taoem
Private, 1st Class
- Messages
- 65
Original FPA Traders Court Submission:
I am submitting the case against: www.genevaoption.com
My Case is: NOTE: All dates are of the format DD.MM.YYYY
My name is Jordan Mortimer, a new client of a binary options company Geneva Option. I write to advise that Geneva Option has blocked my access to my account and to my funds, and of fraudulent activity.
1.0 TRADING PLATFORM DETAILS
Geneva Option (ref. Document 0)
http://www.genevaoption.com/
Address 1: 923 Finchley Rd, NW11 7PE, London, UK
Tel 1 (UK): +44 20 3808 7670
Address 2: Avenue des Morgines 12 1213 Petit-Lancy - Geneve, Switzerland
Tel 2 (SWISS): +41435085355
Geneva Option appears to be "the same company as Suisse Option and Option Magnates. All owned by the offshore company HAS Group Ltd" (1).
2.0 DETAILS OF THEIR ACTIVITIES
2.1 Applied $20k USD credit without authorisation
I have a balance of $50,470 USD with Geneva Option (ref. Documents 1-3).
In September 2016, Geneva Option applied a credit to my account of $20,000 USD, nearly a month after my initial deposit (ref. Document 4). According to their terms and conditions, this amount must be covered by the client before any funds can be withdrawn. However, these funds must be agreed to (ref. Document 5).
This credit was applied without my consent or the consent of my account manager. I never agreed to such conditions, and my account manager was also unhappy, as he always discusses adding credits with his clients beforehand (ref. Documents 6-7). Furthermore, nowhere in the terms and conditions does it state that Geneva Option can apply credit to my account without my authorisation.
In conclusion, the broker wants me to "cover" an unauthorised credit, and I believe that demanding money before processing a withdrawal is a hallmark of fraud. The $20,000 USD credit was made to block me from being able to withdraw my funds, with further attempts made at adding unauthorised credit (ref. Section 2.3).
2.2 Offered Western Union Transfer
I have been in correspondence with Mike Kos from the Support and Present Financial Department, who has advised that once the $20k USD credit is fully covered, he can send my funds "via Western Union during 48 hoours" (ref. Document 8).
I spoke to my bank (NAB Antiscam Investigations, Tel: 1300 622 372) on Thu 01.12.2016, who advised that transactions made through Western Union cannot be traced and can be a suspicious way to transfer funds.
2.3 Further attempts to add unauthorised credit to my trading account
On 08.12.2016, my account manager informed me that Geneva Option has acted to add another $10,000 USD credit to my account, which would continue to block my attempts to withdraw my funds (ref. Document 9). Again, this was done without any agreement on my part.
2.4 Credit Card Chargeback successfully filed against Geneva Option
In December 2016, I presented this information to my Credit Card Claims and Disputes team. I was advised:
"We have investigated the claim of unauthorised activity on your account. You will not be held liable for the disputed amount."
2.5 Locked my account, refuse to allow me to withdraw, and ceased communication with me
I made to two transactions of $7000 USD to Geneva Option, on the dates of 04.10.2016 (ref. Documents 13-15) and 17.10.2016 (ref. Documents 16-18). They were first transferred to my Advanced Cash account, and then transferred to Geneva Option, as per my Account Manager's instructions. It was confirmed by Mike Kos that the money arrived, and thus I paid off $14,000 USD of the $20,000 USD of this credit (ref. Document 19).
This was done on the agreement that the final $6000 USD would be covered by my account manager to make up for this unauthorised credit. However, after the money was sent by me, Geneva Option went back on their word and cancelled the attempt from my account manager to cover the final $6000 USD.
Once the full $20,000 USD had been covered, I had been advised I would be allowd to withdraw the entire balance of my account. To this end, I transferred a further $6000 USD and $3100 USD to my Advanced Cash account, ready to be transferred to Geneva Option (ref. Documents 20-21).
However, after learning more about the unscrupulous ways in which Geneva Option conducts its activities (ref. Sections 2.6-2.7), I was not comfortable sending them anymore money. On 09.01.2017, I sent them an email stating the following (ref. Document 22):
1) I withdraw all trading authority on my account, effective immediately.
2) I have already covered $14,000 of the $20,000 credit that they fraudulently used to block me from withdrawing my balance (ref. Section 2.1). However, I will not cover the rest.
3) I expect my balance to be sent to my bank account (less the $6000 credit that I will not cover).
4) If they fail to comply, I will take legal action against them.
On the very same day, Geneva Option locked me out of my account (ref. Document 23), with absolutely no explanation whatsoever.
I made further attempts to contact them (ref. Document 24). The only response I received was a very unprofessional one from 'David Stone' (email: david.st@genevaoption.com), who demanded my phone number, and then said he had nothing to discuss (ref. Document 25).
I believe that Geneva Option's response of locking my account without explanation, refusal to send me my money and ignoring all attempts on my part to reopen communication with them is simply another indication of their guilt and fraudulent activities.
2.6 Similar fraudulent activity done to a 3rd party
On 13.12.2016, I was contacted by another client of Geneva Option, who advised me that a very similar situation has happened to him. For the purposes of his privacy, I will refer to him as JG.
JG had unauthorised credits applied to his account to the sum of $50,000 USD, and he was not able to cover this huge amount (ref. Documents 10-11). Geneva Option then locked his account due to him not being able to cover the credit. His account was recently unlocked, and he has discovered that his balance has been wiped out with unauthorised trades (ref. Document 12).
In conclusion, JG's ability to withdraw his money was blocked in a similar manner to mine, and then his account balance was fraudulently wiped out with unauthorised trades.
2.7 Made FINMA public warning blacklist
Geneva Option is only 8 months old, and has already been added to the Swiss regulator FINMA's public warning list (2). One of the reasons for this is that they solicited "traders from Switzerland without having the proper license from FINMA or from any European regulator that would allow them to passport into Swiss territory" (2).
In addition to "illegally conducting financial services targeting Swiss residents", Geneva Option has also been "pulled up by several regulators of late" (3).
Geneva Option are not regulated by the FCA as a forex broker, or the UK Gambling Commission as a binary options provider (3). In fact, they are not regulated in any country (4).
3.0 CONCLUSION
I hope that this information will raise enough red flags, and make it clear to stay away from Geneva Option. Geneva Option will take your money, fraudulently lock your funds in with them and refuse withdrawal requests. They also wipe out your balance with unauthorised trades.
They are not regulated, and demand that money is sent by wire transfer so that credit card chargebacks are not an option for recovering your funds.
Stay away from Geneva Option at all costs.
REFERENCES
(1) https://scamoption.com/question/geneva-option/
(2) http://www.binaryoptionsregulations.net/finma-geneva-option-public-warning-list/
(3) http://www.thebinaryoptions.guru/swiss-regulator-finma-binary-options-broker-geneva-option/
(4) http://thebestbinaryoptionsbrokers.net/finma-warns-against-geneva-option
New thread in the Scam Alerts Folder:
Review is submitted by taoem on 01/12/17
The company was first contacted about the issue on 01/08/17 the last contact was on 01/17/17
Details: Nothing
Company representatives' emails: David Stone <david.st@genevaoption.com>
Mike Kos <mike.k@genevaoption.com>
Mike Kos (alternative email) <mike.genevaoption@gmail.com>
Sean Weit <sean.w@genevaoption.com>
I am submitting the case against: www.genevaoption.com
My Case is: NOTE: All dates are of the format DD.MM.YYYY
My name is Jordan Mortimer, a new client of a binary options company Geneva Option. I write to advise that Geneva Option has blocked my access to my account and to my funds, and of fraudulent activity.
1.0 TRADING PLATFORM DETAILS
Geneva Option (ref. Document 0)
http://www.genevaoption.com/
Address 1: 923 Finchley Rd, NW11 7PE, London, UK
Tel 1 (UK): +44 20 3808 7670
Address 2: Avenue des Morgines 12 1213 Petit-Lancy - Geneve, Switzerland
Tel 2 (SWISS): +41435085355
Geneva Option appears to be "the same company as Suisse Option and Option Magnates. All owned by the offshore company HAS Group Ltd" (1).
2.0 DETAILS OF THEIR ACTIVITIES
2.1 Applied $20k USD credit without authorisation
I have a balance of $50,470 USD with Geneva Option (ref. Documents 1-3).
In September 2016, Geneva Option applied a credit to my account of $20,000 USD, nearly a month after my initial deposit (ref. Document 4). According to their terms and conditions, this amount must be covered by the client before any funds can be withdrawn. However, these funds must be agreed to (ref. Document 5).
This credit was applied without my consent or the consent of my account manager. I never agreed to such conditions, and my account manager was also unhappy, as he always discusses adding credits with his clients beforehand (ref. Documents 6-7). Furthermore, nowhere in the terms and conditions does it state that Geneva Option can apply credit to my account without my authorisation.
In conclusion, the broker wants me to "cover" an unauthorised credit, and I believe that demanding money before processing a withdrawal is a hallmark of fraud. The $20,000 USD credit was made to block me from being able to withdraw my funds, with further attempts made at adding unauthorised credit (ref. Section 2.3).
2.2 Offered Western Union Transfer
I have been in correspondence with Mike Kos from the Support and Present Financial Department, who has advised that once the $20k USD credit is fully covered, he can send my funds "via Western Union during 48 hoours" (ref. Document 8).
I spoke to my bank (NAB Antiscam Investigations, Tel: 1300 622 372) on Thu 01.12.2016, who advised that transactions made through Western Union cannot be traced and can be a suspicious way to transfer funds.
2.3 Further attempts to add unauthorised credit to my trading account
On 08.12.2016, my account manager informed me that Geneva Option has acted to add another $10,000 USD credit to my account, which would continue to block my attempts to withdraw my funds (ref. Document 9). Again, this was done without any agreement on my part.
2.4 Credit Card Chargeback successfully filed against Geneva Option
In December 2016, I presented this information to my Credit Card Claims and Disputes team. I was advised:
"We have investigated the claim of unauthorised activity on your account. You will not be held liable for the disputed amount."
2.5 Locked my account, refuse to allow me to withdraw, and ceased communication with me
I made to two transactions of $7000 USD to Geneva Option, on the dates of 04.10.2016 (ref. Documents 13-15) and 17.10.2016 (ref. Documents 16-18). They were first transferred to my Advanced Cash account, and then transferred to Geneva Option, as per my Account Manager's instructions. It was confirmed by Mike Kos that the money arrived, and thus I paid off $14,000 USD of the $20,000 USD of this credit (ref. Document 19).
This was done on the agreement that the final $6000 USD would be covered by my account manager to make up for this unauthorised credit. However, after the money was sent by me, Geneva Option went back on their word and cancelled the attempt from my account manager to cover the final $6000 USD.
Once the full $20,000 USD had been covered, I had been advised I would be allowd to withdraw the entire balance of my account. To this end, I transferred a further $6000 USD and $3100 USD to my Advanced Cash account, ready to be transferred to Geneva Option (ref. Documents 20-21).
However, after learning more about the unscrupulous ways in which Geneva Option conducts its activities (ref. Sections 2.6-2.7), I was not comfortable sending them anymore money. On 09.01.2017, I sent them an email stating the following (ref. Document 22):
1) I withdraw all trading authority on my account, effective immediately.
2) I have already covered $14,000 of the $20,000 credit that they fraudulently used to block me from withdrawing my balance (ref. Section 2.1). However, I will not cover the rest.
3) I expect my balance to be sent to my bank account (less the $6000 credit that I will not cover).
4) If they fail to comply, I will take legal action against them.
On the very same day, Geneva Option locked me out of my account (ref. Document 23), with absolutely no explanation whatsoever.
I made further attempts to contact them (ref. Document 24). The only response I received was a very unprofessional one from 'David Stone' (email: david.st@genevaoption.com), who demanded my phone number, and then said he had nothing to discuss (ref. Document 25).
I believe that Geneva Option's response of locking my account without explanation, refusal to send me my money and ignoring all attempts on my part to reopen communication with them is simply another indication of their guilt and fraudulent activities.
2.6 Similar fraudulent activity done to a 3rd party
On 13.12.2016, I was contacted by another client of Geneva Option, who advised me that a very similar situation has happened to him. For the purposes of his privacy, I will refer to him as JG.
JG had unauthorised credits applied to his account to the sum of $50,000 USD, and he was not able to cover this huge amount (ref. Documents 10-11). Geneva Option then locked his account due to him not being able to cover the credit. His account was recently unlocked, and he has discovered that his balance has been wiped out with unauthorised trades (ref. Document 12).
In conclusion, JG's ability to withdraw his money was blocked in a similar manner to mine, and then his account balance was fraudulently wiped out with unauthorised trades.
2.7 Made FINMA public warning blacklist
Geneva Option is only 8 months old, and has already been added to the Swiss regulator FINMA's public warning list (2). One of the reasons for this is that they solicited "traders from Switzerland without having the proper license from FINMA or from any European regulator that would allow them to passport into Swiss territory" (2).
In addition to "illegally conducting financial services targeting Swiss residents", Geneva Option has also been "pulled up by several regulators of late" (3).
Geneva Option are not regulated by the FCA as a forex broker, or the UK Gambling Commission as a binary options provider (3). In fact, they are not regulated in any country (4).
3.0 CONCLUSION
I hope that this information will raise enough red flags, and make it clear to stay away from Geneva Option. Geneva Option will take your money, fraudulently lock your funds in with them and refuse withdrawal requests. They also wipe out your balance with unauthorised trades.
They are not regulated, and demand that money is sent by wire transfer so that credit card chargebacks are not an option for recovering your funds.
Stay away from Geneva Option at all costs.
REFERENCES
(1) https://scamoption.com/question/geneva-option/
(2) http://www.binaryoptionsregulations.net/finma-geneva-option-public-warning-list/
(3) http://www.thebinaryoptions.guru/swiss-regulator-finma-binary-options-broker-geneva-option/
(4) http://thebestbinaryoptionsbrokers.net/finma-warns-against-geneva-option
New thread in the Scam Alerts Folder:
Review is submitted by taoem on 01/12/17
The company was first contacted about the issue on 01/08/17 the last contact was on 01/17/17
Details: Nothing
Company representatives' emails: David Stone <david.st@genevaoption.com>
Mike Kos <mike.k@genevaoption.com>
Mike Kos (alternative email) <mike.genevaoption@gmail.com>
Sean Weit <sean.w@genevaoption.com>
