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Zoey, JD
Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 23991
Experience:  Active member of the NYS bar since 1989
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From Australia, I have invested alot of money in a Binary

Resolved Question:

Hello from Australia, I have invested alot of money in a Binary company in UK,we traded for about 2 months,all going well till it stopped,I have tried to ring-email for the past month or so no reply what so ever,my account is still active as i can log in nearly every day with my balance still showing plus all my details available,I am afraid my account might disappear off there site where all my details will be deleted leaving me with no proof or paper trail that i was a client of there company,I would appreciate your advise or help on this matter.
Regards
Geoff Macdonald
Submitted: 6 months ago.
Category: Fraud Examiner
Expert:  Zoey, JD replied 6 months ago.

Hello,

What is the name and website of the binary broker that you were trading with?

Customer: replied 6 months ago.
insideoption
Expert:  Zoey, JD replied 6 months ago.

Thank you for the reply.

This is an unregulated binary broker, which is not actually in London. Unregulated binary brokers are operating outside of the law of your country, and like most of them, they are really based somewhere offshore. In this case, they are believed to be registered in Anguila and do their banking through Mauritius. Scamadviser.com says that the website traces to Japan, and gives the site a very low trust rating because of many negative reviews.

Where insideOptions actually is, is unknown. And unfortunately, that does mean they might disappear with your money. They have done so with others.

In any case, they are not regulated by the UK's Financial Conduct Authority, nor are they listed as a UK company with Companies House, the government agency that keeps the annual business and tax filings for all UK companies. In fact, they are not regulated anywhere on earth, and that's another big problem.

You were attracted no doubt by this company's tempting potential investment returns, but when binary brokers are completely unregulated and are outside of legal channels, anything goes. Your contract with them and their promises are meaningless because they can and do make their own rules. The overwhelming number of unregulated binary option brokers are scams.

Does that mean you are without remedy? No. There's always a remedy.

You can sue them for fraud and the breach of their agreement with you or you can pursue them criminally. But the problem is that you have to find them to be able to exercise those remedies. Finding them is probably going to be a job for law enforcement.

I am very sorry to be the bearer of bad news.

Customer: replied 6 months ago.
Thanks for your response,Not the one i wanted to read,talking about law enforcement I got a call from a company called Global FTI just last night 15/07/2016,they talked about getting my money back at a cost of $1500 USD $1000 up front,very weary of this as where did they get my info from plus do they have the power to to recover my money!!
Expert:  Zoey, JD replied 6 months ago.

Here's what's happening to you now:

Scammers keep track of the victims they successfully dupe and they ALWAYS come back sooner or later in new guises to get another bite of the apple. The most common way in which they do this is to claim to be an agency, an organization, or a government official who can get you all of your money back. For a fee, of course. And then another. And another. And another. And another, until you finally figure out you're being taken in all over again.

This "company" could have only learned about you from the folks who fleeced you and are likely the same team of fraudsters that took advantage of you before.

No they don't have the power to recover your money. I wish they did, but they don't.

Customer: replied 6 months ago.
Thanks again,what law enforcement is out there that i can trust?
Expert:  Zoey, JD replied 6 months ago.

As they claim to be in the UK, you can report them to ActionFraud.police.uk, which is the UK's national anti-fraud agency. You can report them also to the UK's Financial Conduct Authority, who can warn others.

In your own country, you can report them to ASIC and to Scamwatch.gov.au.

Customer: replied 6 months ago.
Thank you again,will follow up and report.
Expert:  Zoey, JD replied 6 months ago.

You're very welcome. Most of these crooks get away with their fraud, but I'll keep my fingers crossed for you.

Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 23991
Experience: Active member of the NYS bar since 1989
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