GUILTY Case# 2016-105 | Katootje vs 500Option.com

Based on the available evidence, do you believe that 500option.com is Guilty?

  • Guilty

    Votes: 68 100.0%
  • Not guilty

    Votes: 0 0.0%

  • Total voters
    68
  • Poll closed .

Katootje

Private, 1st Class
Messages
44
Original FPA Traders Court Submission:

I am submitting the case against: www.500Option.com

My Case is: I herewith submit my claim towards the company 500Option - cmpany address:Donald Services Ltd.
12 Bratya Miladinovi Str., Fl. 1, Municipality Sofia, area Vazrazhdane, Sofia 1000 Bulgaria.

I received a call from Frank Bass, 500Option.com where I had a small account. He had heard of my account from Jett Harrison, the previous 500Option broker I had dealt with. He offered me an opportunity to participate in a new program which would ensure I would clear my debt with trading. I explained explicitly email that I was not in a position to add more funds. He continuously called me.

After several calls and chat sessions, I was persuaded to deposit again into 500Option account, He would then add a 10K bonus, (see attached bonus terms & conditions - in order to achieve this he needed a trading turnover of at least 200,00.00 - this was achieved it currently stands at 275,000.00 - file attached) however only under his 100% guarantee that should we be out of money, this would be returned to my account at no loss to me and would be able to withdraw.

Thereafter the calls from him were daily trying to convince me to add yet more money into this account, that he had a great opportunity he wanted me to participate in but couldn’t discuss its details. I continuously explained that I was not in a position to add any more funds, nor take out any additional loans from the bank. (At this point in time, I owed 25K to my employer, 22k to the bank). The only way a new loan would be honored in The Netherlands is to clear the existing one first then apply for a new one when it was cleared. He stated that he would trade for me to clear all existing loans with the bank first then take out a new loan of 75K to put into the account and participate in a new investment which would take me well above 200,000K within a year.

With all of this spinning around in my head - I decided to withdraw what was in the balance at this point in time (€19,800.00). I was a nervous wreck and terrified.

Frank saw that I had put a withdrawal request in, - he constantly called me and promised to clear both of these loans by trading for me, I need to trust him he said. I only need to deposit what I could take from my credit card to put into the account, on top of what I had already deposited. (5K on 6th April) he promised to continually trade on my behalf for 1 week until Thursday April 21st by then I would be able to withdraw on the 23rd April and clear my debt. He asked me not to log into my account to see the balance, it would fluctuate a lot and he didn’t want me to have a heart attack , he asked me to trust and wait until 23rd before logging into my account. He would make sure the balance was healthy and still guaranteed the funds personally which he clarified in a waiver/extension of his first proposition with the guarantee of 20K by himself as well as 500Option.

During this period I checked the balance regularly. I saw he was trading on my behalf. I saw the balance (25K) fluctuate to 35K; 57K; 47K; 33K; I had no doubt his intentions were honest at this point. I tried on several occasions to withdraw funds from this account which was cancelled.

On the 19th April I saw he lost 23K trading! I immediately tried to contact him then changed my password. He did not answer on skype, telephone or email. I needed to speak to him about the bank appointment we agreed on. This is when I received the following message:


From: Kathy [
Sent: Wednesday, April 20, 2016 10:11 AM
To: Frank Bass - frank@500option.com
Subject: RE: Frank Bass

Good morning Frank,
I do hope you are feeling much better after your incident.
Would you reserve 1 hour time-frame on Thursday 28th at 15:00hrs (NL time-frame). I have an appointment with the bank and we want to involve you in the discussion for the 75K Loan. Can you free-up the time then or other preference?

Please confirm to me that my funds will be returned to my bank to Thursday latest in order to clear the existing loan and take-out the 75K.


“From: Frank Bass [mailto:frank@500option.com]
Sent: woensdag 20 april 2016 9:20
To: Hickey, Kathy
Subject: RE: Frank Bass

good morning kathy

I am honestly not interested in your 75K.

I have explained several times that the money deposited has no effect on my portfolio whereas the things i can do for you can change your life

you have changed the password in the account and not given me 1 day of peace and mind to do my job after endless amounts of discussion between us and the hardships i had to go through in your account.

I will be transferring you by the end of the day to one my senior brokers, you have reminded me why it is impossible to help the small person, dealing with your concerns has become a secondary job.

Im sorry this had to come here, the broker has the details of your withdrawal and will discuss continuation with thereafter.

My personal advice is never invest again, your just not cut out for it.

For the most part it was a pleasure and thankyou for your business.

Regards,


Frank BassChief Of Finanical Operations

Phone: +442038070216Email: frank@500option.comSkype: frank.b500option

http://www.500option.com


I am still in Shock! Frank Bass had no intention whatsoever in helping me grow this account. He deliberately placed wrong trades on this account on April 19th. I have been trying daily to get in touch with them.. No one will pick-up on my calls, all emails from the compliance department are giving me the go-around. I have also invited them to join this forum.

In addition I saw that Frank Bass had added to my account while he was trading another bonus of 15K which I did not agree to. sign or discuss. I therefore will disregard it.

I have been desperately trying to get my 20K (at least) back from this swindle I have stupidly been part of. I had only one focus – clear my debt.

Well I’m now in more debt thanks to this.

Attachments: Guarantee

1)From: Frank Bass Date: 2016-03-30 10:25 GMT+02:00 Subject: Frank Bass To: "kathyhickey324@gmail.com" Miss. Hickey, I’ll be giving you a call in 45 minutes and here is the program we spoke of on the phone:
1) You will be joining the VIP client list under my jurisdiction (Frank Bass)
2) You will receive a Free Risk Program for 14 trading days from the time of your deposit discussed(10,000 EUR)
3) This amount will be protected and no losses can be reflected in the account at the end of the 14 days.
4) Any Losses god forbid on the account will be refunded in full as cash money to your account.
5) The target of profits during this period of time is 10% in Profits!
6) At the end of the program you will have to make a decision whether to continue with myself and 500option. If you do the profits in the account will remain yours and be sent directly to your credit card as a withdrawal so you can experience the ease of withdrawing your money not just the implementation of it. If you wish to terminate your business you will be sent the full 10,000EUR back to your credit card and we will separate as friends, no harm done.
7) This program is 1 out of 2 in getting you to 100K deposit and becoming a true VIP client.
8) During this time I will take 0% commissions off the account for I want you to make the most out of the experience. (you deserve it)
Finally I thank you for your time, your trust, your confidence, and I get a feeling that together we can be reach your targets and achieve your dreams. Sincerely

Frank Bass Senior Portfolio Manager Phone:
+442038070216 Email:

Skype: paolo.b500option http://www.500option.com


From: kathy hickey <kathyhickey324@gmail.com>
Sent: dinsdag 19 april 2016 9:10
To: Hickey, Kathy
Subject: Re: Frank Bass

Op 30 mrt. 2016 16:36 schreef "Frank Bass" <frank@500option.com>:
In reference to my previous email sent on the 30/03/2016 about the Risk Free Program; this will change from 14 days till the 23rd of April 2016.
Till the stated date all funds 20,000 EUR in total will be free of risk and guaranteed by 500option and myself Frank Bass (Chief of Financial Operations).
On this amount of 20,000 EUR Mrs. Hickey will receive 10,000 EUR bonus. Even though signing is required, which binds withdrawal under the terms and conditions;
these will not apply and bonus will be withdrawn from the account on the same date of the risk free termination (23rd April 2016)
This will allow a withdraw from the account sent directly to Mrs. Hickey to pay off the 6.5% interest rate for the loan she has taken from the bank.
Sincerely yours,
Frank Bass
Senior Portfolio Manager
Phone: +442038070216
Email: frank@500option.com
Skype: frank.b500option
http://www.500option.com

New thread in the Scam Alerts Folder:

Review is submitted by kathyhickey324@gmail.com on 05/09/16

The company was first contacted about the issue on 04/18/16 the last contact was on 05/12/16

Details: See attached pd files.

My direct mobile number is +3150741800

Company representatives' emails: Frank Bass <frank@500option.com>

 

Attachments

  • Extension risk free program_combined.pdf
    321.7 KB · Views: 9
  • Gmail - withdrawal_02-05-2016.pdf
    190.9 KB · Views: 8
  • Gmail - withdrawal_02 May answer kath.pdf
    63.9 KB · Views: 8
  • Fwd Withdrawal of guaranteed funds_emails.pdf
    11.2 KB · Views: 8

Jehad Al-Refaie

Recruit
Messages
1
Both of them are guilty
Thr client is charged with crime of stupidity

The sole job of market makers is to drive the client to lose more money, because the money pool is the property of the broker

Go google "ECN vs. market makers"
500Options is market maker, the job of their broker is to drive you to deposit more money and loose it.
 

Thandi Martin

Private, 1st Class
Messages
64
They are scammers like Privilege trading.com.Guilty as hell.They are heartless leaving you swimming in a pool of debt.
 

XLena

Corporal
Messages
75
Если вы нашли себя в этой ситуации, все ваши мысли о решении проблемы в любом случае. И мошенники добавили больше вреда. Почему они уйти с ним? Я обвинил.
 

Katootje

Private, 1st Class
Messages
44
Original FPA Traders Court Submission by Katootje:
There is a warning from Cysec about 500Option:
WARNING:

The Cyprus Securities and Exchange Commission (‘the Commission’) wishes to inform
the investors that the company ‘Fundsaver Services Ltd’ (www.500option.com):
1. Is not permitted to provide investment and ancillary services in the Republic,
pursuant to Investment Services and Activities and Regulated Markets Law, as:
i. It has never been authorized by the Commission.
ii. Ιt is not a bank or a cooperative firm, established in the Republic and
authorised to provide such services.
iii. No notification has been received by a competent authority of another
Member State, pursuant to sections 77 and 80 of the above mentioned
Law.
2. Is not regulated by the Commission.

The Commission urges investors, before conducting business with Investment
Institutions, to consult its Web Site (http://www.cysec.gov.cy/default_en.aspx) to
confirm the entities that are authorised to provide investment services in the Republic.
Nicosia, September 28, 2015
 
Messages
20
I have voted guilty, however, with respect, it appears our Member Trader could have used more caution when the the culprit firm started guaranteeing a winning strategy. No matter who you are dealing with in any business, "Trust, but verify". If you cannot verify, "know when to fold, know when to walk away and know when to run".
 
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