GUILTY Case# 2015-094 | vickisb vs bancdeoptions.com

Based on the available evidence, do you believe that BancdeOptions.com is guilty?

  • Guilty

    Votes: 68 100.0%
  • Not Guilty

    Votes: 0 0.0%

  • Total voters
    68
  • Poll closed .

vickisb

Private, 1st Class
Messages
27
Original FPA Traders Court Submission:

I am submitting the case against: bancdeoptions.com

My Case is: I would like to share with you my recent experience with a binary options account managed by BancdeOptions/Fast-Signals in Australia.

Before investing, I searched online for reviews, but found nothing really positive or negative, so I asked for references. My contact, Sarah Jones, who later became my account manager, provided Skype IDs for two supposed investors, both with complementary reviews, and also had her manager (whose name I can’t recall) call me by phone. I felt reasonably reassured and decided late last October to risk a $5k investment in a managed account with them.

With the managed account I was promised 4 managed trades a day in my account, where I could expect approximately 75-80% accuracy with 75% win payouts, which Sarah said would easily be able to get me to my goal of $1k/day income after some account growth. I was told that the commission would be 20% on all profit. In addition, I would be set up in a Skype group to receive 3 signals each at the start of both the UK and US trading sessions, which I could trade independently.

From the outset, I found that I could not duplicate the consistent 3-0 results they posted for the Skype signals. The entry prices posted were not anywhere near any prices I found on any of the brokers I dealt with. And even the prices at expiry, while closer, did not always seem to reflect market prices. They seemed to reflect losses only when showing a win would be totally indefensible.

The trades in my account, on the other hand, posted consistent believable win percentages – a little over 80%. Even after a Christmas break of about 2 weeks, by the end of January, my balance reflected over $15k.

When the account grew large enough to leave a $10k balance after a withdrawal after commissions, I inquired about making a withdrawal, but was told for the first time that until the account had a balance of 10 times my initial deposit, or $50k, I would have to pay the 20% commission up front instead of from account profits, unless I brought them new clients. Obviously I was unhappy, but decided I didn’t have much choice but to let the account grow. I argued that it seemed they would want to take their fees as early as possible, even if from my account, especially after the account had grown to a reasonable size, but was told that was simply their policy.

So I stayed in touch with Sarah, with only occasional contact, for instance when my trades dropped to 3 per day instead of the 4 promised, to question why I was no longer getting trades on Friday, and to request an increase in trade size, which had only ever progressed to $500, less than 2% of my account balance as the balance grew. I was told that trade size is based on initial investment, which makes no sense.

But Sarah stopped communicating altogether, and after a month or so, I contacted Live Chat and was told she was on maternity leave (despite the fact that I was still seeing her Skype ID active and associated with the Skype signals). I was assigned a new manager, Cindy Holland, who told me they could bend the rules for me only if I brought them new clients. She quickly lost interest when I told her I would not recommend a service to others that had not yet been fully proven.

Another thing Cindy said unsettled me further. She said that even after I reached the $50k account balance, the 20% commission would have to be paid up front out-of-pocket rather than from the account, which contradicted what Sarah had told me.

I contacted Live Chat to get another contact, and was told that commissions can come out of the account rather than up front after six months, which neither account manager ever communicated, and I was given the Skype ID and email address of Ray Johnson, VP of Finance of BancdeOptions, from whom I requested a clarification of policies, an increase in trade size and a change in account manager, none of which I ever received.

So after the growth in my account stalled out at around $35k for over 3 weeks, I realized it was 6 months from the date I opened the account. So on May 1 I requested a withdrawal of all my funds less the 20% commission. After almost daily emails and Skype conversations since, I still do not have any confirmation that my withdrawal is in process, and in fact my account is still being traded and has lost value since the date of the withdrawal request.

This organization is at worst a fraudulent Ponzi scheme, but even at best a nightmare to deal with, with inconsistent results and the worst communication from account managers and support I have ever experienced.

I am doubtful that I will ever get my initial $5k deposit back, much less the $30k that also includes my supposed profits after commissions.

I highly recommend you AVOID this operation.

If you would like more information or documentation of all the information I have presented, please feel free to contact me. I have emails, Live Chat transcripts and Skype conversations available to share.

New thread in the Scam Alerts Folder:

Review is submitted by Bancdeoptions on 05/26/15

The company was first contacted about the issue on 05/01/15 the last contact was on 05/26/15

Details: The company has responded that they have had server issues and are behind with processing withdrawal requests but at this point it has been over 3 weeks since I requested the withdrawal and there is no evidence they have even started processing.

Please note on the email file attached that the company responses are always at the bottom vs in line chronologically with the email thread.

I also have Skype conversations, but they rarely respond, so I thought this email thread would be the most helpful.

Also, please note that I am also filing a review and scam alert for Fast-Signals. Fast-Signals is the signal company, but they use Banc De Options as their broker, and all correspondence goes through Banc De Options personnel.

Also, please note that I also have copies of Skype conversations with Ray Johnson, VP of Finance with BancDeOptions, but apparently have reached the max attachments.

Company representatives' emails: Ray Johnson <rayjohnson@bancdeoptions.com>
Support <support@bancdeoptions.com>
Withdrawals <withdrawals@bancdeoptions.com>

 

Attachments

  • bancdeoptions balance May 26.JPG
    119 KB · Views: 6
  • bancdeoptions recent trade history May 26.JPG
    134.4 KB · Views: 3
  • BancDeOptions withdrawal request correspondence.xps
    252.8 KB · Views: 7
  • Sarah Jones Skypes.doc
    91 KB · Views: 4
  • Cindy Holland Skypes.doc
    44 KB · Views: 5

Pharaoh

Colonel
Messages
20,127
Post something immediately if you hear from them. Otherwise, I think this one will probably be going to a vote soon if they don't get in touch with you, join your thread, or get in touch with AsstMod.
 

vickisb

Private, 1st Class
Messages
27
I got a brief Skype from Ray Johnson, VP of Finance, yesterday asking if I had paid for the management fee with my withdrawal request. I responded that since I have had the account more than 6 months, the management fee can come directly from the account. I haven't heard anything further.

I wrote yesterday to Commonwealth Bank of Australia indicating I felt that their account holder had dealt with me fraudulently. I copied the Banc De Options folks on the email. I heard back from CBA today asking me to forward my info to another email address (rmontilla@veritasadvisory.com.au), so it appears they think my claim worthy of notice. I just Skyped Ray indicating that I would let it all drop if I get my funds or a legitimate wire transfer transaction number indicating the correct withdrawal amount is in process to my account. We'll see.
 

vickisb

Private, 1st Class
Messages
27
Just got a Skype from Ray Johnson: "Ms Vicki, I will notify the executive board of your concerns and your withdrawal request. My contract ended with BDO on May 29, as a courtesy, I am handing over my work and archiving all notes to the next Senior Executive who will be taking over the reigns. I wish you all the best in the future, and I really believe the new merger should ease all concerns with BancdeOptions acquiring a major partner with a major Chinese Bank, soon to be announced in coming weeks. Thank you for your patience, and understanding throughout this period."
 

F***X

Sergeant
Messages
237
bandeoptions.com Withdrawal? Bring in some more clients and pay 20% fee up front.

This is reminiscent of a classic ponzi scam, as well as a boiler room operation. When a withdrawal is requested, this broker responds with a demand to send more money and pay large up-front fees and bring in some new clients. Isn't this extortion? If there is any truth to this rumor of acquisition talks with a major Chinese bank, perhaps the investors will appreciate a press release detailing client experience(s) and relations.
This broker has a business model, much like the dodo bird reemerging with giant wings and large testicles.
 

1wildhorse

Private, 1st Class
Messages
434
they cant even spell 'reins'apparently the next person taking over will be a king or queen.....
 
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