I opened an account with Banc DE Binary on February 20, 2016 and made an initial deposit of
$250, I added another $250 on March 9, 2016 bringing my account balance to $500.
I had a phone call from Stephan A. Love, my allocated Account Manger. Stephan told he was a licensed broker and a former employee of Merrill Lynch, with years of experience in the financial sector. We spoke on the phone on several occasions, pls find attached, a copy of an email I received from him which highlights the tone and the context of his argument for me to put a higher deposit for trades with near perfect returns . Attached to this email were several successful trades from clients as an evidence of the potential in this venture.
On March 16, 2016, following a lengthy conversation and several assurances, I deposited a further $6500 taking me to a total of $7,000 plus a $6,000 bonus.
At this point I introduced my husband to Stephan and suggested he comes on board to play a supporting role . Stephan arranged an introductory section with one of their analyst for my husband, it was basically a tour of the trading platform and the various services they offer. He also had another section later that day which covered some fundamentals of market analysis. This was done so that my husband and I could learn from each other and improve our overall understanding.
On March 18, 2016, Stephan gave us two trades which he had typed out on Skype. Those trades were successful. Shortly after that, Stephan informed us he was holding some discussions with his manager about my account. After the said discussion, we received a phone call from a guy called Stevens (Stephan’s Manager), he wanted me to deposit another $3,000. We told him that we do not have any money left in the account, but he insisted we put the transaction through all the same. We bowed to his pressure and attempted the transaction, the transaction was not successful since I had no funds in my account and as a consequence triggered a fraud alert from my bank. We felt a little uneasy after this experience, the lengths Banc De Binary officials would go to squeeze every dollar out of you is breathtaking.
Later that evening and throughout the weekend my husband and I had a discussion about the whole ‘binary options thing’. We found we knew very little about it, moreover, something didn’t feel right about Banc De Binary, especially the constant pressure to deposit more money. We came to a decision to halt trading until we know enough.
The following Monday, March 21st, I sent Stephan an email informing him about the decision we had come to. Stephan did not dispute the fact that I knew very little about Binary Options Trading, he even attached 3 ebooks in his reply for me to improve my trading knowledge and understanding.
Pls find below copies of the email I sent and Stephan’s response.
He assured me with my Gold Membership Status, he could always offer me ‘bonus protected trades,’ to practice with until I am confident enough to trade with my capital. He also gave this further assurances on Skype to ease my fears:
Despite all these assurances, I was not convinced, so I put in a withdrawal request for an amount of
$4,000, the day after, on March 22nd, 2016. After I put in the request, Stephan gave my husband a call and requested he speaks with both of us. He pleaded with me to cancel the withdrawal request and assured me there is no risk to my money since we can always practice with the bonus money. He added the fact that we knew very little about Binary Options Trading is no big deal, and that I could count on his experience and expertise.
When he realized we were not buying his story, he came up with another idea, it was to do with the “US Nonfarm payrolls” data on April 1, 2016. He told us how important this event was on the economic calendar and asked me to stick around to benefit from that tremendous trading opportunity. He assured me we could part company after that event if I am not satisfied. The arrangement was that I cancel the withdrawal request, get some training with one of their analysts and use the time in-between to research, learn more and practice with the bonus money when necessary. What could possibly go wrong?
Based on these assurances and 'Bonus Protected Trades,' I went ahead to cancel the withdrawal request - HUGE MISTAKE.
The said session with the analyst he promised never materialized, and before anything else, he hurriedly supplied some trades to my husband over Skype on March 23, 2016 whilst I was at work.
He sent my husband over 30 trading positions and told him which way he should place those trades. At the end of the trading session all my money was gone. I got to know about it the day after. The explanation my husband gave was that, he was not aware the entire account was exposed and that he taught he was placing trades with the “bonus money” as agreed with Stephan. He also mentioned he was so overwhelmed by the intensity and the constant pressure from Stephan to place trades, he barely knew what was going on and could hardly concentrate. Basically he only did what Stephan told him to do without knowing the full consequences.
This came as a complete shock to me, as you can imagine, but I had no doubt Stephan’s actions were deliberate and intentional. He was not happy I wanted to withdraw my money so he staged loosing trades to wipe out my account. By now, it made perfect sense why they tried to gain as much money as possible from me.
I emailed Stephan and informed him about what my husband had told me. I asked Stephan to give me his version of events, and also explain why he felt the need to expose the entire account to trading without my knowledge. I also sought explanation as to why he took such a drastic step despite all the assurances and the arrangement we had. I made it clear to him the trading sessions that was carried out was without my knowledge or permission.
Stephan A. Love offered to discuss the issues I raised over the telephone, I respectfully declined and requested he answers my queries by email. I have never heard from him since, apart from some ridiculous email from Stevens he forwarded to me. This is Stephan's own view on that email from Stevens, " I had a meeting earlier today with management in regards to your case as, in all honesty, I wasn’t very pleased with Mr. Stevens approach to the matter either."
I have since had a telephone conversation and several email exchanges with Evelina, from the complaints department. In her view everything is my fault - the usual Banc De Binary response, “blame everything on the customer.” She offered me some Trading Bonus which I declined. I made is clear to her any deal with Bonus Money is completely unacceptable to me.
My case is that I believe that Stephan A. Love, deliberately supplied me with false information to solicit business, he acted with the sole purpose of depleting my account and did not follow due diligence in relation to my account. I also believe the Gold membership sold to me was not as described. I am convinced what happened to me was no coincidence but a calculated attempt to mislead and defraud me as has happened to many, including those in this forum.
The bottom line is that, my attempt to solve this matter amicably with Banc De Binary has failed, therefore I have decided to join the ‘warriors’ in this august forum and use it as part of my arsenal to fight my case and seek redress and justice. So Help Me FPA.
PS: Plan of action:
In addition to working on a chargeback I am going to:
File a report with:
Action Fraud
http://www.actionfraud.police.uk/
Cysec
http://www.cysec.gov.cy/en-GB/complaints/how-to-complain/
The Cyprus Financial Ombudsman
http://www.financialombudsman.gov.cy/forc/forc.nsf/page02_en/page02_en?opendocument
eConsumer
https://www.econsumer.gov/#crnt
The Israeli Securities Athority (ISA)
http://www.isa.gov.il/sites/ISAEng/CONTACT/Pages/default.aspx
Any additional help too would be much appreciated.
Hats off to Pharaoh and all the comrades here.
Thank You.
$250, I added another $250 on March 9, 2016 bringing my account balance to $500.
I had a phone call from Stephan A. Love, my allocated Account Manger. Stephan told he was a licensed broker and a former employee of Merrill Lynch, with years of experience in the financial sector. We spoke on the phone on several occasions, pls find attached, a copy of an email I received from him which highlights the tone and the context of his argument for me to put a higher deposit for trades with near perfect returns . Attached to this email were several successful trades from clients as an evidence of the potential in this venture.
On March 16, 2016, following a lengthy conversation and several assurances, I deposited a further $6500 taking me to a total of $7,000 plus a $6,000 bonus.
At this point I introduced my husband to Stephan and suggested he comes on board to play a supporting role . Stephan arranged an introductory section with one of their analyst for my husband, it was basically a tour of the trading platform and the various services they offer. He also had another section later that day which covered some fundamentals of market analysis. This was done so that my husband and I could learn from each other and improve our overall understanding.
On March 18, 2016, Stephan gave us two trades which he had typed out on Skype. Those trades were successful. Shortly after that, Stephan informed us he was holding some discussions with his manager about my account. After the said discussion, we received a phone call from a guy called Stevens (Stephan’s Manager), he wanted me to deposit another $3,000. We told him that we do not have any money left in the account, but he insisted we put the transaction through all the same. We bowed to his pressure and attempted the transaction, the transaction was not successful since I had no funds in my account and as a consequence triggered a fraud alert from my bank. We felt a little uneasy after this experience, the lengths Banc De Binary officials would go to squeeze every dollar out of you is breathtaking.
Later that evening and throughout the weekend my husband and I had a discussion about the whole ‘binary options thing’. We found we knew very little about it, moreover, something didn’t feel right about Banc De Binary, especially the constant pressure to deposit more money. We came to a decision to halt trading until we know enough.
The following Monday, March 21st, I sent Stephan an email informing him about the decision we had come to. Stephan did not dispute the fact that I knew very little about Binary Options Trading, he even attached 3 ebooks in his reply for me to improve my trading knowledge and understanding.
Pls find below copies of the email I sent and Stephan’s response.
He assured me with my Gold Membership Status, he could always offer me ‘bonus protected trades,’ to practice with until I am confident enough to trade with my capital. He also gave this further assurances on Skype to ease my fears:
Despite all these assurances, I was not convinced, so I put in a withdrawal request for an amount of
$4,000, the day after, on March 22nd, 2016. After I put in the request, Stephan gave my husband a call and requested he speaks with both of us. He pleaded with me to cancel the withdrawal request and assured me there is no risk to my money since we can always practice with the bonus money. He added the fact that we knew very little about Binary Options Trading is no big deal, and that I could count on his experience and expertise.
When he realized we were not buying his story, he came up with another idea, it was to do with the “US Nonfarm payrolls” data on April 1, 2016. He told us how important this event was on the economic calendar and asked me to stick around to benefit from that tremendous trading opportunity. He assured me we could part company after that event if I am not satisfied. The arrangement was that I cancel the withdrawal request, get some training with one of their analysts and use the time in-between to research, learn more and practice with the bonus money when necessary. What could possibly go wrong?
Based on these assurances and 'Bonus Protected Trades,' I went ahead to cancel the withdrawal request - HUGE MISTAKE.
The said session with the analyst he promised never materialized, and before anything else, he hurriedly supplied some trades to my husband over Skype on March 23, 2016 whilst I was at work.
He sent my husband over 30 trading positions and told him which way he should place those trades. At the end of the trading session all my money was gone. I got to know about it the day after. The explanation my husband gave was that, he was not aware the entire account was exposed and that he taught he was placing trades with the “bonus money” as agreed with Stephan. He also mentioned he was so overwhelmed by the intensity and the constant pressure from Stephan to place trades, he barely knew what was going on and could hardly concentrate. Basically he only did what Stephan told him to do without knowing the full consequences.
This came as a complete shock to me, as you can imagine, but I had no doubt Stephan’s actions were deliberate and intentional. He was not happy I wanted to withdraw my money so he staged loosing trades to wipe out my account. By now, it made perfect sense why they tried to gain as much money as possible from me.
I emailed Stephan and informed him about what my husband had told me. I asked Stephan to give me his version of events, and also explain why he felt the need to expose the entire account to trading without my knowledge. I also sought explanation as to why he took such a drastic step despite all the assurances and the arrangement we had. I made it clear to him the trading sessions that was carried out was without my knowledge or permission.
Stephan A. Love offered to discuss the issues I raised over the telephone, I respectfully declined and requested he answers my queries by email. I have never heard from him since, apart from some ridiculous email from Stevens he forwarded to me. This is Stephan's own view on that email from Stevens, " I had a meeting earlier today with management in regards to your case as, in all honesty, I wasn’t very pleased with Mr. Stevens approach to the matter either."
I have since had a telephone conversation and several email exchanges with Evelina, from the complaints department. In her view everything is my fault - the usual Banc De Binary response, “blame everything on the customer.” She offered me some Trading Bonus which I declined. I made is clear to her any deal with Bonus Money is completely unacceptable to me.
My case is that I believe that Stephan A. Love, deliberately supplied me with false information to solicit business, he acted with the sole purpose of depleting my account and did not follow due diligence in relation to my account. I also believe the Gold membership sold to me was not as described. I am convinced what happened to me was no coincidence but a calculated attempt to mislead and defraud me as has happened to many, including those in this forum.
The bottom line is that, my attempt to solve this matter amicably with Banc De Binary has failed, therefore I have decided to join the ‘warriors’ in this august forum and use it as part of my arsenal to fight my case and seek redress and justice. So Help Me FPA.
PS: Plan of action:
In addition to working on a chargeback I am going to:
File a report with:
Action Fraud
http://www.actionfraud.police.uk/
Cysec
http://www.cysec.gov.cy/en-GB/complaints/how-to-complain/
The Cyprus Financial Ombudsman
http://www.financialombudsman.gov.cy/forc/forc.nsf/page02_en/page02_en?opendocument
eConsumer
https://www.econsumer.gov/#crnt
The Israeli Securities Athority (ISA)
http://www.isa.gov.il/sites/ISAEng/CONTACT/Pages/default.aspx
Any additional help too would be much appreciated.
Hats off to Pharaoh and all the comrades here.
Thank You.
