Alert for anyone with a spreadbetting account with London capital group,

Dont want to unduly alarm or worry anyone who has a london capital account , or who trade via tradefair , paddy power, or t1ps which are white labeled to london capital group , also capital speads are in some way connected too but not exactly sure in what capacity, but anyway with recent broker problems and the likes of global trader going under traders have to be very very carefull with their money these days dont they .Both my brother and another family member of ours are having problems getting their profit released via london capital group , and you cant be too carefull these days can you.


My brother has asked me to post details and alert fellow users as hes very concerned as london capital group via one of their white label associates are refusing to give him and the other trader their profits , until they have done an investigation they say,(how convenient) hes never ever had a problem before with any other spreadbetting company paying him his money owed,

They wont give a reason why it needs an investigation , just said suspicious trades and thats as far as they will divulge , how the hell can you do suspicious trades on the dax?, not like a spreadbetter can manipulate a bloody big index like the dax is it,and they point blank refuse to dicuss any details which is very frustrating for him,and to be honest ive listened to the telephone recording and in my opinion they are being very evasive and at one point wouldnt even confirm the date of my brothers money request until pushed and pushed for it until eventually they did eventually confirm the date after my brother said it out loud for them and asked is that correct or not ,

Obviously their delaying tactics have made my brother very angry and worried in the face of recent bad news involving brokers having cash flow problems etc etc, im not suggesting london capital group are in any financial dificulties but one has to be very concerned when its your money they wont release,and when they refuse to say exactly why its even more worrying .

My brother has multi multi bagged lots of spread betting accounts as ive mentioned before and never ever had a problem getting his money and profits back
This is the first time ever ,Hes not impressed to say the least,

They financed the accounts on Tuesday this week and started trading on wednesday this week, initially the accounts were great, instant fills and over 2 days my brother had done approx 90 round trips .

They then got a really surprising nice grovelling phone call after the second completed trading day from a member of staff , senior account manager Scott Moffat and then a follow up email (attached at end of this post as proof) saying hede looked at the account and the trading activity was at a level they classed as a key account which in turn they would get a more personal service and an offer to be taken out to lunch.

When my brother told me about this this last night i seriously thought he was just having a practical joke trying to wind me up , ive never heard of any spreadbetting company ringing up their clients cause they had done so well and saying they were a key account holder and the offer of a lunch,but as you will see from the attached email, there it is in black and white ,a spreadbetting firm with a very successfull winnning client and they want to organise a lunch date, how bizzare,

Anyway, this is just a warning to others who may find themself in the same situation, London capital group have said they will refund the initial deposits but not the 14k profits yet ,
Whats really bizzare is this chap ringing them to say they were special clients etc etc and said he had looked at the trading accounts and how well they had traded, and then as soon as the money is requested the day after they come up with all this suspicious trades crap,over 400 trades had been placed between both accounts over 2 days and there were probably about 40-50 trades on top of that which were rejected as the price moved before the order was filled.This chap Scott Moffat the senior account manager who rang them the night before this cash withdrawal ws made wasnt concerned in the slightest and he had obviously analysed the account prior to ringing to class them as key account holders,

My brother has rung the fsa who even more worryingly said they didnt have that much control over spreadbetting companies even though they are regulated its pretty limited in what it can do,They advised him to contact london capital group and request the terms and conditions as to why they are witholding his money, The fsa also advised him london capital group have 8 weeks to respond by letter as to why they are actually witholding their profits,

Will post the terms and conditions when my brother passes them onto me,and would appreciate some help off someone who knows more than we do about legal matters,
If anyone else has had such problems with london capital group if they could email me please all treated in the strictest confidence of course

But my family being my family, my brother wont let london capital group walk all over him no matter how big they are ,its his money and he quiet rightly wants it, but he did feel in neccesary to pre warn any would be spreadbetters that london capital group can and do withold your money if they want too,and according to the fsa for upto 8 weeks if they wish,
so just be warned ,this is the only spreadbetting company ive ever heard of withholding profits,

Im hoping for my brothers sake this will soon be cleared up and its not related in any way to financial problems at their end , ok its not a fortune, but its into 5 figures hes owed , and like i said before, youve got to be carefull havnt u, i remember bearn stearns saying there was no problems right up until the day it admitted it was in the shite, so i trust no one these days, always on the side of caution

Anway i will update as soon as theres an outcome, but in the meantime, just be carefull if your planning opening a new acocunt with London Capital Group or any of their white label associates , ive never come across any spreadbetting company before who have refused to pay out profits when requested,

Anyway heres a copy of the email from the senior account manager ,with account holders name deleted for discretion purposes, -------------------------------------------------------------------------------------

Hello (name deleted for discretionary purposes )

It was nice to talk to you earlier.

As mentioned, you have been trading at levels on Tradefair Spreads which mean that you become what we label as a Key Account and along with that comes a more personal service. This includes me as your account manager and my contact details are at the bottom of this email. If you need anything escalating quickly feel free to get in touch.

The normal helpdesk number for reference is: 0844 412 4400

I try and get to meet all my clients if possible, so if you can get a couple of dates over to me it would be a pleasure to take you out for a coffee/ lunch. My diary is pretty flexible so let me know.

Look forward to hearing from you.
Kind regards
Scott Moffat
Senior Account Manager
Mobile: +44 78345 72804

All resolved now, payment in full
Ruth x