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Paul, NSFG updates via email
Hi There Everyone,
I am so sorry for not getting back to you guys sooner than this!!
We have open positions running and I was giving them the first week in August to close so I could account for them….after it became apparent that they would run for longer I was going to update you all last week.
However as some of you may have noticed our Hosting company went down, taking the site and email along with it!!!
After yelling at them it was clear that we seemed to be hitting a brick wall there so Ken and I decided to get a New Domain: www.northseaforexgroup.eu and have just got that up and running.
The dot com domain will be transferred over shortly, but at the moment both Ken and I are using the dot eu domain for emails.
Okay, right well because the Open positions are currently still running I have to report the July position as Flat, which mean no gain or loss on account but we are confident that this will ultimately prove very positive when they close. However we can not say with any certainty when this is going to be closed as it totally depends on market conditions.
With this in mind Ken and I have decided to take a step that we have been planning on taking for a while now, and just needed the right time, due to the current situation now is a good a time as any.
Northsea Forex Group Ltd wants to become a more mainstream trading fund and to do that we need to step out of the grey area and move into the professional arena and due to the current political climate need to protect both us and yourselves from any potential problems that may occur. The problem that we have is the Pool Account plain and simple. Under current regulations we are required to “know our clients”, this means that a full compliance check is done on each of them……if you know any Managed Account Holders then you will know this can be a lengthy process. Currently we don’t actually know any of you, at least not to a satisfactory level required by law. We can not undertake the same process that a Managed Account client goes through for each of you….it would take an age.
Obviously this is not an option for the pool members, and we have no intention of closing the pool down or anything. What we are doing however is a restructuring behind the scenes which will most likely result in the Pool being licensed to a third party who will then become a client in their own right as well as complying with all sorts of regulations and tax issues. You guys will probably not even notice anything has changed to be honest.
The downside of this is that it might take a while for us to get everything sorted. After taking advice from various sources we have started this process, as not only will it make it better for everyone in the long run, it will also mean that we will avoid any such problems that occurred at the start of last year which would be bad obviously!!
While we are going to be undertaking this we are going to have to cease all financial activity for Northsea Forex Group that involves the Pool Account, this includes trading, while this happens. This does not include the current open positions which were made prior to this undertaking. I warn you now that this will probably take a few months to get sorted. It is something that really does have to be done, and as we are locked with the open positions anyway now is the best time to do it.
We do apologise in advance for the inconvenience this may cause.
In regards to the July Statements, they will probably not come out till the end of August, as the email programme is coded into the system using the dot com domain and we will either have to wait for it to resolve over to the new hosts or if that looks like it will take to long then we will get it recoded to the new domain.
Again, I apologise for the delay in getting an update out to you guys. Please also note that if you have sent me an email in the last week or so I will not, and probably will never get it, if you sent it to the dot com address.
Have a great week and I hope you enjoy what is left of the Summer!
Paul
Popularity: 5% [?]
Hello Jude,
We’ve been watching the rise of NSFG for a long while now. We believe (though it is hard to tell) that Paul is possibly a real foreign exchange trader.
We would like to explore collaboration with his fund as we believe this would be of mutual benefit and was wondering if you could put us in touch with Paul.
We would require that NSFG is fully complient with SEC, FSA regulations so as to prevent our funds from predatory actions.
If it is possible, contact us on the above email address.
Thank you in advance for you connection.
Did you think to check the website referenced in the post AET? (or the one you have been watching rise)
There is a blue link right in the middle of the front page saying “Contact Us”.
Hmm a pause in trading in the pool account,,,, what assurance is there that they will not use this dormant capital? ie not trade it and skim the profits off to cover up their expenses/losses…. is anyone auditing their pool now? just a suspicion.
Hey AET, you can just directly email him at paul@northseaforexgroup.com
They locked in 5% for juli. Now its 0% because of a lot of blah blah blah. No offense, but in my eyes a bad sign and a red flag once again. I guess the future will tell the truth..