Italian Stories: The case GForex and GTL Trading

In recent days, the case GForex has been enriched by new and disturbing details, jolting the chair more than one person. But first things first and start from the beginning, for those who perhaps had never heard of this obscure company.

The GFOREX s.p.a. Milan made use of an electronic platform for trading and services provided by GTL company based in Dubai. GFOREX ha comunicato ufficialmente ai risparmiatori che i loro soldi erano svaniti nel momento in cui il 18 March 2011 the broker GFOREX GTL has prevented access to that platform, effectively blocking all trades. About 36 millions of dollars have been well into the coffers of the GTL. These savings have been transferred to a bank in the Virgin Islands.

Imagine the surprise of many, maybe investing the savings of a lifetime, found themselves out of the blue with a fist-handed. And we're talking about almost 400 Italian investors, advised and directed to GForex perhaps by some consultant too “light”. But we go forward with the story that, as mentioned in the opening, has been enriched in recent days disturbing details of. And from here I will quote in its entirety Article friend and colleague Michele Barbera, always accurate and timely. Happy reading.

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The case "GFOREX"That sees hundreds of Italians in their savings hit by a da crack 30 million, it is enriched in these days of many innovations that, we hope, may be a good omen for the resolution of the problem and the recovery of the savings.

Meanwhile, it seems that finally the Central Bank of Dubai has ordered the freezing of bank accounts and securities of the riches of the elusive financier Riaz Mahmood Pakistan in the UAE. This would be an amount equal to sixteen million in foreign currency. An important first step for the recovery of a substantial cash assets of bankruptcy. We believe that this time the authorities in Dubai have placed due emphasis to the maneuvers of Riaz who apparently acted on the UAE financial platforms without having the necessary permissions.

The victims of the game savers Riaz, passed the initial shock, in recent months have given rise to an intense exchange of information, well as to become an active part in the investigation and exposed to the Judiciary, the Ministry of Foreign Affairs, to several parliamentary bodies and the bankruptcy. Just search by the victims of the scam was that the story is much more "international" than we think and the knots that tie the figure of Di Fonzo (CEO "GFOREX”) Riaz to appear closer than you might think. The traces of this strange union Di Fonzo-Riaz lead directly to the notary's office Mr. H. Hellinckx, in Lussemburgo.

Precisely in this study 29 January 2010, Italians Fabio Griglio, Alessandro Spinardi and Claudio Di Fonzo, together with the Pakistani and Canadian Mark Duquette M. Riaz gave birth to "EQUIS S.à.rl" with registered office in Luxembourg, Beatrix of Bourbon Street n.11. According to the act of our magnificent five were made by the same attorney represent all, Mr.. PHILIP COMPARETTO, Luxembourg used. It will be usual practice, but it certainly denotes unity of purpose and harmony in the group of founders!

The company's purpose is the acquisition and holding of shares in investment funds specialized, as a company limited by shares, qualified as an investment company with variable capital under Luxembourg law. The share capital is of pure financial investment, divided into 500 quote, is well divided between the founders. It agrees with our great Riaz twenty percent.

The fact that puts suspicion is that, second version of Di Fonzo, and according to what has been found so far in the investigation officers, already in 2010 the relationship between Riaz and Di Fonzo (rectius between GFOREX and GTL TRADING) were already compromised by the difficulty of "recovery" of money invested in the Dubai.

But the list of participants board Luxembourg does not leave much doubt: the two were companions of snacks, and they are added with strong tones also figures Spinardi and Griglio that until now had remained in the background. Not to mention the Canadian Duquette, appointed vice-president of the company number two, directly under the aegis of the manager Turin Spinardi, designated as Chairman of the Board of Directors.

Now in the game of "who-is-who-cheated" to move the pieces can only be that the prosecution must also enhance these new emergencies of international level. Di Fonzo mates and can not simply pose as victims, since they have even founded an investment company with their alleged torturer. It's up to them to choose a side, providing full cooperation to the authorities and in full transparency, especially on foreign financial flows-of-abroad that lead directly from Switzerland to Dubai.

In short, cleared away by the heavy fog of misunderstanding Company, must be made clear individual roles and, above all, responsibilities for those involved in this very sad story. On the horizon insists more and more distinct possibility that all result in a class action savers that involves more than the group companies Riaz-Di Fonzo also watch structures Italian. The tam-tam in this sense becomes more and more insistent.

Many people, in fact, to wonder how a company like GFOREX was able to continue to act in limbo Italian stock, raking in millions of euros, especially after the same had been important visits by inspectors who had also moved to Bank of Italy surveys the work of Di Fonzo and Co..

In short, the one who writes, the question, but remaining ready solution, seems to have finally taken the right media profile and the necessary tension, to prevent events such as that of "GFOREX-GTL TRADING"Clones may have hazardous and toxic, perhaps in other parts of the world, such as Australia, where it appears that Riaz with his company has stretched hands.

Here is the link to go directly with the Constitution of the EQUIS sarl: CONSTITUTION OF EQUIS SARL (Click on the summary of Luxembourg under the Official EQUIS sarl).

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