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JimLawyer
JimLawyer, Solicitor
Category: Law
Satisfied Customers: 13583
Experience:  Senior Associate Solicitor
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Have invested in cryptocurrency with ZCash-global end of

Customer Question

have invested in cryptocurrency with ZCash-global end of March 2021 about three thousand five hundred pounds. It has raised to 22 thousand six hundred twenty nine pounds & 18 pents. I have decided to stop trading , have undergone the process of withdrawal but it has been pending since 24 April 2021. No answers from my Account manager CHRIS HYDE as well as the Support Team. Today, the link to my platform has gone to Error 522. Have made several communications email & telephone. The assistant of Chris Hyde, Angelina said that the money is already there for transfer but needs 3-5 working days to wait before it goes to mybank account. It was supposed to be due last 28 April but up to now, 01 May nothing has been deposited.
JA: Have you talked to a lawyer about this? In which country do you live? If different, which country is your legal question related to?
Customer: Not yet. I am in London.
JA: What steps have you taken so far?
Customer: Have contacted the Fraud Team of Barclays Bank and they have adviced me to ask Zcash-global to send me an email regarding the confirmation of the money transfer to my bank account but they have not replied back.
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: I think that's all for now. Thank you.
Submitted: 13 days ago.
Category: Law
Customer: replied 13 days ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer: replied 13 days ago.
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 13 days ago.
Will I still be able to claim back my money?
Customer: replied 13 days ago.
I have sent them emails & has done several phone calls
Expert:  JimLawyer replied 13 days ago.

Hello, this is Jim and welcome to JustAnswer. I will be the lawyer working with you today.
Sorry to hear of the issue. I will set out my written answer shortly.

Expert:  JimLawyer replied 13 days ago.

I have checked and that trading company is not authorised according to the Financial Conduct Authority (the FCA). The law changed in 2020 and if they are to take your money as a UK citizen they must be authorised - to not obtain authorisation means they have acted illegally. The account manager is also not authorised either.

Therefore I am almost certain this is a scam and they have just taken your money. As they are not authorised then you cannot use the Financial Ombudsman Service.

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 can do a charge-back on the monies as a lot of these trading companies are not legitimate outfits. 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, or from the date you first noticed the problem.

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 you prefer to speak to the FCA then they can be reached on 0800(###) ###-####

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 - the first scammer sells your data to another scammer. Once a scammer has the money it would be very difficult to sue them (most of 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 have checked and that trading company is not authorised according to the Financial Conduct Authority (the FCA). The law changed in 2020 and if they are to take your money as a UK citizen they must be authorised - to not obtain authorisation means they have acted illegally.

Expert:  JimLawyer replied 13 days ago.

I hope this helps and answers the question - my goal is to ensure you are happy with the answer and have the information you need. If you have any follow up questions then please let me know. I will reply as soon as I can to help with any further queries.

Many thanks,
Jim

Expert:  JimLawyer replied 13 days ago.

Please let me know if the answer helped or if you need me to cover anything else?. I am happy to clarify the answer or if you have any follow up questions. If so, I’d be grateful if you would let me know. I am free most days, including weekends, so feel free to ask me anything you are unsure of.

Best wishes,

Jim

Customer: replied 13 days ago.
Thanks a lot Jim. Will do whatever l can based on your advice.
Expert:  JimLawyer replied 13 days ago.

My pleasure, thanks again