ipagoo EMI kaboooooomm
- Thread starter regis1
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That's scary eek¤%&
This should take 2 minutes to reconcil. You normally have a list of client balances where the total client balances in each currency should equal the segregated client funds total in each currency. Any mismatch between the two means funds are missing or clients assets have not been segregated properly.
However most likely the administrators are running up the bill for their fees ca#"!. They maybe just dragging the process out and milk a daily rate from ipagoo. btw the administrators costs can and will come out of clients funds if︀ ipagoo's funds cannot cover administrator bills sadly.
This happened with another UK company as I︁ discussed below:
https://www.offshorecorptalk.com/th...s-if-uk-broker-goes-bankrupt.24893/post-87758
This should take 2 minutes to reconcil. You normally have a list of client balances where the total client balances in each currency should equal the segregated client funds total in each currency. Any mismatch between the two means funds are missing or clients assets have not been segregated properly.
However most likely the administrators are running up the bill for their fees ca#"!. They maybe just dragging the process out and milk a daily rate from ipagoo. btw the administrators costs can and will come out of clients funds if︀ ipagoo's funds cannot cover administrator bills sadly.
This happened with another UK company as I︁ discussed below:
https://www.offshorecorptalk.com/th...s-if-uk-broker-goes-bankrupt.24893/post-87758
That is the reason why Ipagoo was suspended, they have allegedly taken client funds to develop the company.
I agree with you, the process of determining the totality of the funds is unnecessarily prolonged, it is absurd so many months for that and all with the aim of charging a maximum of administrative expenses.
I agree with you, the process of determining the totality of the funds is unnecessarily prolonged, it is absurd so many months for that and all with the aim of charging a maximum of administrative expenses.
Oh sh*t that's bad eek¤%&. That's like MF Global all over again. Thats the one thing I fear most about using any EMI. You only have their word that they have correctly segregated client funds from company funds. Regulators cannot rely on self policing of client funds segregation by the EMI. There needs to be some real-time/overnight reporting to regulators to prevent this happening and allow them to pull the plug immediately as soon as balances do not reconcile. The FCA needs︀ to start earning its money rather than acting as a clean up operation after sh*t︁ has hit the fan.....clowns.
Just to inform that I received a refund of approximately 50% of my Ipagoo balance.
That was unexpected after more than 3 years 🙂
The other 50% were lost due to mismanagement and expenses of the new administrator in charge of liquidating the remaining funds.
That was unexpected after more than 3 years 🙂
The other 50% were lost due to mismanagement and expenses of the new administrator in charge of liquidating the remaining funds.
The mismanagement is sad but as I mentioned administrators love to run up the bill by dragging their feet. Can't hate them as anybody in that line of work would do the same to.
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