Edgar International

Beginner Questions
563

Master Asia,
Following are the disappointing message received from Legion personnel, why Legion is being terminated.???

Dear Valued Customer,

Regretfully to inform you that effective 8:00 am New York time today, 19th January 2011 – Legion Trade Limited is no longer part of “EDGAR Restructuring Consultant Group”.
Edgar International Company Limited management has decided to terminate our company services and supports.

Amid that, Legion Trade Limited no longer can assist any Edgar client payment issues.

You are strongly advice to communicate directly with your immediate representative and account manager on the payment issues

Mr Mutalib, hope you can explain on this.

564

Masterasia, I am not sure if you will receive any reply from NZ SC anytime soon. I think they are investigating Edgar and its associate companies. Edgar used to advise their clients to deposit into their own bank account in NZ when they started. But for some reason they stop using their own name. I mean what could have prompted them to stop using their own account name? One possible reason could be - the company is under investigation in NZ and blacklisted from opening bank account? Hence they used other company accounts to collect payments? Payments received never go into Edgar’s accounts.

They seem to get more desperate when they start accepting collection point in Malaysia under all sorts of funny enterprise companies.

566

They have refused payment already.

Maybe they have run away already too.

567

The deposit advice is not Legion Trade anymore, changed to Prince Trading Limited. Maybe Mutalib already got big headache with Edgar.

Now it’s time to rock Prince Trading Limited!!!

568

Hahaha…who is doing the rocking ??..lmao

569

so meaning to say…our money bye bye loooorr :eek:

570

Hi Guys,

The above email I have personally send to few EDGAR clients to notify them about the termination issue and we (Legion Trade Limited) no longer can assist them on their payment issues.

Only client whom had contacted me personally got that email and they post it here. Wonder if word “in confidence” meant anything to the person posting this email here.

Regards,

Mutalib Rahman

571

Mr Mutalib,
Some of my friends whom met you mentioned that you’re such a nice gentlemen and have been very helpful in many ways. Unfortunately such an event turned out to be and I thought you’re the one who could help us. Anyway, God bless you…

Edgar,
Now, who in Edgar can help to clarify n rectify the situation? Andy Junis? Why Andy is keeping very quiet?

572

Guys,
Since I’m no longer handling Edgar issue …. I just continue participating in this site for learning experience and knowledge sharing ……

For those needs to satisfy themselves for arguing about Forex Trading…… I just have some info for you

Currency Trading in general break to 5 different market

[B]Cash Market for example Money Changer is an open market but also supervise by Central bank[/B]

[B]Spot Market like Online Trading is an Open Market / Self Regulated [/B]

[B]Forward Market which mostly use in Import / export activities is Open market but also supervise by Central bank [/B]

[B]Futures Market like CME futures contract is Exchange Regulated [/B]

[B]Option Market like CME Option contract is Exchange Regulated [/B]

Those companies in NZ offering spot currency trading but bragging about their futures trading license is similar with dentist wannabe bragging about their surgeon license.

Lastly, New Zealand is open and liberal market. Do you know that in New Zealand - You can operate any type of bank services without the requirement to obtain bank license as long your company name don’t have BANK on its name?

There is no Law or regulation or regulatory body in New Zealand governing Spot Currency Trading since the concept of spot currency trading is willing buyer and willing seller and it’s not futures contract or exchange traded product.

It’s a self governing transaction which any issue on the transaction has been define in the trade agreement.

Someone in this post said anything using margin or leverage is futures trading – I believe it’s a simple minded person statement. If everything in this world can be simplified then it goes like this :

• Duck can swim – so if you can swim you also a duck!
• Place a 10% deposit worth USD 1000 to buy car worth USD 10,000 is also futures trading lah!
• Eagle can fly so anything fly is eagle (don’t call them airplane)
• Place Security Deposit USD 1000 to buy GBP contract worth USD 100,000 also futures trading ?

Each transaction defines by its binding contract …… so not everything swim can be call duck.

573

Wow…your post reveals your ignorance.

574

well since this is a forum to discuss … correct me if im wrong

575

If you are in the financial industry or you are a lawyer and you say this, it means your are either not in those 2 professions or you are totally ignorant.

Do you want me to post a link to the NZ Govt website showing you the actual legislation of 16th August 2010 ??

576

[B]Regulatory authorities and official sources

•Reserve Bank of New Zealand, in an article summarising the regulatory framework for
the New Zealand financial sector, prepared in consultation also with the Securities
Commission and the Ministry of Economic Development: ‘Unlike in many countries,
where the licensing of a bank determines what the bank can do, bank registration in New
Zealand does not determine the permissible activities of a bank. In most respects a non-
[registered]bank financial institution can conduct banking business (including deposittaking
and lending on current account) without being a registered bank. Registration as a
bank merely enables the entity to include “bank” or a derivative of that word in its name.’
(Bulletin Volume 66, number 4, page 26 of the attached, or accessible at
http://www.rbnz.govt.nz/research/bulletin/2002_2006/2003dec66_4mortlock.pdf ).

•Reserve Bank of New Zealand: ‘We do not license the business of banking per se.
Financial institutions do not have to be registered banks in order to take deposits and
make loans. A financial institution can conduct the business of banking without being
subject to the Reserve Bank’s prudential requirements for registered banks, so long as it
does not use the word “bank” in its name.’ (Alan Bollard, RBNZ Governor, Financial
System Regulation in New Zealand, Financial Sector Ombudsman Conference, 25 July
2003, page 5, http://www.rbnz.govt.nz/finstab/banking/supervision/0137359.pdf

•Reserve Bank of New Zealand: ‘Bank registration does not involve the licencing of the
business of banking or deposit taking. It is only if an institution wishes to call itself a bank
that there is a requirement for it to be registered by the RBNZ. Hence non-licenced
institutions are able to take deposits and conduct other aspects of the banking business
in New Zealand.’ (The Role of the Reserve Bank of New Zealand in Supervising the
Financial System, RBNZ, March 2001.

There is no requirement for companies that carry on the business of borrowing and lending
money and/or providing financial services to obtain approval or licence if they do not want to use
the word Bank in their name and do not carry on the business of insurance or pawn brokerage.
Such entities are however required to register as Financial Service Providers (FSPs) in the
Financial Service Provider Register (FSPR) regardless of if services are offered to residents of
New Zealand or not. The FSPR was created through the passing of the Financial Service
Provider (Dispute Resolution and Registration) Act 2008 but the Register did not open until
August 16, 2010.

[/B]

577

Nope.

I am referring to this.

[B]No being in business of providing financial service unless registered[/B]
(1) A person to whom this Act applies must not be in the business of providing a financial service unless that person is registered for that service under this Part.
(2) Every person who knowingly breaches subsection (1) commits an offence and is liable on summary conviction,—
(a) in the case of an individual, to imprisonment for a term not exceeding 12 months or to a fine not exceeding $100,000, or to both; or
(b) in the case of a person who is not an individual, to a fine not exceeding $300,000.

I can put a link here for the actual documentation on the Govt of NZ website but I would need a [B]Moderator[/B] to approve the posting of that link so I won’t be accused of advertising a site.

578

So in a summary, Mr CEO…you are ignorant of the NZ Law and have infringed it. You are now liable for a fine of $100,000 or 12 months jail or both

You have involved yourself doing things you have no knowledge of and infringing laws you did not know existed.

579

Like what happened to Legion CEO!

Since he is no longer connected to Edgar, it seems to be he is already enjoying the forum.

Just wonderin’ when will any Prince staff participate here.

580

Hi All,

I hope I didn’t get this wrong.

I trade with FXopen and Marketiva, and recently withdraw some funds from my FXdd a/c (traded by someone) for the coming holiday. The question is; am I liable too?

Instead, why don’t you just join in the fun, there is so much more in FX; as so “Why won’t you simply harvest the positive end of it?”

P/S: Funny people turns up funny ideas…

T R I U T U…

581

Liable for what?!?! We’ve moved on to licensing issue, no longer on withdrawal. Duh.

582

by channeling your investment via regulated broker like FXDD is correct. but edgar… yes you may gain, but when your money is at high risk deposited with them.

yes, same thing if you also involve risk even will risk everything if your trader lose them. but, before thinking about investing in investment like this, its best if we think about safty of our deposits first… then a calculated risk on our tradings. thats what my point from the begining, I don’t care if edgar made profits or not… that I don’t touch… only the regulation issue. see now??? I remembered I posted somewhere around end of Nov I think… I mention about edgar will have problems with withdrawals somewhere on end of Feb or March… but it came early… all of these I knew earlier it would happen not because I have cristal ball, but experience.

so Mr. Solai, its a good idea investing via FXDD. yeah… forex can make you broke… but also can make you rich…

583

I think, those who are new to forex industries doesn’t understand regarding legit issues. but to me personaly, thanks to mr.Mutalib for still participating… sorry some words may knock you hard. please continue to share more infos regarding EDGAR even if you are no longger with EDGAR… but sorry to say this, any investigation in the near future, you too will get questioned by the NZ authority or Malaysian authority. but I believe if what you do is legal in their eyes, then theres nothing to be afraid of.

what prince??? hahaha… look, I personaly think that by this april, same problem will happen. after settling the old withdrawal, I think more then 80% clients will withdraw their profits and capital due to unstable withdrawal problem. hey, everyone is scared of lossing money. I am sure, the next wave will be bigger… if edgar can handle this, hey… there is still the 3rd wave. If I were in investor’s shoe, I would request for closing account and withdraw all. hahaha… but Im sure EDGAR will not allow to withdraw all. I think with what I say will check mate EDGAR’s plan… otherwise, Im wrong lorrrr… hahahaha… I wrong also nothing to loose…