How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask F E Smith Your Own Question
F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 9681
Experience:  I have been practising for 30 years.
18203470
Type Your Law Question Here...
F E Smith is online now

My 82 year old father has recently passed away, he had used

Resolved Question:

My 82 year old father has recently passed away, he had used an on line investment company to invest some of his money, the name of the company is Option Rally, they had been taking sums of money from his bank account, but he couldn't claim his money, they kept investing and a lot of it was lost. My brother has taken our father's laptop home with him, with our mother's consent, and he has managed to see all the transactions on my father's account. There is a sum of money in this investment account, but because my father has passed away, how do we get this money back to give to our mother? Your help would be most appreciated Thank you.. Janette Byers
Submitted: 1 year ago.
Category: Law
Customer: replied 1 year ago.
My brother has my father's account details etc and is able to log in to the account. My mother has been to the bank and closed my father's account. We still need to know how mother can get the money back from the investment account.
Expert:  Nicola-mod replied 1 year ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.
Hi Nicola,Thank you for your reply, I put in my original request under EU Law, but there wasn't an option for UK Law, we are in UK, but I think the Option Rally site (on Line) operate from Cyprus, I am not certain, but reading through comments on line, a lot of complaints have been made by this company and people have said that the whole thing is a scam, I am not sure what to do next. My father still has money in that account, but his bank account in UK has been closed.
Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  F E Smith replied 1 year ago.

I will try to help you with this. This is allegedly a Binary Option investment scheme. They are not regulated and hence, if the whole thing goes pear-shaped, there is no recourse except through court. If the company is based in Cyprus, would be Cyprus courts which may not be particularly practical.

You are correct that there is a lot of bad commentary online about this organisation and very little good commentary that I could find. What sometimes happens is that people invest a small amount and they are told what fantastic returns they now have then they make regular investments (which could be the case here) and the fund allegedly grows. What happens is that they then want a further large payment when you want to withdraw your pot because of some regulation or other which, on the last one of these I dealt with they said was to comply with money-laundering requirements. That’s rubbish.

Even if this organisation is legitimate, you are going to need grant of probate before you can get the money out. If you contact the company, once you have the grant of probate, and they ask you for money to be able to take the investment pot out, then it’s probably a scam. I’m sorry, I would like to give you better news. Of course, it may be legitimate in which case it’s simply a matter of letting them have sight of grant of probate did they are legitimate, they will send the money. I honestly would not hold my breath.

Can I clarify anything for you?

Please don’t forget to rate the service positive. It’s an important part of the process by which experts get paid.

We can still exchange emails.

Best wishes.

F E Smith, Advocate
Category: Law
Satisfied Customers: 9681
Experience: I have been practising for 30 years.
F E Smith and other Law Specialists are ready to help you