Sycamore Options

radleydm

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I am having major problems with Sycamore Options for Binary Trading following an introduction to them by Same Day Profits. On 9th November 2013 I opened an account with €250 and then €750. I was telephoned by a man called Alex Stern who persuaded me to invest more and I eventually subscribed a total of €8,500 from my credit cards (2). In addition to those sums they took an additional €2,000 from one card and €5,000 from the other card without authorisation (a total of €15,500). I have been trying to get that additional and unauthorised €7,000 returned and am meeting the same responses from Jessica Perry as is Zach6210 in another thread. I have sent official statements from the banks and credit card authorities to Sycamore but all I get is that "they are investigating".

All trading contact is with Alex Stern who has an email address with "traderxp" and I traded on his advice using Skype to communicate. Obviously the two companies are connected.

It is he who has acknowledged that the €7,000 was taken from my credit cards and not credited to my Sycamore account. Extracts from the Skype conversation are:
"me:7000 taken from the cards without authorisation."
"alex stern:i checking what you sent me yesterday and i will give you an answer asap"
"alex stern: i sent you another 5k total 7k that you miss"
"me: Thank you Alex. Could you email me the details of the 5K transfer so that I can tell the bank."
"alex stern: 7k on the way to you" (This was on 27 December)

On December 10 Jessica Perry (Sycamore support) said in an email
"The 2000 Euro, had never entered our account, from the clearance company's bank,
That's the reason you couldn't see the funds in your Sycamore Options account.
You received the refund on your card yesterday.
Please check, and inform us that you received it.
I apologize again for the inconvenience."

As at today nothing has been received.
Both banks are investigating.

I am 76, have only a pension and am in deep trouble over this situation. I would appreciate any help or advice as to how to proceed. Although I have registered the necessary transaction claims with both banks is this sufficient?
I am English living in Portugal so the language problem can come into play locally in this type of thing.
Many thanks.
 

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Update today 7 January.

In a Skype conversation with Alex Stern of Tradersxp:
[13:22:58] David Morley: The 7000 has not been returned to the cards.
What can be done now?
[13:24:06] alex stern: the 7k on the way wait until the end of the week

In an email today from Sycamore support:
I truly apologize for the inconvenience!
I understand you haven't received yet the funds.
Regarding the 2000 Euro, we have sent you the information to check with your bank and also with you credit card company.
I will check again with the billing department regarding this transaction, and I will update you as soon as possible regarding the 5000 Euro.
Hope it will be solved soon.
Yours truly,
Jessica Perry
Customer support team

It seems to be a constant stream of assurance which is not happening.
 
Contact your credit card issuing bank immediately. Ask to speak to the fraud department. Explain what happened and how you can't get your money back out. Ask if a chargeback is an option.
 
Contact your credit card issuing bank immediately. Ask to speak to the fraud department. Explain what happened and how you can't get your money back out. Ask if a chargeback is an option.

Thank you. Have done this and signed reclamation forms with both banks. They are both Portuguese banks and do not seem to recognise "fraud department" although I asked for that department when I contacted them. I have given them copies of emails, Skype conversations etc. and they now say to "wait".
 
Keep checking back with them each day. Also, contact the credit card central company (VISA, MasterCard, or whatever it is) and let them know what's going on.
 
Keep checking back with them each day. Also, contact the credit card central company (VISA, MasterCard, or whatever it is) and let them know what's going on.

Many thanks. Have checked today and both banks have referred the matter to Visa International (both cards were Visa). Is this sufficient? I have googled Visa International and Visa Europe but cannot immediately see any way that I can report the situation directly to them.
Both banks also say that from their experience that the investigations by Visa International may take several weeks.
I really appreciate your help in this, for me, dreadful problem.
 
You can find phone numbers for VISA Global Customer Assistance here:

http://usa.visa.com/personal/cards/benefits/vgcac_phone_popup.html

For Portugal, the number is 800-8-11-824
 
Update. Today I received an email from Sycamore Options support in which they advised of an ARN number in respect of the €2000 wrongly taken from one of the cards. I have passed this on to the bank for them to chase. Looking via Google it seems that perhaps an ARN number is only used when there is a repayment due to a card for charges taken from that card (which is my situation). Does this seem to be looking hopeful?
 
As long as they don't stall past the deadlines for a chargeback.

If they sent it incorrectly, they should be able to get it re-sent within a week. If not, they are probably stalling.
 
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