Comments on: NSFG Pool - What now?

By: Jude

Jude — Sun, 05 Nov 2006 23:21:02 +0000

Hi Riker, I could access the site without any problem. Are you behind a Local Area Network or something?

By: Riker

Riker — Sun, 05 Nov 2006 20:50:06 +0000

Anybody else out there having problems accessing feederfund?

I keep trying but I get re-directed to a frontdoor page?

Not too thrilled with feeder at the moment.

By: ARud

ARud — Tue, 24 Oct 2006 23:47:32 +0000

After the stunt these guys pulled I cannot trust them as far as I can throw them. It really irks me whenever I hear them and their followers rationalize and attempt to justify their actions. There is no excuse for what they did not telling us about the problem when it happened and giving us the choice of getting our money back. I think it still stinks that we are not given the option of withdrawing our funds, albeit 30%. Something rotten is smelling in Denmark.

By: smilinsam

smilinsam — Mon, 23 Oct 2006 09:25:16 +0000

I think this whole escapade just highlights one of the rules all investors should follow.

No matter how trustworthy and safe you think a program is, it isn’t. Do not put the majority of your funds in any one place.

By: John

John — Mon, 23 Oct 2006 06:35:07 +0000

Fine,

I will keep patience as said “Patience is the Key and Patience Pays”.

Even if we keep the money for years , It wont jeopardize us as these guys are
enthuthiastic enough to make our money growand i believe they wont scam us as these guys after getting scammed started this venture (If I am not wrong) and they wont m ake us feel lose as they felt when they burnt their fingers.Legal , government and regulations are some things which are far beyond our reach.

But i say Hats off to these guys.

By: Jude

Jude — Sun, 22 Oct 2006 09:41:45 +0000

Hey John, a “wait and see” attitude should be applied to NSFG for now, we’ll see how it goes in 07.

By: damien

damien — Sun, 22 Oct 2006 07:35:11 +0000

John, You cant do anything but wait….and hope, but dont hold your breath too much for a “possible” recovery.

By: john

john — Sun, 22 Oct 2006 05:10:49 +0000

How do we go now.
I have $100 in NSFG.
Do we need to wait and have patience untill they revert back to normal after few months or log a call for withdrawal.

Thanks

By: Devilboy

Devilboy — Sun, 22 Oct 2006 00:26:01 +0000

Thanks Katzenhai - you’re right.

By: katzenhai2

katzenhai2 — Sun, 22 Oct 2006 00:22:12 +0000

They used ACM until February. Then they moved to FXCM and in June to BGC-Partners. So the issue with the Ministry was in February/March.

By: katzenhai2

katzenhai2 — Sun, 22 Oct 2006 00:20:39 +0000

Well, because Paul himself mentioned in his email the ACM Broker and the complete story:

Paul stated:
-> “I will start at the beginning, many of you may remember way back when we first started we were using ACM in Switzerland as the broker for our Pool Account, and then switched over to FXCM in February so we could run the Managed Accounts.”

By: Devilboy

Devilboy — Sat, 21 Oct 2006 23:17:25 +0000

Katzenhai - Are you sure? I know Cralle is going to check the documentation to confirm the seizure of the funds shortly, but I’ve not heard that it actually happened a year ago. Where did you hear this?

By: katzenhai2

katzenhai2 — Sat, 21 Oct 2006 16:59:32 +0000

@devilboy:
>> In June NSFG moved accounts to the new broker. In the process they
>> had to move all the pool funds into a bank account, and move it all from
>> there to the new broker. Unfortunately the Danish government seized
>> those funds and NSFG only managed to move 30% of the total amount
>> to the new broker.

The complete situation is more worse than you think: The problem began at the beginning of the year/end last year, when NSFG used ACM as their broker. That was BEFORE they used FXCM as their broker which was bad to trade with because of slippage and then changed to BGC-Partners. It was at that time they used Ken’s own company bank account in Denmark (it was curious to me why they had done it, but they hadn’t their offshore bank account in Cyprus ready at that time and it seems they needed a bank account immediately). NSFG had given Ken’s bank details to send money on it. So this part of the story is true. But thats really looooong ago and thats what makes me upset: They lied almost a year about the problem, not only since June!!

@cashking
>> Isn’t it completely legal to “pool” money in places such as Panama?

Not if you are a citizen of another country and/or advertise your pool in these countries. If you are using an offshore (Panama) bank account, who should be aware of that you are pooling funds? It has nothing to do with ‘legal’, it isn’t! The main problem is that NSFG used a danish bank account. Other countries like Panama are not so restricted like the ones in Europe or US. But even offshore banks don’t want you to pool funds. They will close your account too if your activity is too suspicious.

By: cashking

cashking — Sat, 21 Oct 2006 13:24:25 +0000

You know, I have a bit of a hard time believing this whole thing… here’s why : Isn’t it completely legal to “pool” money in places such as Panama? In other words, the financial/banking havens of the world. I’m not saying I’m certain that is the case, but I do believe they don’t care if you’re pooling money or not in some of those places, just as long as the money is clean and you’re not laundering money.

So what I’m thinking is, if you’ve setup a program like NSFG and you are smart enough to be trading and all that.. wouldn’t you know that you can pool the money in safe places, where the government won’t seize it? I mean, why Denmark??

I mean I’m assuming things, but… it’s just some food for thought. This whole money being seized thing smells funny to me. If true, it could have been avoided.