Problem 100% scam platform Geneva Option

[taoem]

UPDATE

FURTHER DETAILS OF GENEVA OPTION'S ACTIVITIES

2.4 Locked my account, refuse to allow me to withdraw, and ceased communication with me

I made to two transactions of $7000 USD to Geneva Option, on the dates of 04.10.2016 (ref. Documents 13-15) and 17.10.2016 (ref. Documents 16-18). They were first transferred to my Advanced Cash account, and then transferred to Geneva Option, as per my Account Manager's instructions. It was confirmed by Mike Kos that the money arrived, and thus I paid off $14,000 USD of the $20,000 USD of this credit (ref. Document 19).

This was done on the agreement that the final $6000 USD would be covered by my account manager to make up for this unauthorised credit. However, after the money was sent by me, Geneva Option went back on their word and cancelled the attempt from my account manager to cover the final $6000 USD.

Once the full $20,000 USD had been covered, I had been advised I would be allowed to withdraw the entire balance of my account. To this end, I transferred a further $6000 USD and $3100 USD to my Advanced Cash account, ready to be transferred to Geneva Option (ref. Documents 20-21).

However, after learning more about the unscrupulous ways in which Geneva Option conducts its activities (ref. Sections 2.5-2.6), I was not comfortable sending them anymore money. On 09.01.2017, I sent them an email stating the following (ref. Document 22):

1) I withdraw all trading authority on my account, effective immediately.
2) I have already covered $14,000 of the $20,000 credit that they fraudulently used to block me from withdrawing my balance (ref. Section 2.1). However, I will not cover the rest.
3) I expect my balance to be sent to my bank account (less the $6000 credit that I will not cover).
4) If they fail to comply, I will take legal action against them.

On the very same day, Geneva Option locked me out of my account (ref. Document 23), with absolutely no explanation whatsoever.

I made further attempts to contact them, but all have been met with absolutely no response whatsoever (ref. Document 24).

I believe that Geneva Option's response of locking my account without explanation, refusal to send me my money and ignoring all attempts on my part to reopen communication with them is simply another indication of their guilt and fraudulent activities.


2.5 Similar fraudulent activity done to a 3rd party

On 13.12.2016, I was contacted by another client of Geneva Option, who advised me that a very similar situation has happened to him. For the purposes of his privacy, I will refer to him as JG.

JG had unauthorised credits applied to his account to the sum of $50,000 USD, and he was not able to cover this huge amount (ref. Documents 10-11). Geneva Option then locked his account due to him not being able to cover the credit. His account was recently unlocked, and he has discovered that his balance has been wiped out with unauthorised trades (ref. Document 12).

In conclusion, JG's ability to withdraw his money was blocked in a similar manner to mine, and then his account balance was fraudulently wiped out with unauthorised trades.


2.6 Made FINMA public warning blacklist

Geneva Option is only 8 months old, and has already been added to the Swiss regulator FINMA's public warning list (2). One of the reasons for this is that they solicited "traders from Switzerland without having the proper license from FINMA or from any European regulator that would allow them to passport into Swiss territory" (2).

In addition to "illegally conducting financial services targeting Swiss residents", Geneva Option has also been "pulled up by several regulators of late" (3).



REFERENCES

(1) https://scamoption.com/question/geneva-option/
(2) http://www.binaryoptionsregulations.net/finma-geneva-option-public-warning-list/
(3) http://www.thebinaryoptions.guru/swiss-regulator-finma-binary-options-broker-geneva-option/
(4) http://thebestbinaryoptionsbrokers.net/finma-warns-against-geneva-option



EVIDENCE

Document 13:
http://pre07.deviantart.net/0681/th/pre/f/2017/013/4/0/document_13_by_sonosublime-dav81x1.jpg

Document 14:
http://orig14.deviantart.net/e9e4/f/2017/013/6/b/document_14_by_sonosublime-dav81wt.jpg

Document 15:
http://orig02.deviantart.net/f907/f/2017/013/7/2/document_15_by_sonosublime-dav81wo.jpg

Document 16:
http://pre15.deviantart.net/899b/th/pre/f/2017/013/8/2/document_16_by_sonosublime-dav81wn.jpg

Document 17:
http://orig05.deviantart.net/c7ee/f/2017/013/f/9/document_17_by_sonosublime-dav81wh.jpg

Document 18:
http://orig10.deviantart.net/7a27/f/2017/013/1/b/document_18_by_sonosublime-dav81wc.jpg

Document 19:
http://img06.deviantart.net/aa0d/i/2017/013/7/8/document_19_by_sonosublime-dav81w9.jpg

Document 20:
http://pre01.deviantart.net/2859/th/pre/i/2017/013/5/f/document_20_by_sonosublime-dav81w4.jpg

Document 21:
http://img05.deviantart.net/d348/i/2017/013/b/0/document_21_by_sonosublime-dav81vz.jpg

Document 22:
http://img01.deviantart.net/4db8/i/2017/013/d/c/document_22_by_sonosublime-dav81vw.jpg

Document 23:
http://img13.deviantart.net/65ca/i/2017/013/7/0/document_23_by_sonosublime-dav81vl.jpg

Document 24:
http://img09.deviantart.net/9618/i/2017/013/8/9/document_24_by_sonosublime-dav81vd.jpg

 

[taoem]

Well, Geneva Option has refused to cooperate send me my money. I have invited them to come and join this thread to explain their side of the story. We will see if they decide to accept the invitation. I have also left an appropriate 1-star review of their website.

I am opening an FPA Court case against them. Also, I will be making complaints to the Australian, UK, Swiss and Israeli regulators. Finally, I am in the process of organising legal action.

I have it on good authority that Geneva Option is really located in Israel (a contact of Wenxuan Su, from this article):

http://www.timesofisrael.com/follow...ed-binary-options-investor-got-his-cash-back/



My account manager is trying to get me to send the last $6000 USD to cover the credit. He says that, due to the credit, Geneva Option has the right to lock my account. And the issue is, because I've already sent $14,000 USD (via wire transfer) to start covering the credit, it makes it looks like I agreed to the credit (even though I never did in the first place).

One of their employees, Mike, advised that they are under investigation. If I cover the credit and make the withdrawal request now, I have the best chance of them honouring the withdrawal. But if I do not cover the credit, they will lock my account and keep my money.

What is everyone's thoughts? I am not comfortable sending them another cent.




A warning to all:

Geneva Option should be labelled as a SCAM as soon as possible to prevent more people falling victim to them. I hope that this information will raise enough red flags, and make it clear to stay away from Geneva Option. Geneva Option will take your money, fraudulently lock your funds in with them and refuse withdrawal requests. They also wipe out your balance with unauthorised trades.

They are not regulated, and demand that money is sent by wire transfer so that credit card chargebacks are not an option for recovering your funds.

Right now, I am giving Geneva Option the chance to clarify this matter and refund my balance to me. If nothing is moving in the next few days, I will resort to regulatory, governmental and legal channels.

Even if I fail to get my money back in the end, I will make sure Geneva Option will be blacklisted and labelled as a scam on as many forums and review websites as I can possibly reach.

I am consolidating a list of contacts and victims. I encourage any other victims of Geneva Option's unethical and illegal actions to step forward. If we all come together, we will surely put a stop to them. Email me at mortij02@gmail.com with the heading 'Geneva Option - Scam Alert'. Spread the word to any victims you know, and post on any forums you may be on.

 

[Pharaoh]

They will do or say anything to get another $6000 out of you.

Imagine if this was a normal, regulate forex broker. Would "Send $6000 now because we're under investigation and this is the only way to get all your money back soon." make the slightest bit of sense?

If you send it, then this so-called investigation will step in and lock the account anyway, unless you send more money.

Report them to every financial regulator in your country. File all those documents and other evidence with eConsumer.gov and post the case number here. That will make it easier fo others complaining to reference your evidence to support their complaints.

 

[taoem]

Thank you Pharaoh, I will certainly be doing that. I have already begun compiling my records for the complaints that I will be making to ACORN, eConsumer, etc. I will file with every single regulator on the list, as well as the police, ombudsman service, etc.

I finally got a 'response' from Geneva (refer to the attachment of this post). 2 emails, in which they demand my phone number, and then say they have nothing to discuss. They're not even trying to act professional anymore.

As mentioned, I am giving Geneva Option the chance to clarify this matter and refund my balance to me. If none of my money is returned from them in the next few days, I will resort to regulatory, governmental and legal channels. It does not seem that they want to accept the opportunity that is being given to them.

 

[taoem]

Some more news. Today, when I tried to go to Geneva Option's website (http://www.genevaoption.com/), it did not load.

Instead, there is just a blank white screen, which says:

Error establishing a database connection

Could they be trying to close down their website and disappear with everyone's money?

 

[taoem]

Further to my previous post, I was eventually able to reach the login page. The homepage of Geneva Option seems to be dead.

I have become aware of new information, please see below:


FURTHER DETAILS OF GENEVA OPTION'S ACTIVITIES:

2.8 Altered my account balance without explanation

On 19.01.2017, the Geneva Option website appeared to be experiencing technical issues and not be loading properly. Although I had been locked out of my account since 09.01.2017 (ref. Section 2.5), I tested being able to log in and found that I was able to.

When I logged in, I found that Geneva Option has altered my account balance. While it was originally $50,470 USD as of 09.01.2017 (ref. Document 1), when I logged in on 19.01.2017, my account balance is showing as $30,470 USD (ref. Document 26). They have changed my account balance, providing absolutely no explanation for doing so.

They are also constantly messing around with the figures of being allowed to withdraw, and are for some reason only saying that I have $6773.03 USD available to withdraw (ref. Document 27).



EVIDENCE:

Document 26:
http://img08.deviantart.net/5224/i/2017/018/9/2/document_26_by_sonosublime-davv8l9.jpg

Document 27:
http://img15.deviantart.net/fb44/i/2017/018/0/2/document_27_by_sonosublime-davv8pp.jpg

 

[Pharaoh]

Have you invited them to this thread yet? If not, it's easy. Send an email to every address you can find for them. Include the link to this thread and ask them to come and join the conversation.

 

[taoem]

Yes, I have already invited them via every email address and every Skype ID I have on file for them.

So far, the only 'response' I have received is attached:

 

[taoem]

Hi all,

I found an email in my spam folder (attached).

It is supposedly from London, which is where Geneva Option claims to have an office. It could possibly be Geneva Option trying to send me funds, but I think the more likely scenario is that it is a coincidence, and a scam email with a virus waiting on the other side of that link.

What do you all think?

 

[Pharaoh]

That highly questionable message (looks very much like Phishing) says it's from FlexTrader, not from Geneva Option.