Problem CiTrades - Managed Account Scam

[Pharaoh]

I doubt you'll find them in the UK, but if they do claim a UK address, a report to the FCA and ActionFraud would be good steps.

 

[Binary Invest]

I doubt you'll find them in the UK, but if they do claim a UK address, a report to the FCA and ActionFraud would be good steps.

I received an e-mail from my account manager, Kevin Hall, yesterday, apologizing for the non-communication. He also committed to talk to me on Monday in an attempt to resolve the situation. So, hopefully by next week, there will be some kind of a solution and I will be able to mark this thread as resolved and put this nightmare behind me.

 

[Pharaoh]

Remember three things:

1. If you are asked to deposit any additional money, it's a scam.

2. If you are offered any sort of bonus, its a trap.

3. It's not resolved until ALL of your money is safely back in YOUR bank account.

 

[Binary Invest]

Remember three things:

1. If you are asked to deposit any additional money, it's a scam.

2. If you are offered any sort of bonus, its a trap.

3. It's not resolved until ALL of your money is safely back in YOUR bank account.

Thanks Pharaoh. Duly noted.

I was able to speak to my account manager yesterday, with the promise of moving things towards a solution. It was the first positive discussion in more than 2 months, so I am hopeful that things will be resolved.

 

[Binary Invest]

I'm hoping I'm closer to solving the matter. I made an agreement with my account manager 5 weeks ago, that I will be able to place a withdrawal 3 weeks from now. Below is a part of the agreement.

"Following a period of 8 weeks wherein you will trade the account daily, your account will become fully liquid - including invested funds, profits, and bonuses - without any further requirements on turnover or time invested.

At this point you can liquidate part, or all of your investment, which is to be withdrawn from your trading account and sent to a bank account under your name within 2 weeks following the account becoming liquid.

The whole process including your receiving the funds that you requested withdrawn should take no longer than 10 weeks from the day you reply by email agreeing to this resolution."

So at this stage I'm hoping that they will keep their side of the bargain and I can mark the issue as resolved.

 

[Pharaoh]

That gives Citrades 3 weeks to either manipulate prices so you wipe out most of your account and/or to make up new excuses to delay your withdrawal.

 

[Binary Invest]

Well let's see. I have completed my side of the agreement with CiTrades. I have traded the account on a regular basis for 8 weeks, apart from 22 days in the middle when their system wouldn't allow me to place trades. I made a turnover of $528k in this period and according to the agreement should be awarded with a 5% cash back incentive.

So according to the agreement, they will have two weeks from yesterday to process the withdrawal of my funds, profits and cash back bonuses.. Hopefully I will be able to mark this thread as resolved within the next few days.

 

[hoover]

More time to wait and trust them to keep their word...... Citrades does not have the greatest record for keeping their word or making things right with customers that they lie to on a regular bases. My account manager was Dave Johnson after I got to the point I could no longer stand his lies and talking down to me like I had the brain of a monkey, I was asighned John Golberg to handle my account. He has not even tried to contact me, not once. I realy hope things work out for you, it would be nice to see someone get at least their initiall investment back without having to go through legal channals. Good luck.

 

[Binary Invest]

I'm still hopeful that the issue will be resolved. I was contacted by the CiTrades accounting department. I'm waiting for a call from Richard Grant to solve the issues and finalize the withdrawal.

 

[Pharaoh]

Never report as resolved until after ALL the money you are owed arrives safely in your bank account.