Problem OptionRally is a scam

[Pina456]

To add to this, Option XE.., supposed to be legit or so it seemed. They recomment Option Rally and since getting my deposit, ignore emails for help with this wihdrawal issue.
Stay away from Option XE aswell guys, they are just a huge marketing machine! Their signals are crap..indicators do a better job.

 

[Woodfire]

A little progress. ACORN requested the local police obtain a formal statement from me and this has been done. It took quite a few hours at the police station with an officer who was really excellent in his approach and care. Lots of back up evidence given as well. Have been told it could take quite a long time before I hear further but now there are police teams and links internationally so much more can be done than just a few years ago. So here's hoping!
Have to go back to the bank now with the statement. They have refused the first few deposits on the basis that I agreed to them, but have been silent about the others.
Will ask them to consider the situation from the suggested point of view that Optionrally claimed to be brokers but refused withdrawal services.
Thank you Masters Pharaoh and Yoda for your assistance. You are a great help.

 

[henyo]

thats a good update, these would usually take some time, but its always nice to see some progress do keep us posted

 

[Pharaoh]

I'm glad to hear the authorities are taking an interest. I can't wait to see OptionRally shut down and the owners charged.

 

[Steve Johnson]

Has this action progress any further. My case is very similar. I want to make sure that no other people get exposed to this organisation and subsequently lose their money by illegal means.

 

[Woodfire]

I have followed all instructions but unfortunately Westpac has declined to reimburse me for any of the money. Their argument is simply that I gave my credit card and savings account numbers and have therefore agreed to the transactions. They said that unless I had complained within a day or two of so doing they could not do anything. The argument re their failure to provide a service apparently carries no weight with them, nor that it is a scam! They said the money would have gone by the time I complained.
I believe ACORN is still investigating, but I gather this is unlikely to result in any money being returned.
A very sad episode in my life, which I am now trying to put behind me. Unfortunately, I now live daily with the effect of my major financial loss!

 

[bigdolly]

What's their regulation? I tried to check them but couldn't find.

 

[Woodfire]

What's their regulation? I tried to check them but couldn't find.

I don't know what you mean by "their regulation". Westpac is one of the four major banks in Australia.

 

[honeybee1]

I have encouraged somebody else to report to Acorn as well. How did this here proceed, please? The new information I received shows that they can move people to indebt themselves to real financial institutions over high amounts. This brings the whole thing to a slightly increased level, because the risk of insolvency is then ultimatedly shifted to real banks.

 

[Woodfire]

I have encouraged somebody else to report to Acorn as well. How did this here proceed, please? The new information I received shows that they can move people to indebt themselves to real financial institutions over high amounts. This brings the whole thing to a slightly increased level, because the risk of insolvency is then ultimatedly shifted to real banks.

I am not clear whether you are asking how to report to ACORN or the result of that reporting, so I will answer both questions!
1. There is a form available on their website which is fairly straightforward and allows for the attachment of additional documents such as the direct complaint made to Optionrally, (which is the required by Cysec, their governing body,anyway) and an overall summary of the problems etc.
2. So far the response I have had from ACORN was an indirect request through the local police for a detailed official statement. To their credit the local police went to extraordinary lengths to obtain a very thorough and detailed statement from me. This was done in September 2015 following my complaint to ACORN in May 2015.
My timetable has been:
Nov 2014 Started "trading' with Optionrally
April 2015 Stopped "trading " with Optionrally after managing to recive just $1000 back from them after a long fight
May 2015 Discovered and Registered with The Forex Peace Army site which confirmed my worst fears and which has been very helpful! Thank you guys!
May 2015 Terminated all contact with Optionrally with a long letter of complaint to them
May 2015 Complaint to Cysec
May 2015 Complaint to ACORN
May 2015 Request to Westpac for assistance which was declined on the basis that I had given Optionrally my credit card details. Also, the argument as suggested on this site, that as Optionrally was not allowing withdrawals and therefore not providing a brokerage service held no sway with them
Sept 2015 Statement requested by ACORN and given through local police.
Jan 2016 Letter received from Cysec informing me that I may be eligible to file a complaint with the Office of the Financial Ombudsman in Cyprus.
5th Jan 2016 Email sent to enquiries@financialombudsman.gov.cy asking if I would still be eligible to file a complaint with them as they say on their site that there is a time limit of 3 months since last contact with the company to file a complaint. So far I have not had a reply. I will probably send in a full complaint this week anyway as I now have some time to do so.

Re comment about bank's possible concern re insolvency.
In my situation I am too small a client for them to worry about me. In fact they are benefiting from the interest I have to pay on my credit card as a result of my dealings with Optionrally, so they are hardly motivated to assist!
This is a rather detailed answer but in so doing, I hope the information may help someone else. Further comments are welcome to all of this.
I'm older and hopefully wiser and have really appreciated the chance to share and receive support and hopefully give back, through this site.