hillderek posted: Can anyone advise on how to get one's money back from this broker? Their website has gone (404-Not Found), the don't reply to emails or answer the phone.
Professional4X posted: Consider how many people got their money back when Bernard L. Madoff Investment Securities defrauded their customers for somewhere between $20 billion and $65 billion (reports vary on final value of fraud claims). Overall around $11 billion was recovered via various means has been distributed to a portion of their investors, however most of their investors will never see their funds again.
Contact the regulatory agency for the country in question and get an attorney.
Pretty much all scenarios would indicate you are out of luck and your money is gone.
jonpearce posted: Not true.........ASIC requires that client funds are kept in segregated accounts. Clients that had funds deposited should contact ASIC: https://asic.gov.au/ and the Australian Financial Complaints Authority: https://www.afca.org.au/
How is what I said NOT TRUE?
That is ABSOLUTELY what they should do.
As I clearly stated above, they should be contact the regulatory and governing bodies, in addition, the OP needs to contact an attorney immediately.
NOTHING I said was untrue.
As per the notice on the government website.
Following an administrative hearing, ASIC found that Berndale:
failed to take reasonable steps to ensure that its representative complied with financial services laws; failed to have adequate financial and human resources; failed to maintain an appropriate internal dispute resolution system; failed to provide financial services efficiently, honestly and fairly; failed to comply with the client money reporting requirements; failed to lodge annual financial statements, and audit reports; and is likely to contravene its general obligations as an AFS licensee.
ASIC also found Mr D’Amore:
was involved in contraventions of financial services laws by Berndale; is not adequately trained, or is not competent, to provide financial services; and is likely to contravene a financial services law.
As for what I said about the clients that got funds stolen by Madoff, that too is absolutely correct. Madoff still owes BILLIONS of dollars to the people he ripped off.
As for actually recovering any funds that a specific client lost due to being defrauded by the now closed brokerage. The license was pulled and they were shut down because they mishandled the funds and didn't have adequate financials resources available. The most likely scenario is that the funds are gone and the client will probably be out the investment capital.
I was referring to this statement you made: 'Pretty much all scenarios would indicate you are out of luck and your money is gone.'
This is incorrect. Client funds are kept in segregated accounts and unless someone has absconded with the funds they will still be there. Berndale did not go broke, their licence was revoked.
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