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Stuart J
Stuart J, Solicitor
Category: Law
Satisfied Customers: 23781
Experience:  Senior Partner at Berkson Wallace
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I need help. is the company I was trading with and

Customer Question

Hello I need help. is the company I was trading with and I've lost it all. They lie and the phone numbers do not work.
JA: Where are you? It matters because laws vary by location.
Customer: I'm in Manchester England
JA: What steps have you taken so far?
Customer: nothing, I trie explaining to them that my trades are going wrong way and they kept telling me to put more trades the other way and it has not helped. I have now lost all money from 11k to 3k and they are still telling me to keep going that way and be patient. There are phone numbers I can call. They just respond via email or they call me instead I'm trying to find ways of recovering the 2.8k left of the 11k
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'm crying right now, how do I explain to my family that I have lost all the money we so desperately need
Submitted: 21 days ago.
Category: Law
Customer: replied 21 days ago.
anyone available to talk?
Expert:  Stuart J replied 21 days ago.

Hello. Thank you for the question. It is my pleasure to assist you with this today.

Please bear with me as I will be online and off-line from time to time and therefore, may be delayed getting back to you. You will receive an email when I reply.

Who is the company and how did you get involved?

did you research them at all?

and how did you pay them?

Customer: replied 21 days ago.
Hi Stuart. The company is FXPN.EU
I was connected to them via toolstrades website. I did look them up and noted that they were regulated. It has a current license with CySEC, allowing it to offer services to countries within the European Union.Whilst they were not forceful, they are very persuasive and told me I had to put in more money for them to be able to work with me properly and for me to be able to make money with them. I explained to them that I'd need to withdraw some money monthly. I did make money in my first month. They would advise me on which trades to put in. So when the trades started going the wrong way, they kept telling me to put in another trade going the opposite way. I have been telling them I do not like not having equity but they said not to worry about the P/L and keep going with the 'hedging'. The open tradesin the losses have been growing since Until now I have 14 trades going in opposite ways with a loss of £8.9k. Out of my £11k I only have £2.8k left.
Customer: replied 21 days ago.
Second issue is they said if I put in more money they would not charge me interest. They have started charging me interest again for every open trade in loss. The interest is about £99 per trade in some instances, meaning if I continued with them for the next 10 days even my £3.8k will be wiped out in interest
Customer: replied 21 days ago.
I have lost almost all my money so I'm really sorry I can't afford the £44 for a proper call at this moment
Expert:  Stuart J replied 21 days ago.

At present, there are probably more Bitcoin, Forex and Binary options scams than legitimate schemes..

A regular and common scam is that you put a little bit of money in Com you trade, and you get a good return.  You may take the money out without problem.  You may do it again several times.  You may refer it to other people saying how good it is.

So having realise that this is a good and legitimate scheme and you have made a bit of money from it, you then do a bit more and a bit more and a bit more and potentially spend an awful lot of money.  That’s when the emails stop being replied to and you could no longer get your money.

What happens is that 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.  Here is just one article on this subject

You also need to be aware that the scam has perpetrated yet another scam usually from within the original company.  Somebody will contact you, knowing that you lost a whole load of money, and say that they can get it back for you for a fee.  You guessed.  You pay the fee that’s the last you hear of that.

If it is a scam, then all you can do is report it to the police and Action Fraud but don’t expect to get your money back.

I’m sorry to say that I’ve dealt with dozens of these.  In fact, I’ve dealt with dozens of these fraudulent ones but I’ve only had one where it was a legitimate company and the person was having trouble getting his investment back.  If it is a legitimate company, you can of course complain to the Financial Ombudsman provided the company is registered with the Financial Conduct Authority otherwise it’s a case of taking them to court.  No point in taking a fraudulent or scam company to court.

Thank you for letting me assist you with your legal question.  I am glad that I was able to help.

I am not certain whether that answers the question for you or not, but I am happy to answer any specific points arising from this.

It will be my pleasure to help you again either further with this or any future questions you have

Kind regards