Portuguese financial institution claims Danish bank manipulated stock and currency prices – an allegation Saxo’s founders strongly deny
Saxo Bank’s two CEOs and major shareholders, Lars Seier Christensen and Kim Fournais, have together with a number of the bank’s other employees been reported to the police for securities fraud, according to financial daily Børsen.
Portuguese financial institution claims Danish bank manipulated stock and currency prices – an allegation Saxo’s founders strongly deny
Saxo Bank’s two CEOs and major shareholders, Lars Seier Christensen and Kim Fournais, have together with a number of the bank’s other employees been reported to the police for securities fraud, according to financial daily Børsen.
Portuguese financial institution Fortune – one of Saxo Bank’s customers – has accused the Danish bank’s management of having manipulated both stock and currency exchange prices.
Over the past few weeks, Saxo Bank has been under fire for employing what some believe have been dubious business methods and models for their customers. Several banking executives have alleged that up to 90 percent of the bank’s customers lose their investments within the first six months.
According to Børsen, which claims to have a copy of the charges Fortune sent to the FSA, the specific accusation against Saxo Bank is that it systematically used erroneous stock prices in the settlement of contracts for differences (CFDs).
Fortune claims it has lost approximately 10 million euros due to Saxo Bank having manipulated the share prices of such companies as Apple, Goldman Sachs and Volkswagen in connection with the settlement of CFDs.
Fortune’s CEO João Laranjeira said he reported the bank’s employees so that the police can decide whether there has been no criminal activity involved in the matter.
Christensen refuted the allegations by Fortune, saying the action of reporting Saxo Bank to police was a ‘very un-Danish’ way to do things.
‘It’s very odd that for over a year and a half Fortune has threatened to sue us,’ he said. ‘And so they suddenly take the completely incomprehensible step of filing a police report instead.
Christensen and Fournais also told Børsen that it was ‘simply incorrect’ that 90 percent of Saxo Bank’s customers lose their investments within the first six months. They indicated that 48 percent of ‘platform’ customers lost more than 5 percent of their investements during the financial crisis-plagued year of 2009.
They added that 20 percent of customers’ dividends amounted to between -5 and 5 percent of their investments, while 32 percent earned more than 5 percent.
‘Normally we’d never release those types of figures,’ said Christensen. But due to the continued negative press Saxo Bank has been getting, we felt we were forced to do so.’
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Saxo Bank founders accused of fraud
Saxo Bank’s two CEOs and major shareholders, Lars Seier Christensen and Kim Fournais, have together with a number of the bank’s other employees been reported to the police for securities fraud, according to financial daily Børsen.
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Saxo Bank’s two CEOs and major shareholders, Lars Seier Christensen and Kim Fournais, have together with a number of the bank’s other employees been reported to the police for securities fraud, according to financial daily Børsen.
Portuguese financial institution Fortune – one of Saxo Bank’s customers – has accused the Danish bank’s management of having manipulated both stock and currency exchange prices.
Over the past few weeks, Saxo Bank has been under fire for employing what some believe have been dubious business methods and models for their customers. Several banking executives have alleged that up to 90 percent of the bank’s customers lose their investments within the first six months.
According to Børsen, which claims to have a copy of the charges Fortune sent to the FSA, the specific accusation against Saxo Bank is that it systematically used erroneous stock prices in the settlement of contracts for differences (CFDs).
Fortune claims it has lost approximately 10 million euros due to Saxo Bank having manipulated the share prices of such companies as Apple, Goldman Sachs and Volkswagen in connection with the settlement of CFDs.
Fortune’s CEO João Laranjeira said he reported the bank’s employees so that the police can decide whether there has been no criminal activity involved in the matter.
Christensen refuted the allegations by Fortune, saying the action of reporting Saxo Bank to police was a ‘very un-Danish’ way to do things.
‘It’s very odd that for over a year and a half Fortune has threatened to sue us,’ he said. ‘And so they suddenly take the completely incomprehensible step of filing a police report instead.
Christensen and Fournais also told Børsen that it was ‘simply incorrect’ that 90 percent of Saxo Bank’s customers lose their investments within the first six months. They indicated that 48 percent of ‘platform’ customers lost more than 5 percent of their investements during the financial crisis-plagued year of 2009.
They added that 20 percent of customers’ dividends amounted to between -5 and 5 percent of their investments, while 32 percent earned more than 5 percent.
‘Normally we’d never release those types of figures,’ said Christensen. But due to the continued negative press Saxo Bank has been getting, we felt we were forced to do so.’