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Stuart J
Stuart J, Solicitor
Category: Law
Satisfied Customers: 23745
Experience:  Senior Partner at Berkson Wallace
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I invested in trading company last year; I signed to a trial

Customer Question

Good day,
I invested in trading company last year; I signed to a trial period of 1month and they returned my money when asked. 2months later I invested fully, about 5k (being their min). About 4months later I realised that they are a scammer.I have tried to recover my fund through my Bank; they told me that the recipient bank in Poland had closed or frozen the company's account. They feel I should email the Polish Bank directly.According to the European law, is the Polish Bank liable in anyway? can they be forced to return the funds or some of them?Please where do I stand?
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: NO, I RESIDE IN THE UK
JA: What steps have you taken so far?
Customer: IT'S IN THE CHAT
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: PLS READ THE MESSAGE, THNKS
Submitted: 11 days ago.
Category: Law
Expert:  Stuart J replied 11 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.

Can I ask where you found this company and what are they called?

and who told you the bank is in Poland?

Expert:  Stuart J replied 11 days ago.

At present, there are probably more Bitcoin, Forex and Binary options scams the 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

https://www.independent.co.uk/news/business/news/online-scam-thousands-pounds-life-savings-trading-binary-options-fraud-pensioners-fca-a7865856.html

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

Customer: replied 11 days ago.
Researching through online, last year I came across them.
They are called World Markets
My funds was paid into the Polish bank, which my bank also confirmed.
Expert:  Stuart J replied 11 days ago.

I think your latest post may have crossed with mine.  If you read above, it will give you an indication of where you are at.

Customer: replied 11 days ago.
All, I want to know is the bank in Poland liable or not
Expert:  Stuart J replied 11 days ago.

The bank have no liability to you.  The bank liability as to their customer and the company liability is to you.

Don’t be at all surprised if the Polish bank has never even seen the money and don’t be surprised if the account doesn’t even exist.

Customer: replied 11 days ago.
thank, I know they have no responsibility towards me but is there anything within the European law to force them to return the money haven been the bank the money was paid to, please.
Expert:  Stuart J replied 11 days ago.

One of the frustrations about all of these scams and fishing exercises et cetera et cetera where money goes into the wrong account is that it goes from bank account to bank account to bank account and the banks say it’s untraceable.  Rubbish.  The banks just never talk to each other.

There is no legislation currently governing tracing money from one bank to another or forcing banks to return money

Customer: replied 11 days ago.
Thanks.........
Expert:  Stuart J replied 11 days ago.

It was my pleasure to assist you. Please come back if anything else crops up and needs clarification.
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