There is a very long thread on moneytec about Refco.
Today's newspapers intimated that funds in Refco accounts are frozen.
All I can suggest is try and get your money out tomorrow and see what happens. Don't dealy; this is only going ro get worse. - I wish you luck.
Note also that FXCM and a couple of others are connected with Refco. They may be safe, but I wouldn't take that chance.
Today's newspapers intimated that funds in Refco accounts are frozen.
All I can suggest is try and get your money out tomorrow and see what happens. Don't dealy; this is only going ro get worse. - I wish you luck.
Note also that FXCM and a couple of others are connected with Refco. They may be safe, but I wouldn't take that chance.
I also have an acc. with them (among others). They said their FX department is unaffected, and I can add or withdraw money as usual. I have no plans to withdraw money because I do not believe that one greedy manager can destroy long-term succesfull trading powerhouse.
This is just common sense.
This is just common sense.
I hope for your sake that you are right.
It is fairly clear that efco as it currently exists, will collapse this week. However, other institutions will probably pick up the good pieces in a fire sale.
The only question remaiming is whether client funds are truly segregated. -We will no doubt find out soon.
It is fairly clear that efco as it currently exists, will collapse this week. However, other institutions will probably pick up the good pieces in a fire sale.
The only question remaiming is whether client funds are truly segregated. -We will no doubt find out soon.
FOREXHUSKY
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Refco is risky?
Refco fx accounts are ok and working.
Refco inc owns about 30% of FXCM company,accord. to FXCM letters all users are safe...
results...FXCM is losing daily many many clients closing accounts,not mention refco fx.
Until they will close investig. pple like to be safe then sorry.
There is full explan. on both web sites refco and fxcm.
My opinion is FXCM will remain safe....how long we never know that.
Best Regards to all Real traders
Refco fx accounts are ok and working.
Refco inc owns about 30% of FXCM company,accord. to FXCM letters all users are safe...
results...FXCM is losing daily many many clients closing accounts,not mention refco fx.
Until they will close investig. pple like to be safe then sorry.
There is full explan. on both web sites refco and fxcm.
My opinion is FXCM will remain safe....how long we never know that.
Best Regards to all Real traders
zagreb said:
Umm, don't you remember Barings? one rogue trader coupled with poor managerial supervison and risk management put them out of business. barings had been around for hundreds of years. And out side of trading don't you remember polly peck? or Enron? Arthur Andersen? Worldcom?
Here http://www.bankruptcydata.com/Research/15_Largest.htm is a list of the largest US bankruptcies of recent times. read 'em and weep.
well, unfortunately you may be right. RefcoFX also freezed accounts. I really don't understand why, because it's client segregated money that has nothing to do with Company insolvency (except if they used client money for internal payments - in which case it's simply criminal activity)
Hi,
Yes, I did try to withdraw.
I have two accounts with RefcoFX. I sent a req to withdraw on Oct-12-2005 from one of the account as my monthly withdraw. That was before the bankruptcy. However, I didn't recv any funds. I contacted them many times and I got informed this Monday that the fund was freezed. The withdraw req was cancelled, and the fund was credited back to my account last night.
I did req to withdraw on my second account on Oct-17-2005, which after the bankruptcy, and it happened the same. I called and asked Refcofx if the funds still safe or will i have any chance to get it back, but they just did not answer, or just said "I don't know".
Anyway, I don't know what to do from here. Good luck to all of us???!!!!
Yes, I did try to withdraw.
I have two accounts with RefcoFX. I sent a req to withdraw on Oct-12-2005 from one of the account as my monthly withdraw. That was before the bankruptcy. However, I didn't recv any funds. I contacted them many times and I got informed this Monday that the fund was freezed. The withdraw req was cancelled, and the fund was credited back to my account last night.
I did req to withdraw on my second account on Oct-17-2005, which after the bankruptcy, and it happened the same. I called and asked Refcofx if the funds still safe or will i have any chance to get it back, but they just did not answer, or just said "I don't know".
Anyway, I don't know what to do from here. Good luck to all of us???!!!!
Thank you. I am in the same position. I tried to withdraw on 17.X, but they told I can only wait.
I think that we never see this money. I lost in year 2000 as well my money, by Omega FX-USA.
Registered properly....and so on...I hired lawyer, and CEO was sentenced by Houston court on prison for 4 years.. But until today I didnt get my money. CEO made fraud in value of 3,5 milions. I would like as well to be sitting in prison for 4 years, and afterward live with this money from clients.
Remember
resident Churchill said, "If you wont solve problems, make commissions" So it is in USA. There are NFA,CFTC,SEC...and who knows which commissions... But nobody cant make You to get your money from their account. It seems me to be that criminal is quitly allowed on this way, enabling to gather money all from the world. It may be that CEO and main people from Refco, go on second door out from prison.
My advice: FORGET AMERICAN BROKERS FOREVER.
I think that we never see this money. I lost in year 2000 as well my money, by Omega FX-USA.
Registered properly....and so on...I hired lawyer, and CEO was sentenced by Houston court on prison for 4 years.. But until today I didnt get my money. CEO made fraud in value of 3,5 milions. I would like as well to be sitting in prison for 4 years, and afterward live with this money from clients.
Remember
resident Churchill said, "If you wont solve problems, make commissions" So it is in USA. There are NFA,CFTC,SEC...and who knows which commissions... But nobody cant make You to get your money from their account. It seems me to be that criminal is quitly allowed on this way, enabling to gather money all from the world. It may be that CEO and main people from Refco, go on second door out from prison.My advice: FORGET AMERICAN BROKERS FOREVER.
Does anybody know, which may be the greatest deposit, what RefcoFX accepted to the account?
If there are corporations involved, that may be very serious battle. The money is not so light to steel. The great corporations have great money , they can make revenge on Refco people. I should be afraid to be on place of Refcos people and representatives.
I am small private investor, but I think respectable as great one, if there is the honest broker.
I can be only cheated.In USA there You have no rights. I did experience allready that in year 2000. And now I was cheated again. But never more to do anything with USA brokers. In good State Forex is regulated. But any regulation without of State as waranty, "put to a cat on a tail".
If there are corporations involved, that may be very serious battle. The money is not so light to steel. The great corporations have great money , they can make revenge on Refco people. I should be afraid to be on place of Refcos people and representatives.
I am small private investor, but I think respectable as great one, if there is the honest broker.
I can be only cheated.In USA there You have no rights. I did experience allready that in year 2000. And now I was cheated again. But never more to do anything with USA brokers. In good State Forex is regulated. But any regulation without of State as waranty, "put to a cat on a tail".
white knight
All may not be lost?
http://sev.prnewswire.com/banking-financial-services/20051026/CGW06126102005-1.html
All may not be lost?
http://sev.prnewswire.com/banking-financial-services/20051026/CGW06126102005-1.html
