Teresa Bebb
Private
- Messages
- 22
We started our relationship with No1Options in April 2015 and had some success. We deposited further funds and then we lost some of the trades. All part of the risk. Our trader then went sick and after ten weeks of chasing we had another chap on the scene Sean Davis. We deposited further funds to the account and made some further profits. All going well we were back in the black. We were then offered an 'almost certain deal' which was insured so we couldn't loose, in return of course for more money. We allowed ourselves to be persuaded and deposited an extra €10k which we had earmarked for another purpose on the strict understanding that this would be withdrawn after this deal matured. If it failed the deal was to be insured so we could not loose. We were also persuaded to allow Sean to trade on our behalf. We were very nervous about this and provided a limited authority, stating clearly that our EUR 10k was to be protected and withdrawn on October 1st 2015. The deal won so all was well and we awaited our 10k withdraw. On the day the funds were to be withdrawn (Oct 1st 2015) Sean placed 10 currency trades which resulting in the entire balance going from over €30k + to zero in 13 minutes.
The issue we have is not that we lost some of our profits but that Sean traded outside out the authority permitted and the risk management strategy we gave to him and lost the €10k we explicitly told him not to. When we have discussed this with Sean he simply plays back the line that this is high risk and that we should take the ups and downs and invest more. We questioned that the additional €10k deposited was 'insured - no risk' and he said that their had to be adequate 'profits' on the account to allow the withdrawal. So why did he bet the whole account balance is such a short period of time?
We simply want our €10k back, which to date has been met with no response from No1 Options compliance department. We have attached the authority letter which clearly states the boundaries of the authority and the series of trades which lost the entire balance. What do you think about this? do we have any options available to us?
The issue we have is not that we lost some of our profits but that Sean traded outside out the authority permitted and the risk management strategy we gave to him and lost the €10k we explicitly told him not to. When we have discussed this with Sean he simply plays back the line that this is high risk and that we should take the ups and downs and invest more. We questioned that the additional €10k deposited was 'insured - no risk' and he said that their had to be adequate 'profits' on the account to allow the withdrawal. So why did he bet the whole account balance is such a short period of time?
We simply want our €10k back, which to date has been met with no response from No1 Options compliance department. We have attached the authority letter which clearly states the boundaries of the authority and the series of trades which lost the entire balance. What do you think about this? do we have any options available to us?
