Hi, I have a Withdrawal pending: IDDateAmountTypeTransaction StatusTransaction Method 6897 00:00 12/02/16 €112.00 Withdrawal pending Default deposit method ...
So, a little over 2 months now. My account and all the required documents have been verified long ago. I have asked them if there is a problem with my documents, they say everything is OK. I have contacted them countless times via phone, e-mail and live chat. They just say that my withdraw is pending due to high number of withdrawal requests and they have no further information to give me.
Am I being scammed? What should I do?
→I need to know what is going on with my withdrawal, I have been looking at "Pending" for a realllly long time now, so please tell me, what seems to be the problem?
dylanc: I apologize Inderk but I do not have any further information for now.
dylanc: Our financial department is working on it.
→What do you mean no information?
→That is the same answer I get everytime I ask
→It is my money and I have every right to withdraw it, so why are you not letting it go through?
→Do I really need to file case against 500Option?
dylanc: Because we are having a high rate of withdrawal requests.
dylanc: I do not have any further information.
→You just said you have no information and now you say because of high rate of withdrawals?
dylanc: We explained to you several times in our messages.
dylanc: We apologize for the delay.
dylanc: I will email you once I have further information.
dylanc: Thank you and have a great day.
→Need some help please
dylanc: How may I assist you
→HI Dylanc, how are you today?
dylanc: Im great Indrek
dylanc: How are you
→Im good thanks
→How long does a withdraw usually take Dylan
dylanc: It depends on if were having a high rate of withdrawal requests.
→Okay, and how long without and with high rate of withdrawal requests then?
dylanc: 7-10 business days. But we are having a high rate of withdrawal requests, therefore requests are taking longer then expected.
→Okay, but so is there like a list of withdrawal requests and I am just waiting my turn or something like that?
→Can You please check with the financial department then and find out when my turn to process the withdrawal comes up?
dylanc: No problem. I will email you once I have further information.
→Can`t You just check it now please, I am really frustrated here
dylanc: I just checked, there is no further information.
My experience with 500Option:
I received a call from Frank Bass, 500Option.com where I had a small account. He had heard of my account from Jett Harrison, the previous 500Option broker I had dealt with. He offered me an opportunity to participate in a new program which would ensure I would clear my debt with trading. In order to do this I would need to deposit more money into the account than I had at that moment. After several calls and chat sessions, I was persuaded to deposit into 500Option account, He would then add a 10K bonus, (see attached bonus terms & conditions) however only under his 100% guarantee that should we be out of money it would be returned to my account at no loss to me and would be able to withdraw. See attached emails below:
Thereafter the calls from him were daily trying to convince me to add yet more money into this account, that he had a great opportunity he wanted me to participate in but couldn’t discuss its details. I continuously explained that I was not in a position to add any more funds, nor take out any additional loans from the bank. (At this point in time, I owed 25K to my employer, 22k to the bank). The only way a new loan would be honored in The Netherlands is to clear the existing one first then apply for a new one when it was cleared. He stated that he would trade for me to clear all existing loans with the bank first then take out a new loan of 75K to put into the account and participate in a new investment which would take me well above 200,000K within a year.
With all of this spinning around in my head - I decided to withdraw what was in the balance at this point in time (€19,800.00). I was a nervous wreck and terrified.
Frank saw that I had put a withdrawal request in, - he constantly called me and promised to clear both of these loans by trading for me, I need to trust him he said. I only need to deposit what I could take from my credit card to put into the account, on top of what I had already deposited. (5K on 6th April) he promised to continually trade on my behalf for 1 week until Thursday April 21st by then I would be able to withdraw on the 23rd April and clear my debt. He asked me not to log into my account to see the balance, it would fluctuate a lot and he didn’t want me to have a heart attack , he asked me to trust and wait until 23rd before logging into my account. He would make sure the balance was healthy and still guaranteed the funds personally which he clarified in a waiver/extension of his first proposition with the guarantee of 20K by himself as well as 500Option.
During this period I checked the balance regularly. I saw he was trading on my behalf. I saw the balance (25K) fluctuate to 35K; 57K; 47K; 33K; I had no doubt his intentions were honest at this point.
On the 19th April I saw he lost 23K trading! Leaving just exactly 10K in the account. I immediately tried to contact him then changed my password. He did not answer on skype. I could not get through on the phone. I sent him emails. He did not answer.
I needed to speak to him about the bank appointment we agreed on. I received the following message:
From: Kathy [ Sent: Wednesday, April 20, 2016 10:11 AM To: Frank Bass <email@example.com> Subject: RE: Frank Bass
Good morning Frank,
I do hope you are feeling much better after your incident.
Would you reserve 1 hour time-frame on Thursday 28th at 15:00hrs (NL time-frame). I have an appointment with the bank and we want to involve you in the discussion for the 75K Loan. Can you free-up the time then or other preference?
Please confirm to me that my funds will be returned to my bank to Thursday latest in order to clear the existing loan and take-out the 75K.
I am still in Shock! Frank Bass had no intention whatsoever in helping me grow this account. He deliberately placed wrong trades on this account on April 19th. I have been trying daily to get in touch with them.. No one will pick-up on my calls, all emails from the compliance department are giving me the go-around.
No other broker called me – no one answers my mails – nor telephone calls.
I have desperately trying to get my 20K (at least) back from this swindle I have stupidly been part of. I had only one focus – clear my debt.
Well I’m now in more debt thanks to this.
1)From: Frank Bass Date: 2016-03-30 10:25 GMT+02:00 Subject: Frank Bass To: "firstname.lastname@example.org" Miss. Hickey, I’ll be giving you a call in 45 minutes and here is the program we spoke of on the phone:
1) You will be joining the VIP client list under my jurisdiction (Frank Bass)
2) You will receive a Free Risk Program for 14 trading days from the time of your deposit discussed(10,000 EUR)
3) This amount will be protected and no losses can be reflected in the account at the end of the 14 days.
4) Any Losses god forbid on the account will be refunded in full as cash money to your account.
5) The target of profits during this period of time is 10% in Profits!
6) At the end of the program you will have to make a decision whether to continue with myself and 500option. If you do the profits in the account will remain yours and be sent directly to your credit card as a withdrawal so you can experience the ease of withdrawing your money not just the implementation of it. If you wish to terminate your business you will be sent the full 10,000EUR back to your credit card and we will separate as friends, no harm done.
7) This program is 1 out of 2 in getting you to 100K deposit and becoming a true VIP client.
8) During this time I will take 0% commissions off the account for I want you to make the most out of the experience. (you deserve it)
Finally I thank you for your time, your trust, your confidence, and I get a feeling that together we can be reach your targets and achieve your dreams. Sincerely
From: kathy hickey <email@example.com>
Sent: dinsdag 19 april 2016 9:10
To: Hickey, Kathy
Subject: Re: Frank Bass
Op 30 mrt. 2016 16:36 schreef "Frank Bass" <firstname.lastname@example.org>:
In reference to my previous email sent on the 30/03/2016 about the Risk Free Program; this will change from 14 days till the 23rd of April 2016.
Till the stated date all funds 20,000 EUR in total will be free of risk and guaranteed by 500option and myself Frank Bass (Chief of Financial Operations).
On this amount of 20,000 EUR Mrs. Hickey will receive 10,000 EUR bonus. Even though signing is required, which binds withdrawal under the terms and conditions;
these will not apply and bonus will be withdrawn from the account on the same date of the risk free termination (23rd April 2016)
This will allow a withdraw from the account sent directly to Mrs. Hickey to pay off the 6.5% interest rate for the loan she has taken from the bank.
Senior Portfolio Manager
Skype: frank.b500option http://www.500option.com