Foreign exchange firm Premier FX stops trading – clients fear collapse and run
Forex currency trading company Premier FX has stopped trading leaving customers in the dark over hundreds of thousands of euros of investments.
Sometime between 9am and lunchtime on Friday last week the well-respected foreign currency trading firm appeared to have disappeared.
Website content was pulled, phones disconnected and staff who only days before had assured customers that all was well were uncontactable.
The company had a number of high-end clients with hundreds of thousands of euros invested in Premier FX who are now wondering their money is safe.
One such client, Bryn Paling of Bristol told the Algarve Resident newspaper which broke the story, “I have just received an e-mail from Premier FX and due to cash-flow problems they have decided to suspend the company and put it into liquidation.”
Bizarrely, the company’s Facebook page appears to have been operating as normal. Yesterday’s post reads: “Hello Thursday! The interbank rates on our most popular currency pairs are: _____ . Have a great day!”
Premier FX which has an office in Almancil was run by former city trader Peter Rexstrew. Rexstrew died after an operation in June and the seamless service his company apparently gave to investors began to pick apart.
A routine audit was carried out that discovered anomalies. The company’s managing director Nick Jones, who has considerable investments tied up in the firm, has vanished.
All the other key staff members involved, including Mr. Rexstrew’s children, Katy 28 and Charlie 22 also remained tight-lipped although Charlie Rexstrew stated in a written letter to the Algarve Resident English language newspaper that he would be “in touch by Monday and that he knew it must be very difficult for clients not knowing for a whole weekend.”
Only a month ago, following Rextrew’s death, Managing Director Nick Jones who took over the reins in Almancil described the business as “in extremely good shape.”
