2007
ANNOUNCEMENT
CURRENT STATUS.
We have discovered that for many accounts, the company is unable to reconcile
epins against sales made.
Sales from the new structured plan also has not been encouraging and not well
received by members. Bad publicity has also contributed to this.
This has resulted in the slower growth contributing to the fund size.
Furthermore, the speed of weekly withdrawals in the past has also forced
the fund manager to take more aggressive positions in trying harder to make
money work each and every member.
By virtue of this risk, we also have suffered losses in the trading coupled
with faster payouts, lower cashflow coming in and our fund size that is not
growing had results to a formula for disaster.
GOING FORWARD
A new policy will be released to benefit everyone.
KEY OBJECTIVES
1. An audit has to be conducted to resolve unreconciled epins and block
respective accounts that have been activated but not yet settled with the company.
We expect to complete this exercise by 30th June 2007.
1. We will also need to identify accounts that are still in a lost position
whereby, the objective will be to allow affected members to recover principal.
These accounts will be prioritized for payments.
Amount Invested – all bonus and yield withdraw and transfer out + balance = (LOSS).
e.g. 1000 – (150 + 300 + 200) = 350 therefore the loss is 350.
3. Payments will recommence after the completion both of the exercise above and
will be scheduled on a monthly basis.
4. All withdrawal that have being made by members prior to this announcement will
be paid on certain percentage based on the performance of the fund.
CONCLUSION
The last 6 weeks has been extremely challenging for CFDVenture but we are committed
to resolving these issues. We would like to thank all members for your understanding
in this matter and ask for your patience and support. Together we strive through all
these challenges ahead of us