fxtrader2011
Private
- Messages
- 27
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:
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>
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:
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>