Forex Trading Scandal: Giambrone’s Forex Lawyers announces legal action against TadawulME /Exential Group over allegations of forex and managed accounts fraud and misappropriation of investors’ funds
The majority of our clients complain of the fact that they have been unable to request a withdrawal of their capital, which should have been paid back within 20 days from the date of the request in line with the contractual agreements.
Any investor who has been unable to obtain a refund of the capital and profit within the agreed contractual timescale may consider the possibility of commencing legal proceedings on the basis that the contractual period for profit remittance and account closure have been disregarded, giving the affected party a right to commence legal action to ensure that Exential complies with their contractual obligations. Any action for breach of contract may also include interest, legal costs incurred to pursue the action and damages (if proven).
One of the main concerns raised by our clients is that FCI Markets Inc. (formerly FC Prime Markets) owns an MT4 server licence so there is a real risk of manipulation of any data in their servers, without any independent audit.
We suggest that anyone who has concerns about Exential Group shall seek immediate legal and/or financial advice.
Our lawyers in the Forex Litigation Department are currently reviewing the evidence provided by our clients – the majority of which are cabin crew and airline personnel in the Middle East - and the recent Google searches conducted online on Exential Group, which provide links to adverse information that appears to implicate the company as part of a scam and online fraud. Giambrone cannot confirm or verify the validity of such information at this stage as our investigations are still ongoing.
In a statement issued by the company in February 2016, Exential explained that the delays in processing investors’ funds were mainly related to anti-money laundering and a compliance investigation commenced in Australia by FC Prime Markets AU Pty (“FC Prime Markets”), a financial service provider, based in Australia and headquartered in Dubai, authorized and licensed by the ASIC (Australian Securities and Investments Commission) under the Australian Securities and Investments Commission Act 2001 (ASIC Act). One of Exential’s directors, Sydney Lemos, is also the chairman of FC Prime Markets.
Exential alleges to have acted as the exclusive money managers for FCI markets since 2014, although this information is still under investigation by our lawyers. It also claims that, as a result of such compliance investigation, all standing instructions had been frozen since end of 2015 because large payments processed by FC’s Australian bank were going to the countries termed as “high risk countries”.
Exential Mideast Commercial Brokers LLC (one of the companies affiliated with Exential Group) alleges to have been operating in the forex market for the past six years by trading on an online platform provided by FCI Markets Inc., which provides a trading platform in Forex, Precious Metals, Non deliverable Forwards, Contracts for Difference, Futures and Options, under a licence issued by the British Virgin Islands Financial Services Commission ("FSC") under the Securities and Investment Business Act, 2010 ("SIBA")
From a regulatory perspective, Exential’s registered address is in Arenco Tower at Dubai Media City, and the Dubai Financial Services Authority (“DFSA”) has confirmed that the Exential Group and/or TadawulME are not regulated by the DFSA and are not located in the DIFC.
In view of the large number of complaints, our lawyers will work in conjunction with the Department of Economic Development (DED), the Emirates Security and Commodities Authority, the Dubai Financial Services Authority, the British Virgin Islands Financial Services Commission, the Australian Securities and Investments Commission and the U.K. Financial Conduct Authority to enable them to fulfil their respective regulatory mandates in the areas of investors’ protection and fostering the integrity of and maintaining confidence in financial markets to reduce systemic risks to the industry as a whole.
Giambrone will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.
If you have lost funds with TadawulME /Exential Group, please contact our Client Relations Team to arrange a discussion with a lawyer in the Binary Options Litigation team. Our international lawyers are able to provide assistance in English, French, Spanish, German, Italian, Arabic and Chinese.