An angry saver who followed an ANZ Bank financial adviser's advice to put half his savings into ING's failed Diversified Yield Fund, and saw over 70 percent of it go up in smoke, has turned to YouTube.
http://www.stuff.co.nz/4822469a13.html
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An angry saver who followed an ANZ Bank financial adviser's advice to put half his savings into ING's failed Diversified Yield Fund, and saw over 70 percent of it go up in smoke, has turned to YouTube.
http://www.stuff.co.nz/4822469a13.html
Thu, Jan 15 2009, 15:17 GMT
http://www.fxstreet.com
ODL Securities, the leading independent FOREX, derivatives, equity, spread betting and commodity trading house has sold the US division of its profit making US Forex business to Forex Capital Markets LLC (FXCM).
http://www.fxstreet.com/news/forex-n...c-cb706e07fb77
Wednesday Jan 21, 2009
By Maria Slade
The ANZ bank and fund manager ING are being investigated over potential breaches of the Fair Trading Act in their marketing of a troubled investment fund.
http://www.nzherald.co.nz/business/n...ectid=10552791
Trouble Ahead for MG Forex? Last year Rosenthal Collins bought MG Forex just as the first capital requirement was set to kick in. RCG then announced that MG Forex was a subsidiary of Rosenthal Collins Securities, which is regulated by FINRA, not the NFA. Thus MG Forex was able to avoid the $20 million capital requirement since FINRA members need only $250,000 in capital.
more......................
http://www.trade2win.com/boards/fore...tml#post641594
Dominion Finance Holdings (DFH) has been placed into liquidation in line with a recommendation from the administrators appointed to the company.
The decision was made at a watershed meeting of creditors held yesterday in Auckland.
DFH is a holding company that no longer trades. Its main subsidiaries are property finance companies Dominion Finance Group (DFG) and North South Finance (NSF).
Full Article
ING has delayed a unitholder meeting originally scheduled to be held before March 31 to determine the fate of its two major collateralised debt obligation (CDO) funds.
by David Chaplin
The news comes at the same time as the group has decided to close another fund managed on behalf of a group of advisers – the $6.5 million Private Portfolio Service (PPS) Diversified Trading Fund.
Goodreturns.co.nz
Monday 2nd March 2009
The government's deposit guarantee scheme is set to have its first test-run, as of today.
Mascot Finance will be the first company to test the scheme since its inception in October last year, after the company was placed into liquidation today, owing $70 million to 2,558 investors.
All eligible Mascot investors will get 100% of the money they are entitled to under the crown's scheme, Treasury secretary John Whitehead says.
More here................................
http://www.sharechat.co.nz/news/scne...e.php/c986abb6
yes thats a serious worry that the guarantee is getting tapped so quickly. it was always just going to be an easy way out for lesser-rated finance institutions. Seems their loan portfolio wasnt too well diversified and when the major customer defaults its all over goodnight nurse. except its not coz they are indeed A Lucky Mascot
2558 people with 70mill all up. u tell me - are they idiots? or are they actually pretty clever? i believe that they still get all their interest payments. so they are losing time but not really money and they'd possibly already given time.
and its safe as houses ah no , a lot safer than houses
Tax payers money being using to pay these defaults.
.
The Government says it had no reason to believe that Mascot Finance would fail when it granted it a taxpayer-funded deposit guarantee in January. Questions over whether the Crown should have given Mascot Finance a guarantee arose after if it went into receivership seven weeks after getting a guarantee.
A total of 72 deposit takers have been granted the Crown guarantee.
More here on Stuff.co.nz
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A former Blue Chip managing director has bought a South Island finance company and wants to raise $50 million in term deposits.
Nick Wevers and his associates bought Priority Finance, a Christchurch business founded by Noel and Kent Gillman, which has since had its name changed to Viaduct Capital. A new prospectus has been registered for the term deposit issue.
The money would be backed by the Government's deposit guarantee scheme, Wevers said.
The full ariticle from NZ Herald
Heres another one - he's just been sent to the Big House for 150 years. http://www.stuff.co.nz/business/worl...d-to-150-years
I spotted this new? broker advertising - "Xforex arrives in New Zealand'.
Not sure who they are just yet, but may be US based.
CFTC Charges James Ossie and CRE Capital Corporation with Operating a $25 Million Foreign Currency Ponzi Scheme
Georgia Man and Corporation Allegedly Ripped Off 120 Investors
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) announced today that it charged James Ossie of Atlanta, Georgia, and his company CRE Capital Corporation (CRE) of Alpharetta, Georgia with operating a Ponzi scheme involving more than 100 people and approximately $25 million in connection with foreign currency transactions (forex). Ossie resides in Dawsonville, Georgia and is president and sole owner of CRE; neither has ever been registered with the CFTC.
According to the CFTC’s complaint, Ossie and CRE promised pool participants that they would earn a 10 percent return on their money within 30 days by trading United States and Japanese currency pairs. The complaint further alleges that since June 18, 2008, rather than making money for pool participants, Ossie and CRE lost approximately $4.4 million trading forex. Finally, the complaint alleges that Ossie and CRE operated a Ponzi scheme, in which forex trading “profits” were actually paid from the principal of subsequent pool participants.
“Investors must run the other way when approached by anyone claiming to guarantee exorbitant monthly returns, like those promised by CRE and Ossie. Such representations should raise an immediate red flag that such investment is too good to be true,” said CFTC Acting Director of Enforcement Stephen J. Obie. “We are seeing an uptick in Ponzi scheme cases because, in this economic climate, new investors cannot be found to perpetuate the scheme. As these schemes collapse, the CFTC will move swiftly to prosecute those who harm innocent investors.”
http://www.cftc.gov/newsroom/enforce...pr5598-09.html
IG Markets opening in NZ
http://www.nzherald.co.nz/business/n...ectid=10602829
"
He thought IG's competitive advantages included the ability to provide New Zealand-dollar denominated products which removed foreign exchange risk from positions in overseas indices and commodities.
IG runs a "hybrid" model where positions taken by clients may be "synthetic" - established by matching transactions within its global client base - or where positions result in the actual purchase of securities on relevant markets."
Wall Street wake-up call: Hedge fund boss, 5 others charged in $25M-plus insider trading case
- By Larry Neumeister and Candice Choi, Associated Press Writers
- On 7:35 pm EDT, Friday October 16, 2009
NEW YORK (AP) -- One of America's wealthiest men was among six hedge fund managers and corporate executives arrested Friday in a hedge fund insider trading case that authorities say generated more than $25 million in illegal profits and was a wake-up call for Wall Street.
More
http://finance.yahoo.com/news/Billio...94948.html?x=0
Unbelievable.
..................... the infamous John Meriwether, after driving his 2nd hedge fund into the ground early last year, [Mar 28, 2008: Founder of Long Term Capital Failing Again] has found a new round of suckers to invest with him again. For someone in my position this story is the type that creates the propensity to bang a head into a sturdy wall. Somehow a man whose "ability" required the Federal Reserve to make the first move that really set the entire precedent of "too big to fail" in 1998 by "rescuing" his hedge fund (along with the bankers!), and concurrently re-opened (and failed) a 2nd time, can walk on water and raise money with his magic wand. Details on the "original bailout" of Long Term Capital here - the amount, $3.5 Billion, that was considered "too big to fail" back then, is amusing in retrospect to what we've just done the past 18 months.
More info
http://finance.boston.com/boston/?GU...ChannelID=5895
So much for track record huh... When funds fail, there is always an external unforseen problem though, aint there? When they do well, the manager is the hero...
Jan. 14 (Bloomberg) -- Joseph Collins, Refco Inc.’s former outside lawyer, was sentenced to seven years in prison for helping Chief Executive Officer Phillip Bennett and other executives defraud investors of $2.4 billion.
http://www.bloomberg.com/apps/news?p...d=a3gTuiHWluwc
Arco,
do you mind sharing which broker you are using? Man, the stop loss hunting I have seen on forex.com's demo is just insane...
Hi,
I'm just starting out in FX trading, and been reading through these threads especially ones with broker reviews.
A lot of the threads/reviews are many years old now, and wondering if anyone could provide any updates.
Would be interested in knowing of brokers where you can set your account in N.Z dollars.
I have been using CMC for the last couple of months and all is going well. Although reading all the reviews regarding them are terrible.
Wondering if they have improved there service the last few years?
Would be great to know of other brokers to get a comparison.
Thanks in advance.
P.S - Would also be interested to know why the FX part of this site has gone so quiet, looks like it used to very active, and still plenty of traffic on the other parts of the site. Are less people getting involved in FX trading
or are they just posting elsewhere?
Death by a thousand cuts.
Forex trading is a fool's game - you are highly leveraged (100-200x) in a market that is moved by institutions. I have met a guy that used to be a forex trader for a global bank, who then went in to set up his own forex brokerage. He told me that bank forex traders are there to process orders, not primarily to speculate. Thus they don't care about taking positions hoping the market will move one way or another. They just want to get their order executed at the best price. He then set up a Forex brokerage (like Oanda/CMC) and his business model is to clip the client every time they make a trade through commissions that mean the client has to take a fair amount of risk to cover just to become profitable on a trade.
I've also spent time at a dealing desk here in NZ at a major bank, watching what the traders do, so this corroborates his story.
I also have a contact who is a professional forex trader and has his own forex company. His advice to me was:
- Use Interactive Brokers (even though he runs his own brokerage, he trades with IB)
- Never leverage more than 5-10 times your account - if you can't make money at 10 times leverage, you don't have enough money to trade. Keep saving
- The trend is your friend, follow long term trends, not minute/hour/day trends
- Economic fundamentals drive currencies. TA is noise
"TA is noise" Wry smile