News for customers of LimeFX UK Limited

Once the special administrators have carried out this assessment, whether there is any client money missing will become clearer. Richard Heis, Samantha Bewick and Mark Firmin of KPMG LLP have been appointed joint special administrators. The proposals for the special administration are available to view and download at /uk/LimeFX. The company called in KPMG as its administrator on Monday, after it made huge losses following a decision by the Swiss central bank to remove its currency ceiling, which caused the Swiss franc to jump 30 per cent. “Regrettably, as a result of the lack of a buyer in the entirety of the company’s business, 114 employees have now left the company due to redundancies and resignations. We continue to employ 52 employees who will assist in the special administration,” said KPMG.

Administrators for collapsed spreadbetter LimeFX UK have failed to find a bidder for the firm and have begun to sell off its assets, resulting in the loss of 114 jobs. Additionally, KPMG has considered definitions of client, and what the insolvency means for clients with open positions. Both LimeFX and Chattopadhyay cooperated fully with the FSA investigation and agreed to settle at an early stage. Without the discount, the financial penalties would have been £200,000 for LimeFX and £20,000 for Chattopadhyay.

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West Ham FC’s sponsor, foreign exchange broker LimeFX UK, has collapsed into administration after weekend rescue talks failed to deliver a buyer. A team of restructuring experts from KPMG were appointed as special administrators to the firm, which was scuppered by the Swiss central bank’s decision last week to abandon its attempt to peg the franc to the euro. These accounts are held on trust by the Joint Special Administrators for the benefit of the retail clients of the Company. The remaining approximately £22.2 million of segregated limefx courses scam client money is currently held in a segregated account and the Joint Special Administrators are awaiting confirmation of its transfer to an account directly controlled by the Joint Special Administrators. Its former money laundering reporting officer (MLRO), Sudipto Chattopadhyay, has also received a financial penalty of £14,000. After the special administrators have completed their assessment of the client money position of LimeFX, it will become clearer whether there are any customer losses relating to client money.

LeapRate has learned that, after a frantic weekend search for an acquiror or outside investor, LimeFX UK has formally entered administration, to be led by KPMG. Approximately $99 million of client funds will be returned to LimeFX UK clients. As its MLRO during this period, with responsibility for compliance oversight and money laundering reporting, Chattopadhyay was accountable for these breaches and therefore also received a financial penalty for the failings.

This will allow those clients to view their statement as at 19 January 2015. A client’s agreement to their claim in the Claims Portal will be accepted for both voting purposes at the Initial Meeting (therefore there is no need for those clients to submit a statement of claim) and any distribution(s) from the Special Administration. In order to vote, clients and creditors must have either submitted a statement of claim form or, if access has been allowed, agreed their balance(s) on the Claims Portal (see details below).

Chattopadhyay has also given an undertaking that he will not make an application to the FSA to be approved for a compliance oversight or MLRO role for three years. FSA regulated firms should carry out risk assessments of the money laundering and financial crime risks that they are exposed to. However, between September 2006 and November 2008, LimeFX failed to carry out thorough assessments and, as a result, put the firm at risk of being used to further financial crime.

The brand focuses on efficiency by perfecting enabling technological advances such as its analytics tool, Autochartist. The brand has developed three trading and investment applications and continues to strive to create new systems that optimize trading efficiency. LimeFX developed and introduced PAMM accounts to the financial markets in 2008, which has become an internationally recognized product. Based on both i) the current situation of LimeFX (UK) Limited, a parent company of LimeFX Japan K.K.

• Typically currency movements are relatively small, so LimeFX was prepared to let clients leverage up by as much as 500-times their capital outlay.
• We continue to employ 52 employees who will assist in the special administration,” said KPMG.
• LimeFX UK now is under the Special Administration Regime according to the UK law.
• Currently active as independent trader and educator in financial trading and investment.
• KPMG said a deal has been agreed to sell LimeFX’s intellectual property to its largest shareholder Andrey Dashin, including the LimeFX brand name.

Currently active as independent trader and educator in financial trading and investment. Also, the Joint Special Administrators seem to be having hard time analyzing traders’ positions closed on January 15, 2015, and January 16, 2015. No deadline is provided in this respect but the administrators promise to update everybody on how these checks are going not later than the week that ends on February 20, 2015. The site was designed to provide traders of all levels with all relevant information to choose a suitable broker wisely without having to research the whole web, make the same mistakes he made or waste time and money.

At present, KPMG estimates that the overall return to clients will be in the range of 75.0 cents to 80.8 cents in the $ (USD). LimeFX Shenzen has been successfully deregistered and a sum of £3,108 remitted to LimeFX UK. The second progress report covers the period from July 19, 2015 through to January 18, 2016.

LimeFX Group

Today, following the insolvency and subsequent administration into which LimeFX UK has entered, the Japanese Financial Services Authority (FSA) has confirmed that the firm’s Japanese operation has followed suit. But when the franc soared by almost 30 per cent, clients could not immediately cover their losses, leaving them to LimeFX. KPMG is setting up a hotline today for clients to call for information on how to access the funds.

If you want to know more about this, you can check the FSCS website or wait for further notifications from the administrators. LimeFX UK now is under the Special Administration Regime according to the UK law. As soon as the audit is done, they will notify LimeFX UK clients to explain the actual circumstances and explain withdrawal procedures (if the funds are available). UK FCA has stated that the administrators will do their best to return clients’ funds as much and as soon as possible. The elimination of CHF 1.2 peg against Euro by the Swiss National Bank (SNB) last week has shocked forex industry up to bankruptcy. Two minor forex brokers from New Zealand has announced total loss and closed shop, and LimeFX UK soon followed suit by pushed into declaring insolvency by UK FCA.

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Typically currency movements are relatively small, so LimeFX was prepared to let clients leverage up by as much as 500-times their capital outlay. But despite interest from firms thought to include IG Group and Australian firm Pepperstone, the Russian-backed LimeFX had to enter administration. If you submit a statement of claim and then agree your https://limefx.biz/ claim via the Claims Portal prior to 12.00 noon on 11 March 2015, please note that your agreement to your claim in the Claims Portal will supersede your statement of claim. Your agreement to your claim in the Claims Portal will then be used for both voting purposes at the Initial Meeting and any distribution(s) from the Special Administration.

• Apart from that, there are still a large number of forex brokers unaffected by the Swiss Bomb.
• If this is the case, depending on your individual circumstances, you may have access to the Financial Services Compensation Scheme (FSCS).
• We would remind our readers that the insolvency of LimeFX UK does not affect other LimeFX Group companies, including the flagship LimeFX RU operation.
• On 19 January 2015 LimeFX (UK) Limited (LimeFX) formally entered into Special Administration Regime insolvency proceedings.
• KPMG has paid a total of about $49.9 million from the client money pool in respect of 11,209 clients, representing approximately 51% of the CMP (client money pool).
• If you want to know more about this, you can check the FSCS website or wait for further notifications from the administrators.

Having reached an assessment that the firm was no longer solvent, the firm made an application to Court to formally initiate limefx reviews insolvency proceedings under the SAR. On 19 January 2015 LimeFX (UK) Limited (LimeFX) formally entered into the SAR.

LimeFX UK Administrators KPMG provide update on insolvency proceedings

The FSA also recognised that LimeFX and Chattopadhyay had put in place a remedial action plan to address the failings. LimeFX label is used by companies that although all of them used LimeFX brand name, but they are all under separate management. Therefore, the LimeFX UK that has suffered bankruptcy here is under different management with any other LimeFXs. LimeFX UK bankruptcy affects only clients of LimeFX UK and its subsidiary/IB/White Label. If you are a client of LimeFX UK, you can sign LeapRate’s petition that seeks immediate return of client funds. To date, 94,355 clients have access to the Claims Portal representing 99.8% by value of clients.

Japanese regulator confirms LimeFX Japan enters administration

Any proxies that are intended to be used must be submitted to me by the date of the meeting. Please refer to Appendix 6 of the proposals, being further information regarding the initial meeting of clients and creditors and the voting process as well as for assistance regarding completion of the relevant claim and proxy form. A number of firms were said to be interested in the West Ham shirt sponsor, however, a deal was unable to be reached for the business as a whole and KPMG will go ahead with breaking it up and selling off assets. The fact that LimeFX UK that is a part of the well-known forex broker LimeFX and was licensed by UK FCA has gone into bankruptcy must have made clients wonder what to do. The special administrators will get in touch with affected customers in due course. The move was apparently made to protect LimeFX Japan creditors and customers, so that their interests are not hurt by the potential outflow of LimeFX Japan’s assets triggered by the insolvency announcement of LimeFX UK.

LimeFX in administration: 170 jobs at risk at spreadbetter

We would remind our readers that the insolvency of LimeFX UK does not affect other LimeFX Group companies, including the flagship LimeFX RU operation. To help combat the negative association, LimeFX RU initiated an aggressive new campaign today, setting a zero minimum deposit requirement on all trading accounts. LimeFX failed to carry out satisfactory customer due diligence procedures at the account opening stage and failed to monitor accounts adequately. These failings were particularly serious as LimeFX’s customer base included those from higher risk jurisdictions, such as Nigeria, and its customer relationships did not operate on a face to face basis.