GUILTY Case# 2018-098 | Baron vs ftocapital.com

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

  • Guilty

    Votes: 57 100.0%
  • Not guilty

    Votes: 0 0.0%

  • Total voters
    57
  • Poll closed .

Baron

Recruit
Messages
17
Original FPA Traders Court Submission:

I am submitting the case against: ftocapital.com

My Case is: First i would like to confess that i dont speak nor understand any languages but russian. This text is being written by my good friends. On January of 2018 i first found the ftocapital.com (Nona Marketing Ltd, location Marshall Islands) web-site on the internet. They were promising services to provide the access to Foreign exchange market (i.e. broker-services) with the help of their staff. After reading the offer in russian they got me interested so i tried depositing 200USD. Got nothing from it and after awhile on march 27th i did it again and they told me that i lost another 200USD. Aftert that the started calling me on the phone regularly trying to convince me that if i give them more money they would make me rich in days. Considering my age i easely succumbed and started depositing money onto their accounts. Totally in a period of a single month the got 32200USD from me. On april 9th when russian ruble currency suddenly devaluated and dropped in value my account was blocked. I couldnt receive the access to it. at the time my balance was around 8500USD. Had to write a techsupport ticket in order to restore my password. When i got it recovered i found out that my account had been emptied with a loss of 16000USD. They started calling me saying that i should send them more money, to sell my car if necessary because they could easily recover it, that i should just follow their lead and everything was gonna be normal again. On april of 2018 i had several occasions where i couldnt even log in onto my account so i sent several password receover request. In the end they took all my money. I don't have anywhere to live anymore. on may of 2018 i have written a letter to my bank http://sberbank.com whit a chargeback request and received a refusal. Their position was based on mastercard rules according to which chargeback doesnt apply to losses following by investment activities. I disagree with that decision because Nona marketing ltd doesnt have any investment activity or similar licenses and couldnt provide me with those services in the first place. So i think that reason code 4853 should be applied to my case cosidering they havent provided me with services that i was promised of. Currently im not sure what to do becasue even the financial regulator of russia refuses to take any action against the bank saying that i should resolve my case with it in the court. Hopefully you could provide me with some advices.

After contacting Nona marketing ltd via e-mail several times I was offered a settlement agreement for 3500USD. But couldn’t receive a coherent answer why exactly that sum.

Additionally I would like to inform you that the money was transferred onto Bulgaria Sofia accounts. According to the information on the ftocapital, Albius Ltd, 53-55, Totleben Blvd, Sofia, Bulgaria is where the company has an additional permanent location in Europe and it’s activity doesn’t concern ivestment and ancillary services.
Coulndt attach archive #6 to this complaint

New thread in the Scam Alerts Folder:

Review is submitted by Baron on 06/07/18

The company was first contacted about the issue on 04/08/18 the last contact was on 06/05/18

Details: They offered me a settlement agreement for 3 500USD. Couldnt explain why exactly that sum. Couldnt provide me with translation of that agreement in Russian. Gave me time until June 12th of 2018. If i dont sign it before that time day the issue would be considered closed.

Company representatives' emails: Eva Malkova <Eva.m@ftocapital.com>.
Semen Suvorov <semen.s@ftocapital.com>

 

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AsstModerator

FPA Forums and Reviews Admin
Messages
5,593
If you want to attach additional evidence files, reply to this thread and attach the files to that reply.

Please send the link to the Scam Alerts thread to the company - http://www.forexpeacearmy.com/community/threads/ftocapital.55848/

Ask them to come and join the discussion in Scam Alerts.

How did you make your deposits? Bank Wire, Credit Card, something else?

What was the total amount deposited with the company?
 

Baron

Recruit
Messages
17
Hey.
All deposits were made by a mastercard debit card which i use to receive my pension.
The total amount is 32600.00USD.
What kind of evidence could make my case? Unfortunatley i dont have the phone calls recorded. All the communication via e-mail is in russian.
Have a few back and forth letters asking them for the license to provide such services and an interpretaion of the settlement agreement though.
When they emptied my account on april i had a phone call from one of their managers asking to deposit more money. After i said that i had no more to deposit they suggested me to sell my car or my appartment to which i answered that i am already moving out and sent them the photo of my belonging packed.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,593
Have you tried a chargeback? It can be done alone for free. The problem is this. If you lose, appealing often has a reduced chance compared to the original claim. If you get professional help, there's an improved chance of winning, but you'll have to pay a percentage to the company which helps.

If you want to go the professional route on a chargeback, WinChargeback has helped FPA members recover their funds. You can read their reviews here...

http://www.forexpeacearmy.com/forex-reviews/12467/www.winchargeback.com

Did you already invite FTO Capital to your Scam Alerts thread? http://www.forexpeacearmy.com/community/threads/ftocapital.55848/

If not, please send them an email with the link to that thread. If you've already invited them, please let me know.
 

Baron

Recruit
Messages
17
Yeah, i have tried a chargeback.
My bank refuses to process my claim.
Their answer comes to a simple conclusion. They have no obligation to do so and the chargeback procedure cannot be applied to the money that has been lost in an investment activity.
My statements that the company has got no license were basically ignored as if that doesnt really matter.
The Financial regulator says that the issue is not their concern and if i had any bone to pick with them i should just go and sue them.
First i think i have to somehow convince my bank to inititate the process.
And yeah, i have inveited the fto capital to aforemetnioned thred through all the addresses that are known to me.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,593
I've just issued the formal FPA invitation to FTO Capital. Please report back on Tuesday, June 19th to let me know whether there has been any progress or not.
 

Baron

Recruit
Messages
17
I've just issued the formal FPA invitation to FTO Capital. Please report back on Tuesday, June 19th to let me know whether there has been any progress or not.
Allright. Will do that.
Here is the official Mastercard answer that i recently received
Thank you for contacting Ask Mastercard.



We are sorry to hear about this situation and understand your concern.



Unfortunately, so you are aware, Mastercard does not issue cards directly to consumers and for security and privacy reasons our customer service does not have access to cardholder account information; only your bank/financial institution does.

Mastercard is not a bank; it is just the network upon which transactions are being processed (from a technology and innovation perspective) and not the financial institution that issued your card, so we cannot a history of your transactions.

Mastercard provides Rules to issuing and acquiring banks to assist in the dispute process and filing disputes, however banks make the final decision based on evidence provided as to any right for chargebacks.



Furthermore all investment activities and/or trading transaction disputes are now excluded from the rules and no longer carry a chargeback right.



Per Mastercard dispute rules, disputes for gains, losses or returns on financial investment, trading or binary transactions cannot be addressed under the Mastercard dispute process. Please refer to Global Operations Bulletin #10 from October13, 2016 entitled “Revised Cardholder Dispute Standards for Investments and Similar Disputes.” Please also refer to the Cardholder Dispute Chargeback Reason Code in the Chargeback Guide.
Can anybody comment on that?
 

Baron

Recruit
Messages
17
You can attempt to appeal the ruling with the bank. WinChargeback may be able to help you. You can see their FPAnreview page here...

http://www.forexpeacearmy.com/forex-reviews/12467/www.winchargeback.com

If they decline your case, you've only wasted a little time. If they do take your case, there's a small up front fee and everything else they charge is based on success. Check their website for the details.
You mean appealing it in the court?
When it comes to courts there's no precedent of such cases with positive outcome in Russia. That's according to our lawyers.
 
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