The most trusted and popular consumer complaints website
Explore your opportunities! Create an account or Sign In

Mig Bank / fraud and theft 150000$

1 Switzerland Review updated:
Contact information:

Dear Sir

I'm a Clint's in MIG BANK in Switzerland under account number 213350 MAM account 213300 and with leverage 1to 200 .MIG BANK make Meany wrong and Bad behavior does not befit the reputation of Swiss banks of ancient and accurately known her dealings and good :

1- MIG BANK close my account by margin call while I make full hedging on my all positions antel 7 of Oct 2010 but in 7 of Oct 2010 when I have around 17564 $ as equity and free margin and i opened 3 positions only everyone with 0.2 lots with total margin requirements 2290.93$ that's where AUD/USD and USD /CHF and USD /JPY has not registered any loss remember in the margin call time from other side it was protected by stop-loss order and take profits during the margin call time, from other side when MIG BANK close the positions and they make my equity (-14427$) and this act is contrary to the laws of banking and margin because they braek the security cost of the margin 0.5% and they must return my margin requirements if there system was correct for assumption.

2-MIG BANK did not return my commission 20 $ per lot total 30260 $ as we agreed with each other through the documents that were sent from them and through phone calls .

3- MIG BANK made my account as swap account and calculate it but we agree and confirm that my account must be with free swap - free interest account or Islamic account and I send them all document by DHL and by fax and by email but they But they dealt neglect this aspect.

4-MIG BANK, after I Sent to them all the contracts and documents by DHL they have not signed and sent to me so far as they promised.

I try with them to return my money but they were manipulating the crooked ways by sending details of the operations that were shut down and as if they do not know the market system which is hurtful to see that this is fraud and deception and procrastination, and your will show all details and in formations in this complaint and you will note that manipulation of the MIG Bank, which is as follows:
1 - they does not recognize margin requirements and wants to make it zero for all open positions on the basis that there full hedge while the claims of fraud, and embezzlement because the margin requirements value as you know must be returned to after the close of hedging to the account of the investor and the positions were suspended from the first returned value of the margin account to the client but MIG BANK want to embezzlement and theft of the value of the margin requirement .

2- regarding the commission 32260 $ they did not recognize on it while they but my account on MAM platform while all individual Clint's trade on MT4 platform and they sent me the documents of the commission and they promised me to add it to my accounts monthly by there phone call through nidhal abdulhadi and dina sharaiha and they absolve themselves of that agreement but installed them through those recordings, email and MAM platform It would not have admitted under my MAM accounts.

3- Regarding the margin call:
From daily statement you will note following details:
In 6 Oct 2010 the financial bar was:
Balance 138003$ equity 17564 $ free margin17564$ swap 2569.0 floating P/L-117896$
Margin requirement 102987.75$

In 7 Oct 2010 the financial bar changes to the following details:
Balance 138003$ equity 14427$ free margin14427$ swap 2569.05
floating P/L-149861$
You will show that difference between total statement of 6 Oct total
(-117869.77) $ and statement of 7 Oct total (-149861.06) $ on same open positions which are under full hedge and there are difference value 31992$ without justification

Margin requirement for 2 lots audusd and 2lots usdchf and 2 lots usdjpy 2290.93$

2290.93$ + 102987.75$ = 105987.86$ total margin requirement to 7 Oct 2010

Regarding swap I don't admitted in, but when they add it on the total loss they make it from reasons to margin call,

In general if that there was an initial positions has been surrounded by a full hedge position, the value of the loss and gain remains constant but with MIG BANK on my account there was fraud and theft by manipulation and you will show that difference between total statement of 6 Oct total (-117869.77) $ and statement of 7 Oct total (-149861.06) $ on same open positions which are under full hedge and there are difference value 31992$ happening in the total of tow statement in one nights only but if you calculated you will get big theft result its 38953$ how it's happen and way they do that with me??!!This amount, which created it, without justification, to be a tool for fraud and theft on Oct. 7 did not exist on Oct. 6, although the positions itself has not changed,
For that I need to return my fund as following:
Margin requirement 105978.68$ + 14427$ for equity+30260$ commission
=150665.75$ total

best regards
akram bin khalid

More Mig Bank Complaints & Reviews

Sort by: UpDate | Rating

Comments

  • Mi
      14th of Jan, 2011
    0 Votes

    Dear Reader,

    At MIG Bank, we are always committed to provide highest levels of transparency in all aspects of what we do that is based on our first value that Integrity comes first. On top of that, MIG BANK is a Swiss bank, regulated by Swiss Financial Markets Regulatory Authority (FINMA) and is continually monitored in all aspects it does to ensure that it treats its customers fairly and professionally.

    Here at MIG Bank, we generally refrain from addressing general comments using public forums as we do not know who is behind. Instead, we focus on constant improvements of our services and invest heavily in our customer support infrastructure and have professional support team trained to assist all our customers whenever possible. However, we felt it necessary to respond publicly to Mr. Bin Khalid's false accusations against MIG Bank as he has publicly mentioned details of his account and posted these false allegations. His accusations are misleading and do not represent the true facts which can be proven by Mr. Bin Khalid’s account statement, trading history and agreements signed and we feel that it is our duty to bring the truth to the public.

    MIG Bank has responded to Mr. Khalid's complaints on several occasions as we always look to serve best our clients and look into any issues they face. We take seriously any complaint and review all complaints at the management level and always hold ourselves accountable if the client is right. However, if a client’s claims are not based on true facts and are simply aimed to recover the losses caused by his own trading decisions, then we of course cannot be not compensate that.

    All Mr. Bin Khalid claims is false and this was explained to him on several occasions and, as mentioned, can be proven simply by looking at the facts. We hereby quote our latest official letter sent to Mr. Khalid on 3/12/2010 in response to his claims:

    1. Regarding the positions issue
    As per the statements in the attachment, it clearly appears that you had open positions on the 7th of Oct 2010, which means that the account was not fully hedged as you claim and you had the following net open positions:
    - 2 lots of buying AUDUSD
    - 2 lots of selling USDCHF
    - 2 lots of selling USDJPY
    You will find in the attachment a full statement of your account 212350.
    These positions that you opened yourself resulted in the entire loss on your account and thereby closing of all positions in your account. Having signed the request to open an account, you confirmed to be aware of the risks involved in trading Forex. Moreover, by signing an Asset Manager contract, you have further confirmed to be a professional in financial instruments, and in Forex in particular.

    Therefore, we consider your accusations that the closing out of your open positions absolutely false.
    2. Regarding the commissions issue
    First of all, we point out the sole account you introduced is held by yourself. It is not make sense to charge yourself commissions on your own trading anyways and you were not deducting any commissions from your account to be rebated to your commissions account.
    Furthermore, MIG has never received any duly signed PICPF Form from you although we have sent it to you on the 9th of March 2010. We point out that this document is signed by a client in order to remunerate the asset manager managing the client’s account. The amount of commissions/fees are debited from the client’s account and credited to the asset manger’s account.
    Moreover, as you had an online access to your trading account, you could see clearly that there were zero commissions charged on your account and you could have requested easily for this to be changed by signing and sending the PICPF to MIG.
    Therefore, you cannot claim that MIG owes any commissions to you as you didn’t introduce any client to be managed by you and your own account was not charged anything and so it is clear that your allegations about MIG owing you an amount of USD 32, 260 as commissions are clearly unfounded. We state again that the basis of calculations that you have used are pure fantasy.
    3. Regarding the swap free issue :
    We have received the swap free request for MAM TCA 213350 in August but were not able to change the group because there were opened positions on the account. We have informed you of this on the 24th August 2010 about the Swap free status of your account as per e-mail enclosed.We emphasize that you have never closed your open positions since and therefore it was impossible for us to provide you with this Swap Free account.

    In any case, we underline that MIG has the absolute right to accept or reject a Swap Free account.

    Therefore, your allegations about the swaps are therefore totally unfounded. It is through your own fault that we could not make the changes necessary to your account even if it is not an obligation on us to do so.’’

    Finally, as per our agreement with Mr. Akram, if he is in disagreement with our answers and facts we provide, he can always take us to courts and hold us responsible for his losses. However, we believe that as his claims are false, he has unfortunately chosen to blackmail us by publishing his false accusations which we strongly deny and we will take appropriate legal action in a timely manner.

    Thanking you in advance for your attention.

    Kind Regards,
    MIG BANK.

  • Ak
      20th of Jan, 2011
    0 Votes

    hello every one

    I'm apologized for the delay in responding to you preoccupation with some very important business in the previous period,

    Sorry for the long answer, but the situation requires some detail

    MIG Why did not respond to the Saudi Embassy in Switzerland??!!

    MiG still lends itself to the aura of a claim perfection and false description and excellence shameful usual sneaky status in Switzerland as the long history of the Swiss bank founded through them and necessary for us to get and to know who they are MiG bank

    first: we must identify the owner of MiG Mr. George mansour, a Jordanian national who was a pharmacist working in Jordan and in the nineties and the beginning of the second millennium entered the field of forex trading during the emergence of the forex crisis there, which hit thousands of Jordanians and he lives in Amman and i found him a person who does not know anything about currency trading or the laws of the market and his son hisham running CEO of MiG.

    dear reader as to the answer mug tell you this site, including the following:

    1- MiG has a very powerful work of propaganda by world champion Michael schumacher, race car, making all customers, which led to my approach personally to open an account with building my confidence in Mr. Michael schumacher and his reputation as a man who does not accept the error.

    2 - finma the second factor that made me open an account with MiG, depending on the reputable Swiss historical strong in banking and when i entered the site finma i found that there is full protection and the direct supervision of money for the investors, but after being robbed of my money from MiG i made them back complaints and they did not do any action to ensure their commitment to location and noted that the differences on financial issues to consider forex in the civil courts and that MiG is recorded to have


    second: tell you that i had an accident blackmail by MiG which is to request from me to removed this complaint from this site or sued me so wants to confiscate my freedom to view the complaint against them as they have already issued my money unlawfully.

    MiG officials why you did not return to me or your attorney?!, who have established in Saudi Arabia against me when you knew that you were involved in the crime of embezzlement of funds through the Internet punishable by Saudi law??!!

    they held a lawyer in Saudi Arabia against me and threatened me that if the complaint removed from the Internet they will communicate with me to end the dispute or they will be evaluated on a case of defamation but when they learned that they was involved in computer crimes of burglary during my money and Saudi law punishable by a fine that these crimes are of five million riyals and imprisonment for five years, and after lost contact of them did not respond in any way other than this message reply which is the last response from them.

    MIG easy to play with your senses to respond here but it is difficult or even impossible to change the facts, and if the bank's exposure to discuss the details will be revealed embarrassing facts people are not stupid, you should understand that

    there is a big problem with MIG bank in the form of contracts with customers which are as follows:
    first: do not provide any guarantees to preserve the rights of clients.
    second: do not provide the methodology for international trade forex as the others.
    third: completely biased in favor of the bank and disclaims any duty to the client's favor

    fourth: do not contain the legal reference for the bank in the event of disagreements


    i sent all document to you before you opened my account by dhl and your claim that i have not signed the documentation of free swap and picpf was false and shameful because if i cannot sign it and send it to you that you cannot open the account originally and did not let me use the mam platform which i dealing from because you need to keep your right first.

    no one bartered or bargained stole his money and i demand my right to from my account statement you can shows that i closed the deal at more than $ 50000 without hesitation because i am a merchant and know how to trade.

    claim that you did not close the my position to exculpatory to yourself and this is lie and fraud and evasion of financial e-crime what the following:

    first: this command is determined through detection devices to your server through inspectors.

    second: the closure of my open positions clear by you because the balance of the account you are not allowed any form of closure was.

    third: you are claiming a number of reasons to close my open positions and you have stated the following:

    A-the top three positions are the cause of the recent.

    B- the spread are increased.

    C- there is strong news of UK interest.

    and this conflict makes you a false for the following reason:

    A- there are enough funds

    B- the spread increasing dos not effected on open position under full hedging and the effected positions that only under order and direct in and out execution position at the news .

    C- you confirm that the spread will be increase 10 peps maximum and you inform me it's increased on my account 32 peps and this is fraud, you closed my open position before the news with 2hours and this is impossible because the wide spreads, while the descent of the news.

    there are illegal deportation of profits and losses of more than 143 000$ from account statement and amplify the loss of positions under full hedging with 32000$.

    how do you claim to ensure 2% of margin securty of the the client funds and make my account negative -14000$??!!

    why you did not return the margin requrment and evade the answer??!! return my money


    this is my reply


    akram bin khalid

  • Mi
      20th of Jan, 2011
    0 Votes

    Dear Readers,

    We hope that this latest post of Akram Bin Khalid will help you make your own judgment of this case and clearly understand his intentions.

    For those of you, who are not familiar with MIG BANK, we would like to mention that MIG BANK was established in Switzerland in 2003 as an FX brokerage company MIG INVESTMENTS. In 2009 MIG INVESTMENTS became the first Swiss FX broker to be granted a Swiss banking license by the Swiss Financial Markets regulatory Authority (FINMA) and MIG BANK is regulated by FINMA like all other Swiss banks.
    MIG BANK is now the largest Swiss online FX trading bank. MIG BANK employs more than 100 people of more than 20 nationalities and has offices in Neuchâtel, Switzerland.
    MIG BANK is audited by KPMG and has ISO certification for Effective Quality Management (QMS) and Information Security Management Systems (ISMS). MIG BANK is a team partner of Mercedes GP Petronas Formula One Team (formerly Brawn GP) and is an active supporter of UNICEF.
    We offer some of the best FX trading conditions to tens of thousands of our clients in more than 120 countries and provide support in more than 20 languages.

    Sincerely,

    MIG BANK

  • Ak
      21st of Jan, 2011
    0 Votes

    Dear Reader
    It is unfortunate that this is the response of mig bank while required is the interpretation of terms and the language of the market not boast and brag about the license and certificate of ISO they in bad attitude and ridiculous and not based on logic of the market and tries to tamper with the feelings of readers through the improvement of there image but in terms of my intentions therefore, I m an injured client tries to remove your masks which that fraud on your clients and Youth and elderly and respectable families who are trying to invest their money that they have acquired the effort and fatigue after that You come in cold blood, and contempt and crushed dreams and lost their future and looted and theft their money to participate PETRONAS Mercedes to fraud on more people and claims of honor and absolute perfection you should know that with my money and the money of the clients like me who deceived and who are filled with forums and Web sites complain you was able to establish your business and participate PETRONAS Mercedes and fabricated propaganda work on the trust of the customers who were deceived, in terms of banking license should know that the Swiss government will not let you mess with the reputation of Swiss banking and the clients money it is only a matter of time and you know what happened to the CROWN FOREX they are from Jordan, just like you, regarding ISO or SGS certification they Should examine your platform in 14 September 2010 to see the price of sterling with the Japanese yen and what happened with your customers compared to world market prices in order to cancel your membership, regarding UNICEF no body force you to be Robin Hood to theft my money and give it to the poor through UNICEF with your 100 people from other side the Meta Trader programmed on the 20 languages that boast and It is located to the vegetable vendors and PlayStation, Dear Sirs Based on this website esquire mig bank response their last message and I claim them, through you to return my money back immediately and I ask you to work as far as it can otherwise, there is no reason to make more of your effort on this unique and respectful web site .

    Best regards

    AKRAM BIN KHALID

  • Fo
      17th of Aug, 2011
    0 Votes

    I think Mig does play many games as i am a client of their and have a different problem. I will wait for the end of this week to see what will be their response to a very simple problem i have.

    They say they are not the counter party to trades in their prime plus account or their prime account.
    They say they pass all the trades strait through the bank and they make nothing on the losses but i think that might be a lie. I think they do take the other side of the trade.

    I think they are just like most companies that commit fraud in forex and i am trying to see what happes this week before i post all the information to show the world what they are all about.

  • Ol
      18th of Apr, 2012
    0 Votes

    The story looks more like a provocation against the reputation of MIG BANK. Anyway, man should have an initial experience in FX to avoid entering such a risky positions, being short of money. Actually he is a loser, it is a pity. Peter

  • An
      2nd of May, 2012
    0 Votes

    And if you really can prove these serious allegations is not the first to do, with a lawyer in Switzerland ... it is true that where there's smoke there is fire! We also report here and please let us know how it is ; http://www.forexpeacearmy.com/

  • An
      12th of Mar, 2013
    0 Votes

    MIG Bank handled my account in a negligent manner.When I submitted my written complaint on 21st December 2012 they replied "Please be informed that we have sent an email to your registered address with us." Waited in vain for this promised reply.
    During January 2013 another client of MIG Bank was good enough to forward me the email intended for me.MIG Bank had replied to my complaint at the registered address of another client!!! Clearly this is a privacy violation and an illegal act in Switzerland with its strict banking privacy laws. Marcos Miranda of MIG Bank now havers " sorry for our human mistake and inconveniencies".(sic)
    In business if you make a mistake you pay for it, right ?All I want is a refund of all my deposits because neligence and illegal actions by MIG Bank was not part of our agreement and I want to be returned to the position I held before entering into our agreement and something extra for violating my privacy and human rights.
    The Swiss banking Ombudsman is powerless to even get a bank to mediate on their wrong doing.So what is my next step? Any advice?

  • An
      12th of Jun, 2013
    0 Votes

    The Ombudsman says this case exceeds his capacity and wants me to get a Swiss lawyer which is unfair because my pockets cant match the banks pockets.Help from FINMA is boarding a train to nowhere because the complainant does not become a part of the process.
    The Swiss Police for the next stop to find out just how serious the Swiss Banking secrecy laws are? Do banks have more rights then their clients?
    from Andre Latigan Email :andrelatigan@yahoo.com

  • An
      21st of Jun, 2013
    0 Votes

    Problem to lay criminal charges of privacy and human rights violation with Swiss Police in Lausanne Switzerland because they refuse to translate into English.
    Will keep everyone updated and thank you all for your encouragement.

    andrelategan@yahoo.com
    PS
    Did you know that according to a recent Swiss court ruling that contracts are void from the start if they exclude negligence?
    Check your account agreement carefully and sue to have your funds returned to you on the grounds that your contract was void from the start..

  • Bo
      4th of Nov, 2014
    0 Votes

    THEY ARE FRAUD...PHONE NUMBER IS NOT REAL

  • An
      18th of Jun, 2015
    -1 Votes

    CRIMINAL COMPLAINT
    Two individual bank clients were allocated account number 804011 which resulted that deposits went into the wrong account.The boundary of criminal gross negligence has been pushed to the outer limits and serves as evidence that this bank has become so entangled in repeated negligent actions of its own doing so as to lose all credibility to function as a Swiss bank.
    Has the aforementioned crime ever been equaled in Switzerland with its long Banking History?????? The evidence provided mandates a full investigation by the Swiss Police. Breach of Act on Banks. Art. 46.1. b and Art. 46.2
    Swissquote/Mig Bank did not maintain accounts according to provisions which indicates that a money laundering dream machine has been created and needs to be investigated by the FBI to ascertain whether this is just an isolated case or not.Where there is smoke there is fire.
    NOT BY ANY THEORY OR EXPLANATION CAN THE ABOVE SERIOUS ALLEGED CRIME BE JUSTIFIED.
    BREACH OF ACT ON BANKS
    Art. 46
    1.b
    Imprisonment of up to three years or fine will be awarded to persons who deliberately:
    does not appropriately maintain business accounts or does not archive business
    accounts, documentation and records according to provisions;
    Swiss Criminal Code
    Art. 102
    Liability under the criminal law
    1 If a felony or misdemeanor is committed in an undertaking in the exercise of commercial activities in accordance with the objects of the undertaking and if it is not possible to attribute this act to any specific natural person due to the inadequate organization of the undertaking, then the felony or misdemeanor is attributed to the undertaking. In such cases, the undertaking is liable to a fine not exceeding 5 million francs.
    My reasonable claim for refund of money into wrong account and damages is USD 65 million
    Andre Latigan email: latigan@telkomsa.net

  • An
      19th of Jun, 2015
    0 Votes

    Swissquote/MIG Bank felony complaint.
    Yodeling was invented in Switzerland to accommodate frustrated bank clients because Swiss banking laws have more holes in them then Swiss cheese.There is something wrong in the land of the Cuckoo clock when alleged felons like the Mansour’s and Marc Burki are allowed to continue operating their “Swiss Investment Bank”.
    Finally, if Swissquote/MIG Bank are in disagreement with our allegations of criminal conduct under Swiss Act on Banks. Art. 46.1. b and Art. 46.2 then I challenge the bank to take appropriate legal action without further delay.
    You see if this “Bank” wants to silence us on our allegations of criminal conduct then the bank will have to take legal action against me at their expense.All I have to do is provide proof of the banks alleged criminal conduct.
    How does it feel for the tables to be turned on you Mr.Multi-National big bank?????
    Warm greetings to all other victims.
    Andre Latigan
    My bank details are below if you have lost faith in Swiss Yodeling as a solution to your Swissquote/MIGbank problem.Any small amount welcome.
    Fax deposit slip to 044 272 0728 South Africa and mark “Legal costs”
    SWIFT TRANSFER INFORMATION REQUIRED BY THE FOREIGN BANK:

    SWIFT CODE / BIC:
    NEDSZAJJ

    BENEFICIARY BANK:
    NEDBANK Limited
    PAARL MALL BRANCH
    SHOP 48 PAARL MALL
    CNR N1 HIGHWAY & CECILIA STREET
    PAARL, 7646, RSA

    SORT / ROUTING CODE:
    198765

    BENEFICIARY ACCOUNT / IBAN:
    2389008194
    ANDRIES ALBERTUS LATEGAN
    3 SUNSET AVENUE
    OUDTSHOORN, 6625, RSA

Post your comment