oldenu
Recruit
- Messages
- 4
Hi David,My wife signed up with OptionFM in late April . On the 13th May their so-called expert personal trader conned her into depositing $20k , then during a short trading session they succeeded in losing her $20k in a matter of a few minutes, after my wife had urged her personal trader to stop trading. To her horror, even without managing to place a bid during that session her balance dropped to about $1k within a few minutes. Even although she was distraught after the event, their 'recovery expert' tried to urge her to withdraw a further $30k to try to recover the lost $20k ! My wife's personal trader later stated that a colleague had illegally accessed his computer and wrongfully directed or performed the actions which emptied my wife's balance so rapidly. After several strong emails demanding an explanation , one of the managers phoned my wife to ostensibly offer an explanation to her allegations of gross irregularities. He denied all the allegations saying on each occasion ‘ no such thing happened’ , even accusing her of being a gambler. There was not an ounce of compassion or apology from the man . Instead he exhibited extreme anger and arrogance. He even suggested that it was my wife’s fault that she signed up for ‘robot’ software – which he outright disowned – the same software which my wife’s ‘personal trader’ confidently and enthusiastically endorsed as he advised her with her trades. We believe that not only are they dishonest and unethical but also very dangerous. People be warned ! If you go near this company unwittingly you could be facing financial ruin. It took my wife many days to come to terms with the loss of funds as well as the emotional trauma of dealing with this company.
I have had a similar experience with OFM. In my ignorance I submitted a formal complaint to the CEO of OFM (Jason Giannakides) 24 August 2016 about David Green Senior Account Manager. Today I realise that the address in Hong Kong is fictitious.
As OFM are licenced in Belize and not in the UK by the FCA could I claim against my bank for allowing these withdrawals to an unlicensed binary options broker?
Please find below a brief resume of my complaint letter.
Should I submit my complaint to their licensing authority in Belize?
Do I have any chance of recovering my initial deposits?
Best Regards,
Brian
Dear Mr Giannakides,
I am writing to make a formal complaint against David Green Senior Account Manager OFM. My complaint is that Mr Green failed to provide me with a satisfactory service when managing my account. He instructed me via phone to take irresponsible positions when advising me to place trades, risking way in excess of the 1-5% max of my trading account whilst trading binary options.
After opening a basic account, I then receive unsolicited calls from David James (Senior Account Manager) in Hong Kong persuading me to upgrade to Financier Level $40K. After upgrading, this man started trading with total disregard for the risk management of my account (1-5% max per trade). The accepted risk/reward is between 1-5% per individual trade was disregarded entirely. In a telephone ,call I told Mr James that he was motivated by “Greed” and the fear factor was ignored .He appeared to find my concern amusing. David James lost me $60K in a 30 minute 60 second trading session” scalping” Putting at risk up to 85% of my trading account.
During the trading session, I complained about the % of my account which was being put at risk, as my balance was less than $25K. A number of trades were declined as (There was not a contract available) His reply was Click the “HIDE BUTTON “ at the top of your screen”.This now left me not knowing my account balance. After the end of the session ,I told Mr James I did not want to do “Scalping” ever again. After looking at my account balance, I was shocked to find he had lost over 50% of my account.
His results: In 30 Minutes Trading
Total value traded: $352,400. 43 Won. 63 Lost.
Win% 40.5 Total Lost: $66K.
Mr James was unaware that on 30 May 2016, both the NYSE and London Stock Exchange were closed for national holidays. This seemed strange for a Senior Account Manager dealing with over 400 stock market analysts worldwide.
In March this year I became interested in binary options trading. After googling a number of companies the common thread appeared to be that they would only risk between 1%-5% of my account per trade. Unsure of which company to select your mission statement caught my attention:
Option.FM exists to grow wealth through successful investment, and support each and every client in their trading careers.
To be truly ‘in the money’, we have to invest consistently and insistently, never giving up and never giving in, until we reach the ultimate goal – financial independence and wealth.
Wishing you all a profitable trading experience here at Option.FM,
Jason Giannakides
CEO Option Financial Markets
This was exactly what I was looking for. A company committed to grow wealth through successful investment, and support each and every client in their trading careers.Please read on and discover what my unfortunate experience has been with OFM after having been allocated a Senior Account Manager
My Withdrawal Attempts?
On five separate occasions, I submitted withdrawal requests,which resulted in a follow up call from Mr James advising me to cancel the request, saying I could withdraw $30K next week.
David James told me not to contact Customer Support and to only deal with him personally.The reason being ,he did not want anyone to think he was a bad account manager.
When I complain about him having no risk management strategy, his reply was “It happens, don't worry I will put it right”.After my account dropped to less than 14K I get a call from Sean Adams, Head of the Recovery Dpt. at OFM He claims to have loads of money and sends me a screen shot of his OFM account showing in excess of a million dollars. He does not do “60 second trading” he trades long term ,because60 second trading is too risky.He only trades when the market is right and he is quote “The best in the business” He will restore my account to it's previous level in 2/3 months and after a year up to $600K.However, to undertake recovery of my account, I must deposit another 27K into my account as I only have a remaining balance of 13K. He can only undertake to recover accounts with a balance of $40K. Needless to say, I declined his offer. He rang me again the following week and I refused to speak with him further. I am concerned that you may be unaware of how some of your account managers operate . Risking more than 5% per trade is akin to gambling and must lead to a complete wipe out of the account at some point.
I have closed my account because David James did not follow the accepted norm in binary options trading of trading 1-5% of your balance per trade, which resulted in massive losses to my account.
I joined OFM because I thought you were a reputable licensed binary options company., who would act in a responsible manner to secure long term profits.Can you find any evidence to support that David James acted responsibly in the management of my account?
Summary
This situation has caused extreme stress for both myself and my wife.
I require a full investigation as to how I was ill advised by David James to place extremely large trades risking my entire account. Because of this abuse of trust, I require a return of my deposits less withdrawals ($41364) within 28 days 22 September 2016
Yours Sincerely,
Brian Louden
encl
Random selection of comments from Binary Options Brokers.
My attempted withdrawals record
Account statement (2)