Cameron Farley, FSA & Grant Thornton

ritchieboy

RayWolfe wrote: »

Good grief!
Let me repeat:
Classic!
People "invest" in unregulated financial activity. It goes belly up and it's someone else's fault.
Let's have a public enquiry, paid for by the rest of us.
Let's have our money back, paid for by the rest of us.
Take responsibility for your own action folks.

Oh what a clever man you are, we could all look into this and other forums and see where "we think" others have gone wrong and point it out. But most people would see that as spiteful, ignorant & somewhat childish.

I bet you are the type of guy who thinks charity begins & ends at home! Sad Man. I'd be more than happy for you to explain you view to me & mock me for losing my Dead Farthers money. Let me know where to come & I'll meet up with you!

ritchieboy

Rollinghome wrote: »

I can't help noticing that regardless of the relative number of brain cells present you are the one who's been parted from your money while Ray Wolfe seems smart enough to have steered clear of such scams.

Good luck with the problem but I suspect that kicking the dog or popping up on forums to be abusive is unlikely to be helpful.

Your comments are hardly helpful either. It is very easy to make comments and pass judgement without knowing all the facts. And reading info from forums isn't fact. So if you are a decent human being, don't kick people when they are down, if you have nothing constructive to say, say nothing.

I started this thread for information, get some advice & get in touch with some other creditors, not to spiteful comments from people like you. People have lost there house's, marriages and become ill from this, is that funny to you.......

wantanswers

Ritchieboy

There are many people who have gone through what you say and still are. I for one will be joining the legal action group and will do whatever I can to support it and hope answers come from it, but better still some recompense for the suffering we have been put through. The state is the state but there is nothing in the rule book that says you can't challenge it and believe me WE will.

CFL will go through the due process of Law and nothing we can do can change that other than to give information as and when requested which is what we will do, however the other way round seems to be the difficult part.

WE wish you well and maybe see you over on the other side.

Regards

Rollinghome

ritchieboy wrote: »

Your comments are hardly helpful either. It is very easy to make comments and pass judgement without knowing all the facts. And reading info from forums isn't fact. So if you are a decent human being, don't kick people when they are down, if you have nothing constructive to say, say nothing.

I started this thread for information, get some advice & get in touch with some other creditors, not to spiteful comments from people like you. People have lost there house's, marriages and become ill from this, is that funny to you.......

Richieboy, I have every sympathy for you in finding yourself in this position but please don't further your mistake by putting too much store in the vainglorious nonsense of Mr 'FSA Legal Action'. Many reasonable people will feel that your complaint should be against the company and that the FSA acted entirely properly.

wantanswers

Hi Ritchieboy..............Update........Copied.

This outcome has already been established. Just 2 issues remain: SF to be held accountable in a court of law, and the FSA's actions to be examined by professionals to see if they were negligent due to the loss of the money on the Gain Capitaln platform after they took control on the 2nd Sept.

ignorence is no excuse, also they were aware of this platform long before they closed CF down.

As for the sale of the flat I was in contact with GT and heres their email:

Dear Martin

We will be issuing a report to creditors within the next month or so, with our progress for the 6 months of the administration, which will include the following details (assuming that the sale completes ok).

The flat was independently valued at around £360,000. We put it on the market at a slightly higher figure (as you have probably seen) and have had an offer, which we have accepted, at the valuation figure, having been advised that:
a. it's a fair price and
b. the market is cooling again.
If we held out for more, we would undoubtedly be waiting until the spring at the earliest. What if the market dips again? Also, if we get the money in fairly soon, the funds can be paid out in the dividend along with the money at the bank, thus incurring no additional administration costs.

Regards

Lesley Wooller
Manager

for Grant Thornton UK LLP

wantanswers

Would appreciate comments from qualified persons. The issue is similar to ours in so much as £10million was allowed to vanish after the freezing order. Who is responsible for the disappearance is not a proven or stated fact at this moment in time.

http://www.walkermorris.co.uk/content.aspx?id=363

skateyuk

Hi,

I have to say that as a layperson in Law I do not know if the FSA would be found guilty of negligence. However, what seems to be missing from all these speculations are the facts, because we do not have all of them. For me this crusade of seeking the facts and making the FSA accountable is totally separate from CF being regulated or not. Was the bulk of the money invested by clients there on the day they froze the company?

The answer to that is yes. The question then arises, well how was the money lost AFTER they took control. This is the gap in knowledge that none of us have, but this is the key factor, I feel, in reaching a conclusion on negligence. If Stephen Farley put those trades on before the FSA intervened and locked him out of the office so he would not have access to any platform, and if Stephen Farley also warned the FSA that those trades were placed but they did nothing, then in my eyes they are negligent. I wouldn’t have thought that there was any ambiguity there. If on the other hand, the FSA did not lock down the Gain capital platform, and Stephen Farley accessed the platform from his home and placed the trades without their knowledge, then being negligent on the FSA’s behalf might not be so clear.

I personally feel that they should and could have locked down the Gain Capital platform AS SOON AS THEY FROZE the company, if they did then the bulk of the funds would be there.
Why didn’t they do that? The FSA were aware of the platform long before they froze the company, perhaps they have a perfectly legitimate answer but as of yet there hasn’t been any.

If I invest in an un-regulated company then I stand by that decision good or bad. If, on the other hand, the FSA intervene then money is lost as a direct result of that intervention, then I will obviously feel very let down and will want answers as to what went wrong.

I might add that this is separate from the key facts that SF was deceiving clients by stating profits where none seemed to exist. His on-line accounts were obviously lies, but how many of these forex scams are out there I wonder!

I put money in, and lost it, I went to see him before putting money in, saw his offices with many people working there, asked him questions, saw his trading platform, talked to clients that were part of this set up for two years or more, saw the return. Was I stupid, yeah, but it is amazing how many intelligent people can be taken in by this type of operation, madoff to mention just one!

turbobob

wantanswers wrote: »

Would appreciate comments from qualified persons. The issue is similar to ours in so much as £10million was allowed to vanish after the freezing order. Who is responsible for the disappearance is not a proven or stated fact at this moment in time.

http://www.walkermorris.co.uk/content.aspx?id=363

I am not a qualified person so take this as just a layperson comment. I think you need to establish exactly what was frozen. The article above is about Barclays, a UK retail bank. The liquidators state that GAIN Capital was US based. Could a UK court impose a freezing order on a US institution? I don't know. Note however that GAIN Capital does have a UK arm which is regulated by the FSA - http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=62171
http://www.forex.com/uk/index.html

wantanswers

Like you Skateyuk If I invest in an unregulated company I also stand by my decision and like you also if money has been lost as a result of the FSA’s intervention then I will feel let down by the people who are put in place to protect us. I did as much homework as possible before investing and that included visiting FSA web sites for warning’s etc and of course I was also given a copy of a regulation application (which there now appears to be some confusion) that led me to believe I was managing my risk.

How many scams are out there, I think the answer to that is many and ordinary intelligent people like us are taken in by them.

http://vmehta.conforums3.com/index.cgi?board=lifestyle&action=display&num=1249222561


Thanks also turbobob thats useful.

wantanswers

Thanks once again turbobob, like you i am not a lawperson but it's something that maybe a good barrister can use.

Thanks.