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Ash
Ash, Solicitor
Category: Law
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Experience:  Solicitor with 5+ years experience
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24th Feb 2016Specialist area in UK:Breach of contract (Civil)/

Resolved Question:

24th Feb 2016
Specialist area in UK:Breach of contract (Civil)/ fraud (crime) re Binary Options trading platform online service.
2 companies are withholding a large sum of my money that I deposited with them, saying their online T & C's on their binary options trading web-site entitle them to hold monies for a minimum 12 months period, or unless a traded volume amount is reached first prior to any withdrawals.
They are not regulated or licensed with Gambling commission.
One of the companies is processing my complaint - upto 8 weeks, with no independent arbitration facility since not regulated. The other has just not responded after saying no - i.e. not even a complaint process!
I reported both companies to Action Fraud on 3rd Feb and c 15th Feb, who are investigating, but they make clear they will not recover monies specifically, though may in due course pass to the CPS.
Thus I assume I should start civil proceedings with a specialist lawyer/barrister on criminal fraud and recovering moneys under breach of contract.
Both companies say they put clients/investors moneys in a segregated clients a/c, and both are with Santander in the UK, however, though money laundering legislation facilitates banking trace/audit trails if the money is moved, I understand I have to move fast and provide an undertaking for the value of the moneys withheld, if apply for an order to freeze the companies segregated account to the values of my monies?
I know the fees are large c £15K to £20K to start the legal process - with no access to no win no fee lawyers in this specialist area, and with c75% to 95% refund of fees only if case won - compared to £100K and £44K moneys withheld.
The legal points are: Cold-calling to solicit financial investment, which I understand is illegal; mis-selling, re my A/c Manager verbally amending T & C's to say I would have access to my capital i.e. the traded volume stipulation would not apply; and, breach of contract, re the first companies still giving me a bonus despite requesting in writing not to have any, and with the £44K company, since they sent on my request confirmation of no bonuses and a 30 day rolling contract re access to capital at the end of each month, instead of the 12 month minimum period for holding capital.
I would be grateful given the above for a 2nd opinion in what an appropriate specialist in my shoes would do. The £100K company seems at least to trading with a compliance dept, whereas the £44K company does not appear to have a compliance dept., and i believe could cease trading -its web-site was recently down for 10 days with the excuse of being under construction - hence freezing its account could be prudent - but the legal costs are significant also. Thank you. 6.30pm 22-2-16 Mark
Submitted: 10 months ago.
Category: Law
Expert:  Nicola-mod replied 10 months ago.
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Expert:  Nicola-mod replied 10 months ago.
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Expert:  Nicola-mod replied 10 months ago.
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Expert:  Ash replied 10 months ago.
Hello my name is ***** ***** I will help you with this.For now please let me know how much you have invested please?Alex
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
Ash and 5 other Law Specialists are ready to help you
Expert:  Ash replied 10 months ago.
Do you have a number?Alex
Customer: replied 10 months ago.

Hello

I note you have advised me last year on my property rental!

Thank you for coming back to me over my loss of funds (£100,000 and £44,000) todate over non-regulated on-line trading platforms, not permitting withdrawal of funds.

My telephone number is ***** *** ***.

Mark

Expert:  Ash replied 10 months ago.
calling now.Alex
Expert:  Ash replied 10 months ago.
its form n1 http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n001-eng.pdfPlease readhttp://www.justice.gov.uk/courts/procedure-rules/civil/rules/part25/pd_part25aAndhttp://www.justice.gov.uk/courts/procedure-rules/civil/rules/part25And https://www.judiciary.gov.uk/wp-content/uploads/2016/01/qb-guide-2016-final-2.pdfYou go before a judge, the judge decides whether to freeze the account and if so the order is given and you take it to the bank.Alex
Customer: replied 10 months ago.

Hi Alex

Good to speak last Friday.

My apologies for the delay in coming back.

Many thanks for these links which I still have to look at - but I plan to do this afternoon, and then I will come back to you immediately.

Much appreciated.

Mark

Expert:  Ash replied 10 months ago.
Sure.
Customer: replied 10 months ago.

Hello Alex

Mea culpa - for the delay in coming back.

Before anything else I would like to pay your £35 agreed fee, and will then also pay additional moneys to hopefully enable me to action proceedings.

Briefly - a summary of what has happened, since we spoke last:-

I only now have opened the links you kindly gave me - but they are above my head! However, I would like to appoint a lawyer to do just this - even though it will cost me more, so will come back to you to point me in the correct direction. I know you cannot recommend a lawyer, but hopefully you can confirm what type of lawyer I should require -for JUST this purpose, that you were asking me to do.

I say this, since the company which owes me c$66K rang me yesterday, insisting I pay another $44K = $100K and if I do not agree with him today then he will delete my account from the web-site's records, i.e. removing all evidence.

I immediately rang Action Fraud who said take a snapshot of the web-site. Fortunately I have already done this, with the site showing me personal contact details and trades and banking history. This was lucky, since the site is now down - under so called construction!

I also had the phone call of 20 minutes fully recorded, which my IT son had organised!

I will now pay you the original agreed amount i.e. c£35, and then do come back to me and I will pay you a further £18 for a direction to the appropriate lawyer, and more for whatever other advice you wish to help me with - and I am happy to speak also on *********** as before.

Many thanks again.

Mark 1.43pm 18th March 16

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