared up soon.

Just to pick up deltatrader12's note, do you know if a qualified risk person/department existed?
 
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Interesting articles.

So it was Leverate who wrote to clients and asked them to withdraw funds from their trading accounts, which makes sense.
If the police activity was nothing to do with CWM then why would they terminate the agreement one wonders?

However, we on this board have never questioned Leverate or their ability to operate as a platform and liquidity provider.
We have questioned the "private investment" offered by CWM and it would seem that none of those investors have been given the opportunity to withdraw all their funds. These then were not held by Leverate.

I believe I'm correct in saying though, if you give your Permissions to operate via a Tied Agent agreement you are responsible for the actions of that Tied Agent. It will be interesting how people get on if they hold Leverate to account.
 
From the link above:
"Earlier this month, the financial services firm made a reference to a police raid that had taken place in Heron Tower, in which 13 people were arrested by the City of London fraud squad."

Note this bit... " the financial services firm made a reference to a police raid"

So CWM broke the news, not City AM!!!

Also... this phrase has cropped up a lot in these posts. "keeping things factual" but there appears to be a lot of supposition in the alleged facts and said facts are not always supported.

Quote: "I have been shown a private account of someone that indeed did get £5000 per month, over the 3 statements that I saw, into a UK bank account from the Cayman's."

So who was the originating transferor? CWM FX, CWM, A N OTHER, ... What bank in the Caymans did the transfer originate from?

Quote. "Now, if they have lost the Leverate licensing and are unlicensed"

They never had Leverate Licensing... The Markets in Financial Instruments Directive "MiFID" does not allow a regulated company to passport it's licence to an unregulated company.

Quote: "I know a person with a fair amount in CWM's guaranteed returns account."

By Guaranteed Returns Account do you mean their Managed Account?
Have you seen a contract? Who are the parties to the contract? CWM FX, CWM, A N OTHER?

Has anyone actually seen a fully executed Contract of this Managed Account?

Quote. "I understand there is now a large firm of solicitors about to commence legal action against introducers who have been promoting this to retail clients."

You understand from what or whom? No one else has commented and again there is no media coverage?

Quote: "rumour has it that CWM FX have another 14 days where they have a deadline to pay back all the money raised for their proposed 'fabricated' investment of guaranteed returns"

Rumored by whom?
CWM FX? Your evidence is
"Fabricated Investment" your evidence is?

Quote: I recommend asking CWM FX for a refund of their money

uhmm... So are you claiming CWM FX are the "other" party to the investment Contract? I have not as yet seen a contract where CWM FX are named as a party to the contract.

Quote: "I was told it was 100% safe because of the Billionaire CEO was underwriting each and every customer on the managed account and backing their investment with his own money."

You heard that from whom?

Quote: "You will notice that approx 3/4 of the way down Guensey is mentioned (remember the 3% per monthly "regulated"), read into it what you will"

The regulated option was being regulated out of the Caymans, not Guernsey. The post the above quote came from is nothing but speculation.

I could go on but perhaps the point has been made.

For clarity... I am not looking to offend nor an I sticking up for CWM however, perhaps comments need to be supported and not just stated.

So for reference...

has anyone seen a fully executed Contract between the Investor and CWM FX?

has anyone seen a fully executed Contract between the Investor and "the "other" party if it is not CWM FX? If yes, who is/are the other party(s)

has anyone seen who the paying/transferring party and bank is? Is it CWM FX or another party? If yes, who is/are the other party(s)

And what is happening in the media/press? With such a high profile Company and CEO who have sponsorship deals with some of the biggest names in sport, surely an investigative journalist / newspaper would be al over this.
 
from the links above:

Forex Magnates has learned that Leverate notified clients of CWM FX that the broker was switching liquidity providers and that they needed to withdraw funds and would be able to redeposit when a new platform launches.

>>> notified clients of CWM FX that the broker was switching liquidity providers <<< so CWM FX are switching liquidity providers and not as a result of Leverate pulling the plug!
 
Indignation said:
from the links above:

Forex Magnates has learned that Leverate notified clients of CWM FX that the broker was switching liquidity providers and that they needed to withdraw funds and would be able to redeposit when a new platform launches.

>>> notified clients of CWM FX that the broker was switching liquidity providers <<< so CWM FX are switching liquidity providers and not as a result of Leverate pulling the plug!
Click to expand...

no, I don't believe you have a valid point there at all. if they were a properly managed outfit surely if they wished to change provider they would have sorted out their new platform provider before ditching leverate. with what has happened and the fact their website is effectively down would indicate cwm fx were ditched by leverate and not the other way around.
 
Disagree:

Forex Magnates has learned that Leverate notified clients of CWM FX that the broker WAS (note WAS not will be) switching liquidity providers... Suggests that CWM FX had already made the decision to switch before Leverate notified CWM FX clients. Perhaps that is the reason why Leverate notified the clients and pulled the plug on CWM.
 
Purely from an IT perspective, this is no trivial task. Where are the notifications on their website, that CWM FX will be switching platforms? You do not simply pull a platform from a client a site. That's just crazy.

Sorry, I don't mean to offend anyone either but, doing something like this is amateurish at best
 
BUT: illustrates the point of my larger post. We have both read the same words and have different interpretations on what we believe is being said. Until Leverate and CWM comment to clarify, it is nothing more than opinion.
 
Indignation said:
Disagree:

Forex Magnates has learned that Leverate notified clients of CWM FX that the broker WAS (note WAS not will be) switching liquidity providers... Suggests that CWM FX had already made the decision to switch before Leverate notified CWM FX clients. Perhaps that is the reason why Leverate notified the clients and pulled the plug on CWM.
Click to expand...

well if that is all true why didn't cwm fx change their website accordingly with their new provider. it didn't and now they are stuck with what looks a really unprofessional fx website, with nothing more on there than a landing page with contact info only. I suspect that they were caught with their pants down and are now desperately trying to feed out feeble excuses across the net. good luck with that :rolleyes:
 
was not commenting on the aptitude of CWM to manage the changeover / website.

you comment: "and are now desperately trying to feed out feeble excuses across the net." Pre-supposes that it was CWM who passed/leaked/fed the information to Forex Magnates which is not how the article in the link was written.
 
I can see where you are coming from, where two people can see different meaning, but my comment is from the investment banking sector where something like this would take months to do. There are many many issues to address. I would also say that cwm were caught short
 
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