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JimLawyer
JimLawyer, Solicitor
Category: European Law
Satisfied Customers: 14336
Experience:  Senior Associate Solicitor
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I have been offer to start trading. I have make deposit and

Customer Question

I have been offer to start trading. I have make deposit and I have not lose once. I am 5600.00£ profit. My online account its been managing by someone else and I just have to withdraw once in a week.
Submitted: 1 year ago.
Category: European Law
Expert:  JimLawyer replied 1 year ago.

Hello, this is Jim, a dual-qualified lawyer (UK & Republic of Ireland) and happy to help you this evening.

Which company is it you are trading with. And have you tried to withdraw money?

Customer: replied 1 year ago.
No I have not try. I am suppost to withdraw this week and its with cyprofx.com
Expert:  JimLawyer replied 1 year ago.

OK so I have checked and that trading company is not authorised according to the Financial Conduct Authority (the FCA).

Therefore I am almost certain this is a scam and they have just taken your money.

The first thing to do is to report this to the Police and to Action Fraud so that you can obtain a crime reference number. The Action Fraud website where you can report the crime is here: https://www.actionfraud.police.uk/

Once you have done that then see if your bank or credit card company can do a charge-back on the monies as a lot of these trading companies are not legitimate outfits. If you paid with a credit card you may be able to make a claim against the card provider under Section 75 of the Consumer Credit Act. If you paid by debit card then your bank may be subscribed to the consumer voluntary code to refund you if you have been scammed. The bank can charge-back up to 120 days from the date you sent money or paid money to a scammer.

In future my advice is to check whether the trading company is FCA-regulated first of all to ensure they are legitimate. You can check here : https://register.fca.org.uk

The FCA website has a list of regulated companies so this would be worth checking.

If there is no record, I would urge caution and do not give them your personal details, nor any money. The reason being if they are unregulated, there is nothing the FCA can do and in all likelihood the company is based abroad so suing them would be difficult if you wanted your money back. Most of these companies also ask for the initial £250 up front and tempt you to add more funds only for them to become non-responsive when you ask to withdraw.

There are a few companies who can claim to retrieve monies taken by a scammer but in reality they are also scams - once a scammer has the money it would be very difficult to sue them (being based abroad) and even if you obtained a CCJ against them, enforcing it is another matter.

You can try any of these regulated law firms to see if they can recover the money for you:

They should be able to help you with a no win no fee agreement so that you do not have to pay anything up front to them. These are regulated law firms in the UK.

I hope this helps - if you can please accept the answer and give me a 5 star rating (there should be a button at the top of your screen to do this), I can answer follow up questions at no extra charge and Just Answer will credit me for helping you today.

Many thanks,

Jim

Expert:  JimLawyer replied 1 year ago.

I hope this helps? If you can reply “yes”, or when you have the chance would you mind giving me a positive rating for the answer (the site will then credit me for my time). There should be a rating system at the top of the screen. Any other queries please let me know.

Many thanks,

Jim