Worldspreads suspends shares?

[hawkmoon269]

I stopped dealing with this firm a few years ago. I never encountered any indication of outright fraud or malpractice as such but I always felt something was a bit iffy and amateurish in their operations.

 

[tar]

Surely if they were shadowing your trades they would have had at least a trillion in the bank and would never have gone bust.

a trillion why ? if they did shadow his trades they would've done it at the same size they wouldn't take extra risk .

 

[Ross Spur]

a trillion why ? if they did shadow his trades they would've done it at the same size they wouldn't take extra risk .

The figure was supposed to be a tad sarcastic, but if someone could consistently clear £10k a day spreadbetting, then they would seem to be a trading god, so there wouldn't be any shadowing risk for WS. Even if they only started with £10k in the bank (probably an over-estimate), by compounding up, the billions and trillions wouldn't be far out of sight.

 

[fibbinstarchi]

Surely if they were shadowing your trades they would have had at least a trillion in the bank and would never have gone bust. Can't imagine CMC being any more accommodating to winners, so what way are you trading?

I trade the cable opening range in the morning then the afternoon range when the US join the party in the afternoon.

 

[fibbinstarchi]

a trillion why ? if they did shadow his trades they would've done it at the same size they wouldn't take extra risk .

Exactly.

 

[fibbinstarchi]

The figure was supposed to be a tad sarcastic, but if someone could consistently clear £10k a day spreadbetting, then they would seem to be a trading god, so there wouldn't be any shadowing risk for WS. Even if they only started with £10k in the bank (probably an over-estimate), by compounding up, the billions and trillions wouldn't be far out of sight.

Trading God, hardly, I know many other traders whom trade the ranges of many pairs and fo a lot better. Compounding past a certain amount is a pipe dream, believe me, I've tried it, once you start going over £100pp with the sb brokers you run in to many problems. The best way to get large trades filled is to communicate with the management as your trade sizes increase, if worked out properly you can both benefit.

 

[Ross Spur]

I trade the cable opening range in the morning then the afternoon range when the US join the party in the afternoon.

You make it sound simple.

 

[Cliffman]

Yes they did like to skim a few pips but you simply adjust, I never really had too much trouble with them, I expect they were shadowing my trades. Am currently eating into CMCs bottom line.

Becareful with CMC I had a £1 a point running on the FTSE futures sometime ago and didn't have a stop during the night it spiked down over 5000 points for a few minutes so the next morning I had an email asking for over £5000! I closed the account and got a tiny bit of compensation but it took for ever to get it.

Who said Spread Betting companies don't play with prices!!!

 

[tar]

Becareful with CMC I had a £1 a point running on the FTSE futures sometime ago and didn't have a stop during the night it spiked down over 5000 points for a few minutes so the next morning I had an email asking for over £5000! I closed the account and got a tiny bit of compensation but it took for ever to get it.

Who said Spread Betting companies don't play with prices!!!

ftse spiked down 5000 points ?!

 

[stevespray]

ftse spiked down 5000 points ?!

Must have pretty much touched zero!

 

[ProductSurvey]

Hi, I'm one of the guys who had a few cent over at worldspreads..

Anyway; The guys who've fooled us can't be so dumb that they would just take the money and "vanish" as thats pretty much impossible nowadays - they must have had it all planned out in another manor....

Which led me to this; What they have done is totally legal as we, meaning us who've invested our money into WS, knew that they had the right to do whatever they wanted with the money transferred to them - it's in the contract we agreed upon when signing up...

I guess they can take the money and do whatever they want with it as we've granted them permission to do just that - Am I right, would it be legal for them to take our money as we've agreed on it?

I had approx. 1000 euro on my account, not to much, but still annoying to lose it to a couple of idiots..

 

[Ross Spur]

Hi, I'm one of the guys who had a few cent over at worldspreads..

Anyway; The guys who've fooled us can't be so dumb that they would just take the money and "vanish" as thats pretty much impossible nowadays - they must have had it all planned out in another manor....

Which led me to this; What they have done is totally legal as we, meaning us who've invested our money into WS, knew that they had the right to do whatever they wanted with the money transferred to them - it's in the contract we agreed upon when signing up...

I guess they can take the money and do whatever they want with it as we've granted them permission to do just that - Am I right, would it be legal for them to take our money as we've agreed on it?

I had approx. 1000 euro on my account, not to much, but still annoying to lose it to a couple of idiots..

Did the contract say you give them permission to commit fraud?

 

[ProductSurvey]

Did the contract say you give them permission to commit fraud?

No, but it did say that worldspread could use the money the client invested if they wanted to - doesn't that mean that what they've done is legal?

If they took the money out of ws as salary or bonus or whatever , which is possible as everyone in charge of the numbers seems to be in on it..

 

[tar]

No, but it did say that worldspread could use the money the client invested if they wanted to - doesn't that mean that what they've done is legal?

If they took the money out of ws as salary or bonus or whatever , which is possible as everyone in charge of the numbers seems to be in on it..

no they shouldn't do anything with the money , the money should stay segregated ...

 

[fibbinstarchi]

Becareful with CMC I had a £1 a point running on the FTSE futures sometime ago and didn't have a stop during the night it spiked down over 5000 points for a few minutes so the next morning I had an email asking for over £5000! I closed the account and got a tiny bit of compensation but it took for ever to get it.

Who said Spread Betting companies don't play with prices!!!

I never have overnight positions.

 

[pboyles]

No, but it did say that worldspread could use the money the client invested if they wanted to - doesn't that mean that what they've done is legal?

If they took the money out of ws as salary or bonus or whatever , which is possible as everyone in charge of the numbers seems to be in on it..

I imagine the law would over ride any unfair provisions they put in their T&C. Taking money out of someone's account and effectively stealing it can't be justified.

 

[fishee]

Apparently in the UK a broker-dealer can use clients assets for their own trading under the rules of Re-hypothecation. This could be why MF Global decided to base in London and why John Corzine their CEO is still walking freely with clients owed billions. To quote from wikipedia on another case:
"Prior to the Lehman collapse the IMF calculated the US banks were receiving over $4 Trillion of funding by rehypothecation, much of it sourced from the UK where there are no statutory limits governing the reuse of a client's collateral."
Hard to believe this apparently is still allowed to happen after near meltdown of global economy.

 

[JSMITH07611]

worldspreads offered zero spreads

well you see now why they offered it

so that you deposit 5k

then they do ponzi scheme

moneys now gone

worldspreads bankrupt

the proof it was a ponzi

firstly why did they require £5000 for zero spreads only because they were planning on going bust

secondly why did they need about 25 white label websites only to get as many customers and there money - you can see the list here FSA Register other brokers just have about one or two white lables

thirdly how come the boss resigned the day beforehand of course ponzi he runs off with his money

fourthly the guy conor foley (the ceo)is definitley irish in saying he had no idea about the issue he just happened to resign The brains of an irish man thinking people will believe him

fifthly they were legally required to segregate funds which they deliberately stole

also by the way look at this link to find out what mr conor was really like

This is the story of Conor Foley and WorldSpreads

I CHALLENGE ANYONE TO SAY THAT THIS WAS AN HONEST COMPANY

 

[trendie]

been reading this thread, and it reminded me that WS have been trying to get me to open account with them this year.
3 emails this year, latest being Mar 5th. including a phone call.

one of the positives, or so I thought, was that losses in the first 8 weeks would be re-imbursed upto £300. didnt take up offer as reviews suggested WS platform was a bit naff.

I wonder how many may have opened and funded an account on the back of the offer of cashback of losses, as it effectively gave newbies a pretence of "free money/cant hurt if I lost a bit"?

anyway, hope anyone caught out doesnt get too badly burned.

moral of story: have back-up accounts, and make enough via SB to fund a proper DMA account in the near-future.

 

[tradeany]

the proof it was a ponzi

firstly why did they require £5000 for zero spreads only because they were planning on going bust

secondly why did they need about 25 white label websites only to get as many customers and there money - you can see the list here FSA Register other brokers just have about one or two white lables

thirdly how come the boss resigned the day beforehand of course ponzi he runs off with his money

fourthly the guy conor foley (the ceo)is definitley irish in saying he had no idea about the issue he just happened to resign The brains of an irish man thinking people will believe him

fifthly they were legally required to segregate funds which they deliberately stole

also by the way look at this link to find out what mr conor was really like

This is the story of Conor Foley and WorldSpreads

I CHALLENGE ANYONE TO SAY THAT THIS WAS AN HONEST COMPANY

It is not that the Irish believe him, or as he is Irish that he believes he will be will be believed.
It is that big business white collar crime (of this nature e.g.Anglo Irish and many before them) goes completely unpunished in Ireland.
They simply deny any wrongdoing and get away with it.
I am in for £9k in this debacle and I am Irish. I will never have a penny invested in any Irish company again (spread betting or otherwise).
It is my own fault for not looking at the Board make up, I took it a face values as a regulated UK company under the FSA that this sort of thing could not happen.
Particularly after all the lessons of the past.
Did you notice Charlie McCreevy was also on the Board, Google that guys background.

Only hope is for the British police and regulator to go after them. I am ashamed of the enforcement and regulation that has been in place and continues to occur in Ireland.