OffshoreAlert
Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.
RSS Feed Print
Thales Traders
Internal Administrator
Posted: Friday, August 12, 2011
Joined: 10/12/2010
Posts: 5780


Posted: 1/12/2003 9:10:19 PM

By: Ralph Castro

Does anyone have any experience, either positive or negative, with this frim. They are a Panamanian based investment firm.


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/14/2003 8:32:33 AM

By: Old Boiler

Panamanian Securities Commission

No nothing of Thales Traders but be careful of bogus regulators in Panama. Parker Kates and Jones used a fake regulator to scam victims of Panama based boiler room criminals - Morrison Cross Financial.

"Panama Securities Board" run by Mr. Andrew Collins.

Also watch out that Thales is not a new manifestation of the MCF crew. Many shady stock crooks are turning to commodities / forex as the equity market erodes the attractions of their "get rich quick message"

Frankly these posts look bogus to me and I think you are after a bit of publicity. You may have chosen the wrong board.

Sorry if I am wrong ..which I doubt..




Anonymous
Posted: Friday, August 12, 2011

Posted: 1/14/2003 7:27:09 AM

By: danny

you base your decision on one guy,thats stupid.in commodity trading you can lose more than what you put in or the guy might as well tell you the market is going up and you made money.say goodbye to your investment


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/13/2003 9:58:22 PM

By: R Castro

Thanks for the reply.

Since you have not stated anything negative I assume your experiences have been positive. I plan on visiting with them shortly.

Ralph Castro


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/13/2003 3:44:07 PM

By: fiduciary

Have recently visited with them and seen their operation and met with the two principals. Have nice offices opposite the Colombian consulate on one of the upper floors of the WTC in Panama City. Are regulated by the Panamanian Securities Commission. Have been in Panama since 1998 after moving their operation from Switzerland. I understand they have a managed commodity trading program as well as the usual online discount brokerage services. I would suggest you make a personal visit if you have not already.


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/14/2003 12:20:40 PM

By: Do you more brokers

I would be interested in the names of other brokers associated with Thales Traders.

Thanks,
Hunter


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/14/2003 12:05:02 PM

By: Alan McAloon

I know one of the brokers, and can assure all that they definately are nothing to do with Harris. I can get more details from the guy I know (licensed in the USA, although I know that does not mean much nowadays!) if required. His name is Gabriel Techera and I believe him to be honest, although I have no direct knowledge of the owners of Thales other than they are not MMH or his group.


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/14/2003 9:43:44 AM

By: None that I am aware of

I didn't see any reference to Marc Harris in any of the information I found on the internet on Thales Trader. Mr. Scheers comments posted in the lastest thread at Diligier contain comments about the mail drop. If you are interested in Thales Traders then you might want to scroll through the information posted in the older thread at Diligizer.

Here is a link to the old thread.
http://pub17.ezboard.com/fdiligizerfrm17.showMessage?topicID=451.topic

Have a good one,
Hunter

P.S. Here is a repeat of the comments by Mr. Scheers.
The international mailing address which is brought up actually belongs to Airbox Express - Aerocasillas SA (www.aerocasillaspty.com). All their clients share the same street address: 1601 NW 97th Ave, Unit C 102, 33102 Miami FL. What makes the adresses different are the account codes, in our case PTY 3610. PTY stands for Panama and 3610 is our accountnumber with Airbox. I was unable to verify the accountnumber for the Harris Organisation but I am confident it is different.



Anonymous
Posted: Friday, August 12, 2011

Posted: 1/14/2003 9:35:12 AM

By: Old Boiler

Hi Hunter,

Thought that Thale looked a bit suspect.

I have often seen posts about Mark Harris's involvement with boiler rooms in South America.

What role did he /does he play?


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/14/2003 9:11:56 AM

By: Concern about address

An old thread at the Diligizer board seems to have raised some concerns. Hopefully my recent post at the Diligizer board has addressed these concerns.

Best of luck,
Hunter

LINK TO RECENT POSTING AT DILIGIZER
http://pub17.ezboard.com/fdiligizerduediligence.showMessage?topicID=10284.topic

By the way, the old thread at Diligizer contains a fair amount of informaiton that I found on the internet about Thales Traders.


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/14/2003 8:47:12 AM

By: Old Boiler

www.thalestraders.com

Hello...!!!

Thales Traders has a Referral Agent Program that will just do that, turn your existing client base and a simple referral into cash and a residual income. Refer your clients and contacts to a trusted broker and we'll share a part of our commissions with you.

...not proof of wrongdoing but an indicator...and beginning to smell like things are not right...




Anonymous
Posted: Friday, August 12, 2011

Posted: 1/15/2003 4:14:35 PM

By: Thales Traders SA

Danny Pfeifer is right. Every speculative investment, especially in options, futures or forex carries a high risk. That is why high returns can be made. As information to all on this board and especially to people interested in investing in such products, I have copied our standard risk disclaimer from our contract below:

Investing in a speculative investment has certain inherent risks of loss. You should be aware of these risks and consider carefully if you want and can accept them. If in doubt, please contact one of our licensed brokers or executive officers to have these risks explained in detail and to discuss if the contemplated investment is suited for you in view of your goals and/or profile.
Risks and possible profits go hand in hand: the higher the possible profit, the higher the risk.

Futures/Forex/Options/Day Trading Risk Disclosure Statement:
There is a potential for large profits in Futures / Forex / Options / Day trading. However, Futures/ Forex/Options/Day trading can also lead to large and immediate financial loss. Therefore, Futures/Forex/Options/Day trading is generally not suited for someone of limited resources and limited investment or trading experience and low risk tolerance. You should be prepared to lose all of the funds that you use for Futures/ Forex/Options/Day trading. Certain evidence indicate that a small investment will significantly impair the ability of making profits in Futures/Forex/Options/Day trading. Of course, a large investment in no way will guarantee success.
Futures/ Forex/Options/Day trading requires knowledge of the securities markets and a thorough understanding of the specific product. You will be competing with professional, licensed traders, employed by securities firms.
Futures/ Forex/Options/Day trading requires knowledge of firm’s operations. You should be familiar with securities firm’s business practices, including the operation of the firm’s order execution system and procedures.
Under certain market conditions, it might be difficult or impossible to liquidate a position as quickly as possible at a reasonable price. The more volatile a security is, the greater the likelihood that problems may be encountered in execution of a transaction.
In addition to normal market risks, you may experience losses due to system failures. If you are Futures/Forex/Options/Day trading Electronically, these failures include computer and communications failures.
Futures/Forex/Options/Day trading will generate substantial commissions, even if the cost per trade is low. Futures/ Forex/Options/Day trading involves aggressive trading and you will pay commissions for each trade. The total daily commissions will reduce your earnings or add to your losses.
Futures/Forex/Options/Day trading on Margin or Short Selling may result in losses beyond your initial investment.

Margin Risk: When trading securities on margin, the risk of loss will always be greater than trading those same securities on a cash account. Due to it’s inherent nature, futures trading is always considered margined. You can only sell shares short or write options in a margin account.
When you purchase securities, you may borrow part of the purchase price from your brokerage firm, their clearing broker or their clearing firm; this is called “trading on margin”. The securities purchased are collateral for the firm that has made the loan to you. If the securities in your account decline in value, so does the value of the collateral supporting your loan and, as a result, the lender can take action or ask your brokerage firm to take action, such as issue a margin call and/or sell securities or other assets in any of your account held with the clearing broker or brokerage firm, in order to maintain the required equity in the account. There are several risks inherent in trading securities on margin. These risks include the following:
You can lose more funds than you deposit in the margin account. A decline in the value of securities you have purchased on margin may require you to deposit additional funds to avoid the forced sale of those securities or other securities or other assets in your account(s).
The firm that has made the loan may force the sale of securities or other assets in your account(s). If the equity in your account falls below the maintenance requirements (stocks: 25%, futures: maintenance margin of specific contract), the firm can sell the securities or any other assets in your account(s) to cover the margin deficit. You will be responsible for any short-fall in the account after such sale!
The firm can sell your securities or any other assets without contacting you. Most firms will attempt to notify their customers of margin calls, but they are not required to do so before selling your securities or other assets. Even if the firm has contacted a client and a specific date is provided by which the customer may meet the margin call, the firm still can take the necessary steps to protect it’s interests, including immediately selling the securities without notice.
You are not entitled to choose which securities or assets in your account(s) are liquidated or sold to meet a margin call.
The firm (or when trading futures the exchange) can increase maintenance margins at any time without prior written notice. These changes often take effect immediately and may result in the issuance of a margin call.
You are not entitled to an extension of time on a margin call. However, an extension of time may be granted in certain conditions


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/15/2003 4:03:12 PM

By: Danny Scheers

Hello,

I am not "involved" in Futuro Forestal SA. I am co-owner op Tropical Resouces SA. TR is a reforestation company that sells titled and reforested plots of lands. FF handles the maintenance for these plots for TR. I have no idea what Fortress Management is. Did you maybe miss-spell Forest?

Thank you

Regards

Danny Scheers


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/15/2003 11:25:20 AM

By: I never held that position

Correction on my position. I never held the position that Thales was associted with The Harris Organization. The common address did catch my attention but the address was only common to a certain point. I didn't realize that at the time of my posts in the old thread at the Diligizer board. I really hold no position on Thales Traders because I am not interested in offshore investments.

Harris
1601 NW 97th Ave
Unit C - 102
Miami FL

Thales Traders
PTY 3610 - Unit C 102
1601 NW 97th Ave
33102 Miami FL

Turns out that Harris had a PTY associated with his address that Danny Scheers sent to me in an email message. It is a different PTY number than the one used by Thales Traders.

My original post at Diligizer stated "that information is too old to draw any conclusions about Thales Traders SA and I have no idea when, or if, The Harris Organization stopped using that mail drop in Miami." The comment was made in reference to that address. I just assumed that The Thales Traders used it after The Harris Organization or some such thing but not that Thales Traders was part of The Harris Organization. I didn't see any reference to The Harris Organization in any of the information posted on Thales Traders in the old thread at Diligizer. I am not even sure why the original poster asked about Thales Traders but maybe they are following the recent postings and learning more about the organization. I would suggest that they email Danny Scheers with any questions because he has been very responsive to comments and questions.

Here is a link to the old thread.
http://pub17.ezboard.com/fdiligizerfrm17.showMessage?topicID=451.topic

Have a good one,
Hunter




Anonymous
Posted: Friday, August 12, 2011

Posted: 1/15/2003 7:23:20 AM

By: danny

they may be legit ,regardless if you invest only invest in options where all you lose is the premium .eg you put in $200 you can only lose that.,make sure you read the documents carefully and understand what they want you to sign.
and if your still unsure about these guys find a bigger name like hsbc offshore and open a brokerage account and do your own homework.brokers always make promises even onshore and you never get what you want


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/15/2003 4:22:56 AM

By: Cyrille Emery

Cant say that Thales is not complying with request for infos...

Quick internet search produces that Danny Scheers was/is involved in Futuro Forestal SA which was/is part of Fortress Management.

Hunter (Diligizer board 14) thought Thales and MHO were same because they shared same mail drop address in Florida. She has apparently reconsidered her position.

So it could be a genuine regulated company but as usual past performance....etc


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/14/2003 3:40:19 PM

By: Thales Traders SA

Thales Traders SA is licensed by the Comision Nacional de Valores under license CNV-375-00. This is the real regulatory entity.

Principal Officers:
Danny Scheers (license CNV-412-01) General manager
Elena de Aronne (License CNV 418-01) Chief Financial Officer
Lorena Mora (License CNV-304-02) Backoffice Manager
Valentin Solis (License CNV-054-02) Compliance Officer

Brokers:
Arturo de Bernard (License CNV-411-01)
Juan Antonia Silva (License CNV-063-02)
Gabriel Techera ((License CNV-282-02)
Esteban Kravcio (License CNV-301-02)

Brokers waiting for the expedition of their license
Andres Rodriguez. Passed the exam

Best regards

Danny Scheers
Thales Traders SA



Anonymous
Posted: Friday, August 12, 2011

Posted: 1/20/2003 4:48:10 PM

By: David Marchant

I did not state that the CNV tolerated Marc Harris (in fact, I did not mention the CNV in my entire messager, I stated that the "local authorities" did.

By that, I mean the criminal law enforcement agencies and the Superintendency of Banks, which allowed Harris to openly and without hindrance commit fraud and operate unlicensed offshore banks, respectively, from their jurisdiction.

David Marchant


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/19/2003 7:41:47 PM

By: Danny Scheers

Wow, Mr. Marchant!
You seem to be forgetting one very big difference between the UK regulators and the Panamanian CNV. While the UK's FSA (formerly "Securities and Futures Authority" and "SIB") and their "Serious Fraud Office" exist for more than 15 years, the CNV was founded with Decreet Law 1 of july 8, 1999. Before that, the financial industry in Panama was not regulated, unlike in England where the banking commission/National Bank was in charge before a seperate regulator existed. The CNV gave out the first licenses in 2000 when it got fully organised. In 2001 and 2002 additional laws were passed that helped the CNV in his functions. For example, in 2002 a law was passed making it punishable by law to offer securities without license.
Until than, the CNV could only warn the public against the various Harris entities (which they did) and refuse licenses to any existing and new Harris related company (which they did). It were the efforts by OBNR, La Prensa AND the CNV which made it impossible for THO to continue it's business in Panama.
I would not say that the CNV "tolerated" THO...


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/17/2003 7:49:19 AM

By: David Marchant

For the sake of perspective, it is not just in offshore jurisdictions that crooks can prosper without too much hassle from regulators.

Perhaps the most egregious recent example is the Financial Services Authority in the United Kingdom, which allowed Imperial Consolidated - and continue to allow its many spin offs - to operate without any investments licenses even though fraud was and is being committed.

To this day, the UK authorities have not taken any action of any kind against Imperial, even though it was operating a bank and mutual funds from England. Although Imperial is in administration in the UK, this was a voluntary action in which regulators played no part.

Compare that situation with Grenada, where a small fraction of Imperial's operations were physically based and, yet, where regulators forcibly closed down Imperial's offshore bank and mutual funds.

While it might seem laughable to many that the Grenada of today - as opposed to the days of the First International Bank of Grenada - is better regulated than the UK, it is nonetheless true in the case of Imperial Consolidated.

Extending that to Panama, the tolerance of the Marc Harris Group by the local authorities is certainly not significantly different to the tolerance of Imperial Consolidated by the UK authorities.

At the end of the day, it is up to each and every investor/client to be his or her own regulator, do their own research, come to their own decisions and take full personal responsibility if things do not work out.

To blame everyone else is an exercise in delusion.

David Marchant


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/16/2003 11:28:31 AM

By: Danny Scheers

It is certainly unfortunate that cases like that of THO exist. The fact that there are so much "cowboys" around, makes our work a lot harder.

As to the credit of the Panamanian regulators I wanted to state that they denied THO it's license, published a warning about the activities of THO and subsequently denied licenses to other Mark Harris related companies like Harris Advisory SA. At the end THO closed it's door in Panama (firing a lot of innocent employees who are now having a real hard time finding a job) and moved to Nicaragua (I believe) where business continues at it seems.

Freedom Trade is NOT registered with the CNV. Inquiries with information did not reveal a telephone number. If they were in a business center (makes you wonder even more...) and you happen to know the name of that service, I can check further.

Regards

Danny Scheers
Thales Traders SA


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/16/2003 7:54:21 AM

By: Alan McAloon

The Panamanian regulators are just starting up and seem to be doing a good job so far. MH and other companies that are quoted as still being in business in Panama never had licenses issued, an easy check to make. There are any number of ways to verify that a company has a license with the CNV, Thales Traders certainly has a license, as do it's brokers.

If somebody wants to place there money with unlicensed companies, they don't have to stray far from home to do that. It is not only countries like Panama that has rogue companies, just read your local newspaper.

So long as you aren't putting your money into any kind of account where a broker can trade without your specific authority (i.e. omnibus accounts etc.) any licensed broker that clears through a recognised US or European Clearing House should be quite safe. Obviously the stability of the Firm involved matters, but the monies are never held locally anyway and can always be retrieved from the Clearing House in the event of the collapse of the local company.

Sorry for rambling on, just that people focus on the wrong things sometimes.

Alan


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/15/2003 10:21:44 PM

By: Ralph Castro

I must say Danny Scheers is forthcomming with information but it certainly would be reassuring receiving first hand information from actual clients of Thales Traders.

If is very unfortunate firms like MH exist as they tend to taint the entire offshore industry. I question the effectiveness of the Panamian regulators when MH is still operating. MH makes it hard for ligitimate operators to attract business.

While we are on the subject of brokers in Panama, does anyone have an opinion on Freedom Trade. Are they still in operation ? Are they ligitimate? Last time I checked in person (2years ago) they were just renting office space and had a common secretary at a front desk that handled the inquiries for several businesses. Their office was staffed only part time. Makes a person WONDER ?




Anonymous
Posted: Friday, August 12, 2011

Posted: 1/15/2003 4:32:33 PM

By: Cyrille Emery

I think we can all give a break to Danny and his company !

He has disclosed to us more than any others have in this forum and has avoided the gibberish so often associated with scammers.
I apologise for the poor returns of my internet search. THe name fortress management appeared in a world tax report.


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/20/2003 8:35:53 PM

By: David Marchant

Re. "I admit you never mentioned the CNV in your message. However, you did mention "the regulators", the FSA and "the Grenada regulators". Their equivalent would be the CNV."

You are wrong. The Grenada International Financial Services Authority regulates banks, which the CNV does not.

In any event, you missed the point, which was that the level of regulation - of both banking and securities industries - leaves a lot to be desired in many countries, offshore and onshore, and, at the end of the day, it is up to each and every investor/client to be his or her own regulator.

David Marchant


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/20/2003 7:52:08 PM

By: Danny Scheers

I admit you never mentioned the CNV in your message. However, you did mention "the regulators", the FSA and "the Grenada regulators". Their equivalent would be the CNV.

Although I really do not have any good words for THO, as far as I know, it did not operate any Panamanian offshore bank (which are illegal in Panana by the way). All banks were constituted in other, less regulated jurisdictions. So far for the authority of the Panamanian Superintendency of Banks...

Leaves the too lenient attitde of the criminal law enforcement agencies. And allow me to return here to your original comparison with the UK. While in the UK they have a special task force (Serious Fraud Agency), Panama has... well... closest would be the PTJ who handles everything from robberies to murders, hardly experts on white collar crime. By the way, have there been any official complaints by Panamanian citizens against THO? Who did the international investors complain to? Why didn't any of the international law agencies react?

I'm just saying your original comparison was a little apples-to-pears.

Cheers


Anonymous
Posted: Friday, August 12, 2011

Posted: 1/20/2003 6:45:16 PM

By: Okke Ornstein

CNV or local authorities, it doesn't make a whole lot of sense to compare the UK situation with that of Panama.

Okke Ornstein


 

Jump to different Forum... 

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

View Recent Digests

BAHAMAS  
BERMUDA  
BRITISH VIRGIN ISLANDS  
CAYMAN ISLANDS  
Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.