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Berndale Capital Securities

Derek (hillderek)
Dec 28 2018 at 12:20
3 příspěvků
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.

Adribaasmet
Dec 30 2018 at 07:21
951 příspěvků
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.

Open new threads in all of the popular forum especially on FPA with the details. Maybe it can help.

Professional4X
Dec 30 2018 at 20:55
1189 příspěvků
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.


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.


If it looks too good to be true, it's probably a scam! Let the buyer beware.
HFT Group (jonpearce)
Dec 30 2018 at 21:54
86 příspěvků
Professional4X posted:
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.


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.



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/

Highest Forex broker rebates:
Professional4X
Dec 30 2018 at 22:21
1189 příspěvků

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.

If it looks too good to be true, it's probably a scam! Let the buyer beware.
HFT Group (jonpearce)
Dec 30 2018 at 22:57
86 příspěvků
Professional4X posted:

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.

Highest Forex broker rebates:
Professional4X
Dec 30 2018 at 23:46
1189 příspěvků

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.



They lost their license because they didn't have the financial ability to properly handle their clients needs.

The didn't properly protect their clients money. Thus, good luck getting any money back from them.







If it looks too good to be true, it's probably a scam! Let the buyer beware.
HFT Group (jonpearce)
Dec 30 2018 at 23:51
86 příspěvků
Professional4X posted:

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.



They lost their license because they didn't have the financial ability to properly handle their clients needs.

The didn't properly protect their clients money. Thus, good luck getting any money back from them.








Where does it say they fraudulently dealt with clients funds? There would have been criminal charges laid if that was the case. You are scaremongering and certainly not making clients that had money deposited feel any better. We deal with ASIC here not SEC.

Highest Forex broker rebates:
Professional4X
Dec 31 2018 at 00:18
1189 příspěvků
jonpearce posted:
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.



Professional4X posted:
They lost their license because they didn't have the financial ability to properly handle their clients needs.
The didn't properly protect their clients money. Thus, good luck getting any money back from them.


jonpearce posted:
Where does it say they fraudulently dealt with clients funds? There would have been criminal charges laid if that was the case. You are scaremongering and certainly not making clients that had money deposited feel any better. We deal with ASIC here not SEC.


'Scaremongering' ?

Oh nice... You decided to go with the childish name calling route... Ok noted...

You want their clients who lost money to 'feel better' about it?
NO. ABSOLUTELY NOT. This is not something to just 'feel better' about.
This is something to be extremely pissed off about, and requires hiring an attorney to deal with the problem.

PAY ATTENTION.....


I very specifically said:

They lost their license because they didn't have the financial ability to properly handle their clients needs.
The didn't properly protect their clients money. Thus, good luck getting any money back from them.


This statement is VERY CLEARLY supported by the public announcement by the government which says (yet again) the following information.

FROM the government website:
https://asic.gov.au/about-asic/news-centre/find-a-media-release/2018-releases/18-363mr-asic-cancels-retail-otc-derivative-issuer-berndale-capital-securities-licence-and-bans-former-director/

Most specifically the following information points.

This one states they are not in compliance with financial services laws.
===>
failed to take reasonable steps to ensure that its representative complied with financial services laws;


This one states they did not have adequate financial resources (NOT ENOUGH MONEY).
===>
failed to have adequate financial and human resources;


This one states they didn't provide an appropriate method for dispute resolutions.
===>
failed to maintain an appropriate internal dispute resolution system;


And this one very clearly say's they didn't act in an honest manner when providing said services.
===>
failed to provide financial services efficiently, honestly and fairly;


And this one say's they didn't comply with the reporting requirements for client money.
===>
failed to comply with the client money reporting requirements;



And the list goes on....

ASIC did in fact state that the brokerage lost it's license for failing to provide their services in an honest manner.

There is no scaremongering here, just the facts which you are opting to ignore.

In addition if you google 'berndale capital scam' you will see 11,400 search results, a large portion of these search results appear to be in regard to Berndale ignoring withdrawl requests from their clients and vast complaints that clients were being scammed out of their money.

If it looks too good to be true, it's probably a scam! Let the buyer beware.
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