Option Fm(OFM) scam -downunder

[Craigy]

Hi Tolly
I,m pretty sure Burnt tagged me in on this , I also from Aus and have been burnt by option FM some time ago and the recovery department pursued me till november last year you can see my story Option Fm gets another aussie victum with some details. Tommi Su has been very helpful and my chargeback ANZ at the first attempt it Took a little over a month finished mid January and the second attempt less time claiming not enough evidence etc etc .Option FM terms and conditions are very clever to corner you, you might say . The second attempt probably shorter . Also quite a few conversations with staff and several media attachments to high light the importance, Now i,m in with the ANZ customer advocate and still on the table. I,m in the process of being part of the possible class action against OFM , the more people that are involved the better the chances of success you might say !
Craigy

 

[tolly]

Hi Tolly,

I really do feel for you. I'm Aus as well. I was scammed a huge amount ard July16 by OFM. I'm surprised your bank only took 3mths to give you an outcome. I'm hoping the bank can't be that blind and have noticed all the bad press and complaints and warnings. I started the process with Westpac back in July16 last year and have been told it could take another 2 to 6mths for an outcome which means my case could take up to 1yr...I'm extremely nervous waiting for my outcome.

Is there any chance you bank will review the case?
I wish you success on you're next plan of action.

Hi Burnt-
love your nickname-because it's pretty well smack on to describe how you feel after you see your money disappear quicker than one of our bushfires mate!
No- my case has been going on for nearly a year now and its very frustrating because I now know that Nab finally received the big amounts back on charge back-but it looks like Visa wants to take it all back-I last spoke to them on Friday and my worst fears were confirmed-but I havn't given up on them yet.
I am so lucky???????$$$$$$$$ -yea,so lucky!-that i have had some experience with another chargeback case and I am still going to give Nab more stick!!!
Apart from that- as you probably know from the Forum, there's more than a little activity happ'ning around OFM-BbB at the mo!
Keep in touch-it's great that some Aussies members of FPA post and help regularly-but one thing for SURE-when it comes to our regulators warning Banks and consumers alike-when it comes to scams and such, they really are down under!!!!
Ta Tolly--

 

[tolly]

Hi Craigy-yea! us lay back Aussies are sitting ducks for these professional scammers-
I still can't believe that I fell victim -but FPA has empowered me well and I'm a pretty tough old cookie- after running businesses for years- you learn that you can't let people pull one over you-
This forum is perfect-from no hope!!!! to optimistic-hey-bit like the Bulldogs last year!!! yea-I'm down but certainly not out-probably hedging my bet in many ways at the mo-because as you know from the threads-plenty of heavy shells falling on OFM-BbB at mo!!!
Keep in touch-
Ta Tolly

 

[Pharaoh]

I believe the reason for Giambrone wanting more people is that they have investors who are willing to pay all the upfront costs for victims in exchange for a share of any funds recovered. In order to make certain that there's enough money for all involved to get a reasonable share, there is a minimum amount of money needed.

Unfortunately, the alternative group won't even reveal its lawyers. There's no way for victims to vet that group or it's lawyers. They could actually have been set up as a means to try to derail the Giambrone suit.

 

[tolly]

Hi Pharaoh-it's always good to have a wise head observing the throng!
Common sense tells me that the time process is a hurdle with Giambrone-people like Rebecca can get in and out quickly and get good results while the big guys-yea -they're in it for the money. Somehow I can't see the little guy getting a big bite of the cherry-can you?
How on earth will Giambrone determine what's real or not, or as the song goes "does he really care?" Will he create a long drawn out case where the victims only get pennies, and the investors roll in it? I've experienced it before?-
Ultimately we all have to make decisions and live with them -good or bad. After all that's what this forum is all about-but as another song goes "once bitten twice shy" be very cautious, hey!
take care-
Tolly

 

[Pharaoh]

I'm not privy to Giambrone's plans. My suspicion is that they would love to get a slam-dunk victory against BDB, since that will result in them getting piles of business against other binary and forex brokers. Under those circumstances, paying victims pennies on the dollar would be a very unwise move, since those victims can easily let the press know all about it.

Personally, I'd go the chargeback route to try to recover my deposits. After that, if there were profits, I'd have nothing to lose by signing up for Giambrone's lawsuit or perhaps look at using some other lawyers - If and only if I could carefully vet those lawyers in advance and they offered better terms and a reasonably equivalent chance of a recovery.

Happily for me, I don't have to make that decision. The first time I saw how binary options offered a fixed payout smaller than the initial "bet", I could tell it was a sucker's game and knew that there was no point in playing. When I do gamble (which is rarely), I do it at a licensed casino in Las Vegas or Macao - and get much better odds than any binary broker offers.

 

[tolly]

Hi Pharoah-thank you for the very wise answer-
on the personal side of things, yesterday I received confirmation mail from Nab(bank)- that they have to return the money received from OFM back, something about lack of clout against their Visa mob. I now have to deal with Nab resolve group. Don't know where this is heading- I certainly havn't given up hope. I also sent them links re Israeli Press -re Simona-have told them of the class action- I've got so near and yet so far-But I have still got that steely-disciplined fire in me to keep moving forward. It has been suggested by some Aussies on FPA I try the Banking Advocate- Tommi Su -more avenues have opened up-will keep you posted-
Ta Tolly