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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 10239
Experience:  I have been practising for 30 years.
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Can a binary trading company you signed up with get you to

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Can a binary trading company you signed up with get you to fund with account and promised that you will make X amount of return on it. In the meantime they give you trades to put in which all are at losses, and no one from the company responds to your email, Skype messages and no return of the promised funds, now when we tried to make a withdrawal only 1600 was paid, and the account was closed.Is there any legal stand that we can take on this?
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.

Let me give you a typical scenario in this respect and you tell me whether it’s similar.

You invest an amount of money in this scheme. They trade it and you end up with a huge fund.

In order for you to withdraw money which you have allegedly accrued as a result of the trading, they want more money from you. You don’t want to pay that money.

They then stop replying to emails or telephone calls and eventually under pressure, you get a small amount of money out and you can’t get the bulk of the money or the balance of your investment.

Is it something like that?

Where is this company based?

How much money did you initially invest?

Where are you based?

Customer: replied 1 year ago.
Yes it is
£86,962.00 - with other contracts taken the account was at £160 and was assured contracts on the gold commodity will be taken by Sean Adams himself , and that the account will reach to £334,250 on
the 29th July and then they roll this amount and eventually it will reach an amount of £584,937.50 on the 4th August.
We are based in NZ and this funds invested was with 4 people who pooled in to invest as they were advised on the promises given by OFM that the markets was doing exceptionally due to the brexit that was happening at the time
When the account was 160 they wanted us to put more money into the account to reach 200 k but we refused and told him off which he didn't like.
The CEO gave the account manager trades for us to put in, but was it all was losses, then we just got shoved around from a recovery manager to manger for us to recover our deposit but then they wanted us to put in another 12k which we didn't have as we have created soo much of loan debt plus owing people money because of them.
Customer: replied 1 year ago.
We have left messages for Sean and Mike to call us back and even the Skype called and Mike doesn't answer or call or dont responde to any of our emails as we wanted to know where we stand on the investment.
Customer: replied 1 year ago.
When we we made a withdrawal of £5530 on the 26th August, they only paid us £1600 only and tried to log onto the account it came up as error which queried with customer support they responded and said when the required turnover of the bonus amount received wasn't reached when we made the withdrawal amount and therefore the account was deactivated with only 20% of the amount paid out which was £1600

I’m sorry to have to tell you that you have probably been the victim of a fraud scam. These Binary Options schemes are mostly unregulated. We have had many such questions on here which is why I was able to give you the typical scenario.

I would certainly now refer the matter immediately to the police.

You can of course if you court proceedings against the organisation, issuing them in New Zealand and then enforce them in the United Kingdom. Unfortunately, you may find that you can’t find the company or the individuals or the company and the individuals have long gone by the time you get the judgement and are able to enforce it.

It really is a police matter, sorry.

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