GUILTY Case# 2014-049 | fxtrader2011 vs bancdebinary.com

[fxtrader2011]

Original FPA Traders Court Submission:

I am submitting the case against: www.bancdebinary.com

My Case is: Attached is a letter which has been fully shared with BdB during Nov 2103 so there are no surprises or any new knowledge for them through this process . Also included is a statement of my account which seeks to explain the facts around the numbers of my account - BdB also received this statement in Nov'13 . BdB , as shown in the letter ,has failed to meet their obligations to meet my withdrawl request and instead has created an impossible target to achieve .

I started to trade with BdB in April 2013,with no experience or knowhow .

I deposited about $25 000 and received a bonus of $25 000 . The terms and conditions were ( times 20 ) and therefore to achieve a turnover of $1 million.

My BdB representative and daily contact ( Mr Reagan ) offered me a reduction to ( times 15 ) and therefore a turnover of $750 000. I accepted this . Shortly after that , BdB changed the payout figures without any discussion ( significantly reduced ) but I chose not to contest as I thought , in fairness , I did get a reduction in turnover .So I continued to work to a turnover of $750 000 target and there are multiple instances of written confirmation that this was the case (see evidence in the attached letter ) .

BdB obviously to boost their turnover and business offered various promotions which paid back money into my account , as trade refunds . Once again, in writing , it was confirmed by Mr Reagan that these trade refunds were definitely not part of turnover calculations . It would make no sense whatsoever to accept more bonus obligations and extend the turnover . I had made my intentions clear. I wanted to clear this account and start again .I therefore conducted the running of my trading activities and my account under direct investment advice from BdB and acted accordingly .I made sure of every step along the way by confirming with BdB .

As has been illustrated , I have achieved by turnover of $750 000 as per the written agreements and therefore qualify for the payout through the withdrawl process .

As you can see from the sequence of events , BdB raised numerous objections to paying me out , all were sequential and not raised as one . All were answered as you can see in the letter to them . Therefore we handled one issue at a time , only to be faced with another .
I assume from the latest communication from BdB ( after a silence of 3 months and ignoring my numerous emails ) that BdB insist ( after the fact ) on including the trade refunds given at the time with specific conditions of no inclusion in turnover target into the bonus calculation . Further to this , there is absolutely no logic to the so -called revised target . The math just not stack up - no disclosure about about the "special meeting to discuss my account " ( quoting from an email from BdB ) which remains a total mystery . BdB have steadfastly refused to disclose any information other than "just sign a new set of T&C's " .In the absence of any logical explanation , the numbers appear to have just been made up . No doubt to trade to their target would mean to lose all of one's investment . This point is only made to illustrate the way BdB operates as a revised turnover target is not for me to consider .

As far as I am concerned , I have met the turnover target of $750 000 and my withdrawl request is in line with the T&C's I signed up for . I am therefore entitled to the balance of the trading account of US $112 000.

I am not sure what other objections BdB may raise as there have been a few , all around new conditions and all after the event despite their written approval to the way i was running my account .If required , I am happy to provide more detail .There is plenty more info available , i have only supplied that which i believe is relevant to the current discussion .

The assistance of the FPA would be most appreciated .

New thread in the Scam Alerts Folder:

• https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/33036-banc-de-binary.html
  

Review is submitted by George, Brisbane, Australia on 02/25/14

The company was first contacted about the issue on 12/02/13 the last contact was on 02/26/14

Details: All replies are included in the attached letter . Other information is available , on request and if relevant to resolving the issue .The other information I have at hand would only serve to cement my belief that i cannot trust or work with BdB again .

There has been multiple correspondence which has been ignored and I am of the view ( from previous experience ) that my email of 26 Feb 2014 will be ignored and no action will be taken. My response of 26 Feb 2014 is nothing new - same as the request of Nov/ Dec'2013 . I believe the only reason BdB wrote to me in Feb ' 2014 is because I made them aware I was taking the matter to the FPA for resolution .

The only change I made to the letter I have attached is to take out my residential address for privacy reasons . BdB have a full copy of the letter since 2 Dec 2013 but discussion had been going on for a month before that .

Company representatives' emails: Lauren O'Connor<lauren@bbinary.com>

 

[AsstModerator]

I've just issued a formal invitation to Banc de Binary to join your discussion thread in Scam Alerts.

 

[fxtrader2011]

thank you very much . I look forward to the discussion . Hopefully we can resolve and move ahead .

 

[fxtrader2011]

Just checking in as required of me in the procedure to join in the discussion and respond to potential questions in the Thread . As of today , I have seen no response from BdB .

 

[AsstModerator]

If there's no response by the middle of the week, post here. Then I'll move this to the Open Cases folder.

 

[fxtrader2011]

thank you , will do .

 

[fxtrader2011]

To my major surprise , I have received an email from BdB , quote portion as follows : "the Company will hold an extensive meeting with regard to your account and your points below will be taken into consideration in order to reach a mutual and fair agreement for both parties." ( I write this in the full knowledge that BdB have access to this thread and have I have actually encouraged them via email to read this thread - I have acted in an open and transparent manner with BdB at all times and will continue to do so ) .I have given no new information to BdB so my surprise stems from an unexpected response to consider what I have been asking for since Nov'2103 .Not sure of the reason but perhaps this thread is encouraging discussion .

I hold out very little , if any hope , that BdB will seek a reasonable solution to this problem . Certainly , any settlement offer needs to be fully explained and substantiated. Using time delaying and bullying tactics to force a negotiation is hardly a desirable outcome when not a single valid reason to date has been given as yet for BdB's conduct . I still have had no logical explanation from BdB as to how we have got into the situation we are in today , so I am not sure what we are negotiating and what will be deemed "fair an reasonable" ?

My request to the FPA is to allow BdB to act per their commitment to me before the date stipulated below . If i fail to hear from them or get an answer which does not makes sense and does not speak to the T&C's and written agreements we both agreed to with logical discussion , i will ask to continue the matter through the FPA process and take it to the next step . I thank the FPA very much for your patience and great support .I genuinely wonder what other avenues other than a full legal case is available to me other than the wonderful services of the FPA. ( and perhaps rulings from CySEC ? )

I quote from my email response to BdB : "I will seek further advice from The Forex Peace Army and i will maintain the file and case against BdB open and active. Needless to say , I have very good reasons for doing that as I do not expect that you will be either fair or reasonable in your assessment or the offer you are alluding to . And true to form , I expect you will offer "a settlement number" devoid of any logical explanation .

I will ask Forex Peace Army to take the process to the next step if i do not hear from you again by close of business Wed, 20 March 2014 . You have had more than enough time and information to consider the facts around this account and any further time will serve no purpose "

 

[Pharaoh]

I suggest going ahead and filing a complaint with Cysec. That regulator is not one of the best, but if you don't file, they won't have any information to even think about acting on. I wouldn't mention this to BDB. They are likely to say something like "we can't take action until Cysec makes a ruling", knowing all along that Cysec rarely makes rulings.

Give BDB a reasonable deadline to make the next move. If they don't, you can file a complaint with eConsumer.gov and also post here so that this case can move to the Open Cases folder.

 

[fxtrader2011]

Thanks very much .Your advice is most appreciated .

I have reported to CySEC.
There is a deadline which has been set , as per my correspondence with BdB above . Your suggestion of reporting to eConsumer is a great idea which i will do if we cannot resolve after the deadline expiry . Reason is that the matter will be reported to ASIC ( Australian Securities Investment Commission ) - this is a body which I know will act if they find cause . Banc De Binary Australia is on the internet hence I assume the complaint will be investigated. Thanks again for the great work and support .

 

[fxtrader2011]

I have heard no more from BdB . I had set a date of close of business Wed19 Mar after their offer to review the whole situation . To be reasonable , shall we give a few more days extension before we proceed to Open Case ? What do you believe might be the ploy now ? Why would BdB offer to resolve and go silent again ?