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Dear Investors "Unfortunately" is a word we never used before but we have to apply it today. High yield equals high risk and this equation is taking its toll on IT. As many of you know from private communications I was always candid about the risk factor and zero guarantee clause. As I stated on many occasions things can go wrong and do go wrong. Things did go wrong as we found out in the last few hours. At this point we do not have exact numbers. Over the last 10 to 12 days we registered trading under-performance and in an attempt to recuperate the losses our trading positions were over-exposed aggressively using the margin potential. Consequently our accounts got hurt badly. We do not have a full assessment of the damage. It is not totally a Nick Leeson situation but equally devastating although on a much smaller scale. The total damage is being assessed at the present time. Please be patient for 24 to 48 hours and do not inundate us with questions. We will send out another update as soon as we have a clearer picture. Please note the April TTC is not being affected by this situation. Payouts will be processed on April 22 as per schedule. Sincerely Peter & team |
