WESTFINANCE DEAD

Updated: 05/24/2010 18:09
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Westfinance.com aadministration officially confirmed that the program is scam now: WestFinance is not going to be able to maintain viability for any...

West-finance.com aadministration officially confirmed that the program is scam now:

WestFinance is not going to be able to maintain viability for any extended length of time. Simply put, WestFinance has ceased to pay Dividends and is now filing for bankruptcy. A number of reasons have led to the company’s financial collapse:

In March 2010, The sudden imposition from AlertPay, of a 10% freezing rule on all incoming deposits, retroactively imposed, which in effect blocked $53,800 of clients’ direct investments in our AlertPay account, has drastically reduced room for maneuver to apply our aggressive trading strategy.
As a consequence, forex trading operations yielded much lower profits than expected for the last 7 weeks. Although we had kept honoring our fixed dividend rate engagement having forecasted better results, this simply didn’t occur. Alas, we had been too optimistic.

The forced block of our in-house traders in Spain due to the volcanic ash cloud has caused a fatal blow to our financial operations. Their planned return having been further delayed, Management has had no choice than to hand our trading accounts to external traders, only now known to be unaccomplished. Poor judgment from those inept traders on the EURO v/s USD strength prospect, coupled with huge movements in the currency market yielded in disaster trading with massive losses for the last 10 days.
Fortunately all is NOT lost.

We had set aside a reserve fund to alleviate losses on such tragic outcome. So there will be a Refund Process which has already begun applicable to clients matching the following Criteria:
As we aim to make the process fair and equitable for all members, ONLY clients who have not recouped 35% of their NET capital are ELIGIBLE to claim for Refunds. (NET capital means total direct Deposits excluding referrals and bonuses). If you have already withdrawn at least 35% of your NET Capital, then you are not eligible for refunds. This harsh decision is vital for sake of fairness towards all members.
Out of the remaining $120,800 reserve fund currently accounted for, based on our calculations, we estimate to be able to refund around 10% of Net Capital in the short term.
The remaining 25% will be paid out during the liquidation process of WestFinance’s guaranteed premium on its portfolio to be indemnified by our insurance firm. So, All eligible clients can expect to receive around 35% of NET capital.

Due to large membership base, refunds will be made in multiple batches, spreading over a few weeks, starting from oldest registered clients having recouped the least amount of Net capital.
We ask members to be patient and NOT to send out emails which will only slow down the refund workflow. The refund process has already begun and each eligible Member will receive an email stating the calculations of the exact amount to be refunded, number of payment and date to be effected.
Members may only then reply back to give their approval or contest the figures with appropriate arguments/solutions.

NOTE: We will not tolerate any pressure in the form of harassment or menace messages and will put clients doing so at the bottom in the refund list. It will serve to No positive effect.


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