AVOID THIS SCAM BROKER AT ALL COSTS! 5 years ago I lost $95000 with PEGASE CAPITAL LTD, I heard Interactive-Option may re-brand and make a come back.

NicklesnDimes

Recruit
Messages
7
Hi guys

I know my scam alert on this broker is quite old. However, there are two reasons why you may wanna give this alert posting some attention. Firstly, I heard this broker is planning to re-brand and return to business, and secondly, I haven't given up fighting for my money to be reimbursed. For the former reason, I am basically sounding the alarm bells before anyone of else becomes a victim to this scammer again should they make a come back as I have heard from some sources.

So, How did I lose money with this broker?

Some of you might already have an idea about this broker and what happened to them in 2015/16, some of you probably don't. However, I searched for this broker within FPA to see if there was any review or scam alert about them but didn't find anything within the scam alerts page related to them. So, I am going to share as much as I can about this big scammer and what happened. Let's dive right in

I will start us off by giving a brief summary and back ground of this case.
The year was 2016, on the 04th of March, a company called Interactive-option, under the umbrella name of Pegase Capital Limited, had it's CIF License no 225/14 suspended for non compliance with CySEC's regulatory and investment rules. Pegase Capital was also previously known as: K.J.W. Krisworld Development Ltd and had other investment services and domains with these business names; www.interactiveoption.com; www.interactive-option.com; www.hellobrokers.com; www.pegasecapital.com; www.mtxplus.com, which were all approved by CySEC at the time for Financial business operations in Europe, and can be found here:https://www.cysec.gov.cy/en-GB/entities/investment-firms/approved-domains/ and here: https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/37652/
Pegase Capital Ltd renounced its CySEC Obligation shortly after the suspension of their CIF licence on the 26th of May 2016 because of the new stringent compliance rules enforced upon them to adhere to while under further investigation by CySEC.

During this period CySEC instructed Pegase Capital as follows, quote and unquote

"The Company is obliged to settle within a period of three (3) months, pursuant to section 24(3) of the Law, its obligations arising from the investment services that lapsed. It is further noted that the Company must, within the three month period of section 24(3) of the Law, proceed with the following: i.Close all clients open trading positions. ii.Return to all of its clients any money owed (account balances) including any profits they made and are due for payment. iii.Examine and solve all complaints before it. In the course of ensuring the return of clients money and to ensure the proper execution of the Company’s actions/obligations, CySEC has made specific suggestions to the Company."

I contacted several so called account managers at Pegase (interactive option) Capital and asked them to reimburse my money as was instructed by CySEC, they all assured me that I would be getting my money back shortly. Turns out the promises were anon When the company did not comply with CySECs instructions as laid out above, I decided it was time to file a case against the Company using the guidelines outlined on the CySEC website as follows below. Quote and unquote

"COMPLAINT REGARDING CIFs
Please kindly note that the Cyprus Securities and Exchange Commission (the ‘CySEC’) does not have restitution powers and therefore does not investigate individual complaints. However all complaints submitted to the CySEC are taken into consideration by the CySEC in the performance of its supervisory mandate.
If you are unhappy with a financial product or service provided to you by a Cyprus Investment Firm (a ‘CIF’), follow the following three steps for making a complaint.

Step 1: Contact the CIF directly, which I did as explained earlier
If you have a complaint, it is best to first ask the CIF involved to put things right. Yes I did that too
The CIF will give you a unique reference number (only for complaints submitted to CIF after 1.1.2016). This unique number reference will be used for all future communication you will have with the Financial Ombudsman and/or with CySEC regarding your complaint.
CIF’s are required to respond in writing within five days just to let you know they have received your complaint. Pegase Capital did not get back to me despite my desperate attempts in emailing them several times.
CIF’s are also required to respond to your complaint in writing within two months, telling you whether the complaint has been successfully resolved or why they need more time to look into it (within maximum three months from the day of the complaint). Well, they completely zipped up on me.

Step 2: Contact the Financial Ombudsman. Yes, this I did
If you are not satisfied with the firm’s response, they rejected your complaint or you do not have answer from them within three months, it is recommended that you check with the office of the Financial Ombudsman in case you are eligible to file a complaint with them and seek mediation for possible compensation.
The Financial Ombudsman is an independent service for settling disputes between CIF’s and their clients.
It is important to contact the Financial Ombudsman within four months of receiving a final response from CIF otherwise the Financial Ombudsman may not be able to deal with your complaint.
The Financial Ombudsman website can be accessed via: http://www.financialombudsman.gov.cy

Step 3: Take the matter to court
If you do not want to accept a decision taken by the Financial Ombudsman as a last resort you may be able to take your case to court. You would usually start civil action in the District Court.
Note: Furthermore, if you want to inform the CySEC about a complaint submitted to a CIF after 1.1.2016, please fill in the following form........"

I took all of the 3 steps outlined above as advised by the CySEC Office. The case took quite long to come to a resolution by the Financial Ombudsman office that works in liaison with the CySEC office in Cyprus. When it finally did, the ruling came in my favor and the verdict document was signed by the Financial Ombudsman. The decision stated that I should be reimbursed by the CIF up to an amount equal to the balance of money that remained in the trading account at the time of suspension of CIF License. The balance by this time had been shrunk, thanks to the GREEDY account managers especially Micheal King to USD 51,663,03, about EUR 44,349 at the time. The Financial Ombudsman further stated in the verdict that this decision is FINAL AND NOT SUBJECT TO APPEAL BEFORE THE COURT OF LAW.

The IF (Pegase Capital Limited/Interactive option) was instructed to compensate me within 1 month of accepting the Financial Ombudsman's decision. Well, sad to say that hasn't happened yet. Since that time, it was hard to find and locate the owner/s of Pegase and the companies affiliated with it. It seems that the top directors in the company went into hiding. Moreover, my communication with CySEC as well as the Financial Ombudsman has all but stopped after the final ruling. I have done a lot of digging around to to find out who the owners of Pegase Capital are with some progress made. I intend to expose the Founder of the company here if he is still adamant about reimbursing my money.

CySEC informed me at the time that because they do not have the power of restitution, they couldn't do much in recovering my money except advise me to wait for them to open the investor compensation fund which, you won't believe this, is contingent upon the condition that enough people would have to file similar complaints against the IF for that to happen. 5 years down the road, I still don't see any new update by Cysec of this IF. Option two, I was advised is to take the matter to a higher Cyprus court if the IF does not comply. When the Financial Ombudsman whom I was referred to by CySEC to handle this case, and who has the powers of restitution came up with the verdict , his verdict was not as helpful as I had expected. Yes, I got the verdict ruled in my favor even though the amount ruled for me to be reimbursed ($51k) was less than my total deposit of $95000 USD, I wasn't given instructions about how to proceed with the Verdict document I was issued. What I now understand is that I had to look for external legal representation backed by the Financial Ombudsman Verdict in order to hopefully get my money should interactive option not comply with the ruling by the Financial Ombudsman

I handed all the sufficient evidence to the Financial Ombudsman office against the CIF clearly showing that the interactive option broker deliberately tried to manipulate me using trickery, false promises, lies and whatever other scam tool in their arsenal they had, into placing huge trade positions at a time as a deliberate attempt to make me lose my money. Turns out this very reason was one one of the reasons for the suspension of their CIF license. The broker was absolutely fraudulent in its dealings with its clients. This broker was probably worse than a ponzi scheme. The Financial Ombudsman in his own investigations of this case found much of the fraud performed by interactive option to its clients to be true.

Having not received the money 4 plus years later despite the fairly positive Financial Ombudsman verdict, My next step is to follow on with the instructions provided in step 3 of the complaint form by Cysec which states:
Quote:

" ( Step 3: Take the matter to court

If you do not want to accept a decision taken by the Financial Ombudsman as a last resort you may be able to take your case to court. You would usually start civil action in the District Court)".

So, as it stands right now, I have been trying to find a good legal representation to escalate this matter to the high court in Cyprus. Some of the ones I have contacted in the past have not been very reliable and some so called money recovery firms have been outright scams. What I understand is that it appears Pegase Capital, despite being defunct still has oversight under CySEC, the reason I believe this case still has a good foundation to lay its claims for the entire reimbursement of my money. Further more, as it was always mandated by CySEC of all CIFs, as a requirement, they had to set up a separate account of segregated funds for investor protection. I overheard from someone that these funds are still locked up and under CySECs oversight.
I believe CySEC should step up to the plate and truly care for investors investing their hard earned money in Cyprus by providing proper, functional and reliable investor protection and compensation to clients and not just, and for luck of a better word "empty blabber clams"

I did absolutely nothing wrong to lose $95000 USD of my hard earned money to interactive option other than the fact that I was the dumber one at the time. It was a calamity to be the greater fool to the broker that sold me in on empty promises of financial success. I still believe I should be reimbursed ALL of my invested $ 95000 USD and not less by the CIF I wasn't the one trading my money while it was deposited in the brokerage. Interactive Option's greedy account managers made sure that they deliberately forced, coerced, and tricked me into executing losing positions just so they can get me into quickly blowing up the account so that I have no basis to make a reimbursement claim. At some point, when I refused to trade anymore with whichever new account manager was assigned to me, a received several phone calls from different people claiming to be "senior account managers" threatening me and saying that if I did not trade the money in the account, I would lose it all. Can you imagine someone forcing you to place positions, albeit big ones? I stood my ground non the less and refused to trade with whichever account manager had been assigned to me. This was all happening just before they had their CIF Licence suspended by Cysec

I still have all of the communication threads (evidence) between myself and interactive option stuff which I was fortunate to collect just before they shut down their website from the public completely. I have attached a couple of files here so that you can all either jog your memories or acquaint yourselves with this legendary scam broker if seeing and hearing about them for the first time. And oh, just before I sign off, I just forgot to mention that this was a binary options broker fully registered and regulated to provide financial services in Cyprus. WATCH OUT FOR THIS LEGENDARY SCAMMER IF HE IS INDEED PLANNING TO MAKE A COME BACK. They may try masquerading and hiding their past using new names and so forth. Stay Vigilant. Forewarned, Forearmed. Thanks for your time here. Sorry about the many typos you may have come across. Any comments are welcome
Peace and love to FPA for the great work you guys do here. Couldn't thank you more

Happy New Year Folks!

Nickles n Dimes
 

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NicklesnDimes

Recruit
Messages
7
I just couldn't find a way or how to leave a star review for this broker otherwise my review of this broker is a gargantuan 0. Not even a 1 is deserved.

FPA Review Moderation Team Note: The review page is at https://www.forexpeacearmy.com/forex-reviews/10953/www.interactive-option.com

Yikes! I missed it. Thanks letting me know. I wasn't able to leave a 1 star review, or better yet, a 0 star review cause the review feature seems locked? Is there a way around it?

FPA Review Moderation Team Note: The padlock icon just means that the Interactive-Option.com website is closed. The Add Your Review button should work normally. If it doesn't, please post a screenshot of what happens when you press it.
 

NicklesnDimes

Recruit
Messages
7
I do not know but it worked this time around. The last two times I tried up to yesterday, the 'add your review' button was static. It never blinked a bit. I have successfully posted my review and it is awaiting approval I suppose?
 

FxMaster

Lt. Colonel
Messages
9,698
I do not know but it worked this time around. The last two times I tried up to yesterday, the 'add your review' button was static. It never blinked a bit. I have successfully posted my review and it is awaiting approval I suppose?
First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread "Tutorial: How to Invite a company to your thread." will help you to find out.

Note: Invitation button will be enabled when your first post reaches 4 days old.
Note 2: Make sure to follow the suggestions correctly, when you do it correctly you will get below message in your thread automatically.
Note 3: Make sure to share your account number (Only account number). Many time this help companies to find out you are genuine or not.

OP Screen shot.jpg
 

NicklesnDimes

Recruit
Messages
7
First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread "Tutorial: How to Invite a company to your thread." will help you to find out.

Note: Invitation button will be enabled when your first post reaches 4 days old.
Note 2: Make sure to follow the suggestions correctly, when you do it correctly you will get below message in your thread automatically.
Note 3: Make sure to share your account number (Only account number). Many time this help companies to find out you are genuine or not.

OP Screen shot.jpg
Hey Fx Master

Many thanks for this extra tip. I have done as instructed and invited the Pegase Capital Limited to the traders court. I have included almost all of the emails associated with both the support and the many account managers that were assigned to me on a rotational basis one after the other.
I tried adding the Founders social media twitter and Facebook handles but those got rejected so I removed them. I did that because I do not have any email contact associated with the Founder. I am planning to post another update soon here on the whereabouts of the owner.
Thanks again for your help
 

NicklesnDimes

Recruit
Messages
7
One more thing I forgot to mention is that, I am not quite sure if those contact emails I have submitted still work since they were associated with the main interactive-option.com main site URL that went down after the company's license got suspended by CySEC. Cross my two fingers.
Regards
 

FxMaster

Lt. Colonel
Messages
9,698
One more thing I forgot to mention is that, I am not quite sure if those contact emails I have submitted still work since they were associated with the main interactive-option.com main site URL that went down after the company's license got suspended by CySEC. Cross my two fingers.
Regards
Go to the current website and take the email from there and relaunch the invitation.
 
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