Worldspd Share Discussion Threads

[old giggleswickian] 25/3/2012 16:59

Oilbarrel58,
Jolly decent of you to sympathise but you may wish to look back over some of his postings from the last week or so. It looks as though he had to crystalise some large losses on Tanfield because he did not want to make margin payments. This would suggest that his net position was parlous before the liquidation and that his losses will come from accepting the unrealised positions for what they were. In fact he could even benefit from relinquishing these bad bets and staunching the negative flow of funds.
Of course he may not wish to tell the Headmaster and the Burser that he had planned to maintain his family's standard of living by making large bets on companies like Tanfield or that it could prove a blessing in disguise. Steveglobal4 should probably take his wife's advice or at the very least understand the meaning of leveraging.
I realise that this may seem harsh but if we are going to accept big gains from little effort we must also be prepared for if we get it wrong. Money may or may not have been missappropriated but I suspect that his net position was poor because he said that he was falling below the notional credit limit and £50k of net funds can be recovered. Not convinced my Headmaster would have been too impressed if my dad had said he was down to his last £50k.

Ian.

[joe moon] 25/3/2012 12:04

Corzine "gave direct instructions" to transfer $200 million in segregated consumer funds to JP Morgan for payment on an overdraft

[joe moon] 25/3/2012 12:01

but where do you put the money?

banks will probably follow


waiting list for guns

[joe moon] 25/3/2012 12:00

hard luck alf....tend to agree this whole ponzi will collapse in the end so if anyone does have decent sums in sbs...they should remove them imo and leave only gambling money in

[alfg] 25/3/2012 11:25

I have 5 accounts with this outfit ( family etc) and many other accounts with other sb outfits ...despite their assurances that their "ringfenced" systems are safe i intend to close many ,if not all , asap and return back to paper holdings only .

Anyone reading this should maybe consider the same, because assurances mean nothing once accounts are suspended

I`m talking IG , ETX , Capital spreads even with Mr Denham making a personal representation to this board ( lol) ..how desperate , City index etc

The old guru himself -CMC top dog , up to his old tricks i see

Oh Mr Cruddas how low we can stoop .......!!!!!!!!

We swim with sharks .....in this industry

[m.t.glass] 25/3/2012 10:51

OG -- passengers might each wish to discuss face-to-face the plight we are in and beg a personal contribution as recompense. Or request space in a stable if now rendered homeless. Or any number of alternative requests.

[old giggleswickian] 25/3/2012 10:20

steveglobal4,
A simple "oops sorry" might suffice, possibly followed by "I contacted ADVFN to withdraw my ridiculous claim".

M.T.Glass,
The written word is often harder for some to interpret accurately. "a coachload of aggrieved clients might want to go visit them" and "there is absolutely no hint". Hmm!

Ian.

Wer im Glashaus sitzt, sollte nicht mit Steinen werfen.

[m.t.glass] 25/3/2012 09:44

(duplicated)

[m.t.glass] 25/3/2012 09:44

The Worldspreads collapse is evidently prompting some thought about spreadbetting in general:

[m.t.glass] 25/3/2012 09:44

giggleswickian - there is absolutely no hint of violent intent in any of my posts. You are doing exactly what SJCsystems did - totally misrepresenting what I said in a way that suits you. Straw man tactic.

[old giggleswickian] 24/3/2012 11:55

steveglobal4,
I shall try not to be rude because I don't think that would get us anywhere. I have no reason to doubt your emotion but it is leading you in the wrong direction. I had not even heared of Worldspreads until last week. I have an account with another spreadbetter and wanted to follow the drama to see what relevance it would have to my relationship with this "industry" and from that stand point I have chosen to learn some of the lessons from here.
The reason I posted was because in my world what M.T.Glass posted was sheer madness. I am no legal expert but if I was asked to sit on a jury I would say that he was, to my mind, inciting violence. He then saw fit to "threaten" someone else for what I deemed to be no reason at all.
You may have guessed that I am the product of the Public School system so I shall end my post there but I would have more to say if "encouraged".

Ian.

[joe moon] 23/3/2012 23:09

how much have you lost steve?

[sjcsystems] 23/3/2012 22:31

@steveglobal4 and others

I am not a director of WorldSpreads and never was. I feel a grave sense of loss at what has happened. I sold my shares over a year ago, when I was still showing a profit and was actually thinking of buying some recently when they launched their app and CFD service. Thankfully I didn't. However I have lost sums of money on such companies as Global E and before that shares like Energis. I tried to put into perspective the simple fact that a few days ago, someone here posted a list of directors onto this thread. It is incorrect. I am not defending anyone, however I am merely stating that in the age we live in, putting into words on a social media site your intention to use a crowbar or whatever is seen as an 'incitement to violence'.

For the benefit of this thread, my loss is felt materially. I returned from New Zealand to help get WorldSpreads started and supplied their original trading platform. I was involved when there were only a few employees and helped it grow into what was a very successful company. But, I parted company with them some time back.

I hope for all of you on here that puts it into context. I have no involvement in any of the alleged activities.

[nick_evans] 23/3/2012 21:18

Hi all,

Proposed Potential Client Action Group

Having been hit for the second time by alleged stock market fraud /negligence I am determined that all those who have been impacted are fully compensated. I would also like to explore forming a powerful shareholder action group on our behalf. Many have suggested writing to MP's, I think we can do that and share the responses.

Most important of all is that we want to get our money back and be restored to the position we would otherwise have been in had this alleged negligence /fraud not have occurred. That has to be the priority but it's also worth highlighting how grossly inadequate FSA current protection arrangements are relating to segregated funds.

I think it very important that a not for profit group is established with sufficient numbers and claim value to get a seat at the creditors table. The group would also work with the administrators to ensure appropriate legal action is taken on our behalf. Realistically, the more numbers the greater clout.

The group would need some others beside myself to share the workload.

I am aware there is another action group charging for both a coordinators role and solicitor costs. I am sure they will do an excellent job but I don't think clients need to shell out too much if anything at this stage. Victims have had enough monetary loss and many are too cash-strapped to afford both solicitor and coordinator fees plus unknown expenses. Also, I think such a charging structure reduces the numbers and numbers create the power and reduce any future costs. At the very least clients unable to afford high legal costs need to club together to ensure we have equal access to the administrator and represent adequately our claims.

I have already made contact with a leading firm of solicitors and have been given the name of an experienced practitioner. Over the weekend I will write to him for a quotation covering the following: -

a) Ensuring the potential group has representation at the creditors table. This would be someone with sufficient expertise to represent the group or, if the costs were not too punitive, the solicitor himself. The representative(s) would also link with the administrators and highlight the obligation to limit their costs and also take legal action on our behalf if there is proven negligence or fraud. Frankly, I think it is better if it is the administrators who pursue the claim. That way, we don't have to take the risk of legal action ourselves or have our potential return reduced by a Conditional Fee Arrangement (CFA).

b) Appraise whether all clients who are long-term stock position holders are able to claim for gains from closed positions from the time of closure until such time we are able to restore out positions. There is the issue of mitigation and clients with the current means the restore their positions may face this obstacle. I doubt if the administrators will take that on but it's something a group could pursue, particularly if a CFA was available.

We would also look towards establishing a relationship with the solicitors so that once sufficient facts are known they are ready to look at acting on our behalf and, if appropriate, in a Contingency Fee Arrangement (sometimes colloquially known as a 'no win / no fee') and After Event insurance in the event the administrator does not act.

The obvious potential targets are the directors if culpable and the auditors. I'm not sure if there is any mileage looking at the role of the bank where segregated funds were meant to be kept.

I don't see the point in getting a solicitor to look at the legal prospects in detail at this stage as the administrators should be doing that and, besides, limited facts are known. We don't need to pay for duplication of the administrators work but we do need information and access with sufficient clout to them. Clients do need to be ready to take over with an external claim in the event the administrators decline to take action.

It's unknown how many clients will benefit from this. If we only get one third back from the creditors then clients with losses over £75,000 might be interested. If we get 50% then clients with over £100,000 will benefit. If you are a long-term position holder then you might be interested in joining with a view to ascertaining whether there is scope for claiming any lost gains and the criteria necessary for claiming.

If you are interested in forming such a group please contact me with your loss. I will make the sum total available (without giving any names) to the solicitor over the weekend.

Please also indicate if you have any special skills and would be willing to share the workload. I have no legal background and, of course, have no intention of making any charges whatsoever. I am just interested in doing something constructive that helps protect mine and others interests with no initial cost.

Also, if the administrator passes the claim to creditors then the greater the numbers we can gather the lower the shared cost for using external legal action.

I am aware of another victim who is also looking at getting the views of a barrister so the potential group doesn't necessarily have to use the firm I am contacting or, indeed, any at all at this stage.

My contact email is [e-mail]

Good luck to us all.

Best regards,

Nick

[mikeja] 23/3/2012 20:25

How could Foley not have been aware.

[logbaba] 23/3/2012 18:40

If fraud has been involved then the guilty should be sent down for a long time.

Are the FSA / SFO investigating this collapse as they should ?

[mikeja] 23/3/2012 18:31

Incidentally nobody has mentioned collins Stewart in this mess.Where were they when the money was being stolen?