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Ben Jones
Ben Jones, UK Lawyer
Category: Law
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Experience:  Qualified Solicitor - Please start your question with 'For Ben Jones'
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Have you heard of the ponzi scheme banners broker? i was wondering

Customer Question

Have you heard of the ponzi scheme banners broker? i was wondering if i could get my money back on what i have put in?
Submitted: 2 years ago.
Category: Law
Expert:  Ben Jones replied 2 years ago.
Ben Jones :

Hello, my name is ***** ***** it is my pleasure to assist you with your question today. How did you pay the money which you invested with them?

JACUSTOMER-if1kxv98- :

through allied wallet

JACUSTOMER-if1kxv98- :

credit card and also debit

Ben Jones :

Ok thanks. The issue you have here is that you used a third party payment processing service so you will not be covered by the usual rules on chargeback through your banks. This would have allowed you to make a claim with the banks to issue a chargeback notice to the recipient and effectively claw back the money which you paid. However, you did not pay the money directly to the brokers, you used Allied Wallet so the money went to them and they then sent t over to the brokers. The bank can only make a chargeback notice to the party to which the money was initially sent, in this case Allied Wallet. However, as they have not done anything wrong they cannot be penalised for this and be forced to give any money back, especially as they no longer haver it. So this would have only been an option had you paid the brokers directly, not if you used this third party processing service.

It also appears that Banners Brokers are now insolvent and that liquidators have been appointed to deal with their assets. You can actually register yourself as a creditor of the company and it would then place you in a pool of other creditors who are all waiting for money from the company. This means that if at the end of the insolvency process the liquidators will determine how much money is left over and then start distributing it to the creditors in a strict order of priority. Sadly it is very rare for anyone to ever get the full debt they are owed and usually you would only get a percentage, although how much would of course depend on how much money was salvaged and also how much is owed to everyone.

Finally, there is a good article about the options on recovering your investment from this particular company, including the details on how to register as a creditor:

http://taratalkstoday.blogspot.co.uk/p/get-your-money.html

Hope this clarifies your position? If you could please let me know that would be great, thank you

JACUSTOMER-if1kxv98- :

so i have to become a creditor

JACUSTOMER-if1kxv98- :

i cannot call my bank saying i have been taken money

JACUSTOMER-if1kxv98- :

and then they will isuue a refund/ chargeback

Ben Jones :

well you already are one, but you have to notify the liquidators that you are one, in case they do not know that already - you should formally register as a creditor with them. You cannot rely on your bank here because you used a third party payment service and they have not done anything wrong so the bank can only chase them and as they are not in the wrong they cannot be held responsible for this

JACUSTOMER-if1kxv98- :

so what solution to get the money back

Ben Jones :

well as mentioned your only realistic option is to go through the liquidators but I have to be honest now that it is unlikely you will recover all of the money you have lost unfortunately - it is how scams work, it is very difficult to recover such losses

JACUSTOMER-if1kxv98- :

and who are the liqudators

JACUSTOMER-if1kxv98- :

on that link you sent me many people have recovered their money

Ben Jones :

mainly through the chargeback scheme which you cannot rely on unfortunately, but the liquidator's details are right at the top of the page

JACUSTOMER-if1kxv98- :

so it is useless applying for that

Ben Jones :

well no, you still have a chance to recover something but I was making you aware that it is rare for the full amount to be recovered that way and that it depends on how much money/assets is actually left in the company

Ben Jones :

But it is the only option you now have

Ben Jones :

Can I clarify anything else for you in relation to this?

Ben Jones :

Hope this clarifies your position? If you could please let me know that would be great, thank you

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