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Zoey, JD
Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 24020
Experience:  Active member of the NYS bar since 1989
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I unfortunately have come foul of a binary outfit called

Customer Question

Good afternoon,
I unfortunately have come foul of a binary outfit called B4Binary, based in London. A very plausible account manager persuaded me to invest, in total just over GBP2,500.00.
The trading manager assigned to me, ***** ***** did a good job of increasing my investment, but then came the rub! I have not been able to withdraw any of the funds, including my initial investment, each time I made a withdrawal request, it was rejected even though all the paper work was in order. To make matters worse, their compliance department took the money out of my account and even though the withdrawal was rejected the money was not put back in the account. I paid my initial money by MasterCard. I have reported the disreputable dealings of B4Binary to them and they are looking into it on my behalf.
Is there anything else I can do about this company?
Kind regards. Rita McCracken
Submitted: 5 months ago.
Category: Fraud Examiner
Expert:  Zoey, JD replied 5 months ago.

Hello,

Do you have a website for this company?

Customer: replied 5 months ago.
Hello Zoey, yes B4Binary.com - unfortunately, they are not licensed in the U.K. as a Binary broker. However, licensed or not they were very keen to take my money!Rita McCracken
Customer: replied 5 months ago.
My apologies, I should have addressed you as JD. I didn't realise that Zoey is your surname. How rude of me. Rita M.
Expert:  Zoey, JD replied 5 months ago.

Hi Rita,

No apologies necessary. Zoey is my name. JD stands for Juris Doctor, which is my US law degree.

Unfortunately, I don't have good news for you.

You have invested money with an unlicensed an unregulated binary option broker. These so called brokerages make unsolicited contact and attract investors by aggressively promoting investment returns that are much too good to be true. But the fact is that if they are unregulated, they are already operating outside of the the law, and that means they don't have to honor their commitments to their investors.

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 frauds. Then they complain that the binary broker made unauthorized trades, for example, and wiped out their entire account, or that -- as in your situation -- they don't allow for them to collect their winnings even after you jump through all of the hoops they require for such withdrawal. Rather, they simply encourage you to invest even more.

B4Binary is relatively new. According to the company WHOIS, the domain name was only registered and the website launched back on August 6, 2015, so it's not quite a year old.

The IP address traces to the US where almost all binary option 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 B4Binary's web address in their search box to get to its WHOIS.

Apparently, only the billing for the brokerage takes place in the UK. That said, it's little more than a mail drop. The UK address is virtual rather than actual. Like so many other unregulated binary brokers, it is operating from somewhere offshore. It claims to be in St. Vincent and the Grenadines. Where it really is, is anyone's guess.

The broker owner is called Service Global 52 limited. A business by that name did incorporate in the UK in August 2014 at the virtual address given on the website. The owner has since changed its name to SG55, but is Company number 09176365.

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 B4Binary.com scammed them. You can see one of these here.

Scamadviser.com pronounces B4Binary a high risk site and pronounces it suspicious because of many negative reviews about it.

If you can find out who and where they really are, you can sue them for their fraud and for the return of your money. But finding them may unfortunately probably be a job for law enforcement.

As they claim to have an office in the UK, you can contact Actionfraud.police.uk, as well as your own law enforcement authorities. Through your embassy or consulate in St. Vincent and the Grenadines, you may be able to find a local investigator who can determine whether the company has an actual presence on that island.

Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 24020
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.
Hello Zoey, many thanks for all the information you have provided - it certainly looks bleak. My only redress is my credit card company who are investigating the company. Thank goodness I didn't invest more money, even though their broker ***** ***** made numerous telephone calls to me asking for more funds.These people should be closed down, they are nothing but scum. I will try and give them as much bad publicity as I can and hope it has some effect.Thank you again for you help and thoroughness in such a short time.Kind regards. Rita McCracken
Expert:  Zoey, JD replied 5 months ago.

I agree with you that these folks should be closed down.

Financial regulatory authorities the world over tell you to beware of unregulated binary brokers. If your country doesn't regulate them, then find a broker who is regulated somewhere else, like with the FCA, ASIC or CySec. That at least gives you some agency to turn to if the company breaches their contract with you.

The promised returns with regulated Binary Option brokerages don't look as attractive, but what good are promised returns if the brokerage isn't going to keep their promise?

Good luck. I hope someone can find them for you.

Customer: replied 5 months ago.
Thank you Zoey, I will certainly go down fighting!
Expert:  Zoey, JD replied 5 months ago.

You're very welcome!

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