Armed Clients storm Turkish Forex Broker

The key media channels in Turkey reported that the Turkish Forex Broker Venbey Yatırım offices were raided by the clients and the owners of the firm. What do we know?

4 October, AtoZForex The frustration of the client, who have lost a significant amount of money or has been refused to be served appropriately, can reach extreme levels. The armed invasion event in Turkey broker’s office is one of such nature.

Armed Clients storm Turkish Forex Broker

The key media channels in Turkey have reported that a number of Turkish citizens are now allegedly facing up to more than 50 years in prison over an armed raid on the managers of a broker firm in Turkey.

The Forex broker company name is Venbey Yatırım, which allegedly is operating under two types of setups, where one is a non-registered market-maker broker and another one is a registered broker in Turkey. The non-registered broker is allegedly receiving cash deposits from clients – which some people favor in tax avoidance matters.

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As some clients made profits and wanted to withdraw their money, Turkish Forex Broker has refused to follow the agreement and put the blame on managers, stating that they have taken money to themselves. As a result, the clients, as well as the owners of Venbey Yatırım allegedly, raided the managers’ offices, according to the Turkish media reports. Consequently, the Venbey Yatırım managers informed the police about the incident.

Long term of imprisonment?

The CEO of boutique software and solution provider Meta Technologies and an expert on the Turkish market, Hüseyin Gürsöz, had described the main participants of the situation occurred:

“The leading role in the story here – Venbey Yatırım – is an only-forex business with average trading volume. ALB Menkul is 3rd biggest broker in Turkey, and Uguras Kıymetli Madenler has the biggest metal trading volume in Borsa Istanbul. Some of the others involved are also members of Borsa Istanbul but they don’t have any significant volume.”

Supposedly, the owners of Venbey Yatırım and the clients of the brokerage now are facing criminal allegations, which can result in long term of imprisonment.

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