Problem Option FM - a dangerous scam

[amandeep]

Dear Amandeep,
May I know where are you from? How long does it takes for the refund/case?

I am from the UK , I am waiting for the money to be refunded hopefully this week or next week the latest. It only took a few days.

 

[LauraL]

I am from the UK , I am waiting for the money to be refunded hopefully this week or next week the latest. It only took a few days.

Thanks. Hopefully this could also be as fast in M'sia. Waiting for them to response to me.

 

[amandeep]

Thanks. Hopefully this could also be as fast in M'sia. Waiting for them to response to me.

I received an Email stating my money has been sent it can take between 3-5 days to show up in my Account.

Hi David
I can affirm OptionFM is dangerous and dishonest. I have phone records of repeated assurances by a senior account manager of "no risk" trading outcomes while he was soliciting money, followed by a trading session in which he directed every trade, that lost hundreds of thousands of dollars. What happened next was that he hid from contact for nearly six weeks. Then "recovery managers" (one of which had clearly been his supervisor) intervened, with the story that the account manager at fault, Don Michael, was naughty, had traded recklessly and had been supposedly "let go" from the trading floor and "heavily fined" for some misdemeanour(s). I believe he's still employed by the company. But they never recognised or wanted to admit to his malpractice and the consequence of that to a long term customer (and to others that I am aware of).

Ever since then, despite a formal dispute and claim, a complaint to their licensor (the IFSC in Belize), and months of exchanges, including conclusive audio records of the fraudulent misrepresentation of their account manager, they are evading their responsibility. The Hong Kong Securities and Futures Commission indicates in one of its internet alerts that they don't even appear to operate from the Hong Kong address that they state to be their head office.

I have notified financial regulators in every country where they have a local "customer support" phone number, and am approaching fraud authorities myself, but if anyone else is mounting an international campaign or litigation, I can add a lot of evidence, and name names of those responsible for the initial fraud, and the subsequent conspiracy to avoid and delay their responsibility. The names are from the trading floor, the "recovery" department, the customer complaints team, the legal office, up to the "Deputy Vice President, Customer Relations". Beyond that, the CEO is clearly complicit, and if anyone can confirm beyond doubt that they do not operate from Hong Kong (I'm working on that), then every employee is complicit in the deceit.

Hi, I sent an Email to the Hong Kong Financial Services and I was sent an Email Address to do an online check . www.icris.cr.gov.hk every Company is listed on this site even those that no longer operate. I went into the website and I am hopeless at the computer therefore did not get too far. Option Financial MARKETS, 20th Floor, Central Tower, 28 Queen's Road, Central,Hong Kong is the address if you want to check it out then you will know for definite if the Company is based there. I would also be grateful if you could let me know if you find any info on them.

 

[Pharaoh]

Delivery of funds from a chargeback can range from one day to a few months. It depends on the circumstances and also what country you are in.

WinChargeback has managed to help a number of FPA members get their money back.

 

[Burnt]

Hi,

I just recently face similar situation. I opened the account in late May16. This has placed me in a very bad financial situation. Before I opened the account could not find any scam review and saw the add through some good testimonials. I wish I found this website earlier. They gave me a huge winning trade and scammed me to deposit more money since im so close to having the balance to be in the vip group although i told them I dont have funds i can not afford to lose and they said they will help out with a bonus. They got me to trade most of my balance and lose all my funds in two session. The second session was suppose to be to recovery session from the Senior manager. Im very devastated and is in the process of trying to claim a chargeback. They just had a paid advertisement setup with good rating. This scam company is going to cause many people harm. If anyone knows how to put warning about this on the website please do so. I wasn't able to find any warning before signing up.

 

[Pharaoh]

Make sure to leave them a review here: https://www.forexpeacearmy.com/public/review/www.option.fm

The more client reviews, the higher than page will rank.

 

[Noel Mac]

Hi,

I just recently face similar situation. I opened the account in late May16. This has placed me in a very bad financial situation. Before I opened the account could not find any scam review and saw the add through some good testimonials. I wish I found this website earlier. They gave me a huge winning trade and scammed me to deposit more money since im so close to having the balance to be in the vip group although i told them I dont have funds i can not afford to lose and they said they will help out with a bonus. They got me to trade most of my balance and lose all my funds in two session. The second session was suppose to be to recovery session from the Senior manager. Im very devastated and is in the process of trying to claim a chargeback. They just had a paid advertisement setup with good rating. This scam company is going to cause many people harm. If anyone knows how to put warning about this on the website please do so. I wasn't able to find any warning before signing up.

OptionFM has an oft-repeated pattern of getting one manager to lose your money and then passing you to a new "recovery manager" who asks to to put that behind you and place some more money on the table so that he can recover your position. The recovery manager I spoke with even admitted to being in a supervisory position over the original account manager, but only wished to talk about new money and not the reinstatement of the money that had been lost through very well substantiated fraud (plenty pif evidence and witnesses).

I notice now that OptionFM no longer has a license from the IFSC in Belize, despite having promoted it as a prominent feature on their new web site as recently as a couple of months ago. It has also at last dropped the pretence of operating from its claimed main office in Hong Kong. And it has suspiciously ditched its parent company (BO Technologies Ltd) and assigned itself to a new parent company Artemis Technologies Ltd, which has a PO Box address in a Caribbean tax haven, St Vincent.

There are many victims of OptionFM, and we need to mount a concerted campaign to put them out of business, and, preferably, behind bars, for the damage they have done. Apart from notifying fraud agencies and financial regulators, I suggest a campaign that engages the financial press and the businesses that support their operation, including their bank in Bulgaria, credit card companies that allow them to receive deposits, and to customers' own banks and foreign exchange providers that process the international money transfers.

 

[LauraL]

OptionFM has an oft-repeated pattern of getting one manager to lose your money and then passing you to a new "recovery manager" who asks to to put that behind you and place some more money on the table so that he can recover your position. The recovery manager I spoke with even admitted to being in a supervisory position over the original account manager, but only wished to talk about new money and not the reinstatement of the money that had been lost through very well substantiated fraud (plenty pif evidence and witnesses).

I notice now that OptionFM no longer has a license from the IFSC in Belize, despite having promoted it as a prominent feature on their new web site as recently as a couple of months ago. It has also at last dropped the pretence of operating from its claimed main office in Hong Kong. And it has suspiciously ditched its parent company (BO Technologies Ltd) and assigned itself to a new parent company Artemis Technologies Ltd, which has a PO Box address in a Caribbean tax haven, St Vincent.

There are many victims of OptionFM, and we need to mount a concerted campaign to put them out of business, and, preferably, behind bars, for the damage they have done. Apart from notifying fraud agencies and financial regulators, I suggest a campaign that engages the financial press and the businesses that support their operation, including their bank in Bulgaria, credit card companies that allow them to receive deposits, and to customers' own banks and foreign exchange providers that process the international money transfers.

Totally agreed with your proposal. In their website, they still published that they officially licensed by IFSC in Belize. Hmmm...interesting.

 

[Noel Mac]

Totally agreed with your proposal. In their website, they still published that they officially licensed by IFSC in Belize. Hmmm...interesting.

Hi LauraL
OptionFM have recently dropped their web site's reference to being licensed by the IFSC, although it was a feature that you couldn't miss on every page of their updated web site when they launched it in March this year, even though their license renewal was in some doubt at the time. But there are other so-called option trading "review" sites that still mention OptionFM's IFSC license as a strong feature that should give customers confidence. I suspect that some of these reviews are from paid affiliates or corrupt partners of OptionFM, rather than neutral reviewers. One of them even claims that OptionFM is regulated by CySec, although I could never find any reference to Option FM or their parent company on CySec's web page. Some of these now-out-of-date references and positive reviews will persist, and will unfortunately continue to mislead new customers, because old information can sit on the web for a long time.

I've challenged a couple of favourable OptionFM reviewers to correct their false assessment of the company, or to pull the false information from the web, but you don't always get constructive responses from those whose own motivation is dubious. Another thing that can be done is to submit negative or "not trustworthy" ratings for these sites (and for OptionFM) to some of the internet security providers or web-rating tools.

 

[Burnt]

OptionFM has an oft-repeated pattern of getting one manager to lose your money and then passing you to a new "recovery manager" who asks to to put that behind you and place some more money on the table so that he can recover your position. The recovery manager I spoke with even admitted to being in a supervisory position over the original account manager, but only wished to talk about new money and not the reinstatement of the money that had been lost through very well substantiated fraud (plenty pif evidence and witnesses).

I notice now that OptionFM no longer has a license from the IFSC in Belize, despite having promoted it as a prominent feature on their new web site as recently as a couple of months ago. It has also at last dropped the pretence of operating from its claimed main office in Hong Kong. And it has suspiciously ditched its parent company (BO Technologies Ltd) and assigned itself to a new parent company Artemis Technologies Ltd, which has a PO Box address in a Caribbean tax haven, St Vincent.

There are many victims of OptionFM, and we need to mount a concerted campaign to put them out of business, and, preferably, behind bars, for the damage they have done. Apart from notifying fraud agencies and financial regulators, I suggest a campaign that engages the financial press and the businesses that support their operation, including their bank in Bulgaria, credit card companies that allow them to receive deposits, and to customers' own banks and foreign exchange providers that process the international money transfers.

Yes, I have seen threads of people getting together trying to gather evidence. You are right , this needs to publicised on local media such as the TV news and newspaper.
It would be great if someone has connections to journalist. Not sure if you're from AUS, but if so I have tried to lodged online with current affairs but no response. Maybe a formal letter can created listing all the scammed companies with a listing of all the people scammed and so we can send to the media agency and regulatory bodies worldwide.