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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3774
Experience:  Solicitors 2 years plus PQE
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I have invested 15000 US dollars in a stock trading company.

Customer Question

I have invested 15000 US dollars in a stock trading company. Since I lost my job, I requested a return of my investment.
The company calls me on a regular basis to keep the account trading. I cannot afford to take this risk now.
I requested withdrawal/refund in August 2015 - to date they have only released 3000US dollars.
They are not regulated by FCA, as I have already approached the financial ombudsman.
What can I do now?
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.
Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Where is the company based? How did you pay for the investment?
Customer: replied 1 year ago.
Alex,
The company (10Markets) has a London address but is not covered by the FCA. I paid using my debit card.
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. Is the company an English Limited company? Kind regards AJ
Customer: replied 1 year ago.
Alex,
A subsidiary of the Whitestone Group Ltd, Anguilla, 10Markets.com’s operational office is located at #16, Upper Woburn Place, London.
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. If they have branch in London the next step would be just to sue them for the return of the funds? I have looked at the Terms and Conditions of the company and rather unhelpfully it does not specify a jurisdiction (or choice of law) to govern your agreement with them. Considering this you should be able to sue them in the UK.
Customer: replied 1 year ago.
Alex,
And the cost to start proceedings?
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. The claim is USD 12000 - this is relatively straight froward and can be done in the small claims court - the court fee is £540 (4.5% of the claim if done online) this is recoverable if you win. If you use a solicitor you are looking at another £2-3k which you should be able to recover part of. It is likely that once you commence or threaten litigation they will likely seek to settle the claim with you. Kind regards AJ
Customer: replied 1 year ago.
Alex,
How do I claim online? I am overseas right now
Expert:  Alex J. replied 1 year ago.
https://www.gov.uk/make-money-claim-online - here is the money claim online service. If you are making the claim from abroad, you will likely need to instruct a solicitor to make the claim for you. Kind regards AJ
Customer: replied 1 year ago.
Alex,
Can you start this for me?
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. I am afraid we cannot take work like that on this site. The best thing I can suggest is you contact the Law Society www.lawsociety.org.uk and ask them for a solicitor with small claims experience that is capable of accepting instructions from clients based abroad. Kind regards AJ