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Ben Jones
Ben Jones, UK Lawyer
Category: Law
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I have invested money in a brokerage company. I signed

Resolved Question:

Hi
I have invested money in a brokerage company. I signed a contract with a sole trader to execute the trades. They left the company due to health. I requested a withdrawal of my money ($10,000) back in December and was ignored for one and a half months, until I threatened legal action. I could see the money in my account online and available.
Now someone has contacted me and showing me it has all been lost, all of the trades that had been done with my money were invisible to me. I have requested an audit of the trades but they will not supply this. I can only talk to them via email.
Can I progress this legally ? as I feel they have broken contract as well as lied and tried to cover up my account balance.
Submitted: 1 year ago.
Category: Law
Expert:  Ben Jones replied 1 year ago.
Hello, my name is***** am a qualified lawyer and it is my pleasure to assist you with your question today. Is this a UK company?
Customer: replied 1 year ago.
The company is called 10Markets, I have looked at their website but are not sure. They have an office in London, UK.
Expert:  Ben Jones replied 1 year ago.
What is their website please?
Customer: replied 1 year ago.
https://10markets.com/
Expert:  Ben Jones replied 1 year ago.
Having looked at them I am not really convinced they are genuine. They do not appear on Companies House Register, and they are not registered under the Financial Services Authority so legally they should not be providing financial services in the UK. The website is rather new (been in existence for just a year) and its ownership details have been made private, meaning whoever is behind it is trying to hide their identity. Such scams operate on a very similar way to what you have experienced, where suddenly all your investments are ‘lost’ or you are simply ignored. I understand that you are considering legal action but the issue is who do you sue? There is no legal entity in the UK for this company so you cannot sue the company here as they do not appear to exist. If they are registered abroad then you can sue them in the UK courts but the chances of them actually honouring a UK judgment which cannot be enforced abroad are minimal. Realistically, the only options you have are to continue trying to initiate a refund directly from them, or if you paid using a credit card – to use the protection offered by the card provider. I'm sorry if this is not necessarily the answer you were hoping for, however I do have a duty to be honest and explain the law as it actually stands. This does mean delivering bad news from time to time. I hope you understand and would be happy to provide any further clarification if needed. If you are still satisfied with the level of service you have received I would be grateful if you could please take a second to leave a positive rating by selecting 3, 4 or 5 starts at the top of the page. Thank you
Customer: replied 1 year ago.
Okay, thanks Ben for your answer. One final part, as it appears I cannot do much legally. Is there a way to notify officials or a channel so other people know the risks before they invest in this company, or is what 10Markets doing in the UK still legal ?
Thanks
Frank
Expert:  Ben Jones replied 1 year ago.
Hello frank, you can report this by contacting the Financial Conduct Authority on(###) ###-####1000 or by using the Boiler Room Report Form: http://www.fsa.gov.uk/pages/doing/regulated/law/alerts/form.shtml You can also contact Action Fraud on 0300(###) ###-####or by visiting http://www.actionfraud.police.uk/report_fraud If your original question has been answered I would be grateful if you could please quickly rate my answer by selecting 3, 4 or 5 starts at the top of the page - it only takes a second to do and is an important part of our process. I can still answer follow up questions afterwards if needed. Thank you
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