PFD (ex-WSD) — Forex Broker

I have been trading with this company for 5 years and have no problem with the service or any withdrawals. After having inquired with the company and making a visit to their offices as a concerned citizen, i got to know the facts and that a few past associates who havent been able to successfully manage their careers after leaving WSD. Naturally upset and disgruntled, they seem to be venting their greviences and attacking the company by behind the scenes blogging. Teh SFO inquiry is routine as NZ wishes to regulate its markets tighlty and over 50 companies are being investigated currently. When a compliant comes in even frivolous or malicious, the authorities will look at it.

WSD continues to be regulated by the NZX and the Securities Commission which is all that should be said in the matter finally. THIS SAYS IT ALL!!!

Veeeeeery bad company.

08 March 2011

BEWARE RIAZ ASGAR PATEL, WSD GLOBAL, WSD INDIA, WSD DIRECT etc etc etc SCAMS - 12-12-2010, 01:34 AM

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SFO executes search warrants in WSD Group investigationThe Serious Fraud Office (SFO) today announced that it had opened an investigation into the affairs of the WSD group of companies, executing search warrants at WSD Group’s premises at 475 Mount Eden Road and a private residence in Glendowie earlier today.

WSD was, until recently, controlled by former Wall Street Banking Corporation Director, Riaz Patel.

The investigation involves WSD Global Markets Limited, WSD Financial (NZ) Limited, WSD Financial Group Limited and others. WSD Global Markets Limited is accredited as an NZX Futures and Option Firm. None of the other entities are accredited or regulated by NZX.

SFO Chief Executive, Adam Feeley said the investigation had been coordinated closely with the NZX and Securities Commission.

Mr Feeley said that WSD has actively promoted New Zealand as part of its marketing strategy to investors stating (on its website):

“New Zealand has developed a sophisticated, unrestrictive business environment that competes aggressively in world markets. Geographically New Zealand has the advantage of being the first country to start the trading day being midway between the USA and Asia. This advantage is further complemented with political stability and world class, business orientated, governance…. With new initiatives it has grown into a financial services powerhouse in the Pacific with regulations that add support to the industry. More and more international investors are now looking to New Zealand for investments and related services.”

“Most of the investors in WSD are overseas residents, so it is important that the SFO does all it can to protect New Zealand’s reputation amongst both domestic and international investors as a well-regulated and safe place to invest.”

The investigation centers on allegations WSD has failed to correctly account to investors for funds received.

In 2008 the Cook Islands Financial Supervisory Commission placed WSBC in statutory management and revoked the banking licence with effect from 31 December 2009.

Mr Feeley, said, “There is a misconception that the SFO has previously investigated WSBC. In 2008 we simply to provided assistance to the foreign authorities who were investigating WSBC. The file was closed once that role had been fulfilled.”

Mr Feeley added that the investigation was the twelfth major investigation commenced by the SFO this financial year.

“We are well ahead of the expected caseload for the year to date, with a total of 20 cases involving losses of over $630M under investigation, and a further 32 cases involving losses over $235M being prosecuted.”

Mr Feeley said that the SFO did not see any sign the SFO’s caseload diminishing in the near future.

For further information

Adam Feeley

Chief Executive

Serious Fraud Office

Phone +6421 333 539

Note to editors

Background of WSD Group

WSD describes itself as “an international company that specialises in Foreign Exchange, Precious Metal, Futures, Options, and CFD’s.”

WSD is believed to be operating in New Zealand, Australia, Kenya, India, Thailand, UAE and the United States.

SFO provided assistance to Cook Islands and Indian authorities in 2008 when those authorities investigated WSBC and Mr Patel in 2008.

A former representative of one of the firms under investigation has alleged that the WSD group of companies is nothing more than a “Ponzi” scheme.

WSD Global Markets Ltd was the outsourced margin trader for WSBC Bank formerly the holder of a banking licence in the Cook Islands. The Cook Islands Financial Supervisory Commission placed WSBC in statutory management in 2008 and revoked the banking licence with effect from 31 December 2009.

During the period of statutory management the investments of many WSBC clients appear to have been transferred to WSD entities. Concerns have been raised over the legitimacy of some of these transfers.

The Thai Securities and Exchange Commission terminated WSD Financial (NZ) Ltd\'s futures trading license on 8 June 2010.

The role of the Serious Fraud Office

The Serious Fraud Office (SFO) was established in 1990 under the Serious Fraud Act in response to the collapse of financial markets in New Zealand at that time.

The SFO operates under two sets of investigative powers. Part 1 of the SFO Act provides that it may act where the Director “has reason to suspect that an investigation into the affairs of any person may disclose serious or complex fraud.”

Their spreads are not what they advertise on the web site. Pure live clients' support service.

I was trying to find a good broker, and I came across WSD. I wasn't sure if they were any good so I opened a DEMO account and eventually opened my Live account with them.

I don't agree with the analysis of WSD at all. Especially the 'disadvantages' listed above. They have spreads as low as 0.5 on EURUSD, and I had no trouble opening my live account with them. Their staff are professional and fully cooperated with my needs. I've been trading with them for a couple of months now and am quite happy with it.

Very good service. over year i been with them business. Great support and language help line. Other broker not have language service so good.

Also the WSD software very easy use for place order.