Emile Fitzmaurice
Recruit
- Messages
- 5
Managed Account Deliberate Losses:
I have been trading with uBinary for about 18 months.
Initially I was wary since I had deposited money and lost with other Brokers, mostly small, but USD22k with Banc de Binary - another story. I started small with USD1000 and gradually deposited a total of USD55k (USD55,000.00). Trades were done by Chris Paulsen - my account manager and in the main made money for me - some wins and some losses - about 5% per month. I retired January last year (2015) and lived mainly off the proceeds. Withdraws of USD5k to USD10k were slow to transfer, but eventually came through (worst was 42days). Total withdrawn to date is USD49k. My account balance after the last withdraw was USD57k. Because Chris Paulsen was going away for December and January a number of longer term trades were entered into by Chris Paulsen early Dec15 with maturation 24Dec15, 31Dec15 22Jan16 and 31Jan16. Some in the money some not. At the exact time of the 24Dec15 win maturing, another Account Manager (unknown - maybe Ryan Allman) with access to my password from inside the system (not given by me) entered into losing trades with short expiries - two or three hours. Losing from the outset.
Three Key Trading Principles were agreed with Chris Paulsen beforehand - 1) Always keep 20% of Equity as Recovery Fund (ie not in any trades), and 2) Maximum USD5k per trade. 3) Always take longer term expiry Trades (30 to 45days).
These new short expiry trades took my account balance to near zero. Serious discomfort. The trade ended out of the money and the next win was on 30Dec15. I sent an email with strict instructions NOT TO TRADE FURTHER to David Lake (GM at uBinary), Chris Paulsen (Account Manager at uBinary), Ryan Allman (Account Manager at uBinary) , Nizar Mansour (Compliance at uBinary) , Noah Samuel (Compliance at uBinary), Compliance at ubinary and ubinary at ubinary. I also changed my password and told nobody at uBinary, thinking this would prevent any account manager from trading on my behalf. This was ignored and further deliberately (in my view) losing trades were taken resulting in further losses. Two remaining trades were EURCHF for 09h40 on 22Jan16 and Deutsche Bank for 31Jan16.
Earlier in the week I sent a pre-win WITHDRAW instruction email to the above and no response.
Also gave instructions on CHAT also with no confirmation. Telephone calls to any of the uBinary numbers result in a 20minute "uBinary Please Hold" wait before I give up.
Also sent a WITHDRAW email and an online WITHDRAW request (I cannot make a withdraw without my account managers written approval - Unlike other brokers where I can do online requests and have confirmations within two hours, and transfer execution into my bank account within 2 days. Obviously I prefer these.)
Again I sent an email with strict instructions NOT TO TRADE FURTHER to David Lake (GM at uBinary), Chris Paulsen (Account Manager at uBinary), Ryan Allman (Account Manager at uBinary) , Nizar Mansour (Compliance at uBinary) , Noah Samuel (Compliance at uBinary), Compliance at ubinary and ubinary at ubinary. I also changed my password AGAIN and told nobody at uBinary, thinking this would prevent any account manager from trading on my behalf.
The win of 22Jan15 was USD13125 on a Trade of USD7500. As mentioned earlier I was hoping to withdraw the USD13k to purchase a secondhand vehicle.
So to the 22Jan16 debacle....
Instructions given NOT TO TRADE
USD13k Withdraw instruction given
Password Changed and not shared
Watching my account at 09h40 GMT
Taking snapshots before, during and after...
I bet you can guess what happened.
09h40 Win registered on open trades section with Golden Cup to celebrate....- great
09h41 Account Credited with USD13125 - great
09h43 Withdraw request declined - not great.....
09h45 Two new losing trades created one for DAX30 expiring at 10h00 on 22Jan16 and one for Natural Gas expiring at 10h10 on 25Jan16. both OUT OF THE MONEY. Account Manager unknown.
I have all the snapshots and emails as proof that this happened and will take ALL necessary steps to ensure NO MORE CLIENTS LOSE MONEY TO UBINARY.
As expected.
I have been trading with uBinary for about 18 months.
Initially I was wary since I had deposited money and lost with other Brokers, mostly small, but USD22k with Banc de Binary - another story. I started small with USD1000 and gradually deposited a total of USD55k (USD55,000.00). Trades were done by Chris Paulsen - my account manager and in the main made money for me - some wins and some losses - about 5% per month. I retired January last year (2015) and lived mainly off the proceeds. Withdraws of USD5k to USD10k were slow to transfer, but eventually came through (worst was 42days). Total withdrawn to date is USD49k. My account balance after the last withdraw was USD57k. Because Chris Paulsen was going away for December and January a number of longer term trades were entered into by Chris Paulsen early Dec15 with maturation 24Dec15, 31Dec15 22Jan16 and 31Jan16. Some in the money some not. At the exact time of the 24Dec15 win maturing, another Account Manager (unknown - maybe Ryan Allman) with access to my password from inside the system (not given by me) entered into losing trades with short expiries - two or three hours. Losing from the outset.
Three Key Trading Principles were agreed with Chris Paulsen beforehand - 1) Always keep 20% of Equity as Recovery Fund (ie not in any trades), and 2) Maximum USD5k per trade. 3) Always take longer term expiry Trades (30 to 45days).
These new short expiry trades took my account balance to near zero. Serious discomfort. The trade ended out of the money and the next win was on 30Dec15. I sent an email with strict instructions NOT TO TRADE FURTHER to David Lake (GM at uBinary), Chris Paulsen (Account Manager at uBinary), Ryan Allman (Account Manager at uBinary) , Nizar Mansour (Compliance at uBinary) , Noah Samuel (Compliance at uBinary), Compliance at ubinary and ubinary at ubinary. I also changed my password and told nobody at uBinary, thinking this would prevent any account manager from trading on my behalf. This was ignored and further deliberately (in my view) losing trades were taken resulting in further losses. Two remaining trades were EURCHF for 09h40 on 22Jan16 and Deutsche Bank for 31Jan16.
Earlier in the week I sent a pre-win WITHDRAW instruction email to the above and no response.
Also gave instructions on CHAT also with no confirmation. Telephone calls to any of the uBinary numbers result in a 20minute "uBinary Please Hold" wait before I give up.
Also sent a WITHDRAW email and an online WITHDRAW request (I cannot make a withdraw without my account managers written approval - Unlike other brokers where I can do online requests and have confirmations within two hours, and transfer execution into my bank account within 2 days. Obviously I prefer these.)
Again I sent an email with strict instructions NOT TO TRADE FURTHER to David Lake (GM at uBinary), Chris Paulsen (Account Manager at uBinary), Ryan Allman (Account Manager at uBinary) , Nizar Mansour (Compliance at uBinary) , Noah Samuel (Compliance at uBinary), Compliance at ubinary and ubinary at ubinary. I also changed my password AGAIN and told nobody at uBinary, thinking this would prevent any account manager from trading on my behalf.
The win of 22Jan15 was USD13125 on a Trade of USD7500. As mentioned earlier I was hoping to withdraw the USD13k to purchase a secondhand vehicle.
So to the 22Jan16 debacle....
Instructions given NOT TO TRADE
USD13k Withdraw instruction given
Password Changed and not shared
Watching my account at 09h40 GMT
Taking snapshots before, during and after...
I bet you can guess what happened.
09h40 Win registered on open trades section with Golden Cup to celebrate....- great
09h41 Account Credited with USD13125 - great
09h43 Withdraw request declined - not great.....
09h45 Two new losing trades created one for DAX30 expiring at 10h00 on 22Jan16 and one for Natural Gas expiring at 10h10 on 25Jan16. both OUT OF THE MONEY. Account Manager unknown.
I have all the snapshots and emails as proof that this happened and will take ALL necessary steps to ensure NO MORE CLIENTS LOSE MONEY TO UBINARY.
As expected.