Trading couple for 3 years are harassed by UBS Bahamas, your help will bring victory

[CSEtrader]

Ok, I see you explain later you are the mother in the family. Trading is a very highly male dominated business so assumptions are made, suddenly the writing style is more understandable.

The website is really unclear, "in a nutshell" it is not.

This document I can follow.

Thank you! I will paste here below another version, which my son has created. And yes, we traded together, but now my husband is studying case law day and night, we not only have no money to afford layers it is kind of impossible to find one who will fight UBS and Credit Suisse here in the Bahamas. Please, sign they may stop with our pressure.

The new version of the story in the nutshell
we have been unlawfully evicted from our home of 10 years. We are a family of 8, who permanently reside in the Bahamas.

We had entered into an investment agreement with UBS bank in 2012. One part of this agreement was a mortgage of our house for 5 years, the other was trading exclusively with them with money from the loan. UBS failed to comply with their side of the agreement and when we started to complain, they threatened to "review" our mortgage. In 2014 they started a legal action against us and in early 2015 obtained a summary judgement (we were not present at the hearing, because we were misinformed about the date).

My husband taught himself jurisprudence and for the next year and a half we survived from their repeated attacks. Exhausting all possibilities here in mid-2016 we applied for special leave to the Privy Council. In early 2017 we were heard before the Lords, but our application was formally declined. However, we got a favorable judgement and obtained a direction to return to the Supreme Court here to apply for leave to appeal the Court of Appeal. We did so and in December of last year were given a judgement deeming our appeal competent, but did not receive a stay. Based on hearsay the judge was led to believe that our house is diminishing in value and UBS' investment may be compromised. On the facts our property value grew from USD $2,800,000 to USD $3,600,000 from 2012 to 2017.

On the hearing for a Leave to Appeal on February 4 we were granted leave, but not a stay, although UBS' attorney did not formally oppose. We applied to the Court of Appeal for leave to apply to the Privy Council, but our application was deemed premature and we were told to apply to the court of Appeal again and we did so. From that day, February 7, we waited for the dates from the court - writing letters for urgency and checking daily - but on the 28th the Bailiff forcibly entered our property with police and evicted us - leaving us nowhere to stay. Our friend has been kind enough to give us shelter for the past week, but a family of 8 is understandably a handful even for a short time.

 

[Slartibartfast]

Thank you! I will paste here below another version, which my son has created. And yes, we traded together, but now my husband is studying case law day and night, we not only have no money to afford layers it is kind of impossible to find one who will fight UBS and Credit Suisse here in the Bahamas. Please, sign they may stop with our pressure.

The new version of the story in the nutshell
we have been unlawfully evicted from our home of 10 years. We are a family of 8, who permanently reside in the Bahamas.

We had entered into an investment agreement with UBS bank in 2012. One part of this agreement was a mortgage of our house for 5 years, the other was trading exclusively with them with money from the loan. UBS failed to comply with their side of the agreement and when we started to complain, they threatened to "review" our mortgage. In 2014 they started a legal action against us and in early 2015 obtained a summary judgement (we were not present at the hearing, because we were misinformed about the date).

My husband taught himself jurisprudence and for the next year and a half we survived from their repeated attacks. Exhausting all possibilities here in mid-2016 we applied for special leave to the Privy Council. In early 2017 we were heard before the Lords, but our application was formally declined. However, we got a favorable judgement and obtained a direction to return to the Supreme Court here to apply for leave to appeal the Court of Appeal. We did so and in December of last year were given a judgement deeming our appeal competent, but did not receive a stay. Based on hearsay the judge was led to believe that our house is diminishing in value and UBS' investment may be compromised. On the facts our property value grew from USD $2,800,000 to USD $3,600,000 from 2012 to 2017.

On the hearing for a Leave to Appeal on February 4 we were granted leave, but not a stay, although UBS' attorney did not formally oppose. We applied to the Court of Appeal for leave to apply to the Privy Council, but our application was deemed premature and we were told to apply to the court of Appeal again and we did so. From that day, February 7, we waited for the dates from the court - writing letters for urgency and checking daily - but on the 28th the Bailiff forcibly entered our property with police and evicted us - leaving us nowhere to stay. Our friend has been kind enough to give us shelter for the past week, but a family of 8 is understandably a handful even for a short time.

MUCH better, it could be clearer still but as an executive summary that is close. It also explains to me at least why the value of the property was relevant. People in the US may not understand the connection between the Bahamas and the UK's Privy Council. The Bahamas becoming a Commonwealth nation in 1973. Personally I would add some citation and parenthetical referencing, similar to Wikipedia and you have an easy to follow argument.

I will sign now but I would recommend some further refinement. It is very unfortunate the solicitor got the date wrong for the Privy council and this has severely disadvantaged you however it happens with them, could be a game of dirty tricks via the clerks or just they are infuriatingly useless sometimes

I would say however that the petition is in bad English. That could be a problem. It may be advisable to have your son look at it and start again?

Bold added:
"Ask UBS to stop to harass the family of individual traders and come to the court.""

Hard to say.

 

[CSEtrader]

Good morning, dear Van der Voort 4, or good time of the day!
Thank you one more time! I will post a reply to your questions here below, inline, so you may see it. And, please, forgive my Russian-English, with an Italian accent - but I'm getting better, one day soon.
I made your questions in bold font, so it will be easier to see replies, I hope.

Have a beautiful Sunday!

Default on the property would be the result of alleged fraud when dealing with UBS combining the fact that they took out a mortgage and at the same opened trading account with the same institution in an offshore location.
We took a mortgage only because we were attracted by their product - unlock your propriety value - "Real Estate Collateralized loan"! After only six months of the beginning of this contract, our factory in Russia ceased earning income because of sanctions, so we had no more liquidity supply. In the same time, my husband, who started working in markets since 1995 when in Russia it was soaring. We had our ups and downs in 2009, especially hit by Credit Suisse, and for three years have studied and practiced. So when a friend, who was also a manager of UBS and creator of this product, George Maillis, offered it to us we thought it was a Call from Above, we were ready to leave our sim and it was time, as we thought, to start with a big capital. So we assumed risk and used our home as collateral, instead of many other available options.

To solve this one needs to think like a criminal.
The cause of a default has some connection to trading account and OP family had to have money to trade to begin with.
The very heart here is that there was no default! Ientirelytirly built up by UBS! UBS obtained the order for possession alleging two defaults which did not correspond to facts:
1. We failed to keep $700,000 in the account. But at first it was not a binding condition - how can it be? One should be totally out of his mind to sign a contract, where he/she will keep money with the bank and also will pay interest to the bank for keeping? No, of course, it is a clear absurdity. In order to open an offshore account, UBS requested to keep a minimum balance of 500,000$. In our contract, it was 500,000$ or 50% of the loan, whatever is higher. You can see our English and can have an idea of how it was six years ago and for our simple logic understanding, we thought about 500,000$ as the minimum to keep with them, where 700,000$ would be desirable. And here below are two more points
1A . at the date of halting our trading, the balance would have been above 700,000$, should they refund for late executions
1B. once UBS Bahamas went into liquidation - why would we have to keep our money in their account, for what reason? It looks sarcastic had it not have been so tragic.

2. to pay interest. But UBS sequestred our loan money four years before the expiration of our contract. Had they not have done so, we would have paid.

And so, UBS obtained this order for possession in 2015, on these two alleged defaults, without us being in court, without the court ever considering our defense, our affidavit, our counter-claim - the very issue of our trades! The lawyer lied to us about the date of the hearing. And because I studied law for two years in Italy, I knew that all evidence has to be written down. The lawyer kept repeatedly saying-:-:"I understand nothing about trading, you should go to the judge end explain it." I still remember how finally, after three months, we received a Sunday, 22 March 2015, afternoon draft of our affidavit, when we assumed that the hearing would be on Wednesday. And on Monday morning my husband went to sworn affidavit, and asked our lawyer about the time of our hearing on Wednesday. Our lawyer replied,"Call me in the afternoon". And when he did, we learned that our hearing had been already done, without our presence, that judge "moved it ahead!"! And that within three weeks we would have to pay the entire amount claimed by UBS or give possession of our home, while we would be free to follow our counterclaim later! from where, how? When this home is all our assets, when it is UBS being in breach.
The transcripts of this hearing are one of the worst documents one can imagine to read in the third millenium in a civilized country.

No offense to OP, but to some degree, I get an impression that they would be the kind of people that someone would attempt to take advantage of.
No offense, I agree. But what does OP mean, please, could you clarify?

Did trades execute on the exchange?
This is a good question, that we made to both banks and had no answer - till now we do not have any reports, only Trading advises from both banks. But there isn't any number of exchanges, clearinghouse, nothing. And so we think if it is the truth, and it looks to be that way, both banks are guilty in this Madoff-like scheme. And this si another reason why their attorneys are using all their weapons - just to shut us down.

Why there was a delay in reporting those trades and extra charges back? We had extra charges with UBS only once, but learning from our CS story, we fixed it, but it kept us from trading for two more months, while interest was being paid. The real elephant extra charges, or better robbery, were in Credit Suisse and they simply profited on our ingenuity - growing up in USSR with a kind of admiration for Swiss banks, we blindly believed them. So Frank Conclaves, our account manager at credit Suisse Bahamas, kept saying:"Don't worry about fees. you must show volumes and I will work out with my board for flat fee approval." It seems now like a joke.. but it was not back in 2009.. and obviously, we thought that 0.7% would be the annual flat fee - only at the end of April 2009 were we finally submitted with the account balance and discovered to have been charged 0.7% for each trade, for the total of $570,000, just in fees! Then all attorneys fell apart here and we have not been able to sue them yet.

Why the money was withheld? It was a malicious act, part of UBS' conspiracy, in order to create our so-called default. We made a very reasonable offer to UBS, once the late execution and reporting dispute begun - to prepay them the whole amount of the interest and with the rest of money to trade through their platforms in the USA or UK or Switzerland. And they refused.

If allegedly UBS bank employee in the Bahamas had intention to defraud this family would be ideal candidate.Large family with kids, trading that means someone needs to watch those trades and this insures that to pay off that mortgage there was one remaining adults who worked regular job.OK that pays the bills and if the trading fails they will default ,it's obvious. Not only - our immigration status prohibits us from engaging in any gainful activity in the Bahamas. Our trading success was amazing and will be better. The criminal minds hope, as our local friends explained to us many times - our being house in one of most prestigious communities of the world - Lyford cay, a historical landmark here, they would take it off for a bargain price and then resell. It is more than a one million dollar deal. So we are dealing with a real white-collar gang, and it is sadly often supported by mutual inactivness of many structures here, in the Bahamas. Their hope was that we would sign the deed of release out of starving, rooflessness and hardship. Our surviving is really a miracle and fact on the unbeleivble solidarity of friends.

An article not exactly favorable about the law firm representing the bank

https://www.bahamaslocal.com/newsitem/1996/Bahamas_bank_sued_in_relation_to_Madoff_fraud.html
Yes. And I can give you more details how it all started - apparently, even UBS ' managers here were embarrassed when we received demand letter to pay back the loan in 2014! Without our refunds and any reason, with the money from our loan being frozen on the account, while interests were going up when the diologues were going on. But interestingly and this was not just a pure coincidence for sure - it was one week after that we sent the demand letter to CS in NYC.

I said think like a criminal so i will end with same theme
If allegedly trades were not executed properly and caused the loss or not executed at all,because let's face it majority of traders lose, they get to keep the money and the house
You basically prey on the weak ,not on the strong
Thank you very very much! All who are learning our story are saying that it is a David and Goliath fight.

I give OP to some degree benefit of the doubt,because some guy showed up and had very keen interest to write negative posts on this matter, what a coincidence!

Thank you. We experienced that the crowd is always aggressive and fast to judge.. we sadly learned in these years that many faces whom we believed to have been our friends have turned their backs.. but like sunlight after the storm, the new friends showed up, ready to stay and fight for us!


@CSEtrader

If you genuinely were treated unfairly in your trading and at the same time held a mortgage you need to get the ball rolling about the trades,since you claim trading made money.
Thank you. This is what we are trying to do, but our evidence has never been examined by the court, till now it looks like we took the mortgage from UBS and defaulted to pay interests! Which is a plain lie. That is why UBS is trying so hard to prevent us from going to the court.

And from a link below it appears that UBS in Bahamas has their regional HQ in New York which might be of help for you.
Thank you. We contacted them in 2013, but they said that we must write to Zurich for the Bahamas. We did and received their reply, who said that the behavior of UBS Bahamas was approved by them. It is a good point though, to make our claim to the headquarters in case they complete their liquidation in the Bahamas before we will have the final court decision, but obviously, it did not solve the problem.
Will write to them again on Monday and maybe call them? .. I just have no idea what to do to stop LP from throwing our belongings out of the house.

Client Complaints
To help improve the service we provide, we are interested in hearing your feedback. If you have general comments or complaints, please write us at:

UBS Financial Services Inc.
Client Relations
PO Box 766
Union City, NJ 07087

https://www.ubs.com/us/en/wealth/ContactUs.html
most importantly write here to top brass
make sure you address to them in person and send individual certified postal letters.

Our U.S. Headquarters

Visit our New York Location

1285 Avenue of the Americas
New York, NY 10019
212-713-2000

https://www.ubs.com/us/en/wealth/DirectionstoOurUSHeadquarters.html

Tom Naratil
is President Americas and President Wealth Management Americas (WMA) and a member of UBS Group AG's Group Executive Board.

As regional president, Mr. Naratil is bringing together the firm's best-in-class resources, talent and capabilities to create and sustain success for UBS's clients in the Americas.

https://www.ubs.com/us/en/wealth/about_us/exe_committee/tomnaratil.html

Default on the property would be the result of alleged fraud when dealing with UBS combining the fact that they took out a mortgage and at the same opened trading account with same institution in an offshore location.

To solve this one needs to think like a criminal.
The cause of a default has some connection to trading account and OP family had to have money to trade to begin with.
No offense to OP ,but to some degree i get an impression that they would be the kind of people that someone would attempt to take advantage of.

Did trades execute on the exchange?
Why there was a delay in reporting back those trades and extra charges?
Why the money was withheld?

If allegedly UBS bank employee in the Bahamas had intention to defraud this family would be ideal candidate.Large family with kids, trading that means someone needs to watch those trades and this insures that to pay off that mortgage there was one remaining adults who worked regular job.OK that pays the bills and if the trading fails they will default ,it's obvious.

An article not exactly favorable about the law firm representing the bank

https://www.bahamaslocal.com/newsitem/1996/Bahamas_bank_sued_in_relation_to_Madoff_fraud.html
I said think like a criminal so i will end with same theme
If allegedly trades were not executed properly and caused the loss or not executed at all,because let's face it majority of traders lose, they get to keep the money and the house
You basically prey on the weak ,not on the strong

I give OP to some degree benefit of the doubt,because some guy showed up and had very keen interest to write negative posts on this matter, what a coincidence!


@CSEtrader

If you genuinely were treated unfairly in your trading and at the same time held a mortgage you need to get the ball rolling about the trades,since you claim trading made money.
And from a link below it appears that UBS in Bahamas has their regional HQ in New York which might be of help for you.

Client Complaints
To help improve the service we provide, we are interested in hearing your feedback. If you have general comments or complaints, please write us at:

UBS Financial Services Inc.
Client Relations
PO Box 766
Union City, NJ 07087

https://www.ubs.com/us/en/wealth/ContactUs.html
most importantly write here to top brass
make sure you address to them in person and send individual certified postal letters.

Our U.S. Headquarters

Visit our New York Location

1285 Avenue of the Americas
New York, NY 10019
212-713-2000

https://www.ubs.com/us/en/wealth/DirectionstoOurUSHeadquarters.html

Tom Naratil
is President Americas and President Wealth Management Americas (WMA) and a member of UBS Group AG's Group Executive Board.

As regional president, Mr. Naratil is bringing together the firm's best-in-class resources, talent and capabilities to create and sustain success for UBS's clients in the Americas.

https://www.ubs.com/us/en/wealth/about_us/exe_committee/tomnaratil.html

 

[CSEtrader]

MUCH better, it could be clearer still but as an executive summary that is close. It also explains to me at least why the value of the property was relevant. People in the US may not understand the connection between the Bahamas and the UK's Privy Council. The Bahamas becoming a Commonwealth nation in 1973. Personally I would add some citation and parenthetical referencing, similar to Wikipedia and you have an easy to follow argument.

I will sign now but I would recommend some further refinement. It is very unfortunate the solicitor got the date wrong for the Privy council and this has severely disadvantaged you however it happens with them, could be a game of dirty tricks via the clerks or just they are infuriatingly useless sometimes

I would say however that the petition is in bad English. That could be a problem. It may be advisable to have your son look at it and start again?

Bold added:
"Ask UBS to stop to harass the family of individual traders and come to the court.""

Hard to say.

Thank you very much, dear Slartibartfast! We will work on that now, thank you! I just sent a long answer to dear
Van-der_Voort_4, maybe it can give more light on what happnned. Thank you! And attorney was lying us about the date in the Supreme Court in the Bahamas. The experiences with the Privy Council UK is one of the most inspiring - this giving us the strength to believe in justice, we've seen thoose wise men and we know that at the end we will have knowledgeable, a fair committee to review our case. The problem is dirty plays here, the wall between us in judges build by efforts of those creatures. And of course, thank you, yes I am a woman and to think that our belongings of ten years will be touched and moved tomorrow make me very vulnerable... for not think the value of books, paintings.. those are not simply in money... those are memories. Wau, sorry for this cry. We are going to win!

 

[vanzandt]

Thank you very much, dear Slartibartfast! We will work on that now, thank you! I just sent a long answer to dear
Van-der_Voort_4, maybe it can give more light on what happnned. Thank you! And attorney was lying us about the date in the Supreme Court in the Bahamas. The experiences with the Privy Council UK is one of the most inspiring - this giving us the strength to believe in justice, we've seen thoose wise men and we know that at the end we will have knowledgeable, a fair committee to review our case. The problem is dirty plays here, the wall between us in judges build by efforts of those creatures. And of course, thank you, yes I am a woman and to think that our belongings of ten years will be touched and moved tomorrow make me very vulnerable... for not think the value of books, paintings.. those are not simply in money... those are memories. Wau, sorry for this cry. We are going to win!

Reading through the court documents, it seems your side made some big procedural errors in the appeal process.

-Counsel did not appear for the hearing before the Board at the proper date and time (March 23, 2015). He wrote down the wrong date(?); I'd be livid.

-Additionally, the summary of your defense had not been filed as of that date (3/23) and therefore was not available for consideration by the Board even without your Counsel there.
Basically, because he (Counsel) didn't show up and there was no defense filed... as such a judgement was rendered for the debt claimed, and possession of the property in default of payment.

-Your Counsel further dropped the ball by not adhering to the rules of appeal and did not
include an "application for leave to appeal" regarding the judgment of 23 March 2015.

-It looks like you then took matters into your own hands to a degree (and I don't blame you)... but these were summarily dismissed on 2 November 2015 based on once again....procedural errors.

You then basically started over on June 6, 2016... with more competent Counsel.

It sounds to me like the Court is being sympathetic to your situation and affording you every benefit of the doubt. I think you'll win if everything you have stated is true and its all backed up with the proper documents. And I'm sure it is. I don't blame you for getting a petition going.

fwiw.... i encourage other ET'rs to just jump on there and sign their petition. I read through all the documents and UBS is definitely in the wrong. These people never once shorted UBS on any interest payments. They (UBS) took their money in exorbitant and unreasonable fees and then foreclosed on the loan 4.5 years early when the account dipped below $750K. Some UBS chieftain probably wants a nice house cheap in the Bahamas to retire to.

Had it not been for procedural errors early on... they would have won by now.

 

[CSEtrader]

Reading through the court documents, it seems your side made some big procedural errors in the appeal process.

-Counsel did not appear for the hearing before the Board at the proper date and time (March 23, 2015). He wrote down the wrong date(?); I'd be livid.

-Additionally, the summary of your defense had not been filed as of that date (3/23) and therefore was not available for consideration by the Board even without your Counsel there.
Basically, because he (Counsel) didn't show up and there was no defense filed... as such a judgement was rendered for the debt claimed, and possession of the property in default of payment.

-Your Counsel further dropped the ball by not adhering to the rules of appeal and did not
include an "application for leave to appeal" regarding the judgment of 23 March 2015.

-It looks like you then took matters into your own hands to a degree (and I don't blame you)... but these were summarily dismissed on 2 November 2015 based on once again....procedural errors.

You then basically started over on June 6, 2016... with more competent Counsel.

It sounds to me like the Court is being sympathetic to your situation and affording you every benefit of the doubt. I think you'll win if everything you have stated is true and its all backed up with the proper documents. And I'm sure it is. I don't blame you for getting a petition going.

fwiw.... i encourage other ET'rs to just jump on there and sign their petition. I read through all the documents and UBS is definitely in the wrong. These people never once shorted UBS on any interest payments. They (UBS) took their money in exorbitant and unreasonable fees and then foreclosed on the loan 4.5 years early when the account dipped below $750K. Some UBS chieftain probably wants a nice house cheap in the Bahamas to retire to.

Had it not been for procedural errors early on... they would have won by now.

Thank you so so much dear Van Zan dt! Yes, this js veru

Reading through the court documents, it seems your side made some big procedural errors in the appeal process.

-Counsel did not appear for the hearing before the Board at the proper date and time (March 23, 2015). He wrote down the wrong date(?); I'd be livid.

-Additionally, the summary of your defense had not been filed as of that date (3/23) and therefore was not available for consideration by the Board even without your Counsel there.
Basically, because he (Counsel) didn't show up and there was no defense filed... as such a judgement was rendered for the debt claimed, and possession of the property in default of payment.

-Your Counsel further dropped the ball by not adhering to the rules of appeal and did not
include an "application for leave to appeal" regarding the judgment of 23 March 2015.

-It looks like you then took matters into your own hands to a degree (and I don't blame you)... but these were summarily dismissed on 2 November 2015 based on once again....procedural errors.

You then basically started over on June 6, 2016... with more competent Counsel.

It sounds to me like the Court is being sympathetic to your situation and affording you every benefit of the doubt. I think you'll win if everything you have stated is true and its all backed up with the proper documents. And I'm sure it is. I don't blame you for getting a petition going.

fwiw.... i encourage other ET'rs to just jump on there and sign their petition. I read through all the documents and UBS is definitely in the wrong. These people never once shorted UBS on any interest payments. They (UBS) took their money in exorbitant and unreasonable fees and then foreclosed on the loan 4.5 years early when the account dipped below $750K. Some UBS chieftain probably wants a nice house cheap in the Bahamas to retire to.

Had it not been for procedural errors early on... they would have won by now.

Thank you so so much! And yes, your conclusion is absolutely right and uplifting to us.
UBS'gang tried to breake us down, and they used the lowest means and are still doing iit now. Their hope is only one - to prevent us from being heard in court and that we will give up before getting there. And the Court should follow law independetly of some judgies oppinions , who saddly can be biased against individual traders and bound by this islands particulars . And UBS very well understands that, having nothing in law and in fact against us. Thank you for encouraging other ET traders to sign the petition! We need your and their sulport very much and we trust it will help to move UBS to the court and to stop them from further unlawful actions. And yes, this is for all of us, for the call inside each of us for justice. And for each and every individual trader to be respected and not marked with old stereotypes.
We changed petition text and simply paste in our last email to UBS" nasty attorneys. Hope it is looks better now. We also created new version of the story in nutshell, on our webpage"our story", both changes were suvgested by the ET member, big thanks to him! Thank you again and again! It is stormy time here, but every time at the end the sun will come up! And with your support we feel more empowered in this fight against evil ! Have a nice flow of this Sunday! ☺

 

[JackRab]

This is not our case - we paid it all and have enough money for the fur more years.and exactly.

Then why didn't you just repay the full loan... ??

 

[JackRab]

I still don't buy it...

If the initial claim was so low... and you were making good money... then why not just pay it and then start proceedings? You say you had all the money and never defaulted... then why this:

"The alleged defaults were the failure of Junkanoo to maintain the minimum sum under
management or to pay periodical interest as it accrued."

"The defendants say that they have a defence. This is that the alleged defaults were due to UBS’s own breaches of their obligations in relation to the management of the invested funds, in particular in failing to provide an electronic trading platform for the investment of the funds under management and failing to carry out certain trades."

This whole episode has taking 3-4 years? And prior to this you've been trading with them for how long? 2-3 years? And there was no problem at that time and you always made tons of money? And then suddenly the money disappeared?

And you had similar issues with Credit Suisse, which you claim is because they have the same lawfirm... but in reality, you got slammed with trading fees... which is really a normal thing.

I'm too much of a skeptic to buy all this. Yes, maybe you got suckered into this... but that's your own fault really, and you should have cut them off early...

 

[CSEtrader]

Then why didn't you just repay the full loan... ??

Hello JackRab,
please, find here below my answers in bold italic - hope it will help to understand. Plese, be patient and excuse my Russian-English with Italien accent, it is night here and I don't have my boys or husband to correct me.
It looks to me that you had no time to read our story and documents and your perception was absorbed by assumption and not facts. It like take a 1-minute look at the chart and ut on trade, you most likely will have your stop-loss right away filled.
Thank you for your attention and interest - our story is real dramma, real unjustice till now and real insult to individual traders rights..

I still don't buy it...
I absolutely don't blame you - again it still hard for us to believe this happened in 2013-2018, even if we are living in this koshmar -nightmare.

If the initial claim was so low...
The 165.000$ was our claim to UBS - would you like to see the details? It is all in emails because they not only didn't provide us with the promised electronic platform, they even pretended that for each trade we would send the email! Well, at the end it was even lucky because now we have the evidence of their ugly executions and the exact amount of our claim.

and you were making good money... then why not just pay it and then start proceedings?
Only for one month - in August 2013 we made $38,000 (sorry, my husband is sleeping and I am not the number person, hope you can excuse my rounding by memory), and we were allowed to withdrew only $2,000 circa, the rest was locked on the investment account to bring it to the $700,000. After this success, UBS' started to make our executions worth and worth, always delays. Basically, it was all handled by only one person - George Maillis, who was our account manager, who tricked us on this product, whom we believed to be a friend but who apparently is linked with the gang determined now to stole the house and ruin us with the UBS' cover. In August 2013 we send the detailed email with complaints to his supervisor at UBS Bahamas and received "brilliant" reply, which once in court will make our position much stronger!

You say you had all the money and never defaulted... then why this:
Because a group of persons here in the Bahamas is determined to bring this "deal" to the final and still our home at the bargain price.
Technically we had money from the loan, which was for five years. And once the dispute rase we even offered them to pre-pay all interests and have the rest of the money in some of their facilities were electronic platform would be available, like London, New York, Zurich. But they refused! They pretended the loan to be paid back immediately and declared to go into liquidation in the Bahamas!
The loan from UBS was with only one purpose - investment and was for five years $1,400,000. the 50% of that was parked on the locked in the investment account, the second 50% we used for living and paid the debt of $300,000.
We received this credit in October 2012. UBS started right away to scare us with their type of management,[we remembered well our sad story with Credit Suisse in 2009, please visit the "Full story" on "our story" page of our website] but we already were on the hook. And UBS managed that we were able to put our first trade only in June, to discover that instead of $4,000 circa , we had only a couple of hundreds and the rest was fees! and we heard again the banksters mantra in offhshore robberies" you make volumes and I will think about the flat fee". This time, 2013, it was coming from George Mailis at UBS and not from Frank Goncalves at Credit Suisse in 2009.
So we only started to make our trading and were able to do it for only one month! August 2013. We through so many "funny" encounters with UBS, I will name just some, here in grey color (somebody on ET was allergic to my Indigo blue colour!), if you can take a look you will have a better idea of what they are doing here and even in Switzerland towards their clients who are new to markets.
Some episodes of UBS' Bahamas anecdotal behavior :
1.when signed the contract (RECL which stays for a real estate collateralized loan, generated by George Maillis) we were told that only after credit arrogation we will be authorized to visit their trading room! Yes, it makes me laugh now, what a nonsense, but at that time we did not know our rights. In any way, they never showed us the trade-desk, and we were sitting with $700,000 and fed with promises that next week somebody will come and authorize our access! But the interests were paid for the whole $1,400,000. from our side we were already scared by bed executions and horrible treatment at Credit Suisse in 2009, we learned :
- not to take their advice (Credit Suisse wrote to us in April 2009 that FAZ was good for daily basis!!! When it was falling like a stone and you can not short it!) At that time we knew nothing about charts, education, stop loss word was unknown to us! It was introduced to us by banksters as the mysterious and wild world were Americans are eating novice investors
- not to believe in "make the volume mantra" but have the fees issue cleared up at first
- to have direct access to the market.
2. Only in February 2013, we were able to obtain the email was UBS confirmed that executions would be in 20 seconds. The electronic platform was still "on the way" and access to visiting their trade-desc was definitely denied, because"bank changed policy"
3. true to say we felt much responsibility and weight of this capital collateralized by our dwelling home, and so in February we decided to start with just five E-mini contracts to test how this 20-second promise will work. Beleive it or not, but when I called to place the trade(email instructions were introduced later) the person at UBS replied"Let me see if there are volumes"! this scared us a lot and we demanded to have a meeting and to understand with whom we are dealing, who doesn't know about E-mini! The meeting never occurred
4. UBS Bahamas tried to bombard us with their type of products, which we refused. After that, suddenly in April, they prohibited to trade futures! to risky! The reality is that CME imposing fees on their product, and it is only 5$ for the contract, so for UBS Bahamas appetite it is not interesting

"The alleged defaults were the failure of Junkanoo to maintain the minimum sum under
management or to pay periodical interest as it accrued."
Here are raised the question which contains two parts. I will paste here my reply to Van_der_Voort_4 post 83:
The very heart here is that there was no default! Ientirelytirly built up by UBS! UBS obtained the order for possession alleging two defaults which did not correspond to facts:
1. We failed to keep $700,000 in the account. But at first it was not a binding condition - how can it be? One should be totally out of his mind to sign a contract, where he/she will keep money with the bank and also will pay interest to the bank for keeping? No, of course, it is a clear absurdity. In order to open an offshore account, UBS requested to keep a minimum balance of 500,000$. In our contract, it was 500,000$ or 50% of the loan, whatever is higher. You can see our English and can have an idea of how it was six years ago and for our simple logic understanding, we thought about 500,000$ as the minimum to keep with them, where 700,000$ would be desirable. And here below are two more points
1A . at the date of halting our trading, the balance would have been above 700,000$, should they refund for late executions
1B. once UBS Bahamas went into liquidation - why would we have to keep our money in their account, for what reason? It looks sarcastic had it not have been so tragic.

2. to pay interest. But UBS sequestred our loan money four years before the expiration of our contract. Had they not have done so, we would have paid.

And so, UBS obtained this order for possession in 2015, on these two alleged defaults, without us being in court, without the court ever considering our defense, our affidavit, our counter-claim - the very issue of our trades! The lawyer lied to us about the date of the hearing. And because I studied law for two years in Italy, I knew that all evidence has to be written down. The lawyer kept repeatedly saying-:-:"I understand nothing about trading, you should go to the judge end explain it." I still remember how finally, after three months, we received a Sunday, 22 March 2015, afternoon draft of our affidavit, when we assumed that the hearing would be on Wednesday. And on Monday morning my husband went to sworn affidavit, and asked our lawyer about the time of our hearing on Wednesday. Our lawyer replied,"Call me in the afternoon". And when he did, we learned that our hearing had been already done, without our presence, that judge "moved it ahead!"! And that within three weeks we would have to pay the entire amount claimed by UBS or give possession of our home, while we would be free to follow our counterclaim later! from where, how? When this home is all our assets, when it is UBS being in breach.
The transcripts of this hearing are one of the worst documents one can imagine to read in the third millenium in a civilized country.


"The defendants say that they have a defence. This is that the alleged defaults were due to UBS’s own breaches of their obligations in relation to the management of the invested funds, in particular in failing to provide an electronic trading platform for the investment of the funds under management and failing to carry out certain trades."
Exactly. But the Privy Council UK, which is the highest Court for the Bahamas, is not entering normally in merits - they looking only on the legal importance of the cases, building law. So, after this indication in the judgment, the normal course would go on trial and have our facts tested in the court. And this is exactly what UBS is afraid - they know very well that once in the court they can not escape. The fact of eviction is outrageous, for what we know it never happened before - we have:
1. favorable judgment fro the Privy Council UK
2.the substantial appeal filed in the Court of Appeal in the Bahamas, waiting for the date(and here UBS' gang is playing well with the assistance of certain clerks, our documents keep missing and the date keeps postponed)comments
3. leave to appeal from the Supreme Court of the Bahamas, where the same judge who made this order in 2015, saying, that should all facts not being hidden from him he hardly believe he would give the possession
4.cross-action nine times more than their claim, filed in the Supreme court in the Bahamas, which never received the date and being heard till now
And we started to make the petition and contacted ET because now they keep blackmailing us, hope you have seen that [ the page"latest update" on our website, "UBS' new blackmail Aril 16-18"]


This whole episode has taking 3-4 years? 5 years, since they halted our trading in September 2013
And prior to this you've been trading with them for how long? 2-3 years? Only one month, August 2013, plus 18 torturing days in September
And there was no problem at that time and you always made tons of money?
And then suddenly the money disappeared? Hope the answer to those two questions is clear with what I already said.

And you had similar issues with Credit Suisse,
No, with Credit Suisse the issue was little different.
which you claim is because they have the same lawfirm... UBS send us demand letter two weeks after we send our demand letter to Credit Suisse, in February 2014. The meeting with UBS management was scheduled for March 1014, to sit and find the solution! And when it's occurred they kind of apologize: "we sent this letter upon the advice of our external law firm", which is Lennoxpaton.
not only - during those years, my husband was not para-legal, we tried to sue Credit Suisse and constantly searched lawyer. So one day an acquaintance introduced me to the Matthew Paton, with whom I had the phone conversation in November 2013. he said that he will be more than happy to represent us against Credit Suisse and that they as the firm has no conflict of interests. but we already had our bad experience (i did not say anything yet about robbery we had from BNB Paribas, Lugano and Credit Suisse, Geneve in 2008).

but in reality, you got slammed with trading fees... which is really a normal thing. first of all we had no loan.And where it is "normal thing" to be charged $ 570,000 for two months of trading with starting capital of $ 300,000? The very director of Credit Suisse Nassau during the meeting said:"Ou, we are not here to rob people". He was moved out later and a friend's relative who worked inside and asked to be anonymous told us that it was the gang in this Nassau branch, we were not only one victim. And once we can sue them the claim will be satisfied. We will - but now my husband, who is only one who is doing our documents, literally now not having time to make a Writ, Statement of claim and then to follow all proceedings.

I'm too much of a skeptic to buy all this. Yes, maybe you got suckered into this... but that's your own fault really, and you should have cut them off early...
It is normal to be skeptic, considering also the very abnormality of our story. But as the trader and if you are successful, it means you have an open mind and always ready to accept reality. Our story is true. Plese, let me know if you will sign the petition and help to share. Thank you

 

[CSEtrader]

You are not aluding to the fact we are hearing only part the story now would you? ....No!!!
Funny how CSEtrader is a self directed futures trader by occupation, has never contributed on ET previously and now comes rushing in calling us "buddy, mate, fellow Trader, We are traders too, we are of the same family, same tribe! We are all One!"
With hand out begging.
Big Fat Bollocks!
"Sign the petition, sign the petition, sign the petition"

You look very unfriendly towards us and indifferent... this is your choice, sorry. Hope you may change it. But let me explain, while I can agree with your accuse that we never contribute before to ET, we never participate in any blogs before and corresponded only privately with our teachers - Larry Williams, late Mark Douglas and now his wife Dr. Paola Webb. We did not grow in the computer era, blogs are something that entering only now - it is our first blog in the life. Our position is simply that you have rights to contribute when you can bring something positive, but ur was the only drama so far, which we tried to fight alone without bothering anyone. Now the things are worth and we need help. Thank you