KPMG Warns Alpari’s Traders of So-Called Fraudulent 'Alpari UK China Support Team'
- FX traders in China should be wary of a group of fraudsters attempting to deceive them under the Alpari banner, according to KPMG. A team claiming to provide support is actually a fraudster.
Wrongdoers in China are trying to take advantage of the current vulnerable nature of currency traders in the country. KPMG, the administrator working on Alpari UK's insolvency, issued a notification informing the public that a group known as 'Alpari UK China Support Team' were offering services to bewildered users. The news reinforces the fragile nature of governance in the emerging market nation.
The statement, issued on the 24th of March 2015, stated that the group were misusing the situation to offer help to clients. The notice states: "(KPMG) wishes to alert the Clients about a fraudulent China Support Team of the Company. A group called 'Alpari UK China Support Team' alleged that they are authorised by the Company to handle queries from the Clients of the Company in China and claimed that they can facilitate the communication between the Clients and the Joint Special Administrators of the Company in order to expedite the return of their client monies."
The contact details of this fraudulent 'Alpari UK China Support Team' is: Email: Alparichina@qq.com & QQ number: 1984960563.
China is known for its signature replica FX brokers, where non-regulated firms disguise their operations to mirror a reputable or developing provider. With the latest fraud, culprits have taken deception to a new level with a Robin Hood-type approach coming in as a Good Samaritan with a hidden agenda.
Details of the fraud were not mentioned, however with clients already in stress due to the insolvency, the group may be promising refunds for an upfront fee, thus causing further monetary loss to the traders.
KPMG provided details of the group by publishing their email address which is using a popular Hosting Hosting Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Read this Term firm, QQ, the firm added: "The Joint Special Administrators of the Company would like to declare that the Company and the Joint Special Administrators are not related in any way, directly or indirectly, to the so-called “Alpari UK China Support Team”. In addition, the Company and the Joint Special Administrators had never authorised such “Alpari UK China Special Team” to facilitate the communication between the Clients and the Joint Special Administrators of the Company.
KPMG provided the detail: "The contact details of this fraudulent 'Alpari UK China Support Team' is: Email: Alparichina@qq.com & QQ number: 1984960563."
China, is one of the largest markets for currency trading and has been a magnet for wrong doings, over the years brokers have faced difficulties with the financial watchdog due to the lack of Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term for margin FX products. A number of brokers have been caught out due to local practises, with IronFX being the most recent provider that faced issues.
Wrongdoers in China are trying to take advantage of the current vulnerable nature of currency traders in the country. KPMG, the administrator working on Alpari UK's insolvency, issued a notification informing the public that a group known as 'Alpari UK China Support Team' were offering services to bewildered users. The news reinforces the fragile nature of governance in the emerging market nation.
The statement, issued on the 24th of March 2015, stated that the group were misusing the situation to offer help to clients. The notice states: "(KPMG) wishes to alert the Clients about a fraudulent China Support Team of the Company. A group called 'Alpari UK China Support Team' alleged that they are authorised by the Company to handle queries from the Clients of the Company in China and claimed that they can facilitate the communication between the Clients and the Joint Special Administrators of the Company in order to expedite the return of their client monies."
The contact details of this fraudulent 'Alpari UK China Support Team' is: Email: Alparichina@qq.com & QQ number: 1984960563.
China is known for its signature replica FX brokers, where non-regulated firms disguise their operations to mirror a reputable or developing provider. With the latest fraud, culprits have taken deception to a new level with a Robin Hood-type approach coming in as a Good Samaritan with a hidden agenda.
Details of the fraud were not mentioned, however with clients already in stress due to the insolvency, the group may be promising refunds for an upfront fee, thus causing further monetary loss to the traders.
KPMG provided details of the group by publishing their email address which is using a popular Hosting Hosting Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Read this Term firm, QQ, the firm added: "The Joint Special Administrators of the Company would like to declare that the Company and the Joint Special Administrators are not related in any way, directly or indirectly, to the so-called “Alpari UK China Support Team”. In addition, the Company and the Joint Special Administrators had never authorised such “Alpari UK China Special Team” to facilitate the communication between the Clients and the Joint Special Administrators of the Company.
KPMG provided the detail: "The contact details of this fraudulent 'Alpari UK China Support Team' is: Email: Alparichina@qq.com & QQ number: 1984960563."
China, is one of the largest markets for currency trading and has been a magnet for wrong doings, over the years brokers have faced difficulties with the financial watchdog due to the lack of Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term for margin FX products. A number of brokers have been caught out due to local practises, with IronFX being the most recent provider that faced issues.