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JimLawyer
JimLawyer, Solicitor
Category: Law
Satisfied Customers: 13935
Experience:  Senior Associate Solicitor
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I RECENTLY INVESTED MONEY WITH A COMPANY CALLED WGM SERVICES

Customer Question

I RECENTLY INVESTED MONEY WITH A COMPANY CALLED WGM SERVICES LTD. THEY HAD A TEMPORARY LICENSE ISSUED BY TH FCA . AN ACCOUNT WAS OPENED BY WGM SERVICES LTD IN MY NAME ON 03/03/2021.FOR THE PURPOSE OF TRADING ON LINE.
JA: Where are you? It matters because laws vary by location.
Customer: BRIDGNORTH SHROPSHIRE IS MY LOCATION,
JA: What steps have you taken so far?
Customer: SINCE OPENING THIS ACCOUNT I HAVE BEEN NOTIFIED BY WGM SERVICES LTD. THAT THE FCA HAVE ORDERED TOTO CEASE PROVIDING REGULATED SERVICES TO UK RESIDENTS. I WOULD BE MOST GRATEFUL OF YOUR ADVICE IN THIS MATTER AS THEY STATED THAT THIS HAS RESULTED IN A LOSS OF THE INVESTED FUNDS i.e.; £10,333.28 SHOWN AS LEDGER BALANCE AT THE CLOSE OF TRADE. I REQUESTED PAYMENT OF THIS AMOUNT TO BE RETURNED TO MY BANK ACCOUNT, BUT SO FAR HAVE ONLY RECEIVED £729.80 EQUITY. A PERSON NAMED BRADLEY FROM WGM SERVICES LTD. CONTACTED ME ON TUESDAY 25/05/2021 AND MADE ME AN OFFER OF £2000.00 BUT NOTHING HAS MATERIALISED REGARDING THIS OFFER, FURTHERMORE, THIS WOULD MEAN A LOSS OF £8,333.2 INVESTED IF I ACCEPTED.
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 WAS CONSTANTLY ADVISED BY THEIR EXECUTIVE ACCOUNTS MANAGER TO KEEP FUNDING MY ACCOUNTING ORDER TO MAKE PROFIT SHE STATED! <WHY KEEP MONEY IN YOUR BANK WHEN YOU CAN PROFIT BY INVESTING WITH WGM SERVICES LTD.
Submitted: 18 days ago.
Category: Law
Expert:  JimLawyer replied 18 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 18 days ago.

I have checked and that trading company only has temporary permission - which has been limited further, as you have also confirmed, and 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.

See link here to confirm the above : https://register.fca.org.uk/s/firm?id=001b000000Rvd4MAAR

I also doubt that "Bradley" works for the company with it being based in Cyprus. A scam company always asks for more and more 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, 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.

Expert:  JimLawyer replied 18 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 18 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