GUILTY Case# 2016-063 | Angel ren vs binarybrokerz.com

[bobsbeer]

They clearly are a scam. It seems obvious their game is to get people to deposit and then lose their money any way they can. I only ever dealt with one broker, who even now keeps sending me emails with suggested trades and the amounts. Usually $750.

 

[Angel ren]

If BBz is not regulated, not sure what that means. They can continue to operate in their way without license or it is illegal for them to operate now?

 

[bobsbeer]

As theoretically they are registered in the UK, even though we all know they are probably physically in St Vincent or Israel, they do need to comply with UK law. Because the personnel are operating outside the UK it would make it difficult for them to defend any action brought against them in UK courts. I would have filed a claim in the UK County Court and they would have been forced to defend it in court or not contest the claim. However even if found guilty in the court, enforcement of any judgement would be difficult as all their assets are outside of UK jurisdiction. Only a notional office address with no physical assets to seize.

At that point the company would be shut down in the UK, but they just carry on in whatever country they are located. Makes a mockery of it all really.

 

[Angel ren]

Do it mean that the scam can be continued?!

 

[bobsbeer]

I would say so, unless the country where they really are can catch up with them. While not good for those caught up in the scam now, hopefully the world will wake up and legislate against these scammers.

 

[Angel ren]

Is UK still a fair society? Some scammer running around and no one to stop it!

 

[Angel ren]

Dear Administrator, when will Binary Brokerz be classified as scam in FPA site?

 

[bobsbeer]

Is UK still a fair society? Some scammer running around and no one to stop it!

At least we have Section 75 Consumer Protection Act which gives protection if more than £100 is paid on a credit card. It covers up to £30,000 for breach of contract or if say a company goes bust. That makes the card issuer jointly liable along with the service provider, so even if Binary Brokerz had been untraceable, the card issuer would have been forced to pay me. BBz would not get away with it though, as they would then be in breach of their Visa/Mastercard agreement and that would have been shut, making it difficult for them to get money out of people worldwide. I hazard a guess that is why they paid me. I had taken legal advice and was told I had a good case under Section 75.

Not perfect I know, but it is better than nothing.

 

[Angel ren]

Thanks Bob. I lodged another report with US Commidity Futures Trading commission today. Since the equipment are located in US, they might do something about it.

 

[Angel ren]

The case will be reported to US FBI and local Hongkong Police office as well.