Regarding Lbinary

[ys321]

I decided to open an account with Lbinary. All was fine until I deposited the $250, after that I got a call from a trader and he said there was an upcoming investment portfolio opportunity in three days time which was guaranteed money. It required a minimum investment of $5000.

Without giving any explicit details and me never explicitly agreeing he went ahead and maxed out my credit card for $4000. I was really angry with, I said to him I never explicitly said yes, he told me, he would call the finance department and check the limits for my mastercard and then when he got back to me, he said the transaction had been approved. Then, I placed a withdrawal request for $4000 which is pending. After that I sent him an email saying that please do not deposit any kind of bonuses into my account as I am not interested in the investment.

At this point my account balance was $4250, this was all my own money. Now despite my repeated email's he has gone ahead and deposited $750 into my account and rounding it up to $5000 which was needed to get on the investment opportunity. After I visited this forum, there are many other people in exactly the same predicament. In effect they have tied my deposit down by placing the $750 bonus. Please advise me if there any other steps I can take to get my money back as I have many bills to pay.
Also, I came across this, Lbinary has been blacklisted by CySec:

http://www.cysec.gov.cy/Downloads/I...10.2014 regarding Live Binary Ltd-English.pdf

I have sent him repeated email's with no reply, he is also not answering my phone. I am worried that over the next couple of days he might place a trade with my money despite me telling otherwise.

 

[Pharaoh]

My best suggestions:

1. Gather all the evidence you can. Get screenshots of your account statements. Make sure you have copies of emails you sent about not trading and withdrawing your funds. If there's anything on the website's Terms about how long withdrawals take, get a screenshot of that.

2. Contact your credit card's issuing bank. Ask to speak to someone in the fraud department. Explain carefully exactly what happened and offer to share the evidence files you have. Ask if a chargeback on either or both deposits is appropriate.

3. Leave a 1 star review on the LBinary review page at the FPA.

4. Go ahead and Click Here to file an FPA Traders Court case.

5. File a complaint with econsumer.gov - Your site for cross-border complaints.

6. If you are in the USA, file a complaint with IC3.gov, if in the UK, file one with ActionFraud. If you are anywhere else, ask your bank and police about where you can file an online financial fraud complaint and share the answer here.

7. Report back here on how all of the above goes.

 

[ys321]

I managed to get through to them and they said they process all withdrawals on Monday of each week. All I can do now is wait and watch.

 

[paulm1162]

Hi ys321,
sorry to hear you've become another victim of these pond life, they lied to me and still refuse to return my £9000.00 claiming they already have.
Be careful, keep all communications, report it to your bank as well as the police and listen to asst mod, good luck

 

[paulm1162]

oops....and Pharaoh of course, both very supportive and knowledgeable

 

[Pharaoh]

I managed to get through to them and they said they process all withdrawals on Monday of each week. All I can do now is wait and watch.

Make sure to leave an update. If they issue a new excuse on Monday, go ahead and start following my advice - items 2-7 above. Hopefully, you've already done item 1. Don't let them drag things out or you could miss deadlines for item 2.

 

[ilearn2t]

Hello ys321

Hope you have great success in getting a good outcome with your issue involving this broker.

I managed to get through to them and they said they process all withdrawals on Monday of each week. All I can do now is wait and watch.

Looks like Monday 14/July/2014 was not on the calender with this brokers withdrawal dates.

If you did follow Pharaoh sound advice and didn't receive any more updates from them from Monday (14th July) then best to continue on to the next stage.

Good luck
Liz

 

[ys321]

Update: 22/07/14

The withdrawal status is till pending after two weeks. They have been ignoring my e-mails for over two weeks. On repeated calls the receptionist keeps telling me that she will give a message to my "account manager", but he never calls back. Just yesterday she told me that it was an insured trade and that is why the withdrawal hasn't gone through. Since I had placed my request before they had transferred a bonus to my account, she said it didn't matter a bonus is a bonus. I don't think they have any intention of giving my money back to me, in effect I have been scammed out of $4250. I am in the UK and since the credit card I used to deposit the money, was a joint account with my Dad and he works in Dubai.

He has gone to his bank and filed a dispute claim for the transactions. I'm not sure if action fraud can help me or not considering I was scammed here in the UK but the card used was from Dubai.

I will file a complain with econsumer. I would like to file a lawsuit but it would be better if there was a bigger pool of people who were scammed along with me. Is there any way where we can make the FCA to come out and say that Lbinary is a scam like how CySec did?

 

[ys321]

I have filed a complaint with econsumer.gov, I'm not sure if its worth going to action fraud. Also, I called them and the receptionist picks up and I say I would like to speak to Stanly Carbone(account manager). She forgets to put me on hold and I can hear Stanly speaking in the background after 30 seconds she comes back and says that he's not in the office. He has been ignoring me for a while now.

 

[ys321]

I am in the UK and the credit card which was used for the initial deposit was a joint account between me and my dad and he works in Dubai. Since the issuing bank is based in Dubai, he has filed a dispute claim against the transactions. I'm not sure what else can be done to get the money back. The withdrawal request was placed before the account was credited with the bonus, then they have the nerve to turn around and tell me that a bonus is a bonus and it doesn't matter if it was credited afterwards. Also, stating the money for was for an "insured trade". I can bet there is no genuine insurance company in the world that will insure against high-risk exotic options.