| |
MIG BANK FOREX BROKER FRAUD
Dear Sir
I'm a Clint's in MIG BANK in Switzerland under account number 213350 MAM account 213300 and with leverage 1to 200 .MIG BANK make Meany wrong and Bad behavior does not befit the reputation of Swiss banks of ancient and accurately known her dealings and good :
1- MIG BANK close my account by margin call while I make full hedging on my all positions antel 7 of Oct 2010 but in 7 of Oct 2010 when I have around 17564 $ as equity and free margin and i opened 3 positions only everyone with 0.2 lots with total margin requirements 2290.93$ that's where AUD/USD and USD /CHF and USD /JPY has not registered any loss remember in the margin call time from other side it was protected by stop-loss order and take profits during the margin call time, from other side when MIG BANK close the positions and they make my equity (-14427$) and this act is contrary to the laws of banking and margin because they braek the security cost of the margin 0.5% and they must return my margin requirements if there system was correct for assumption.
2-MIG BANK did not return my commission 20 $ per lot total 30260 $ as we agreed with each other through the documents that were sent from them and through phone calls .
3- MIG BANK made my account as swap account and calculate it but we agree and confirm that my account must be with free swap - free interest account or Islamic account and I send them all document by DHL and by fax and by email but they But they dealt neglect this aspect.
4-MIG BANK , after I Sent to them all the contracts and documents by DHL they have not signed and sent to me so far as they promised.
I try with them to return my money but they were manipulating the crooked ways by sending details of the operations that were shut down and as if they do not know the market system which is hurtful to see that this is fraud and deception and procrastination, and your will show all details and in formations in this complaint and you will note that manipulation of the MIG Bank, which is as follows:
1 - they does not recognize margin requirements and wants to make it zero for all open positions on the basis that there full hedge while the claims of fraud, and embezzlement because the margin requirements value as you know must be returned to after the close of hedging to the account of the investor and the positions were suspended from the first returned value of the margin account to the client but MIG BANK want to embezzlement and theft of the value of the margin requirement .
2- regarding the commission 32260 $ they did not recognize on it while they but my account on MAM platform while all individual Clint's trade on MT4 platform and they sent me the documents of the commission and they promised me to add it to my accounts monthly by there phone call through nidhal abdulhadi and dina sharaiha and they absolve themselves of that agreement but installed them through those recordings, email and MAM platform It would not have admitted under my MAM accounts.
3- Regarding the margin call:
From daily statement you will note following details:
In 6 Oct 2010 the financial bar was:
Balance 138003$ equity 17564 $ free margin17564$ swap 2569.0 floating P/L-117896$
Margin requirement 102987.75$
In 7 Oct 2010 the financial bar changes to the following details:
Balance 138003$ equity 14427$ free margin14427$ swap 2569.05
floating P/L-149861$
You will show that difference between total statement of 6 Oct total
(-117869.77) $ and statement of 7 Oct total (-149861.06) $ on same open positions which are under full hedge and there are difference value 31992$ without justification
Margin requirement for 2 lots audusd and 2lots usdchf and 2 lots usdjpy 2290.93$
2290.93$ + 102987.75$ = 105987.86$ total margin requirement to 7 Oct 2010
Regarding swap I don't admitted in, but when they add it on the total loss they make it from reasons to margin call,
In general if that there was an initial positions has been surrounded by a full hedge position, the value of the loss and gain remains constant but with MIG BANK on my account there was fraud and theft by manipulation and you will show that difference between total statement of 6 Oct total (-117869.77) $ and statement of 7 Oct total (-149861.06) $ on same open positions which are under full hedge and there are difference value 31992$ happening in the total of tow statement in one nights only but if you calculated you will get big theft result its 38953$ how it's happen and way they do that with me??!!This amount, which created it, without justification, to be a tool for fraud and theft on Oct. 7 did not exist on Oct. 6, although the positions itself has not changed ,
For that I need to return my fund as following:
Margin requirement 105978.68$ + 14427$ for equity+30260$ commission
=150665.75$ total
best regards
akram bin khalid
Comments
Add a comment
|
|
At MIG Bank, we are always committed to provide highest levels of transparency in all aspects of what we do that is based on our first value that Integrity comes first. On top of that, MIG BANK is a Swiss bank, regulated by Swiss Financial Markets Regulatory Authority (FINMA) and is continually monitored in all aspects it does to ensure that it treats its customers fairly and professionally.
Here at MIG Bank, we generally refrain from addressing general comments using public forums as we do not know who is behind. Instead, we focus on constant improvements of our services and invest heavily in our customer support infrastructure and have professional support team trained to assist all our customers whenever possible. However, we felt it necessary to respond publicly to Mr. Bin Khalid's false accusations against MIG Bank as he has publicly mentioned details of his account and posted these false allegations. His accusations are misleading and do not represent the true facts which can be proven by Mr. Bin Khalid’s account statement, trading history and agreements signed and we feel that it is our duty to bring the truth to the public.
MIG Bank has responded to Mr. Khalid's complaints on several occasions as we always look to serve best our clients and look into any issues they face. We take seriously any complaint and review all complaints at the management level and always hold ourselves accountable if the client is right. However, if a client’s claims are not based on true facts and are simply aimed to recover the losses caused by his own trading decisions, then we of course cannot be not compensate that.
All Mr. Bin Khalid claims is false and this was explained to him on several occasions and, as mentioned, can be proven simply by looking at the facts. We hereby quote our latest official letter sent to Mr. Khalid on 3/12/2010 in response to his claims:
‘’
1. Regarding the positions issue
As per the statements in the attachment, it clearly appears that you had open positions on the 7th of Oct 2010, which means that the account was not fully hedged as you claim and you had the following net open positions:
- 2 lots of buying AUDUSD
- 2 lots of selling USDCHF
- 2 lots of selling USDJPY
You will find in the attachment a full statement of your account 212350.
These positions that you opened yourself resulted in the entire loss on your account and thereby closing of all positions in your account. Having signed the request to open an account, you confirmed to be aware of the risks involved in trading Forex. Moreover, by signing an Asset Manager contract, you have further confirmed to be a professional in financial instruments, and in Forex in particular.
Therefore, we consider your accusations that the closing out of your open positions absolutely false.
2. Regarding the commissions issue
First of all, we point out the sole account you introduced is held by yourself. It is not make sense to charge yourself commissions on your own trading anyways and you were not deducting any commissions from your account to be rebated to your commissions account.
Furthermore, MIG has never received any duly signed PICPF Form from you although we have sent it to you on the 9th of March 2010. We point out that this document is signed by a client in order to remunerate the asset manager managing the client’s account. The amount of commissions/fees are debited from the client’s account and credited to the asset manger’s account.
Moreover, as you had an online access to your trading account, you could see clearly that there were zero commissions charged on your account and you could have requested easily for this to be changed by signing and sending the PICPF to MIG.
Therefore, you cannot claim that MIG owes any commissions to you as you didn’t introduce any client to be managed by you and your own account was not charged anything and so it is clear that your allegations about MIG owing you an amount of USD 32,260 as commissions are clearly unfounded. We state again that the basis of calculations that you have used are pure fantasy.
3. Regarding the swap free issue :
We have received the swap free request for MAM TCA 213350 in August but were not able to change the group because there were opened positions on the account. We have informed you of this on the 24th August 2010 about the Swap free status of your account as per e-mail enclosed.We emphasize that you have never closed your open positions since and therefore it was impossible for us to provide you with this Swap Free account.
In any case, we underline that MIG has the absolute right to accept or reject a Swap Free account.
Therefore, your allegations about the swaps are therefore totally unfounded. It is through your own fault that we could not make the changes necessary to your account even if it is not an obligation on us to do so.’’
Finally, as per our agreement with Mr. Akram, if he is in disagreement with our answers and facts we provide, he can always take us to courts and hold us responsible for his losses. However, we believe that as his claims are false, he has unfortunately chosen to blackmail us by publishing his false accusations which we strongly deny and we will take appropriate legal action in a timely manner.
Thanking you in advance for your attention.
Kind Regards,
MIG BANK.