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DEALSTREAM WEBSITE read...
Trust Account
JSE listed Securities - Equities, Single Stock Futures, Options, Index and Agricultural Futures offered by Dealstream Securities Pty Ltd.
A SAFEX trust account will be opened for you to hold cash and stock positions.
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CFD's and over the counterproducts offered by Dealstream Online PTY Ltd
Once a live trading account is activated, Dealstream will open a Trust Account at Investec Bank in your own name. You will receive a confirmation from Investec and Email from Dealstream providing you with your account details.
Trust Interest Rates
Dealstream negotiates a wholesale interest rate for each its clients based on the cumulative balance of funds held by all clients at Dealstream. In this manner it is possible to receive highly competitive rates for minimal cash deposits.
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I contacted Invested and gave them my ID number and they informed me of my cash balance held in TRUST a few months back and my latest balance being considerably less!!
CASH in TRUST at INVESTEC MISSING- what Investec says
Where is cash that was held IN TRUST by INVESTEC?
Dealstream had cash held in trust at Investec...
Our Cash is missing !!
HOW CAN IT JUST VANISH WITHOUT A TRACE?
WE ARE NOT STUPID PEOPLE.
WHO IS TAKING RESPONSIBILITY HERE?
INVESTEC money held in TRUST in our personal names-where is it?
Yes Investec we know the accounts are frozen and that they are empty. Now explain how you are going to get our money that was in your trusting hands back to us?
ask Investec Corporate Cash Management where it is and that we want it back
Steven Group
Kris Mietz kris.meitz@investec.co.za
dgriffiths@investec.co.za
0112869607
IS INVESTEC TAKING RESPONSIBILITY FOR OUR CASH HELD IN TRUST WITH THEM?
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RESPONSE FROM INVESTEC
We are aware of the current problems related to Dealstream Securities (Pty) Ltd (Dealstream). Dealstream utilises an online product provided by Investec to intermediaries who manage client accounts. In terms of the legal relationships:
* Investec has limited capacity to deal with the clients of any intermediary that use this online product
* Dealstream requires each client to sign a mandate with Dealstream authorising them to open accounts and transact on behalf of the client
* Based on the legal agreement, and the client mandate referred to above, Investec can only transact based on instruction (electronic or otherwise) from designated officials at Dealstream .
Due to the legal structures that are in place, until we obtain some clarity on the future of Dealstream and the legal process that will be put in place, Investec will be unable to divulge information and/or process transactions based on instructions directly from the clients of Dealstream.
As an interim step, we have frozen access to the client accounts managed by Dealstream and we will actively work with the parties involved (the JSE, the FSB, RMB and Dealstream) in order to bring this matter to resolution as quickly as possible.
Furthermore, Investec has no trading exposures to Dealstream.
All press related queries should be referred to the Investor Relations division on 011-286 7070.
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So INVESTEC, what exactly are you saying to the people who had their money held IN TRUST at investec on call?
Are you backing slowly out of this and not assuming any responsibility?
If I have to give you Investec my ID number to find out my cash balance in trust with you, and I found out that I have been defrauded, are you telling me that I must now ask someone else about the whereabouts of my cash in investec?
3 comments:
Most of these big companies like Investec will try and SHIRK responsibility -but get your legal teams together, and tell the Newspapers and other PRESS, till they pay whats rightfully yours
Why have the police not arrested Russell Leigh for his crime yet - What are you waiting for, and if he is not here, tell Interpol to get him.
It seems like a situation is being born whereby there will be several parties to blame but none eventually- devide responsibility and no one is liable but the small guy in the street! The fact of the matter is that we are not talking about "small guys on the street" The collective investment in trading accounts at Dealstream represent a sunstantial amount of money and thus, a substantial claim will arise. I cannot think for one moment that NO ONE was aware of what was happening in Melrose Arch for the past two months! My agreement with DS states that funds from my "TRUST" account (haha) can only be withdrawn via a signed Annexure B withdrawel form! How is my Trust Account empty without these procedures being followed. At what point did Investec become aware? You want to tell me that all transactions between Investec and Dealstream was electronic and that no one at Investec keeps an eye over matters? Was RMB notr supposed to notify the FSB that Dealstream was in Margincall? If so, why did it not happen and why did the FSB let Dealstream operate despite all the relevant information that none of the requirements was met? If the FSB is the so called "watchdog"- are all the employees blind and just accept matters as it appears? Only now do they launch an investigation that seem to have been done 2 years ago!! What will be the reaction from the international inverstor/trader community now that we all now that one of the country's biggest trading firms was a scam all a long and that the regulators chose to turn a blind eye? It is not only us as traders affected but also shareholders of various companies given the state of open positions that has now been seized by RMB! It is sad to see that after all the mispresentations and false feelings of security delivered by all parties that the investor/trader on the street is not that protected afterall! I laugh at the fact that no one claims responsibility- a clear sign of human indignity in the 21st century! Throwing the directors of Dealstream into jail will not put bread back on my table nor will my current open positions that I cannot touch since I am Dealstream now and stripped of my individual agreement with them and Investec... A combined action is needed to strike at all the parties and fast!!
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