Hello Everyone,
I checked the FSR long before investing anything with them beyond $500. You must check out the clearing house RedTulip not Magnum Options. And, as far as I understand, for the exact reason that they are neither registered nor regulated you all have but only one option -- to launch class action by assigning legal counsel to your case.
If you dig further on RedTulip and afflicted companies to Magnum Options you will surely find the name of that notorious man I discovered is behind these pop up brokerage firm.
Edward
On Apr 21, 2016, at 2:35 AM, Nolubabalo Solomon <nolubabalosidzumo@gmail.com> wrote:
Good morning
Yes I signed a document they called Binary Money Mind and cancelled it when he lost $40K over night on some useless trades.
Nevertheless, please see the response from the FCA Institute below.
Dear Mr Solomon,
Thanks for your email where you contact us about a firm called Magnum Options. I was so sorry to read about the amount you gave to these people.
Checking our records
I have no information about who Magnum Options or Jason White is when I check our
Financial Services Register, which is a database of all the firms we authorise. If we’ve got no records of them on our register, it would indicate we don’t authorise them to provide investment services to retail consumers in the UK.
Unfortunately this could also mean that this company or individual might not even exist. Scammers can make up elaborate stories to try and trick you into sending them your money.
Protect yourself from unauthorised firms
If you deal with a firm we don’t authorise, you run the risk of dealing with an entity that is not complying with our rules to ensure you’re treated right and protected. They wouldn’t be taking part in the
Financial Ombudsman Service and
Financial Services Compensation Schemes if anything goes wrong either.
More information about
why you should only deal with a firm we authorise and how double check this is explained on our website.
Letting us know more
I can’t see that we’ve got any warnings about Magnum Options on our website. If you’ve got information about who they are, please show me because we might be able to use it to warn consumers via our website.
Contact the Police
If you’ve been the victim of a scam, you’d need to report this to the Police. You can contact the UK Police via
Action Fraud, which is the UK’s national fraud and cyber-crime reporting centre.
The Police will be able to help try and get your money back, and are the appropriate organisation to contact if you want to prosecute an individual for fraud.
Thanks again for your email. I hope this helps you.
How was your experience with us?
To help us improve our service, I’m interested in finding out about your experience with the Contact Centre today.
I’ll send you a link to a survey and I’d appreciate it if you could take a few moments to share your feedback on the service you’ve received from me.
Yours sincerely,
L A Manhood (Mr)
Associate | Customer Contact Centre
Financial Conduct Authority |
www.fca.org.uk
Consumer Helpline: 0800 111 6768