GUILTY Case# 2016-063 | Angel ren vs binarybrokerz.com

[Angel ren]

I noticed that the customer support of Binary Brokerz even didn't reply one word in this court case even they replied in my scam alert.

 

[Angel ren]

I am very upset. I received the letter from the bank that my chargeback is rejected by the issuing bank since there is no terms and conditions to prove that the deposit would be fully returned in such case. If there is such terms and conditions, I wouldn't need to turn help to them! They suggest me to seek legal assistance if I believe the merchant did not act properly. Is it normal for the chargeback process? Anyone had experience on this?

 

[bobsbeer]

Whose terms and conditions are they talking about? Your bank? Their bank? Binary Brokerz? I have copies of BB'z terms and conditions taken before the change on 23/3/16, which I'm happy to send if you need them.

 

[Angel ren]

In my case, the loss is caused by the broker traded on my behalf and I have not background information on her (Lisa Broker). There was not risk disclosure highlighted by the broker by any chance. It is absolutely not a fair trading. The loss is on me now obviously. I don't know what I am argue to have the chargeback work... Let me check the terms and conditions again thoroughly. The bank's letter didn't refer to which one's terms and conditions. Could refer to credit card.

 

[bobsbeer]

Other than a name I'm not sure anything is known about any of the personnel from BBz. I would have thought that trading without your permission was fraud, plain and simple. The company are liable for the actions of their employees. I have just had a read through the BBz T&C's and they make no mention of brokers trading for the client. Although they do say at Claus 6;

"...You agree not to resell or make the Site available to any other person, and will not copy any documents contained on the Site for resale or for any other purpose without the prior written consent of BinaryBrokerZ.To avoid any doubt, you will be liable and bound by any unauthorized use of the Site, in violation of this section...".

Whether that implies that you are responsible if a company person uses the site on your behalf I don't know. A legal person should be able to look at the T&C's to see if they are unfair clauses,

 

[Angel ren]

Two things: 1) the BBz employee shouldn't trade for client. Can the gambling company gamble on behalf of their client? 2) With the T&C, if it is wrong-doing to give password to another person, then why broker is not anther person?

I searched the internet and found one case in HK that investment advisers gave investment advice to unsophisticated client by simply listing out the risk on terms and condition had violated the law. The investment adviser must point out the associated risks clearly to the client till he understands. BBz definitely had failed to do this. Zero risk disclosure from any broker, analyst or customer services contacted me. Should client understands the risks, they will not put so much to risk.

I am waiting for my lawyer's advice. Before going to court, I have anther option to go for ADR ( alternative dispute resolution). This could be the path to go next. Just it is still a painful exercise.

 

[bobsbeer]

I agree BBz do not disclose the risk. They asked me how experienced I was and I told them I had no experience at all with trading or binary options. All they responded with was we will teach you. In fact the broker said that trading had low risk. lol

 

[Angel ren]

I recalled the lessons lasted two to three time for each broke　ａｎｄ　Ｉdidn't really learn how to trade at all. Finally they said they would search the trades for me with the professional tools they possessed. By engaging 10KUSD in each 2 - 5 minute trade, I don't see how it is classified as low risk.

 

[bobsbeer]

While I was concerned my broker Jack Cruz was playing fast and loose with my money, ie advising 10% or more of my money in a single trade, he did tell me not to place trades in the 5 min or less market. and only use end of day or longer. Either methods are still a gamble when 'trading' binary options as there is no way of setting stop loss etc. or closing the trade to prevent more loss. I soon realised I would be better off placing bets on horses. At least you get the option of each way.

 

[Angel ren]

You are smart to stop early. I was assigned to 4 brokers. The first one told me not to trade 5 min but he told me to look at the minute charts and catch the wave by eyeball to trade. Obviouly I lost. One month later I couldn't find him. The second one convinced me to deposit more and showed me how he could recover for me. He told me minutes trading are gambling but long term trades and insider info will win. He was right and I was told his win rate is more than 90%. Then this guy claimed to do sth else in the company and vanished. The trades he put for me had great results and that was how I wrongly believed that he was the expert and could help me to realise my dream. But he pushed me to use up almost all the credit limits on my credit cards and also told me his client sold the house to invest and he once earned 32m for one of his HK client. He claimed to know the rich guys in HK but he never disclosed any name. I resisted his push, then he disappeared since. The third one told me the second asked to look after me coz the second was an old guy and had ever told me he treated me as his daughter! I trusted even if the last call from him was to blame me to deposit so little that offend him trading for me. When I could get my finance, I deposited more. But this time, the third one traded short term and obviously lost majority of the new deposits. He later recovered my money through long term trades. But the money only showed in acct less than 2 days, Lisa Foster, the last broker assigned to me, lost all the money in her short term 2-5 min trades. By this time, the third one also disappeared since. His email got returned and BBz didn't explain if he left the company. Others emails were not returned but they never respond to me a word. Aren't the above sounds totally like a scam scheme?