Problem 100% scam platform Geneva Option

[Pharaoh]

I see Has Group on Geneva Options, Suisse Options, InvestmentsFx, but not on Option Magnates.

Unauthorized credit card charges are an easy target for chargebacks. They also provide good supporting evidence of fraud for any initial deposits which you did authorize.

 

[taoem]

There are not unauthorised credit card charges. I apologise if the terms and wording has confused FPA members (they confused me the first time as well).

What was unauthorised was Geneva Option adding a credit (1) of $20,000 USD to my trading account with them. I am now expected to send them $20,000 USD to "cover the company's funds" before I am allowed to withdraw my balance of $50,470 USD.


(1) Credit - funds provided by the company, which must be covered in full by the client before a withdrawal can be approved (ref. 'Capture 20160920 1').

 

[Pharaoh]

Adding an un-asked for bonus is a standard method of locking in your money by fraudulently blocking access to the promised withdrawal function. That's also a legitimate reason for a chargeback.

 

[Nerimimo]

@taoem have you been able to make any progress? I have someone with a very similar situation to yours. They are claiming to be closing all private accounts and are requesting a 1% fee to deposit earnings.

 

[taoem]

@taoem have you been able to make any progress? I have someone with a very similar situation to yours. They are claiming to be closing all private accounts and are requesting a 1% fee to deposit earnings.

Hello,

You say you "have someone with a similar situation", and they request 1% fee to deposit earnings?

Who are you exactly, are you a lawyer acting for them?

 

[Nerimimo]

It's my father...

 

[taoem]

I see. Has he had any luck with getting his funds back?

And do you mean Geneva is claiming to be closing all private accounts?

My problem is they refuse to let me withdraw unless I send them another 6k to cover this "credit". I've been doing some digging, and the more I uncover, the more shady it all sounds.

I will be making contact with them next week. I have the funds available to cover this credit, but from what I have found out, I am not comfortable sending them another cent without seeing at least some of my money back from their side.

If they refuse (like I suspect they will), I will be taking further action, such as Chargeback requests, an FPA Court case, filing complaints with ACORN (Australian Cybercrime Online Reporting Network) and Scamwatch, legal action against Geneva Option, etc.

I will be sure to keep you all updated on how things proceed.

 

[taoem]

Also, Nerimimo, if your family is having issue with Geneva Option, I suggest making a topic similar to mine in the FPA Scam Alerts forum. Long story short, if it comes to it, if at least 3 people issue an FPA Court case against the company and they are found guilty, they will officially be listed as a SCAM. This is highly publicized, as well as being included in the FPA mailing lists to more than 50,000 members. It will greatly damage a company's reputation, and therefore their cash flow.

I am already in contact with another person in a similar predicament, who came across my posts via internet search. So with you, we already have 3 people.

 

[Pharaoh]

Here's the thing. If you have $95 in your broker account and the broker's TOS say the minimum withdrawal is $95, depositing another $5 is reasonable, both in terms of the TOS and in terms of risk to your bottom line.

On the other hand, if you've got a binary broker (especially one trying to hint it's Swiss when it's not) and they want some large amount of money upfront, to process your deposit, I say that's BS. Putting in another $6000 is very likely a fast way to have them owing you another $6000 which they won't bother to pay back.

"Clearing" something is a simple matter of bookkeeping. The only sane reason for them to demand $6000 is to steal $6000 more from you. Then they'll have cleared another $6000 in money for themselves.

 

[taoem]

I hope that we can reach an agreement, as what I am asking for is not unreasonable. I have asked for them to take back the rest of their unwanted credit/bonus, and to simply send me my balance less that amount. Let's see if they accept my offer. I hope I do not have to take things further, but am fully prepared to do so.