Original FPA Traders Court Submission:
I am submitting the case against: www.24option.com
My Case is: Since July 2015 I started working with the investment firm Rodeler Limited. After creating an account I was assigned to an account manager.
He told me that depending on my success as an investor he earns commissions. The names of these so-called account managers are Joe Davis and Kyri Kyriacou.
They have contacted me over the phone almost daily to give me tips on a certain market price.
I discovered that these so-called account managers do not earn commissions on my success as a trader. The system works such that if an investor loses money the broker profits. First they let you book success to build confidence and you won't blame them after that they steal the money from your entire account.
I suspect that this company is also manipulating the share prices to create losses for the investors.
After a few losing trades they come with very persuasive and manipulative strategies to cut your losses and make so-called lucrative profits.
Because this went well in the beginning I had full confidence in this company. They are very professional.
They insist every time when you speak to them to deposit more money in their bank account for all the benefits of your trading account, but this turned out to be worthless.
I've fallen into this trap after they tricked me with false promises and I'm living in a financial nightmare for almost one and a half year now.
These fraudulent practices have ruined my life. The total amount of this scam cost me € 176 904,83.
After a long investigation I found multiple articles from people who are robbed in the same manner by Rodeler Limited.
I found also the official statement from the FSMA that Binary Options are banned in Belgium. Even after the ban of binary options in Belgium, my account manager asked me to deposit more money. (for clarity i'm a Belgian resident)
The article from the FSMA can be found here:
https://www.fsma.be/en/news/agreed-settlement-rodeler-limited
My complaint to Rodeler Ltd. is that they have stolen my entire portfolio by providing me the wrong information, acting dishonest, unfair, imposter, lying, misleading, manipulating, and without the best act of me as a client.
I have been scammed by professional trained sales people who call themselves account managers.
I've been tricked by this clever and cunning act that this is an investments company.
Also Rodeler Ltd. did not had the necessary prospectus for Belgian residents at the the time i was a client.
Article 68 of the Belgian Law for the offering of investments instruments and the admission of investments instruments to trade on a regulated market has a few rights.
One of those rights is that the court may annul the purchase or registration of investments instruments in the case that that no prior prospectus approved by the FSMA was published.
I have already filed a complaint on their website on September 2016 and on May 2017 when i became aware of the fact that Rodeler Ltd. did not had the necessary prospectus. I strongly disagree with the first reply i got on September 2016 from Mark Brody, an employee of the complaints department.
After 7 months On October 27 2017 I've got a reply from the compliance department after sending multiple e-mails, letters and registered letters.
I've been asked to provide evidence or specific information to facilitate any further investigation regarding my allegations stated in my e-mail dated 17th October 2017.
I did so as they asked, i've filled a 13 page long complaint with extra proof and evidence and i gave them 2 weeks time to resolve this matter but again they failed to contact me...
I someone has more information about this organization this would be very helpful for my case. I had contact with the Genereral Manager from Rodeler Limited, Petros Hadjikyriacos, but he told me he is not working anymore for Rodeler Limited despite multiple documents prove something else, also on his Facebook account he is still the General Manager from Rodeler Limited. Also
New thread in the Scam Alerts Folder:
Review is submitted by Dreri on 11/23/17
The company was first contacted about the issue on 07/31/17 the last contact was on 11/23/17
Details: The reply for my first complaint:
"Further to your complaint submitted to Rodeler Limited (the “Company”)] on 14/09/2014, please note that your complaint has been investigated by the Company’s Compliance Department and we have concluded that there was no wrongdoing on behalf of the Company. In this respect please find below the reasons that led to our decision:
- Your complaint that the Account Manager –Kyri Kyriacou called you after the ban from FSMA. The Account Manager did call however it was an honest mistake and he did apologize and clarify to you that we are not allowed to accept any Belgian clients.
- Regarding the other Account Manager, Joe David we did find 3 emails with investment advice from 2015 but we checked the transaction history and you didn’t follow any of the suggestions.
If you are not satisfied with the Company’s final decision you have the option to maintain your complaint through the Financial Ombudsman of the Republic of Cyprus and seek mediation for possible compensation. It is important that you contact the Financial Ombudsman of the Republic of Cyprus within four (4) months of receiving a final response from the Company otherwise the Financial Ombudsman of the Republic of Cyprus may not be able to deal with your complaint.
You may also maintain your complaint with the Cyprus Securities and Exchange Commission, however please note that the Cyprus Securities and Exchange Commission does not have restitution powers and therefore does not investigate individual complaints.
The contact details of both the Financial Ombudsman of the Republic of Cyprus and the Cyprus Securities and Exchange Commission can be found in the Complaints Procedure for Clients (follow the link) on the Company’s website.
It is understood that your right to take legal action remains unaffected by the existence or use of any complaints procedures referred to above."
Kind Regards,
Rodeler Limited
Compliance Department
The reply for my second complaint:
"Further to your complaint with reference number ROXXXXXX, please note that the Company has already provided to you the outcome of the investigation. We kindly refer you to our Final Letter dated 5th November 2016.
The Company is willing to reopen this case and assess any new evidence you might have in your possession regarding the allegations in your letter of claim dated 17th October 2017.
Given the above, please provide us with any evidence and/or specific information to facilitate any further investigation regarding your allegations stated therein.
We highlight that the Company will consider your complaint as fully closed and cease the relevant investigation in case you fail to provide said evidences within two (2) weeks to this email."
Kind regards,
---
Rodeler Ltd
Please not that i have filled a 13 page long letter with evidence, e-mails and other proof that they are a scam. I've never got a reply after that letter...
Company representatives' emails: Kyri Kyriacou <kyri.k@24option.com>
Joe Davis <joe.d@24option.com>
Mark Brody <mark.b@24option.com>
I am submitting the case against: www.24option.com
My Case is: Since July 2015 I started working with the investment firm Rodeler Limited. After creating an account I was assigned to an account manager.
He told me that depending on my success as an investor he earns commissions. The names of these so-called account managers are Joe Davis and Kyri Kyriacou.
They have contacted me over the phone almost daily to give me tips on a certain market price.
I discovered that these so-called account managers do not earn commissions on my success as a trader. The system works such that if an investor loses money the broker profits. First they let you book success to build confidence and you won't blame them after that they steal the money from your entire account.
I suspect that this company is also manipulating the share prices to create losses for the investors.
After a few losing trades they come with very persuasive and manipulative strategies to cut your losses and make so-called lucrative profits.
Because this went well in the beginning I had full confidence in this company. They are very professional.
They insist every time when you speak to them to deposit more money in their bank account for all the benefits of your trading account, but this turned out to be worthless.
I've fallen into this trap after they tricked me with false promises and I'm living in a financial nightmare for almost one and a half year now.
These fraudulent practices have ruined my life. The total amount of this scam cost me € 176 904,83.
After a long investigation I found multiple articles from people who are robbed in the same manner by Rodeler Limited.
I found also the official statement from the FSMA that Binary Options are banned in Belgium. Even after the ban of binary options in Belgium, my account manager asked me to deposit more money. (for clarity i'm a Belgian resident)
The article from the FSMA can be found here:
https://www.fsma.be/en/news/agreed-settlement-rodeler-limited
My complaint to Rodeler Ltd. is that they have stolen my entire portfolio by providing me the wrong information, acting dishonest, unfair, imposter, lying, misleading, manipulating, and without the best act of me as a client.
I have been scammed by professional trained sales people who call themselves account managers.
I've been tricked by this clever and cunning act that this is an investments company.
Also Rodeler Ltd. did not had the necessary prospectus for Belgian residents at the the time i was a client.
Article 68 of the Belgian Law for the offering of investments instruments and the admission of investments instruments to trade on a regulated market has a few rights.
One of those rights is that the court may annul the purchase or registration of investments instruments in the case that that no prior prospectus approved by the FSMA was published.
I have already filed a complaint on their website on September 2016 and on May 2017 when i became aware of the fact that Rodeler Ltd. did not had the necessary prospectus. I strongly disagree with the first reply i got on September 2016 from Mark Brody, an employee of the complaints department.
After 7 months On October 27 2017 I've got a reply from the compliance department after sending multiple e-mails, letters and registered letters.
I've been asked to provide evidence or specific information to facilitate any further investigation regarding my allegations stated in my e-mail dated 17th October 2017.
I did so as they asked, i've filled a 13 page long complaint with extra proof and evidence and i gave them 2 weeks time to resolve this matter but again they failed to contact me...
I someone has more information about this organization this would be very helpful for my case. I had contact with the Genereral Manager from Rodeler Limited, Petros Hadjikyriacos, but he told me he is not working anymore for Rodeler Limited despite multiple documents prove something else, also on his Facebook account he is still the General Manager from Rodeler Limited. Also
New thread in the Scam Alerts Folder:
Review is submitted by Dreri on 11/23/17
The company was first contacted about the issue on 07/31/17 the last contact was on 11/23/17
Details: The reply for my first complaint:
"Further to your complaint submitted to Rodeler Limited (the “Company”)] on 14/09/2014, please note that your complaint has been investigated by the Company’s Compliance Department and we have concluded that there was no wrongdoing on behalf of the Company. In this respect please find below the reasons that led to our decision:
- Your complaint that the Account Manager –Kyri Kyriacou called you after the ban from FSMA. The Account Manager did call however it was an honest mistake and he did apologize and clarify to you that we are not allowed to accept any Belgian clients.
- Regarding the other Account Manager, Joe David we did find 3 emails with investment advice from 2015 but we checked the transaction history and you didn’t follow any of the suggestions.
If you are not satisfied with the Company’s final decision you have the option to maintain your complaint through the Financial Ombudsman of the Republic of Cyprus and seek mediation for possible compensation. It is important that you contact the Financial Ombudsman of the Republic of Cyprus within four (4) months of receiving a final response from the Company otherwise the Financial Ombudsman of the Republic of Cyprus may not be able to deal with your complaint.
You may also maintain your complaint with the Cyprus Securities and Exchange Commission, however please note that the Cyprus Securities and Exchange Commission does not have restitution powers and therefore does not investigate individual complaints.
The contact details of both the Financial Ombudsman of the Republic of Cyprus and the Cyprus Securities and Exchange Commission can be found in the Complaints Procedure for Clients (follow the link) on the Company’s website.
It is understood that your right to take legal action remains unaffected by the existence or use of any complaints procedures referred to above."
Kind Regards,
Rodeler Limited
Compliance Department
The reply for my second complaint:
"Further to your complaint with reference number ROXXXXXX, please note that the Company has already provided to you the outcome of the investigation. We kindly refer you to our Final Letter dated 5th November 2016.
The Company is willing to reopen this case and assess any new evidence you might have in your possession regarding the allegations in your letter of claim dated 17th October 2017.
Given the above, please provide us with any evidence and/or specific information to facilitate any further investigation regarding your allegations stated therein.
We highlight that the Company will consider your complaint as fully closed and cease the relevant investigation in case you fail to provide said evidences within two (2) weeks to this email."
Kind regards,
---
Rodeler Ltd
Please not that i have filled a 13 page long letter with evidence, e-mails and other proof that they are a scam. I've never got a reply after that letter...
Company representatives' emails: Kyri Kyriacou <kyri.k@24option.com>
Joe Davis <joe.d@24option.com>
Mark Brody <mark.b@24option.com>
