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Zoey, JD
Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 24008
Experience:  Active member of the NYS bar since 1989
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I invested £65k with Imperial Options a binary company THis

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I invested £65k with Imperial Options a binary company THis investmnt was done under duress at a time when my 85 year old wife was ill in bed and i was under stress. I am 84 years old and suffrer from Parkinsons desease. The manager I was dealing with called Leigh Rose said in two emails to me that he would make a profit of 15% per month on the capital. instead he lost most of the capital. I understan that he was suspended and thn paid-off by the company for his general performance. Ihe company have refunded my account £30k but with restrictions on how i can get this, something to do with a cturnover requirment which I do not think i will ever reach. I think that I was scammed when i put ythe money in with promises of the return. On two occassions I instructed by email to the Customer Services Dept. nd they responded that i did not any further bets put on. But the bets continued and mostly all lost, their win/loss was 12%/78%. I have trid to gain satisfaction without success. It seems impossible for me to get any money returned. I would also say my Parkinson health has deteriated in the last 8 months, whether this is a normal progresion with the illness or due to the stres I have been under because of this. I see the Parkinson Specalist on a routine 6 monthly visit at the end of this month, i will ask how stress effects Parkinson sufferers.
Can you help and advise me on this and how i stand.
THank you, ***** ***** Weamouth
Submitted: 1 year ago.
Category: Fraud Examiner
Expert:  Zoey, JD replied 1 year ago.
Hello,

My name is ***** ***** I will be assisting you with your question.

Imperial Options registered its domain name in March 2014 and its IP address traces to the US. It is using an American private proxy service to hide its site owner and its location. The website says, however that the company is located in the British Virgin Islands. Where it's actually located is anybody's guess, as the corporate address appears to be a post office box in Tortola. Imperial Options is not registered with the British Virgin Islands Financial Services Commission and is an unregulated, new binary options company.

Binary option trading is very much like gambling, more so than other types of investments. Your country does not yet regulate binary and forex traders. Some reputable brokerages have been proactive and have registered with your FCA. Others are regulated by a European regulatory authority such as CySec. Imperial Options is not regulated at all. It's also not a UK company, which means that is ouside of the reach of the law. The brokerage can make its own rules and literally anything goes.

We hear horror stories all the time about binary brokers: unauthorized tradings, wildly expensive fees to withdraw earnings that only lead to more fees, and credit card fraud. Then, when you go to look for them to exercise legal remedies, you frequently find that you don't even know where they are or that they don't respond any more to your emails and aren't anywhere at all.

At the bottom of its site you can see its terms and conditions, and if you have followed their procedure to close your account and get your money back, they should comply with it if they are legitimate. If they are not legitimate, however, and they won't comply with your policy, your own law and your Financial Conduct Authority are not going to be of any use to you. You'd have to hire a lawyer in the British Virgin Islands to sue them, if anyone can find them.

You can, however, report this company to the UK's Financial Conduct Authority,
http://fca.org.uk/, to Actionfraud.police.uk and to Trading Standards
http://www.tradingstandards.uk/advice/Specificproblemadvice.cfm

They may be able to give you some direction and they can at least warn others.

Sorry to be the bearer of bad news, but this is why one must deal with regulated brokers.
Customer: replied 1 year ago.

Would I be able to sue the manager who lost my money if I cannot sue the company. He did work for the company, but he did not produce what he said he would. I have paper copies of his emails where he states he would make 15%/month on the capital invested.

Also you say that I would have to sue the company in the Virgin Ilse, but if they have an address in the UK and their UK staff work in say London , does that me they are above the law and cannot be controlled by UK law

Expert:  Zoey, JD replied 1 year ago.
There's no question about the fact that if you find them you can sue them for their breach of their terms of services, for fraudulent misrepresentations and likely more. The biggest difficulty may be in finding them to haul them into court. Their BVI address is a post office box. If they really do have a London office, and it's actual and not virtual, then you can sue the brokerage in the UK because they are doing business there. All too often, however, with these unregulated companies, what you learn is that they are nowhere at all.
Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 24008
Experience: Active member of the NYS bar since 1989
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