OptionFM (Binary Online)… Deceitful highway men

I have had a reply from Customer Services shift manager at OFM. It is very curt and doesn't address any of the complaints I made nor explain the actions of their Account Manager. It reads:
I'm sorry to hear about your complaints but please keep in mind that, as stated in our terms and conditions, the client is responsible for the trading on his/her account.

You were not obliged or forced to trade after you had placed the withdrawal but it was your decision to do so.

In case you have further questions you can contact us again.

These people really are from the dregs of humanity. I have replied, setting out my complaint again and requesting these complaints are responded to by a senior manager not a shift manager. Lets see where this takes me.

Also still no sign of the money transfer of my remaining account balance they approved to send (11 days ago now and counting), but my account now shows a £0 balance. I know they can transfer quickly as they sent £55 in 24 hours, when I opened the account, to verify my banking details.

Hello TryingTrader,

This reply is par for the course. They will never address specific complaints but always fall back on the general defence of "client in control", "not forced to trade" and other completely specious arguments. Sorry, but you will get nowhere like this. I just hope that you get some money back from them eventually.

Also note that OFM, as was, doesn't exist any more as a functioning operation. The companies for which it was a front and who actually supplied its resources of staff, bank accounts, offices and trading platform have closed down and shed staff. Those companies have not yet liquidated, because of outstanding claims, but as functioning thieving companies they are comatose.

Where did they go? Look no further than here: http://www.jobtiger.bg/company/Prospere-Gessit/

Brazen, aren't they? One might expect the OFM name to be switched to this Bulgarian outfit in due course, but I'm afraid to say that accounts will almost certainly not follow the name.
Ask them to send tracking info for the transfer. If they can't do that, then there was no transfer.
Thanks Pharaoh. I notice on my withdrawal page at OFM that the withdrawal method is listed as 'Bonus'. The previous withdrawal which was activated by my account manager to verify my Bank (I presume) has a withdrawal method of Credit Card. Does anyone know what 'Bonus' method means. I will email them and ask for the transfer details.

I have also had a reply to my third email in which I repeated my complaint about the rash trading taken under instructions given by my Account Manager. The reply consisted of a series of paragraphs with Red highlighting through some sections, basically denying any responsibility on their part and stating they do not act as an adviser and trades are taken at the clients own risk. I will have to send them another, asking why their Account Manager insisted I do not trade independently and to only trade under his instruction. I will probably get more flim flam.
I also noticed the OFM site says online account records will only be available until 31 March 2017, when I expect they will close the site.
That means they are subtracting what they claim is a bonus which they claim they applied to your account.

Be aware that if your account mis-manager claimed to be putting money into your account for any reason, none of that was real money. It was all bonus money.

On the other hand, I have seen people who got no bonus or hint of bonus being given "bonus" as an excuse for withdrawals not being processed.
ToyingTrader - I'm sorry to tell you your money has gone!

They have it on record that they applied a Bonus to your account hence I suspect you have not reached the required trading volume hence the confiscation of your funds.

Since reading about others on this site also scammed by the same fecker, I now see the true nature of the beast. Every single employee of this company is from the gutter! - The only people that can help at this late stage are lawyers and its best to join one of the groups on here.

Banc de binary seem so fired up to settle these cases in court and this worries me. They have been instructed by CySec to settle ALL claims/cases by the end of this month but they wont budge.

Skiddaw, I have decided to join your group if that's still okay with you. Will send you an email later

Keep your chin up folks ...

Thanks for your post an yes you are probably right. However as the company is closing down it is not possible to attain the required trades to qualify for a withdrawal. They can't keep your money as that would be blatant theft. The bonus rules they set was a bonus of 50% of your deposit. So they have a right to one third (33.33%) of your account as their contribution to your trading capital at best.
To prevent you from being able to withdraw any thing they simply add more bonus as you win trades. The qualifying number of trades to be able to withdraw is - your deposit + their bonus (50%) x 20 - so by adding a bonus each time you win a trade the qualifying number of trades increases!! In my case I would have to make over half a million trades to be able to withdraw a single penny. Now that they are closing perhaps there is a chance of getting back two thirds of whats left? Worth a go, also stating that you will take the matter MUCH further. At least their reply will add more weight to your case that they are indeed bandits.
Glad to hear you are joining with the Skiddaw group. I have joined them as well as I did not get any reply from Giambrone to the questions I asked about their case.

Stay possitive.

Checkout this link https://www.forexpeacearmy.com/comm...nary-scammed-me-out-of-my-life-savings.43236/

You will gain an insight as to how devious Banc de binary are. The lady had around $230K in her account, she got scammed out of around $110K - she then tried withdrawing the rest and got rudely warned not to think about it. She got blocked and subsequently locked out of her very own account. They confiscated ALL her money and she did not have a bonus. All that money gone!

This made me aware that even though I got scammed and scarred, I still count myself lucky. I lost close to $50K which was a bank loan tied to my house. I have since sold my house to pay my debts.

Please go to page 10 of the above link and read my postings. In short, CySec have given Banc de binary 3months (from date of closure) to settle all claims. CySec also stressed that they will not allow Banc de binary to close if every single claim has not been "settled". CySec told me this over the phone and would not give me a definition of the word "settle" - seeing as Banc de binary offered me 10% of the amount scammed from me to close my case. Banc de binary is quite adamant that I will not get my full amount back.

CySec would not give me any answers on whether a 10% refund meets the minimum requirement to deem the case as settled.

ToyingTrader - please get in touch with CySec, specifically the chairmans office and ask what your next course of action should be and also clarification on what I have written above.

All the best ...
Giambrone seem to deem themselves so gigantic and wont lower themselves to answering "stupid" questions - they left me hanging too
but I do like what Giambrone is doing though ...
they are not just going after the money scammed
they are pushing for compensation as well
furthermore they are seeking to get the owner(s) of Banc de binary locked up - this might take some doing but I will be immensely happy should they succeed in having that scumbag Oren Shabat jailed.
First of all I would like to say how relieved I am to have found this site. I wish I had found it in my Google search before opening an account with these bandits. But that's history, on with my account of modern highway men.

On the 2 January 2017, I opened an account with OptionFM, having checked them out on Google (all positive) and deposited £250, I received a call from David Smith who introduced himself as a senior manager with OptionFM.

He advised me I would be allocated an account manager and that these were of various abilities and were graded as tier 1 ,2, 3 traders etc. tier 1 being the most competent, experienced and successful.

I was appointed to Adam Young as my account manager and during our telephone conversation he told me he was a Tier One trader who was very good and experienced. He has extensive knowledge of the markets and manages accounts with more than £20k deposited, a lesser amount than that and my account would be managed by a less experienced account manager from the tier 2 or 3 level, who were likely to make numerous bad trades. He urged me to increase my deposit so as to a) qualify for a Tier 1 manager and b) be eligible for bonuses.

However, for him to manage my account I had to agree to a condition not to trade on my own without his guidance and only to trade following his explicit instructions. Using his risk management, losses would be minimised to a small percentage of the capital in the account. Capital would thus be protected and losses kept to a minimum. I agreed that this was a sound way of trading and that I would only trade with his instructions.

I increased the funding of my account by an additional £18000 using a Mastercard Credit card and a Visa Debit card, Declaration of Deposit forms (stating the sum involved and acknowledging the risk involved in trading binary options) were emailed to me for each deposit which I signed and emailed back. My account then had mysterious bonuses added to it. £55.00 was then wired back to my account to 'Prove the link', or something similar. Then we started trading.

Trading during the first 4 days went well with a few losses and some impressive wins, culminating on Friday 6 January 2017 with a good win on EUR/USD due to the US Non Farm Payroll monthly announcement. Further trading on Monday 9 and Tuesday 10 January also had successes. My account now stood at £36876.05 including bonuses.

However, on Wednesday 11 January a notice was displayed on my OptionFM account page which read

Dear Option.FM ClientDear Option.FM Client,

We’d like to inform you that Option.FM will be minimizing its operations in your region due to regulatory constraints.

If you have eligible balance in your account, you may continue trading by clicking here.

If you’d like to withdraw your eligible funds, you are kindly requested to file a withdrawal request through your account and we will refund you the full amount of your net balance. You can withdraw funds by clicking here.

If you have any questions, feel free to reach out to us at earliest convenience.

Sincerely, Option.FM Management

Withdrawal Continue Trading

Querying this with my account manager, Adam, by email and on live chat on the trading platform, he advised me to withdraw the total account funds back to my bank and he would contact me on Monday 16 January. This I did, but by Monday 16 January no funds had been received and the request for funds transfer at OptionFM still had a pending status. I conversed with Adam my account manager using the Live Chat facility and advised him no funds had transferred and still had a pending status. He advised he would raise it with his accounts department and we should continue trading.

He then asked if I had traded Sixty Seconds options before and I said I hadn’t. He then instructed me to go to the Trading Platform, select Currencies EUR/USD, 08:50 expiry and type in $4000 in the amount box select Call and take the trade. He then said select the Sixty Seconds option, select EUR/USD, type in £1500 in the amount box select Call and take the trade. He then said keep taking more Call trades at that price until he tells me to change to Put. I used Live chat to say the account was running low and Adam said it’s all right as I still had positions open. The first 10 Call trades lost the next 8 Call trades won, the next 15 Call trades lost. I was then told to change the position at the same price from Call to Put, and of the next 7 trades only 2 won. He then said change back to Currencies, select EUR/USD and the 09:10 expiry, enter an amount of £7000 on a Put and take the trade. This trade also lost.

This whole trading period lasted only 16 minutes and my account went from £36876 to £1666. Using Live Chat, I asked Adam ‘what on earth was he doing?’ and then ‘was this his idea of sound money management?’. I received no further communication from him for the rest of the day …. Just silence. (And silence since) I was shocked! Under his instruction my account had been decimated in 16 minutes. The action so fast that as a novice I had no chance to follow the progress (success or failure) of the trades and had put all my trust in the experience of my account manager Adam. I have not been able to get any response from him since.

At 03:20 the following morning I received a call from family informing me my Father was dying and would probably pass very soon. I travelled up to Scotland to be with him and the family first thing the following morning, he died on the Saturday. During the following 2 weeks, sorting out his estate, I have had time to consider the events with Adam and OptionFM.

In hind sight it would seem that Adam set out to deliberately empty my account. My inexperience of trading and my misplaced trust, in believing Adam would follow the sound risk limitation and capital conservation policies we had agreed to when I opened the account, proved to be fatal. OptionFM were indeed a deceitful and elaborate scam operation. Since my return this weekend (two weeks away) nothing has been heard from Adam. I have since requested a withdrawal of the remaining account balance but the request remains as ‘Pending’.

I believe OptionFM did not fulfil their promise of prudent money management and deliberately made bad trade choices in order to empty my account. Can I make a chargeback on my cards, both with NatWest Bank UK, as the service I thought I was buying was not provided? This is all most distressing as I now have debts to service from a small income. Has anybody got any helpful ideas how I might recover from this?

I am devastated at the suddenness of loss of capital and angry as hell with myself for being sucked in to this, now, obvious deceitful criminal setup. Writing all these events down though has had a therapeutic effect and I’m less stressed but still mad as hell at the devious ‘highway men’ at OptionFM.

I have just had an email from this broker, but it's from a company called Binary Online, advising their web platform has been updated and improved. I presume that Binary Online must be a parent company of OptionFM.

I attach copies of the deposited funds and the trades made in the hope they will help.

Sadly your case is typical of the behaviour experienced by many of my acquaintance at the hands of OFM and Banc de Binary.
Giambrone's action is not the only game in town; at least one other exists with a different cost structure compared to his group. We are probably also closer to getting into court against these feckers but we still have room for more scammed victims to join us. Currently we are 35 strong and represent millions of Euros in combined losses. We are very serious - but until we get into court, secretive too.

Would you be interested to join us? Let me know an email or Skype contact for you.(That would be true of anyone else who has been scammed by OFM or Banc de Binary and is reading this post.)

By the way, nothing except your wallet says you cannot be in more than one claim simultaneously; you won't get paid back twice (wouldn't that be nice?), but these actions are not necessarily exclusive of each other. We're not "in competition" with Giambrone. We're well on the way already and what we want now is as many victims to come forward as possible. To us, to him or to anyone else who is out there putting together a case.

Meanwhile, certainly lodge a report at ActionFraud.police.uk. Our experience of chargebacks is that they do not work because they get contested by the broker company - the card company then says you got access to a trading platform and that's what was promised, so you "got what you paid for" - sadly, they haven't tended to look deeper into the fraudulent practices going on beneath the surface. Having said that, following the tragedy in Canada at Christmas (suicide of a scammed individual), we detect a change of response from chargebacks and they now seem to be willing to really look at what's going on. But one effect of the chargeback will be to delay OFM's dissolution plans pending "resolution" of the chargeback.

Yes, OFM is trying to shut down, as is Banc de Binary. Why? Because they're running scared that the world is turning against them. Read the Times of Israel who have been railing against the whole Binaries industry (it's all based in Tel Aviv) since last April and their efforts have woken up the Israeli government, EUROPOL, FBI, and various other police forces. That desire to liquidate and "run for the hills" accounts for the experience you suffered. And yes, they have robbed you blind. Fortunately, we've stopped their little game - our claim is lodged with regulators, company registrars, securities agencies and with the companies themselves, and now they cannot liquidate whilst there are these large outstanding claims. Your chargeback will just add to their grief.