Option League. Money Gone then back again


Hello all.. I'm hear to give a little good news and hope for the disadvantaged. I apologize for the length in advance but that is nothing in comparison to the information provided below.

A few months ago I was looking to get into binary options but being that I'm in med school and have zero time to study up on the business I decided to look for trading bots to handle things up for me. Figured I'd start small (say a couple of hundred bucks) just to test the bots after whichever bot showed promise in demo accounts. Long flushing out process I decided I'd use the trading bot from binaryrobotplus.com/ as they had neat risk allocation sliders and copied signals from flesh and blood traders. I had to sign up with Optionleague.com broker as they were one of three brokers linked to the bot.

I deposit $300 into optionleague as a starter and I get a call from someone at the brokerage. A welcoming call basically asking if I had any questions or needed help. I told them I was new to the game and they said they would have one of their expert traders call me the next day to for a more in-depth look at binary options. A guy named Joe Morgan (he sounded deeply American) and he proceeded to do a few trades for me. He showed me how to adjust the bid and place, pick currency pairs and the like. Together in about a 20-minute span he netted me +$60 from a $300 on a series of $5 trades! I was ecstatic of course and he informed me that he would be happy to do more trades like we just did. He said there was an NFP coming up in a few days (non-farm payroll) and that it was a huge industry money-maker. What he told me next should have been the first pause in the conversation, he said in order for me to continue using him as a service provider I had to deposit at least $15,000 as he gets a % (I think he said %5) of the winnings and small accounts arent worthwhile. He said in the NFP event I would be looking at making at least +$5000. I told him I'd have to think about it as I basically only had $25000 to my name and didnt want to risk utilizing that much. I negotiated him down to a $15,000 deposit and he said he'd call me 7 am (my time) that Friday so we can do the trades right at the release time.

Friday morning I log into site and await his call so we can begin. I say this part to provide a little context as I want all pertinent information to available less others catch themselves in the same position. When our initial conversation the couple of days previous I asked what would happen if I tried to make trades w/o depositing the huge amount of money. He replied that the system probably wouldnt let me sign in because of the overload (it made no sense to me then when he said it) and that he had only a couple of "contracts" left if I wanted to be apart of the NFP. So I'm signed in on Friday morning awaiting his call and I see the same amount of traders logged in on the platform that I do any other day/time. He never calls me at the agreed upon time and when I call him through the number provided in his email I the number isn't working. I call the Optionsleague website (the number he initially called me from) and I ask to speak to him I'm rewarded with he is in a meeting and he'll call you back at the earliest convience. He calls me back (on the Optionleague main #) at about 10 am and apologizes saying he was in a securities meeting or other and that we could do the trades. In about 30 mins I net +5500! Once again I'm ecstatic and ask if in a couple of weeks we can do another set of trades. All is agreed.

When you sign up with Optionleague you will get these emails about upcoming "trading" events they are having in which they will highlight certain companies (Like Apple, Cisco, etc) that are being primed for trades. They email will say all these trades are insured (you CAN NOT lose your money) with investments ranging from $5000 (to get +$4000) to $25,000 (to get +$20,000). So James sends me one of these emails a few days after the NFP and I just at the opportunity. I have now $25,000 in the account and ask that he use that in order to trade on one of these events. But he says thats not possible, I have to deposit in addition those amounts in order to qualify for that event not what was in the account as is. That just didnt make sense to me and seeing that I didnt have the funds in my bank I couldnt participate. He suggested that I take out a loan as an option but I was uncomfortable with that and declined. Two weeks out of the blue I get an email from him stating that he's done some trades on my account and to see the winnings! He netted me +3000.

So I decide to take out my first withdrawal of $2000. It was a fair amount because I wanted to see how the withdrawal process went and how long it took to get the money. My first attempt was rejected because I didnt submit all the necessary documentation so I submit the added documents and try the withdrawal again. It says on the website withdrawals should expect to take between 5-7 business days so after the 8 business day I still see that my withdrawal order is "pending" I decide to call them and ask what the hold up is. I talk to the operator and he says they have had some slight security issues and that my money should come through by the end of the week. I wait til the beginning of next week and still nothing. James called and ask if I want to get involved another promotion. I tell him that I would love to but I dont have the necessary funds. I tell him that I have a $2000 pending withdrawal that is the works and that I was planning on using that to fund for the next event. He says he could use that as but I'd have to add an additional $1000 at least in order to be a part of it. I authorize him to get the extra $1000 with the promise that when the $2000 was withdrawn I would deposit it back.

The event comes and goes and James never makes any trades on my account for it. I'm starting to sense something bad here and I call up the company to ask why my $2000 still hasnt been withdrawn (its been about a month now). They give a bogus reason so I withdraw $2000 more and a week after seeing no action on my withdrawals withdraw all of my money in the account. I try and call the company and get no answer and all my emails to James go unanswered. Now I see it for what it is and I'm left with nothing basically. I have no idea what to do at this point.

I made these deposits on my bank CC. I have a few restrictions on my CC and one is that I can't make credit purchases over $3000 in a 24hr span w/o calling the bank and authorizing it. For whatever reason I never get the bank to fully authorize deposits over $3000 (their system was blotchy or something) when I was doing my initial $15000 deposit so it showed up as a series of $3000 deposits over X amount of days. A bank investigator calls me a week after the first deposits asking if everything was proprietary with my deposits to company X located in Y. I told them the deposits were authorized by me because I was funding for investments. So not only am I getting scammed out of $20,000 (what I ended up giving them of my own money in total) but I aslo told my bank I personally authorized it.

I'm obviously not a financial expert and I see myself with little recourse or options as seeing I cant get in contact with the company and I cant afford any sort of lawyer. I scrounge around the internet searching for any remedies and come across what are called Charge Backs. I did the sensible thing and called MyChargeback.com and promptly speak with one of their experts about my case. After a preliminary discussion they inform that I have a really good chance of winning my dispute and they would be more than happy to help me. This helps me feel a lot better about my dire circumstances but raises another problem. I dont have the $800 necessary for retainer (they charge 20% of the charge back total if you win in which the retainer is included). I was down to my very last option. I take small and slow steps of the doing the charge back myself.

I'm not sure if this will work for everyone depending on country, bank, or how the money was deposited but the process was actually shockingly simple. The first thing I did was copy all my emails with the company and screen shots of my transactions with the company into a single folder. Then called/visited my bank and tell them I wanted to file a fraud case under merchant failure to render services. I told them briefly of my encounter with Optionleague and a basic overview of how it is they were frauding me out of my money. The banker takes that information and sends it to the fraud investigator. Once the fraud investigator has the info they will attempt to contact the broker or whoever responsible in hopes of getting the counter side. After two weeks I heard absolutely nothing so I called the bank and asked for an update. They informed me the investigation status was "awaiting merchant's reply". This is important because merchants have X amount of days to reply before being faulted. I would call the bank around every two weeks asking for an update and would always be met with the same response. I knew going in from doing research on charge backs that they usually take 3-4 months for the case to be resolved but I was getting frustrated because it was taking longer than I would think considering the company hadn't responded yet and if they did responde it would be even LONGER for the case to be resolved. In short: FROM MY INITIAL FILING OF THE CHARGE BACK WITH THE BANKER TO THE TIME I GOT MY MONEY CREDITED BACK INTO MY ACCOUNT WAS 4 MONTHS EXACTLY. I all caps that sentence not out of anger or yelling but because that is the focal point of the entire post. I got my money back and I got it back in doing something as little filling out a report with my bank and just being patient. They never asked me for any sort of information or additional files other than those things I told them in my initial report filing. The broker never got in contact with the bank to dispute the charges.

What I learned from this entire thing. DO NOT do business with unlicensed binary brokers period and do not feel rushed or coerced into adding in funds that are above your comfort zone. Charge backs do work and a charge back service company is really helpful but they are not the last line. I'm sure if you have the resources and wish to take the stress out a charge back company is the better option but in my case the broker never responded and whether lucky or just fortunate it worked out for me.

I hope this episode gives others a little hope out there who are in a similar situation. Its' not over.. keep fighting for whats yours!