Was The OFM Account Manager Really Ringing from Hong Kong?

oldenu

Recruit
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Was The OFM Account Manager Really Ringing from Hong Kong or the Hong Kong Takeaway?
Having been online for a number of years I have managed to avoid being scammed...until now.
In May this year I researched a number of binary options brokers as I was looking to supplement my retirement income. This mission statement from the CEO of Option FM (Jason Giannakides ) caught my eye.

Option.FM exists to grow wealth through successful investment, and support each and every client in their trading careers.

To be truly ‘in the money’, we have to invest consistently and insistently, never giving up and never giving in, until we reach the ultimate goal – financial independence and wealth.

Wishing you all a profitable trading experience here at Option.FM,



Jason Giannakides
CEO Option Financial Markets

So I opened an account for $250. I began receiving unsolicited phone calls from David Green senior account manager OFM.. He persuaded my to increase my deposit up to Financier level $40K. I submitted a complaint to the CEO in Hong Kong about his abuse of my trading account and I am still waiting for a reply. After reading your posts I now realise the address is fictitious.

As OFM is licensed in Belize should I send my complaint to their licensing authority? What chance do I have of getting a chargeback from my UK bank. Should my bank not have refused to send money from a UK bank to a broker not licensed by the FCA outside the UK? How can OFM conduct business in the UK when they are not licensed in the UK. Please read extracts of my complaint below.
Subject: Customer Complaint

David Green Senior Account Manager

Account No:20377156

Dear Mr Giannakides,


I am writing to make a formal complaint against David Green Senior Account Manager OFM. My complaint is that Mr Green failed to provide me with a satisfactory service when managing my account. He instructed me via phone to take irresponsible positions when advising me to place trades, risking way in excess of the 1-5% max of my trading account whilst trading binary options.

After opening a basic account, I then receive unsolicited calls from David James (Senior Account Manager) in Hong Kong persuading me to upgrade to Financier Level $40K. After upgrading, this man started trading with total disregard for the risk management of my account (1-5% max per trade). The accepted risk/reward is between 1-5% per individual trade was disregarded entirely. In a telephone ,call I told Mr James that he was motivated by “Greed” and the fear factor was ignored .He appeared to find my concern amusing. David James lost me $60K in a 30 minute 60 second trading session” scalping” Putting at risk up to 85% of my trading account.

During the trading session, I complained about the % of my account which was being put at risk, as my balance was less than $25K. A number of trades were declined as (There was not a contract available) His reply was Click the “HIDE BUTTON “ at the top of your screen”.This now left me not knowing my account balance. After the end of the session ,I told Mr James I did not want to do “Scalping” ever again. After looking at my account balance, I was shocked to find he had lost over 50% of my account.

His results: In 30 Minutes Trading
Total value traded: $352,400. 43 Won. 63 Lost.
Win% 40.5 Total Lost: $66K.
Mr James was unaware that on 30 May 2016, both the NYSE and London Stock Exchange were closed for national holidays. This seemed strange for a Senior Account Manager who claimed to be dealing with over 400 stock market analysts worldwide.
In March this year I became interested in binary options trading. After googling a number of companies the common thread appeared to be that they would only risk between 1%-5% of my account per trade
My Withdrawal Attempts?

On five separate occasions, I submitted withdrawal requests,which resulted in a follow up call from Mr James advising me to cancel the request, saying I could withdraw $30K next week...but next week never came.

David James told me not to contact Customer Support and to only deal with him personally.The reason being ,he did not want anyone to think he was a bad account manager.

When I complain about him having no risk management strategy, his reply was “It happens, don't worry I will put it right”.After my account dropped to less than 14K I get a call from Sean Adams, Head of the Recovery Dpt. at OFM He claims to have loads of money and sends me a screen shot of his OFM account showing in excess of a million dollars. He does not do “60 second trading” he trades long term ,because60 second trading is too risky.He only trades when the market is right and he is quote “The best in the business” He will restore my account to it's previous level in 2/3 months and after a year up to $600K.However, to undertake recovery of my account, I must deposit another 27K into my account as I only have a remaining balance of 13K. He can only undertake to recover accounts with a balance of $40K. Needless to say, I declined his offer. He rang me again the following week and I refused to speak with him further. I am concerned that you may be unaware of how some of your account managers operate . Risking more than 5% per trade is akin to gambling and must lead to a complete wipe out of the account at some point.

I have closed my account because David James did not follow the accepted norm in binary options trading of trading 1-5% of your balance per trade, which resulted in massive losses to my account.

I joined OFM because I thought you were a reputable licensed binary options company., who would act in a responsible manner to secure long term profits.Can you find any evidence to support that David James acted responsibly in the management of my account?

Summary

This situation has caused extreme stress for both myself and my wife.

I require a full investigation as to how I was ill advised by David James to place extremely large trades risking my entire account. Because of this abuse of trust, I require a return of my deposits less withdrawals ($41364) within 28 days 22 September 2016



Yours Sincerely,

oldenu

encl

Random selection of comments from Binary Options Brokers.

My attempted withdrawals record

Account statement (2)
 

Pharaoh

Colonel
Messages
19,924
Add the HK police and financial regulators to the places to complain about Option FM
 

lukes

Recruit
Messages
9
Hi,

A lot of people in the same boat and I am in almost the exact same boat....having lost $43500 with an almost identical story.

The advice I was given was to also speak to the bank and issue a charge back against them for services not rendered. That should get the ball rolling.
 
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oldenu

Recruit
Messages
4
Hi,

A lot of people in the same boat and I am in almost the exact same boat....having lost $43500 with an almost identical story.

The advice I was given was to also speak to the bank and issue a charge back against them for services not rendered. That should get the ball rolling.

Hi,
Do not delay in contacting your bank for a charge back against them for services not rendered.
If your last deposit with OFM is more than 120 days ago they will not allow you to submit a charge back on a visa debit transaction. Your claim will be automatically rejected. My bank were reluctant to disclose what products/services you can claim up until 500 days have expired since your last deposit.

Due to the time delay submitting a written complaint to the CEO of OFM in Hong Kong about my account manager, I missed the cut off date. (The address is fictitious)

I have been advised to complain to the ombudsman about my bank.To give further weight to my case I am going to report it to the police or actionfraud

Regards,

Brian
 

Pharaoh

Colonel
Messages
19,924
Usually, if the local rules allow longer delays on chargebacks are to allow fraud victims more time. Show how the company broke promises about withdrawals, skilled trade managers, insured trades, or whatever other BS they served up to support a chargeback based on fraud.
 
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