F1 investments who filed suit against May Daisy has now sought to advise its clients of what is happening. Here is a letter sent out to its clients.
F1 Investments Inc. (F1) has, over the years, achieved good returns for its clients through Foreign Exchange Traders and entities who have had good trading discipline and have exercised capital preservation as a main investment strategy within the context of foreign exchange trading. In order to achieve this, F1 Investments has entered into contractual agreements with traders who trade the Funds of the clients of F1. As you may be aware, a number of these entities and individuals have come under the scrutiny of various regulatory bodies and some have had a number of issues in regards to the ability to return clients funds on request. F1 has sought to ensure that it remains able to encash and return clients’ funds at reasonably short notice.
F1 entered into a contractual relationship with Miss Ingrid Loiten of May Daisy Corporation, to perform some of the trading activities for an allotted portion of funds on behalf of our clients, and Miss Loiten has seemingly performed well in relation to her trading. In light of the challenges of the Industry and to ensure the protection of client’s funds, F1 re-structured its arrangements with its Traders and requested the funds held by Miss Loiten with a view to doing same. Miss Loiten has failed to comply with our requests for the transfer of funds, inclusive of gains made through her trading, within a reasonable timeframe and to date continues to hold the funds either in banks and/or on a trading platform.
In order to protect our client’s interests, F1 has initiated legal proceedings against Miss Loiten with a view to obtaining a court order to have the funds returned. F1 has engaged the services of United States legal counsel to assist in this process.
While it is with regret that we have had to take this action, our client’s interests are paramount and it is imperative that we take the necessary steps as outlined above. We continue to have very good results from our other traders and expect to continue on a path of good results for you our client. It is however possible that the impact of the action being taken against Miss Loiten and May Daisy Corporation could result for the first time in a delay in encashments were we to receive a large number of requests. We hope for a timely resolution to this matter, and we will continue to update you accordingly.
We continue to thank you for your support.
F1 Investments Inc.
We will be presenting a breaking down of the counts as listed in the lawsuit filed by Steve Palmer and F1 investments soon.