Solo Capital CFD Broker in trouble?

[beenaroundtheblock]

Hearing Solo Capital CFD and Spread betting broker is in trouble.

I am new to the site but I have set up this account to put up that parts of the Solo Group have been shut down in a hurry this week, staff fired, such as West Point Derivatives etc. Talk is that Solo CFDs needs to find a new home, fast, or it will be wound up as well.

I dont trade with these guys now, but I did at MF Global, which turned into a nightmare. At MF Global when the bankruptcy story first broke they started by saying "Don't panic, its all good, we are trading as normal". And I hear thats what they are saying now at Solo. But the rule of thumb is: If a Broker says "Dont Panic" then its time to panic!!

Or at the very least play safe, close positions and take your money out, if its all guff, then you can simply transfer cash back in, I didn't do this at MF Global and have regretted it since, dont make the same mistake.

You have been warned!

 

[nickycambo]

What are your sources?

 

[beenaroundtheblock]

Confirmed

What are your sources?

Sources are a friend who is a client, and Solo Capital confirms to clients today that the CFD business is closing. Rumours circulating about FCA getting involved?

 

[beenaroundtheblock]

Confirmed Again

Sources are a friend who is a client, and Solo Capital confirms to clients today that the CFD business is closing. Rumours circulating about FCA getting involved?

FT Alphaville has just posted a story on Solo Capital Partners 100% owner Sanjay Shah, being part of an $800m international criminal tax fraud

http://ftalphaville.ft.com/2015/11/04/2144090/solos-silence-is-anything-but-golden/

You may need to register to get the full story

So we have an alleged criminal activity at the group of a CFD Broker, mmmmmmm, MF Global clients have heard all this before. This is the very definition of a red flag, TELL PEOPLE TO GET THERE CASH OUT NOW!

If its nothing you can always send back the cash afterwards, trust me it is way better to be safe than sorry, ask anyone who had cash at MF Global.

You have been warned, again!!

 

[Nielsf]

Hi Beenaroundtheblock, I'm a Danish journalist with interest in Solo Cap, I have read your post, is it possible to get in contact with you? Perhaps you could drop me an email with your details at [email protected]? Best, Niels F

 

[LondonTrader1984]

History Repeats

Just an add-on to the above story....

The CFD unit that left Solo (when Solo was put into administration in December 2015) went to ED& F Mann Capital Markets in January 2016, but they have been shut down in less than a year!!!

http://www.standard.co.uk/business/...df-man-shuts-down-equities-desk-a3317541.html

The business had only been at Solo itself for a little over a year. The team was headed up by Charles Knott who was CEO at Cantor Index, and incidentally where Anne Stratford Martin was COO. He took the business to Solo Capital shortly after Anne Stratford-Martin was newly appointed CEO at Solo after 100% owner and previous CEO Sanjay Shah decided to base himself in Dubai.

Sanjay Shah and Anne Stratford-Martin are now part of a hundred million dollar european dividend fraud investigation - http://ftalphaville.ft.com/tag/solo-capital/

ED&F Mann was already in the news recently as being connected to a huge cocaine bust in Africa - basic details in the standard article above

and numerous clients of Charles' at Cantor Fitzgerald have been reported to be under investigation by international authorities for 'interesting' trading patterns, such as http://www.telegraph.co.uk/finance/...ider-trading-investigation-in-UK-history.html

Interestingly despite heading up the CFD unit I can not see Charles' name at the FCA Register for his role at ED&F Mann, just his brokers, I believe led by Oliver Hughes. I can't imagine why he would want to keep such a low profile?

I dare say he and his underlings will turn up again at some other firm shortly, and doubtless it will be somewhere with an equally high moral standard as Cantor, Solo and ED&F!!!

Lets see if they can last more than a year this time!