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.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask F E Smith Your Own Question
F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 15621
Experience:  I have been practising for 30 years.
Type Your Law Question Here...
F E Smith is online now have been trading bitcoins for me. I

This answer was rated: have been trading bitcoins for me. I bought 10 bit coins in June and from last week my profits were $190,000. This they informed me was large and because of regs about moving money my account had to be closed. In order to do that I had to send $20,000. All I've done with this company is send money for insurance, reeasing my bit coins etc. I haven't sent this money but I have been sent numerous e mails and phone calls to send it in order to release my money.
JA: What steps have you taken so far?
Customer: I've been ignoring their e mails and not answering their calls. My last e mail to them I mentioned "at least you The effectare not on the FSA's bucket list"
JA: Anything else you want the lawyer to know before I connect you?
Customer: Yes after sending that e mail the e mails stopped and so did all the phone calls stopped until this morning when I was asked for an update and not a demand for money. I feel I'm being blackmailed and it is seriously affecting my health. I'm 72 and have spent half my savings, I have spent £75000

Good morning. I will assist with your question - be aware this is an email not chat service therefore maybe delayed in replying.

are you asking if this is a scam?

do you actually have the bitcoins?

F E Smith and other Law Specialists are ready to help you
Customer: replied 10 months ago.
I don't have the bitcoins. I think they were traded on the price rising or falling.I believe this to be a scam because they will neither release my initial outlay nor any profit I have accrued
Customer: replied 10 months ago.
Can the solicitor wait about 20 mins to call. I'm on phone to HSBC about important matter. Thanks

Have you had your telephone call now?

I get dozens of questions about potential scams and 99% of them are about Bitcoin, Forex and Binary options.

The common scam is that you put a little bit of money in and you get a good return. Very often, the investor will take the growth money out and there is no problem.

Because you are so impressed you put a little bit more money in and you get another good return and you can take the growth money out and there’s no problem.

Incidentally, if ever you want to take the whole lot out, you will usually hit a brickwall. However assuming that you haven’t:

You are so impressed that you then invest your life savings. Either communication stops or they want a fee for some kind of spurious licence required by the authorities in Singapore, Timbuktu, Latvia, Estonia, the Dominican Republic, or somewhere else where it’s impossible to find out if it’s legitimate or not.

There has been a lot in the press about this: