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Zoey, JD
Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 23936
Experience:  Active member of the NYS bar since 1989
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I would be very grateful if you could investigate Edgedale

Customer Question

I would be very grateful if you could investigate Edgedale Finance to see if they are legitimate.
On 9th May 2016 I responded to an email which offered automatic trading on binary options with RBOptions. I paid them a small deposit and they began trading for me. Each trade was very small - £25 per trade - and some I won and some I lost. I eventually asked them to stop trading on 9th July when I realised I was losing more than winning. I have no problem with RBOptions.
On 17th May 2016 I was contacted by Mr ***** ***** who asked if I would like to have a managed account which, he said, is much more personal and reliable than an automatic account.
At the time I assumed ***** ***** was also working for RBOptions but it turns out he was with Edgaedale Finance. I assume he got my details from RBOptions.
I agreed to deposit £250 into an account which they matched with another £250.
By 20th June they had made a few trades and my account balance rose to £1522.00.
All of the trades are visible on my personal account page of their website.
On 27th June they asked if I would like to deposit more money into the account so that they could trade more profitably. This would also give me the opportunity of an "insured" trade which would mean the money traded could not be lost. This is apparently done as an "introductory offer".
I deposited £5000 and after the trade my account balance rose to £9945.70.
I was in regular telephone contact with ***** ***** throughout this time. Buoyed by this performance I deposited another 2 x £5000 on 29th June and another 2 x £5000 on 30th June.
One of these £10,000 deposits was "insured" but I do not recall which one. I would assume it was the first one because even if I had lost the second my account would have still been in credit.
So I deposited a total of £25,250. My account currently shows a balance of £90,013.70.
The latest trade was made on 26 July and my account is still live.
Each time I spoke with ***** ***** I told him I would like to withdraw some money from the account. Each time he said that I could as soon as the current trade had completed. I then noticed a withdrawal facility on the web page. On 20th July I made a tentative withdrawal request of £1000 which was immediately marked as "pending". On the strength of that I immediately requested a £5000 withdrawal. This was also marked as pending but a notice came up to say that because of this request the £1000 request would be cancelled.
It was the extremely high returns which brought the possibility of a scam to my attention. Before making my first deposit I had looked online at the scam possibility but the fact that is-scam (a binary options scam reviewer) found no proof and that Edgedale Finance were registered at Companies House, I was at first led to believe that the company was legitimate.
I am still in contact with ***** ***** as I would like to keep him potentially traceable for as long as possible.
***** *****'s telephone number is(###) ###-####6126
Submitted: 5 months ago.
Category: Fraud Examiner
Expert:  Zoey, JD replied 5 months ago.

Hello,

I am unable to look at Edgedale Finance's website, because -- and rightfully so -- they do not allow access to the site in the US where most binary option trading is unlawful. I was able to find the website's WHOIS information, and can tell you a bit about this company.

The brokerage is new The domain name was only registered and the website launched back in January 2016. The domain name was registered for one year only, the least amount of time that one can register a domain name for. This is not a company that set itself up for the long haul, and that's not a very good sign.

The IP address traces to the US where, as I mentioned, binary trading is unlawful. The company is using an American private proxy service to hide its owner's name and location. You can verify this for yourself by going to www.domaintools.com and entering Edgdale's web address in their search box to get to its WHOIS.

The corporate address for the company of one Paddington Central, Kingdom Street, London, is not a real address. That is, it's little more than a mail drop. It's virtual rather than actual. Where Edgedale really is, is anyone's guess.

It is interesting that you say that Edgedale Finance is registered with Companies House. Companies House turns up no such business. Similarly, it is not registered with your Financial Conduct Authority.

So this is an unregistered and unregulated binary option broker and one that set itself up to only be around for a very short time. There are many reports from disgruntled investors on the web who believe that Edgedale scammed them. You can see these here.

Scamadviser.com pronounces Edgedale high risk because of many negative reviews about it.

We hear horror stories every day from investors who are attracted by the stated policies of unregulated binary option brokers and who invest heavily without realizing that the overwhelming majority of unregulated binary brokers are outright scams. Then they complain that the binary broker made unauthorized trades, for example, and wiped out their entire account, or that they don't allow for them to collect their winnings.

So I would not invest any further with them. If Edgedale gobbles up your money without your authority or won't let you withdraw your winnings, if can find out where they really are, you would have to sue them to get your money back. Finding them, however will likely be a job for law enforcement.

You should contact Action Fraud at Actionfraud.police.uk and your Financial Conduct Authority. Bear in mind that the domain name and site is presently slated to disappear in January, so you should act quickly before they vanish into cyberspace.

Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 23936
Experience: Active member of the NYS bar since 1989
Zoey, JD and other Fraud Examiner Specialists are ready to help you
Customer: replied 5 months ago.
Edgedale Finance appears on the companies house website if written as 1 word - edgedalefinance. It was incorporated in February 2016. Does this matter or change things?
Expert:  Zoey, JD replied 5 months ago.

Thank you!

It's a better sign, but it doesn't change anything. It doesn't really mean anything. It does confirm that this company is brand new. But it hasn't been around long enough to file anything with your government. So right now, the listing with Companies House gives the appearance of legitimacy. But by next year, if they don't provide their annual tax filings and pay their registration fee, they will not be in good standing and could eventually be stricken off of the register.

Many fraudulent companies will register with Companies House or with similar agencies around the world because it's easy enough and cheap enough to do and gives them an illusion of credibility. Then, by the time Companies House wants to strike them off the register, they have long since disappeared into cyberspace with their victims' money.

Customer: replied 5 months ago.
One of the reasons I was happy to go along with Edgedale Finance in the first instance was their very impressive and sophisticated website which looks extremely genuine. I realise you cannot look at the website but could could you not ask one of your uk colleagues to do so. After all I did contact just answer.co.uk
Expert:  Zoey, JD replied 5 months ago.

I did ultimately look at the website. I just had to use software that hid my IP address. That's how I got the company address, which, incidentally is not the same address as what was registered with Companies House, though neither is an actual address.

I agree it looks professional, at first glance, but so what? That doesn't mean it cannot be fraudulent. I would note, for example that it claims to be copyrighted as of 2014, when in fact the site is only 6 months old. Its text claims it has been around for more than 5 years, which is also incorrect. In fact, much of its text is ripped off verbatim from this site, which is older and set to expire this month and which is probably run by the same set of scammers.

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