UTM resuming "trading" - Suggested response

Many of you contacted us in August and have been contacting us since because UTM had stopped trading and you had asked for your accounts to be closed and for your capital and profits to be paid to you and they had refused or failed to do that.

Since then, clients themselves, NBLO, others who have been engaged by clients, and the Bulgarian authorities, have put UTM and those behind it under growing pressure.

Many of you will be aware that on Nov 24, UTM made changes to the status of your accounts on the UTM system and in effect resumed (at that time at least) “trading”.

Unfortunately, there is no evidence at present that UTM has ever carried out any trading, rather than simply running a software program to make you think they are trading. Those account movements are no different.

At least because all of you have requested UTM to stop trading, and to return your money, UTM’s actions are a violation of your rights.

UTM has since written again to some of you making the following points:

  • UTM is making efforts to show "normal activity" to unspecified "banks and authorities"
  • They wish to show this normal activity for "2 months at least"
  • All termination and withdrawal requests received before 24 November "were cancelled, as most requests were submitted after the panic and hysterical false information were published about UTMarkets"
  • No termination / withdrawal requests will be processed "until [UTM] shows a normal activity to our banks and the financial authorities"

None of these responses are believable, separately or together. 

Some of the reasons are:

1. There is no reason to think that any regulators (or any authority) will prevent UTM from paying the people whose money it holds. On the contrary, such authorities would encourage anyone it regulates to pay back as many members of the public as possible, as soon as possible.

2. In any event, UTM has consistently denied that it is regulated - most recently on 24th November. It is therefore impossible to believe that they consider themselves bound by any authority or that any authorities are in contact with them; UTM has not disclosed any name of such an authority even though investors have asked them to.

3. "Normal activity" is an empty, meaningless phrase. Was what UTM did on 24th November a normal trade even though it was done after 4 months of silence and without the agreement of the investors?

4. That UTM can decide to ignore instructions from those whose money it holds because it thinks there's hysteria means it can change any agreement practically as it wishes.

We don't think further correspondence with UTM on this issue will be likely to be productive, but would recommend that you may want to repeat your instruction to UTM to stop dealing with your funds and immediately return to you your funds.

We believe it is not a coincidence that they allegedly started trading at this point: this is intended to create further confusion, give false hope, delay further action, leave you with the sense of not being in control, and at least on average allow UTM to incur “trading” losses and reduce your balances with them.

As we discussed at our meetings in Dubai last week, at this stage, we are continuing to provide  information and assistance to both those who have instructed us and other victims who have been in contact. We recommend that you write to UTM to request them to stop any form of activity involving your funds and to return these forthwith.

We suggest that those of you who have seen trading movements on your account write to UTM along the following lines:


On 21 November 2016 you stated in an email that you would resume trading by the end of November 2016 even though you are not licensed or lawfully permitted to do so.

As I have previously instructed you to close my accounts, I am now writing to repeat my demand that you repay me my funds in your possession and to re-state that none of the companies, organisations or individuals associated with UTMarkets (including but not limited to Halil Celik OOD (formerly CFD Global OOD), CFD Global Ltd, UTM Online Services Ltd, STP Marketing Ltd, T-Marketing Services Ltd, nor any other company or person associated with these entities or with the websites utmarkets.com, utmanagement.biz or any associated entity is or has been permitted to use any of my funds in any way, including to trade.

On Thursday 24 November 2016, in the absence of permission to do so, you purported to record  unauthorised trades using my funds and purported to charge commission for doing so. 

If this reflects a trade, this is unauthorised, and I demand once again that you cease and desist from doing so and return my funds. If this is not a trade, it is nevertheless unlawful. 

If you are in a position to trade, then on the terms of your own previous emails, you have access to funds. You must pay my funds to me today, making good any loss and deductions of commission or otherwise.