June 22th, 2016 - Reorganization Update
Dear Valued Clients,
First and foremost, we would like to thank all of our valued clients for the outpour of support and loyalty you have shown to ATC during our Chapter 11 reorganization. As most are aware, the Chapter 11 for both Dave Manoukian and Avail Trading Corp dba ATC BROKERS have been dismissed and lifted in April 2016.
While we understand the hardships the client encountered on an account of his assigned money manager in 2012, we would like to be clear that ATC BROKERS does not manage client funds. At the time we simply provided the MT4 software to clients as an Introducing Broker to Forex Capital Markets (FXCM). Clients completed an application and funded their account directly with FXCM LLC or FXCM Ltd. Clients chose their own money managers and signed a Power of Attorney in order to allow another party to trade on their behalf. FXCM provided their clients with their back office access to monitor all trading activity during the time their trading account was managed by the POA.
ATC has prided itself as being one of the most honest and transparent brokerage firms in the industry. It is unfortunate that we were penalized for believing in a faulty system where we thought justice would prevail. Nonetheless, we cannot change the events that have transpired and are glad we can put this behind us and continue to focus on new developments and technology as well as expanding both our US and UK operations.
March 1st, 2016
To Our Valued Clients,
Over the last decade, Avail Trading Corp dba ATC Brokers (US) has prided itself as being one of the most honest and transparent brokerage firms in the industry.
In 2015, Avail Trading Corp. was part of a litigation brought forth by a FX client who incurred losses in his trading account in 2012. As with many traders, this particular client placed their trust on a money manager of their choosing and granted them the authority to trade the account. However, the client's money manager sustained losses in the account and the client decided to pursue legal action towards Avail Trading Corp. and others.
In an effort to protect the company and continue operations, Avail Trading Corp. saw it fit to file for chapter 11 reorganization and to hire a Chief Restructuring Officer to help strengthen company operations. Avail Trading Corp. financials are profitable and the filing is not a representation of the company's financial standing. Furthermore, client funds for customers of Avail Trading Corp. are held directly with the Forex Dealer Member, Forex Capital Markets. Under the company's reorganization, Avail Trading Corp. will continue to operate as usual and will vigorously defend the litigation through the appellate courts.
In addition, Avail Trading Corp.'s filing does not have any impact or correlation onto ATC Brokers Ltd. (UK) operations. Though commonly owned, the US and UK companies are two separate entities, both with their own business infrastructure. The litigation was not brought against the UK entity.
ATC Brokers Ltd. (UK) is regulated by the Financial Conduct Authority and conducts its business under strict regulations. ATC Brokers Ltd. (UK) is obligated to segregate the money that retail clients deposit in order to prevent the use of client funds by the firm for its own account. ATC Brokers Ltd. (UK) ensures that additional measures are taken to guarantee clients money is held in a separate account away from any accounts belonging to the firm.
We appreciate the outpouring of support from our existing clients and fellow colleagues within the industry. We will continue to strive to provide unique offerings and we look forward to the next decade of service to our clients.