Original FPA Traders Court Submission:
I am submitting the case against: www.binarybrokerz.com
My Case is: March 21 2015 - I received an email about binary options and I was interested and registered with binary brokerz to trade. I lost USD500 immediately and decide to stop.
March 22 2015 - MShaw contacted me and convinced me to invest USD2500. He presented it as an opportunity to get high return.
End of March 2015: I was assigned a broker called Elloit and he said he would teach me how to trade. But the lessons only lasted less than four times.
Elloit asked me to trade myself while he also traded together with me. Once the account's cash available to trade went down to almost nothing. Elliot asked me to put in more and he will give me bonus. I was tempted and input another $3000 and $5000. Then I wasn't able to find Elliot anymore. MShaw is also never be reached again since. I lost quite a bit by trading myself and stopped.
Early June 2015 - Harry called me and told me he would recover my money and asked me to deposit through credit card and further $10500 was charged. The money was put to Apple trades. Since then Harry called me almost every day but the final aim was to get more money. Another $7000 (credit card) and $12000 (wire) was sent to DSMG LTD. The money was put to Barcley trades and Google trades ending by end of the year. During this process, Michael stepped in between to charge the money from credit card and facilitate the bank transfer. Dean stepped in as analyst and taught me to trade for two lessons.
Around end of July 2015 - Tony contacted me and told me Harry has went to NY and he now was told by Harry to look after me. He asked for more deposits. Despite I have no money, Tony and Michael called me a few times to ensure that high performance from their firm and I can make a lot of money with them. Given that Apple trades were won and Google trades are on track, I borrowed $38000 from the bank and send the money to them. Before this deposit, $3000 withdrawal was received.
August 13th 2015 - Tony traded with me but ended up losing $34000
Aug 14th 2015 - I complained to Michael and he ensured a recovery plan will be in place. Since there are other trades worth $71000 on going, and it can cover the loss of $34000, I parked it aside and waited for the trades expired in Nov and Dec.
Nov 13th 2015 - Google trade expired with wins and I had around 85K in my account. Tony called me and told me that the company would temporarily give loan of 85K to me and trade on eBay.
Dec 11th: 85K on Google trades won. I immediately contacted Michael and Tony and requested to refund 40K but no more replies from them since then.
Dec 18th: eBay trades won and my account ended up with 205K. I wrote email to Tony and Michael again for withdrawal but no replies.
Dec 21st: I contacted customer services and was told all the people I known above had gone. I was scared and eager to talk to them.
Dec 22nd: Finally I was contacted by Lisa. She said she now was my broker under Tony and she wanted to trade for me and give me Christmas presents. Before doing that, I would need to cancel the withdrawal. Given 205K in the account, I agreed to trade and told her I need 40K back after Christmas by trusting her professionalism in looking after my account.
Dec 23rd: I found that my account went down to 90K. I wrote email to Lisa immediately but no reply and I couldn't find her. While I was hesitating, my account was traded further and went down to $5058. $5000 is with the trade of gold while 58 is the cash. $5K was further lost on Jan 22nd. Most of the losing trades are with 2 minutes interval and seemed to be system generated losing trades.
Dec - Jan 2016: a number of complaint and negotiation between myself and Lisa but not able to reach agreement. Finally Lisa offerred me $10K trade-able bonus and ask me to see how it works. By end of Feb 2016, all the recoverable trades are losing trades. And I start to know that it is impossible to get any dollar back from this company.
March 2016 - I started the chargeback action and appointed a lawyer to help me.
March 2nd 2016 - I received a request to ask me to sign a document by agreeing on the credit charges and bank transfer and declare that the account was in control by myself and I am fully aware of the risks involved. I didn't sign this letter since it is a matter after the fact and I wasn't aware of the full risks. Should I aware of the risks involving by trading by broker, I will never deposit so much into my account. The account was traded by professional and I gave my trust in full but in fact, she lost everything for me in two days.
New thread in the Scam Alerts Folder:
Review is submitted by Angel on 03/07/16
The company was first contacted about the issue on 12/22/15 the last contact was on 03/05/16
Details: From: <xxx@binarybrokerz.com>
To: Jxxx
Sent: Sunday, 6 March 2016, 21:09
Subject: RE: Declaration of Deposits
Dear Jianhong,
Thank you for your email, we have removed the wire transfer because we have your confirmation on these transactions with the swift code that was used to make the transfer.
In regards to the Declaration of Deposits (DOD), we apologize for the mistaken numbers and have updated the form. Please understand that this DOD is part of our company policy and is only be asked of you now since this is a new protocol for all of our clients. Please understand that this is to protect your funds and trading account from fraud and money laundering.
Thank you for your understanding and cooperation.
Company representatives' emails: Michael <michaels@binarybrokerz.com>
Elliot <elliot@binarybrokerz.com>
Harry <harry@binarybrokerz.com>
Michael E <michael@binarybrokerz.com>
Tony <tony@binarybrokerz.com>
Binary Brokerz Support <support@binarybrokerz.com>
Lisa <lisa@binarybrokerz.com>
I am submitting the case against: www.binarybrokerz.com
My Case is: March 21 2015 - I received an email about binary options and I was interested and registered with binary brokerz to trade. I lost USD500 immediately and decide to stop.
March 22 2015 - MShaw contacted me and convinced me to invest USD2500. He presented it as an opportunity to get high return.
End of March 2015: I was assigned a broker called Elloit and he said he would teach me how to trade. But the lessons only lasted less than four times.
Elloit asked me to trade myself while he also traded together with me. Once the account's cash available to trade went down to almost nothing. Elliot asked me to put in more and he will give me bonus. I was tempted and input another $3000 and $5000. Then I wasn't able to find Elliot anymore. MShaw is also never be reached again since. I lost quite a bit by trading myself and stopped.
Early June 2015 - Harry called me and told me he would recover my money and asked me to deposit through credit card and further $10500 was charged. The money was put to Apple trades. Since then Harry called me almost every day but the final aim was to get more money. Another $7000 (credit card) and $12000 (wire) was sent to DSMG LTD. The money was put to Barcley trades and Google trades ending by end of the year. During this process, Michael stepped in between to charge the money from credit card and facilitate the bank transfer. Dean stepped in as analyst and taught me to trade for two lessons.
Around end of July 2015 - Tony contacted me and told me Harry has went to NY and he now was told by Harry to look after me. He asked for more deposits. Despite I have no money, Tony and Michael called me a few times to ensure that high performance from their firm and I can make a lot of money with them. Given that Apple trades were won and Google trades are on track, I borrowed $38000 from the bank and send the money to them. Before this deposit, $3000 withdrawal was received.
August 13th 2015 - Tony traded with me but ended up losing $34000
Aug 14th 2015 - I complained to Michael and he ensured a recovery plan will be in place. Since there are other trades worth $71000 on going, and it can cover the loss of $34000, I parked it aside and waited for the trades expired in Nov and Dec.
Nov 13th 2015 - Google trade expired with wins and I had around 85K in my account. Tony called me and told me that the company would temporarily give loan of 85K to me and trade on eBay.
Dec 11th: 85K on Google trades won. I immediately contacted Michael and Tony and requested to refund 40K but no more replies from them since then.
Dec 18th: eBay trades won and my account ended up with 205K. I wrote email to Tony and Michael again for withdrawal but no replies.
Dec 21st: I contacted customer services and was told all the people I known above had gone. I was scared and eager to talk to them.
Dec 22nd: Finally I was contacted by Lisa. She said she now was my broker under Tony and she wanted to trade for me and give me Christmas presents. Before doing that, I would need to cancel the withdrawal. Given 205K in the account, I agreed to trade and told her I need 40K back after Christmas by trusting her professionalism in looking after my account.
Dec 23rd: I found that my account went down to 90K. I wrote email to Lisa immediately but no reply and I couldn't find her. While I was hesitating, my account was traded further and went down to $5058. $5000 is with the trade of gold while 58 is the cash. $5K was further lost on Jan 22nd. Most of the losing trades are with 2 minutes interval and seemed to be system generated losing trades.
Dec - Jan 2016: a number of complaint and negotiation between myself and Lisa but not able to reach agreement. Finally Lisa offerred me $10K trade-able bonus and ask me to see how it works. By end of Feb 2016, all the recoverable trades are losing trades. And I start to know that it is impossible to get any dollar back from this company.
March 2016 - I started the chargeback action and appointed a lawyer to help me.
March 2nd 2016 - I received a request to ask me to sign a document by agreeing on the credit charges and bank transfer and declare that the account was in control by myself and I am fully aware of the risks involved. I didn't sign this letter since it is a matter after the fact and I wasn't aware of the full risks. Should I aware of the risks involving by trading by broker, I will never deposit so much into my account. The account was traded by professional and I gave my trust in full but in fact, she lost everything for me in two days.
New thread in the Scam Alerts Folder:
Review is submitted by Angel on 03/07/16
The company was first contacted about the issue on 12/22/15 the last contact was on 03/05/16
Details: From: <xxx@binarybrokerz.com>
To: Jxxx
Sent: Sunday, 6 March 2016, 21:09
Subject: RE: Declaration of Deposits
Dear Jianhong,
Thank you for your email, we have removed the wire transfer because we have your confirmation on these transactions with the swift code that was used to make the transfer.
In regards to the Declaration of Deposits (DOD), we apologize for the mistaken numbers and have updated the form. Please understand that this DOD is part of our company policy and is only be asked of you now since this is a new protocol for all of our clients. Please understand that this is to protect your funds and trading account from fraud and money laundering.
Thank you for your understanding and cooperation.
Company representatives' emails: Michael <michaels@binarybrokerz.com>
Elliot <elliot@binarybrokerz.com>
Harry <harry@binarybrokerz.com>
Michael E <michael@binarybrokerz.com>
Tony <tony@binarybrokerz.com>
Binary Brokerz Support <support@binarybrokerz.com>
Lisa <lisa@binarybrokerz.com>
