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My problem with Olympus markets

Discussion in 'Scam Alerts' started by Peeved, Oct 8, 2019.

  1. Peeved

    Peeved Recruit

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    Where to start...? I created an account and deposited 300 Euros, but for some reason I regretted it immediately. I should've listened to my gut. It would cost me 35 Euros in fees to have the money sent back to my credit card, so I figured I'd try to make enough money to cover that, but I got optimistic when their representative (let’s call him Adam) helped me triple the money. After that, he started to press on me to deposit more money (to make more money!) into the account and the warning bells went off again. I don't know how many calls I got, him trying to convince me. When I told him that I was on disability (which is true) and didn't have any more money (partly true), he had me trade outside of what we'd been trading, which had been just gold and oil. He said that to make larger amounts, I'd have to listen to his advice and not do anything on my own. I figured that he'd helped me get this far, so all right. However, he told me to invest in bitcoin, which I’d been told elsewhere never to invest in, and gold. But he’d helped me so far, so I did it. When it started going down, he called and said I'd have to deposit more money, because if my funds went too close to zero I'd lose everything. I had to repeat myself several times that I just didn’t have the money. He then told me that he could help me, with credit from his own company, if I made it look as if I was depositing more money. He told me to find a credit card where the deposit would be denied. At this point, I was extremely nervous, but I had a card I could use and he told me to put in a deposit for 1500 Euros, that way I could get a company credit for 250 Euros. This all felt very weird and I was going out of my mind with nerves.

    A few days later his “supervisor” (Mark) called and asked if I’d noticed what’s happening to my balance. I explained to him that I didn’t have money to deposit, and that I couldn’t do anything to save things. He told me, “Well, that’s not true. You tried to deposit 1500 Euros a few days ago.” I explained that Adam had told me to do it, to get company credit. He replied “Are you -sure- you can’t deposit any more money?” I told him that yes, I was sure. He asked me again, “Are you sure?” And at this point I was thinking, “What the hell? Is this guy for real?” This man was the rudest, most condescending financial consultant I’ve ever spoken with. He told me how Adam made very little money from me because the investments were so small and that I needed to deposit more money. I told him that I didn’t like how Adam kept asking me to deposit more money, because I’d repeatedly told him that I didn’t have any, and this man told me “He’s made all this money for you while you sit at home and do nothing. You should be grateful.” I stuck to my guns about not being able to deposit more money and by the end of the conversation he asked me what I wanted to do about my account. I told him that I wanted to close it. I’d had enough of this. He then said I’d have to wait for the stocks to recover, sell, and then I could withdraw my money.

    At this point, I should’ve just sold the bright red stocks and taken my losses. In fact, I was so angry, so disgusted that I made a withdrawal request for 100 Euros (the only amount I could get at this point), but I didn’t sell the stocks, hoping they would recover. The day after, Adam called saying that he’d seen that I was withdrawing money and asked what had happened. I told him about his “boss”, and what he’d said, and this man insisted that I should only ever speak with him from now on, and not to worry if he wasn’t making much from these little trades. I was still apprehensive, but this guy was convincing and got me to withdraw the withdrawal request. After that, the gold recovered, and although I didn’t make a good profit from it, it at least evened out. So, he called with another opportunity. Netflix. I was extremely wary, because the stocks were going down. He asked if I believed that such a large company would go bankrupt and when I told him that -living in Iceland- I’d certainly seen giants fall. With great trepidation I invested...and the stocks went down. Adam never called again.

    Some weeks later (and I was still waiting for Netflix and Bitcoin to recover), a new representative called (Chris Tuck - the name alone made me wary). I explained to him as well that I wouldn’t be able to deposit any more money (before he even asked, I was that defensive at this point), and he told me not to worry about that for now. He’d help me get things back on track. He did, however, want to talk to me about what to do about the Bitcoin and Netflix. I told him that it would probably be best to just sell them. He, like Adam, said “No, no, no. Don’t do that. They’ll recover. I know the market. Trust me.” I told him that I wasn’t going to deposit more money to keep them alive long enough to recover, and told him firmly, that I was going to sell Bitcoin. He couldn’t exactly stop me, so I sold, at a great loss. Netflix I kept, but by morning I decided to sell that one as well. Now I only had 30 Euros of my own money in the account. I decided to go back to oil and gold and stick to it this time. I invested in oil and soon after, Chris called. He wasn’t happy that I’d sold Netflix because it meant I had so little to trade with (like I had any more while it was still an investment…). He said he’d try to help me get back my money. He couldn’t do anything now because I’d already used the money I had to invest in the oil. Well I got my balance up to 100 Euros with that trade. But yes, I lost all of that when he called again and convinced me to invest in “hedging.” I did that a couple of times, and this time he had me use the company credit (that I hadn’t used before). I made small profits from these a couple of times. It was good enough for me to figure that maybe this was okay again. The last time we opened trades I asked him if I should put a stop-loss marker, but he told me that there was no need because these were safe investments. Well, they weren’t. Within a few days, all the money was gone (mine, and the company credit). Before that happened, Chris called me several times with investment opportunities, but I’d have to deposit money for them. He said, several times, that if I deposited just 250 Euros, I could get company credit for 500 Euros. I stood firm on my no-can-do.

    After the money was gone and I only had 7 Euros of the company credit left, the fourth guy called (Jeremy, I think. I’ve lost track...). He began by saying that he saw that I’d lost some money and asked how my experience had been. I told him that it had been very bad, and that I was just going to write my online review and not deal with this company again. He told me that he was sorry about that, but was I going to write a bad review because of one bad experience? I told him that the experience was more about the unprofessionalism and the business practices of the company than losing the money. He then told me that they’ve recently fired several people for being unprofessional. At this point, I was just calling their BS. I told him that all I wanted to do was to trade in gold and oil, but they kept having me invest in other things. He latched onto that, telling me about investment opportunity in gold right now and started to explain. I stopped him, telling them that I’m not going to deposit any money. I had very little time that day (I’d ignored the phone call earlier that morning, because I juuust couldn’t deal with it) and he asked if he could call the day after, to continue the conversation. I said fine, and he did call the day after...with an investment opportunity outside of gold and oil. I stopped him right there, said that I just wanted to close my account. There was a long pause from him and he asked me to explain why. I explained why - again - and he said, “We fired the unprofessional people. Have I not been nice to you?” I told him that this wasn’t about him. He apparently didn’t understand English at that point, as I explained yet again, because I had to stop him three times from going back into telling me about this investment opportunity. By the end, I told him “The only thing I want from you is for you to tell me how to close the account. I don’t want more phone calls. I’m not going to trade with this company. And frankly, I’m starting to think this is a scam. Please tell me how.” He said he couldn’t help me with that and that I’d have to contact support. The phone call ended, and I wrote support. I’m still waiting for more phone calls, because I know they’ll come. I’ll probably have to change my phone number to be rid of these people. Or maybe hearing the word “scam” will be the magic word to remove my phone number from their records. Here’s to hoping.

    Sadly, I never got the chance to know if this was a scam or not as I never withdrew money. What I did learn from this was to listen to my gut. Man, I should’ve listened to it from the very start. Now I’m worried about them having my credit card info...
     
  2. FxMaster

    FxMaster Lt. Colonel

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    First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread "Tutorial: How to Invite a company to your thread." will help you to find out.

    Note: If you are new to FPA then invitation button will be enabled when your first post reaches 4 days old.
     
  3. FxMaster

    FxMaster Lt. Colonel

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  4. Thoris

    Thoris Private, 1st Class

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    I didn't even read when some person from broker support help so easy to some other person to triple their money anyway. That really something which really doesn't work for the newbies and then all this pressure to deposit more. Listen to gut feeling more.
     

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