KPMG Warns Alpari’s Traders of So-Called Fraudulent 'Alpari UK China Support Team'
by
Adil Siddiqui
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.
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 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 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.
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 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 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.
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Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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