Ex-analyst of Bankrupt MMCIS Konstantin Kondakov Speaks Out to Depositors

It’s been seven months since Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates reported that Russian self-regulatory organization CRFIN warned the public about the activities of FOREX MMCIS and the allegedly unrealistic returns which it promised to investors in managed accounts.

It took a touch less than half a year for the troubling signs for clients of the brokerage to appear, and for it to ultimately cease operations and announce to its customers in October that it is suspending withdrawals. It purportedly filed for bankruptcy last month.

Kondakov spoke out through his profile on Russian social media network VKontakte. After the demise of the brokerage, according to Kondakov, he lost a substantial amount of money, just like the clients in the brokerage. He claimed that nobody can show proof that he has ever been associated with the management of the firm, nor that he founded it.

He also claimed that he was merely a trader and analyst providing Metatrader signals to the dealing desk of MMCIS, without citing a specific reason as to why, however. He also expressed his confidence that the firm will be revived, and that clients will gain access to their funds because he, himself, is working on it.

Repeating the claim that the funds of the company have been stolen by its Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term processor “Dengi Online” and that the firm can prove it, has been the only mention about a way to recover the clients' funds.

He also added that the firm is looking for investors. However, it is hard to believe that a fully bankrupt company which owes an unspecified amount to clients, who are only waiting for the opportunity to withdraw their funds and cease their relationship with the brokerage, can attract any “adventure capital.”

According to the amount of interest which the topic is generating, the number of clients who have parted with their funds is not small. Whatever the rationale is behind Kondakov giving hope to the depositors remains unknown.

This is something which he mentions in his statement, saying, “There is no reason to despair, life goes on and what happened is part of life.”

Kondakov also mentioned that, according to him, a CySEC license has indeed been obtained by MMCIS through its merger with Mill Trade. However, this will not play any part in the recovery of customer funds, but could be put to good use for the renaissance of the brokerage - a scenario which looks more distant day by day.