The Sunday Independent reports that Forex trading platform, JP Markets, owner, JP Paulsen, is challenging the liquidation of his forex trading platform by the Financial Service Condict Authority (FSCA).
Paulsen is challenging the liquidation of his company and the freezing of R2. 5 Billion in its multiple bank accounts.
JP Markets was liquidated by the FSCA after a petition by forex traders who have lost millions on the platform due to suspected manipulation.
The petition on change.org was started by Danny Trolip and already has 3313 signatures as of 13 September 2020. Trolip wrote in his petition:
JP Markets is currently holding many traders hostage, and refuse to refund those who want their refunds and they claim to be undergoing upgrades on their system, for over a week now. Clients have asked for their refunds and have been ignored by JP Markets and Justin Paulsen.
The worst part is that the JP Markets is not available to take calls from traders, their office phone rings unanswered. Justin Paulsen is also not answering his phone, even the FSB staff tried to reach him, upon receiving our complaint last week and there was no response from Justin.
This petition seeks to ensure that the FSB shuts down JP Markets and bans them from accepting anymore funds from the public (which they’re still doing even though they’re having issues), this will avoid more people falling victim to this mickey mouse operation.
Justin Paulsen is insulting the intelligence of traders, and taking us for fools. There has never in the history of systems, that a system takes more than a week for an upgrade. Something is very wrong at JP Markets and we demand that they be shut down and our monies refunded.
This was supported by Liezl Peterson who commented:
Since 29 September JP markets have been experiencing alleged server maintenance issues.
During this maintenance period, traders have experienced interruptions to the functionality and accessibility of the trading platform accessed by traders to execute trades.
I personally have incurred great financial loss as a result of not being able to have uninterrupted access to my trading accounts on the JP markets trading server. As a result I was unable to access and/or close my trades as and when required. There are also numerous occasions where the trading platform is frozen or traders are unable to close trades when in profit but the trade will close in loss causing losses on trading accounts. I have submitted a claim to JP markets and my claims was denied.
The Financial Sector Conduct Authority should thoroughly investigate the business practices of JP markets particularly with regard to nasdaq trades.
We urge the FSCA to exercise their mandate and investigate the complaints and experiences of JP markets traders.
We futher seek that the FSCA suspend the FSP licence of JP Markets pending the outcome of the investigation. In the event that the FSCA have found evidence of bad business practices, we request that the the FSP license of JP markets be revoked and that all clients who have suffered losses during the alleged maintenance period be refunded their initial deposits with immediate effect.