Unable to withdraw - optionrally

marshath

Recruit
Messages
4
Hi everyone,

I am unable to withdraw money from OptionRally. I have already wrote email to Financial Ombudsman Cyprus and IFSC Belize. I have also written email to MAS, Singapore (financial authority) regarding this.

Here is the story,

I saw an advertisement about OptionRally and decided to join in. David Young was the first person to make contact with me from OptionRally and he eventually became my first account manger. Upon having a phone conversation with him, I invested USD500 in to my account. He gave me a Skype tutorial session the next day and at the end of the session he GAVE me a bonus of USD500 and encouraged me to put what I have learnt during the tutorial session to good use. The bonus was not something I requested for nor Mr Young gave me any terms and conditions regarding the bonus. Over the next few weeks, I had number of phone conversations with Mr Young and I ended up investing USD17,000 further. After three months, as I learnt more about the nature of the risk involved during this period, I decided to withdraw my money and the following is my email to David Young.

Hi David,
Please don't reinvest the money as I have a change of mind. I don't feel comfortable with this kind of investment, hence, I will be withdrawing as the current trades mature. Yes, I did tell you I won't withdraw for 6 months but in this 3 months I have learnt about the nature of this investment and I don't feel comfortable. It feels too risky to me.
Thanks.


At that point, my account had USD10k+ and number of trades that I knew will lose except one. I received no reply from him and instead Eddie Walker called and said David Young was attending a seminar in USA and he will help me instead. I informed him about my decision to withdraw but Eddie said I wasn't able to make a withdrawal because of the bonus given to me by David Young. I was completely shocked and terrified. Eddie said the only way around it is to continue trading until my account was above USD15,000. I was not aware of anything like this. He also offered to be my new account manager and he has different plans that will work for me.

I tried my best to get my money back instead of having to invest again. Eddie was adamant that it was not possible and the only way was for me to listen to him. I repeatedly informed him that I didn't request for a bonus and it was given to me by David Young but to no avail. I felt powerless and was left with no options but to agree to him although I was in need of money as I was unemployed. Eddie asked me to cancel the withdrawal request so that can proceed with investing and he also agreed to talk to the finance department to allow me to withdraw USD2000. In the end, Eddie asked me not to go for the USD2000 so that I can reach the USD15,000 faster. Once again, I fell for him and I agreed.

This is when I came to know about this forum and have decided to fight for my money (or at the least warn other people). I felt cheated and ashamed at being taken advantage like this. I knew I did no wrong. The reason I decided to invest was to make some money while being unemployed. This whole thing I have been going through has added so much pressure in my life.

When David left, my account had USD10k+ and one trade that ended up winning, making it a total of USD13k+. Now, after Eddie took over my account is down to USD12,251.41. I made withdrawal request yesterday for USD11,751. Lets see what happens.

Any help regarding this will be very much appreciated. Let me know what else I can do. Thanks a lot!!
 

marshath

Recruit
Messages
4
Hi guys,

I had a call from OptionRally today. He introduced himself as Henry and he was a senior broker at OptionRally. He explained that I can withdraw the money and the information given by Eddie was wrong. He asked if I had like to keep trading. I said no! He said he will talk to the risk department (not sure why risk department) about the withdrawal. He said he will call back. Will keep you all updated.

Regards!
 

Pharaoh

Colonel
Messages
20,013
That's an amazing pile of steaming BS Eddie gave you. If there are terms on a bonus, they are for trade volume, not balance. Cysec also forbids blocking access to deposits based on bonuses.

If you deposited by credit card ask the fraud department at your bank about a chargeback. Check on the deadlines - the current withdrawal may end up being held up "in processing" until the deadlines have passed. Ask the fraud department whether the failure to provide withdrawal is grounds for a chargeback.

If the bank rejects your claim, you can get professional assistance and try again. WinChargeback is active at the FPA and has helped some members recover their funds:

http://www.forexpeacearmy.com/commu...ny-we-can-help-you-get-your-money-back.44561/
 

marshath

Recruit
Messages
4
Hi Pharoh,

Thanks for the info and suggestions. Will check with my bank. If there is a need will contact WinChargeBack.

I had another call from OptionRally finance. The person was not happy that I have written here. He also said my with-drawable amount is less than the balance shown in my account because of some deductions but on their website I am allowed to withdraw up to USD11,751.41 and total balance in the account is USD12,251.41.

I am standing my ground. When Eddie took over my account balance was USD13,631 (USD10,171 plus one open trade that I won USD3,460). Now it has gone down. He said he will investigate my case further and call me back.

Lets see where we go from here.

Thanks!!!
 

Attachments

  • upload_2016-5-20_15-0-47.png
    upload_2016-5-20_15-0-47.png
    884.9 KB · Views: 0

Marcelo Rosa

Master Sergeant
Messages
265
Hi Pharoh,

Thanks for the info and suggestions. Will check with my bank. If there is a need will contact WinChargeBack.

I had another call from OptionRally finance. The person was not happy that I have written here. He also said my with-drawable amount is less than the balance shown in my account because of some deductions but on their website I am allowed to withdraw up to USD11,751.41 and total balance in the account is USD12,251.41.

I am standing my ground. When Eddie took over my account balance was USD13,631 (USD10,171 plus one open trade that I won USD3,460). Now it has gone down. He said he will investigate my case further and call me back.

Lets see where we go from here.

Thanks!!!

Keep fighting for your money buddy, as we've seen so many people losing all their lifetime savings because of this type of investment, hope you manage to get your money back, everyone needs to be alerted, I have more than +150 colleagues with Option Rally and I really fear for them, but people are too greedy because they are happy to receive their money, until the time that it collapses.
 

marshath

Recruit
Messages
4
Thanks Marcelo Rosa! Hope all goes well.

Today, I received USD11751 from OptionRally. Micheal Ford from OptionRally helped with this.

Hope everyone here get back their money!!
 

Woodfire

Private, 1st Class
Messages
30
Thats really great. Congratulations! Be careful to move your money immediately out of any personal account to which they have access.
 
Top