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Stuart J
Stuart J, Solicitor
Category: Law
Satisfied Customers: 24556
Experience:  Senior Partner at Berkson Wallace
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I have been a victim of a trading scam in November 2020 and

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Hello I have been a victim of a trading scam in November 2020 and would like some legal advice on how to get my money back. I have been in contact with my bank HSBC Action FCA UK CYES Ombudsman trying to resolve this matter ever since.
JA: Where is this? It matters because laws vary by location.
Customer: I am in Birmingham UK the company based in Cyprus has an Ombudsman CYES but were also regulated by the FCA UK under the name ITRADE Global
JA: What steps have been taken so far?
Customer: I have complainted to my bank and currently going through FCA with that side of complaint. I have made a complaint to the company who offered me half the oney back but what they have done to me is not on at all. I have documents letters complaints explaining everything.I complained to the CYES Ombudsman who have sent response to the company who have forwarded to me. I have also made a response for each point of their investigation and some questions to respond back with for example are they giving me a time limit to accept this money. The account Manager misled manipulated and was dishonest to me out of what he and his company were getting as a result my account lost £19983.00 in a matter of days and I am a complete novice who has traded a day in my life who thought I was in safe hands undergoing training .
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 have everything he needs to know to make ths wasy as I have been working on this for momths

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

Please bear with me and 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.

Firstly how did you get involved?
have you been asked by another firm to pay more for them to get your money back?

and are they still trading?

Customer: replied 8 days ago.
I was alerted by an Amazon pop regarding investment this company contacted me saying that I had expressed interest in amazon investments. They sounded genuine and trustworthy gave me a reference that I could check they were regulated by FCAUk which they were found to be under trade name Itrade Global. He basically said what ever he wanted to me to get me to transfer money over and while he promised me training and step by step understanding he kept telling me about things in the market and asking what would I do with such an opportunity I didn't understand why he was asking these questions. Iv never gambled or betted in my life and with in 7 days he allowed a complete novice to lose 19983.00 which I still don't understand to this day what has actually happened. The account manager Victor kept calling me constantly so I asked him what is he or his company getting out of it and he said nothing like £30 here or there. I under stand the account was shut down due to insufficient funds
Customer: replied 8 days ago.
Which is probably understandable of he set trades so risky why pocketing 10773 of my money in their back office for swap fee while putting on such risjky trades he didn't explain and I wouldn't agree to. Its just ridiculous to put a novice through all of this and I want every penny back with compensation for the traumatic stress this has caused me and my family. He did not have my best interests at heart and delivered an appalling service to say the least.
Customer: replied 8 days ago.
I have not been asked by a firm to pay more to get back loses I have been fighting this with my mum who is just legal secretary and doesn't understand anything about trading like myself to fight that area effectively. They are still trading but for some reason no longer trading in the UK not sure if its since brexit. FCA UK had them regulated up til end of last year but they are still trading. They havnt been open long as a company they never allowed me to speak to a manager about what was happening to me and has lost me all that money while I hadn't got a clue and their final offer to me is 10k which I think is unacceptable. What are the terms of me accepting or not accepting this offer?

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
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.

Customer: replied 8 days ago.
They have acted fraudulantly but don't appear to be a scam company
Customer: replied 8 days ago.
If I retrieve this offer can I still take them to court
Customer: replied 8 days ago.
For the rest
Customer: replied 8 days ago.
The fact they are offerifg me money back and come up under FCA UK would appear they are legitimate but their actions have been evil and fraudulant like.
Customer: replied 8 days ago.
They are offering me 10k when 10773 were kept in their back office as fees they failed to declare to me . This is why the account became in trouble because they weren't honest what they were doing with my money and took advantage as I was vulnerable n knew nothing
Customer: replied 8 days ago.
By looking at the attached offers and response from Ombudsman can you make out weather I have a time limit to accept their offers pls? . I am responding to their offer with that word doc named my response to ombudsman attached.

If they have come up under FCA UK then you can make a complaint to the Financial Ombudsman.

You need to have had

There is a process that you need to go through although you can phone them, you will need to put everything in writing

https://www.financial-ombudsman.org.uk/consumer/complaints.htm:

you have to have exhausted their complaints procedure before referring matters to the ombudsman.

They are not entitled to keep back any fees if they didn’t say they would charge those fees.

If somebody does work for someone else, provides a service, or supplies goods, and does so as a business to a consumer, then under the Consumer Rights Act 2015 the:

Goods must be as described (not applicable in your case but please read on)

Of satisfactory quality

And

Fit for purpose

And any service must be as described and carried out with reasonable care and skill.  It would appear that they failed to carry out the job with reasonable care and skill otherwise you wouldn’t have lost the investment.

If no price is specified then the price must be “reasonable” and if no timescale is specified the timescale must be “reasonable”

If on the other hand goods are being sold by a private individual to a private individual, they only have to be as described.

In the case of a vehicle it also must be roadworthy otherwise it’s a breach of section 75 of the Road Traffic act.

The latter two points not applicable in your case worth mentioning for completeness if ever anything else crops up with regard to Consumer purchases or services.

Customer: replied 8 days ago.
Do these points apply to Cyprus law also? Or being regulated by FCA UK aswel as Cyprus Ombudsman must they be compliant to both laws legally?

A lot of these companies are based in Cyprus even though they are registered with the Financial Conduct Authority.

I’m not certain why it happens but I think it could well be (and I don’t know this for certain) that it’s to legitimise the business which may otherwise be seen as fraudulent although there is still no reason why you cannot complain to the Ombudsman with a view to getting compensation under the Compensation Scheme.

It does mean that taking them to court is going to be extremely awkward

Customer: replied 8 days ago.
This is what I find uncceptable for the UK consumer to be drawn in by these untrustworthy dishonest bad companies with very poor customer service who are able to gain their trust by giving proof and reference to being regulated by FCA UK just as my UK banks would be (who could never get away with all this) is just not ok in my opinion.
With it being difficult to take to court its no wonder they would feel they can just get away with this and their own Countries Ombudsman just seems to take their side in my opinion. Who can I complain to about this? Is it just the Ombudsman or maybe ripoffbritain or the media?

I couldn’t agree more.  What’s even more annoying is that the banks have the facility to trace the money from bank to bank to bank and country to country to country but they won’t do it.

It’s only facilitated because the scammers have bank accounts or use dormant bank accounts which they take over using internal (within the bank) assistance.

I would complain as far and wide as you can make sure that the complaint doesn’t come across as a rant and make sure that the complaint is not 97 pages.  One and ½ pages is about as much has anybody will read before they lose the will to live.

Customer: replied 7 days ago.
Thanks for your response that was helpful. I responded to the company today asking questions I need to know and disputing their offer. I can rate this conversation does that mean the conversation will end?
Customer: replied 7 days ago.
Do you know much about housing disrepair being a leaseholder where the council owns the freehold. I suffer leaks and damp over many years. I have complained to my Ombudsman who are investigating it. They always say they have carried out work but it never resolved the ongoing issue I have been facing and its causing health problems for my family including my children

I am glad to help.  The thread stays open even after rating even though it gives you the impression it closes, it doesn’t.

Because your latest question is a completely different subject you would need to post another thread but if you want me to answer it for you you can put “For Stuart J only, you dealt with my bitcoin scam” and firstly I will know it’s you and secondly others will leave it for me.

I am happy to tell you that it is within my expertise.  Kind regards

Stuart J and 7 other Law Specialists are ready to help you
Customer: replied less than 1 hour ago.
Hi

I will deal with your new question on a new thread.  Kind regards

Customer: replied less than 1 hour ago.
What subject should I choose
Customer: replied less than 1 hour ago.
It's related to the trading subject

It’s irrelevant.Please just make sure that it is in UK law.

Just put my name at the top of the thread “For Stuart J only.  Trading Scam question”