New Zealand’s Financial Markets Authority (FMA) issued a statement today which warns the global public against doing business with or through Forex Trend Limited (Forex Trend) and its website fx-trend.com. The website of the Ukrainian CRFIN-Blacklisted broker, Forex Trend, is still functional with no notification or warning on its main page.
While the broker claimed before the regulator it is insolvent, the FMA is concerned that Forex Trend and related people or companies may be continuing to solicit money from members of the public, and warns customers in New Zealand and overseas not to invest in the company or its products.
The FMA says it has received a number of complaints from overseas-based Forex Trend customers that the company has failed to follow their instructions to withdraw money from their accounts. The New Zealand director of Forex Trend, Mr Manlai Zhang, has advised the FMA that the company is currently unable to meet its obligations to customers and intends to appoint a liquidator.
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It goes without saying that companies are not legally permitted to carry on business if they become insolvent and unable to pay their debts. However the Forex Trend website still offers customer accounts for online currency trading. Despite several requests, the FMA has not received any further information from Forex Trend regarding the proposed appointment of a liquidator.
Forex Trend is a member of Financial Dispute Resolution (FDR), which is an independent dispute resolution scheme. The FMA reminds customers who have a complaint about Forex Trend can contact FDR for help. FDR will investigate complaints and work with the customer and Forex Trend to reach an agreement. If agreement cannot be reached, FDR will propose a final decision, which will be binding on Forex Trend if accepted by the customer.