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  • FIRST POST
    • Irritated34
    • By Irritated34 7th Feb 17, 9:05 AM
    • 5Posts
    • 2Thanks
    Irritated34
    Section 75 Binary Options claim
    • #1
    • 7th Feb 17, 9:05 AM
    Section 75 Binary Options claim 7th Feb 17 at 9:05 AM
    Hello, I'm new to the forum so please excuse me if I get confused!

    Back in July 2016 I joined a Binary Option site called Option.fm.
    To cut a very long story short, I'm disabled and I was looking for a way to top up my monthly income as I have had to cut my working hours.

    The company looked legitimate and I signed up.

    Using their very clever ways, they promised that they could make me money by following the advice of their very experienced account managers.
    I did what the advised, but by the end of August I had lost all of my deposits, amounting to just under £18,000.00

    As soon as the account went down to next to nothing, I complained to the company but they did not help me. I contacted my credit card company, they were very sympathetic and after investigation started a chargeback. Last week they told me that it had been unsuccessful and that they were passing it onto Section 75. This department contacted me yesterday, and told me that they would have to contact the company involved, I stated that they would not get very far as this Binary options company were on many Internet forums, where other people had also been scammed. The gentleman at section 75 did not seem very interested, and did not inspire any confidence in me.
    I am going out of my mind with worry, as I can not afford this debt on my very small income.
    I have reported this scam to ActionFraud and have spoken to the police about this, they agreed that it was a scam.
    I have done some research and understand that if the Section 75 claim fails I can then take it to the financial ombudsman but there are no guarantees.
    If anyone can give me any advice I would be very grateful.
    Thank you
Page 1
    • zx81
    • By zx81 7th Feb 17, 9:07 AM
    • 14,133 Posts
    • 14,818 Thanks
    zx81
    • #2
    • 7th Feb 17, 9:07 AM
    • #2
    • 7th Feb 17, 9:07 AM
    Let them go through the section 75 process. They won't pay out until they establish what they are liable for.
    • Irritated34
    • By Irritated34 7th Feb 17, 1:47 PM
    • 5 Posts
    • 2 Thanks
    Irritated34
    • #3
    • 7th Feb 17, 1:47 PM
    • #3
    • 7th Feb 17, 1:47 PM
    Hello ZX81

    Thanks for your advice, I will update with situation, as and when it happens.
    • Irritated34
    • By Irritated34 7th Feb 17, 1:49 PM
    • 5 Posts
    • 2 Thanks
    Irritated34
    • #4
    • 7th Feb 17, 1:49 PM
    • #4
    • 7th Feb 17, 1:49 PM
    Thanks KellyDecamp

    I've just taken a look at the website you suggested, I will certainly bear it in mind if it all goes wrong
    • eskbanker
    • By eskbanker 7th Feb 17, 1:50 PM
    • 5,813 Posts
    • 5,705 Thanks
    eskbanker
    • #5
    • 7th Feb 17, 1:50 PM
    • #5
    • 7th Feb 17, 1:50 PM
    OP, you won't want to hear this but I think you'll need to wave goodbye to your money. You have undoubtedly been misled but not (in my opinion) to the extent that your card company will be prepared to bail you out by accepting liability for your trading (gambling) losses, not least because even a cursory glance at that site comes up with prominent warnings about the risks involved in trading, see https://option.fm/risk-warning/ for example:
    1. Trading is Very Speculative and Risky. Trading in binary options is highly speculative, involves an outstanding risk of loss and is not suitable for everyone but only for those investors who:
    (a) understand and are willing to assume the economic, legal and other risks involved.
    (b) are financially able to assume the loss of their total investment
    (c) have the knowledge to understand binary options trading and the underlying assets.

    Customer represents, warrants and agrees that Customer understands these risks, is willing and able, financially and otherwise, to assume the risks of trading in binary options and that the loss of Customerís entire Account balance will not change Customerís lifestyle.
    • Irritated34
    • By Irritated34 7th Feb 17, 2:15 PM
    • 5 Posts
    • 2 Thanks
    Irritated34
    • #6
    • 7th Feb 17, 2:15 PM
    • #6
    • 7th Feb 17, 2:15 PM
    Thank you eskbanker

    I agree with you to a certain extent, especially if it was me doing the trading alone. However I wasn't, the account managers told me which trades to place and how much to trade with. Because they said that they were experts within their field.

    I am not the only one that has fallen for this scam, there are others with very similar experiences.
    I feel that all credit card company's should be aware of these scammers and refuse giving credit for use on these binary option sites, thus avoiding future losses.
    • camelot1971
    • By camelot1971 7th Feb 17, 6:18 PM
    • 492 Posts
    • 763 Thanks
    camelot1971
    • #7
    • 7th Feb 17, 6:18 PM
    • #7
    • 7th Feb 17, 6:18 PM
    Binary options are considered gambling at the moment (hopefully soon to change to investments so the FCA can regulate) so I'd be surprised if the financial ombudsman could help. Sad to say I think your money has gone.
    • camelot1971
    • By camelot1971 7th Feb 17, 6:21 PM
    • 492 Posts
    • 763 Thanks
    camelot1971
    • #8
    • 7th Feb 17, 6:21 PM
    • #8
    • 7th Feb 17, 6:21 PM
    I heard there is a company that can help with those situations. Take a look, maybe it can help you Wealth Recovery International
    Originally posted by KellyDecamp
    Some nice there. Also, they are US based and almost certainly going to take more money off you rather than recover anything.
    • jonesMUFCforever
    • By jonesMUFCforever 7th Feb 17, 7:17 PM
    • 24,189 Posts
    • 11,465 Thanks
    jonesMUFCforever
    • #9
    • 7th Feb 17, 7:17 PM
    • #9
    • 7th Feb 17, 7:17 PM
    My nose is twitching ----- low income but a credit card of at least £18k.
    First post.

    Enough said.
    What goes around - comes around
    give lots and you will always receive lots
    • bearcat16
    • By bearcat16 8th Feb 17, 12:18 AM
    • 316 Posts
    • 367 Thanks
    bearcat16
    I'm amazed that it took £18k for you to realise that this was just not working. Most people would have stopped at about £500 max.

    Binary options are gambling, plain and simple. I'm sorry to say, that money is gone, they are not obliged to help you and any "trading advice" is covered by a million disclaimers saying they are not responsible, you are.

    I hope you have success with s75, but I would be surprised.
    • Irritated34
    • By Irritated34 8th Feb 17, 10:19 AM
    • 5 Posts
    • 2 Thanks
    Irritated34
    Dear jonesMUFC

    The reason I had a high credit was that I worked full time but then had an accident and am now disabled and only able to work 2 mornings a week.

    This card was clear before I started, binary options was sold to me as an investment. Yes, maybe I am a fool but I was desperate, and they took advantage of me, like most scammers do.

    The police also agree with me that it is a scam, but because this company is difficult to track down they can not do anything.
    • bearcat16
    • By bearcat16 8th Feb 17, 1:01 PM
    • 316 Posts
    • 367 Thanks
    bearcat16
    The police also agree with me that it is a scam, but because this company is difficult to track down they can not do anything.
    So all you have to do to avoid prosecution for fraud is be "difficult to track down". I'll remember that when I embezzle my next million.

    Binary options, and any kind of trading with instruments, is not a scam, it isn't fraud, it's not illegal. It is legitimate business, the same as online casinos are.

    With respect, I doubt that the police agreed with you, and I doubt even more that they just shrugged their shoulders and said we can't do anything because they're difficult to track down.

    I would believe they said they couldn't do anything because no fraud has been committed.
    • eskbanker
    • By eskbanker 8th Feb 17, 1:17 PM
    • 5,813 Posts
    • 5,705 Thanks
    eskbanker
    Binary options, and any kind of trading with instruments, is not a scam, it isn't fraud, it's not illegal. It is legitimate business, the same as online casinos are.
    Originally posted by bearcat16
    I think the word 'scam' is (mis)used to cover different scenarios, some of which may be illegal and others of which may be legitimate.

    I'd see this as being akin to timeshare selling, i.e. a legitimate business but one with high-pressure sales tactics used to distort likely returns in order to deceive the unwary or the naive.

    Chances are there may be some verbal misrepresentation along the way but all the small print (such as the text I quoted previously) will protect the company if/when it all turns nasty.
    • derps
    • By derps 8th Feb 17, 8:14 PM
    • 98 Posts
    • 79 Thanks
    derps
    I feel that all credit card company's should be aware of these scammers and refuse giving credit for use on these binary option sites, thus avoiding future losses.
    Originally posted by Irritated34
    If it's so obvious that these businesses are "scams" that credit card issuers should somehow be able to tell when you give authority for them to take your money and that company passes a legal and valid authorisation to the bank to process the transaction that you made then surely you would be better placed to see through it and not give permission to the companies to take your money in the first place?

    How do you expect the card issuers to know? Anyone can sign up to accept card payments and the card issuers have no involvement in their enrolment in the card schemes.

    Only ever gamble money you can afford to lose, and maybe learn to stop throwing good money after bad - I mean £18k? You think the credit card company was remiss but be honest: was there not a time at some point way before you got that deep into this that you could have realised that there is no such thing a foolproof, guaranteed money-making scheme?

    If I owned the credit card company I would close your account.
    • Gambler101
    • By Gambler101 9th Feb 17, 2:39 PM
    • 528 Posts
    • 1,292 Thanks
    Gambler101
    I will say its not a scam, the site comes with proper warnings about losing your money etc

    Its a high risk "investment" or gambling basically.

    And if you think your card company are going to refund you you are living on another planet. Sorry to be blunt but its best to get a grip on reality.
    The instructions on the box said 'Requires Windows 7 or better'. So I installed LINUX
    • bigadaj
    • By bigadaj 27th Aug 17, 9:41 PM
    • 10,708 Posts
    • 7,002 Thanks
    bigadaj
    Please ignore hope Garrick.
    • AndyPix
    • By AndyPix 19th Sep 17, 11:59 AM
    • 2,904 Posts
    • 1,981 Thanks
    AndyPix
    You gambled (with credit !!!) and lost ..


    Im not sure where the claim is here
    Running with scissors since 1978
    • bigadaj
    • By bigadaj 19th Sep 17, 7:19 PM
    • 10,708 Posts
    • 7,002 Thanks
    bigadaj
    Worth a punt?

    Probably not, that goes for binary options and thinking a realistic chance of section 75 covering it.
    • TadleyBaggie
    • By TadleyBaggie 19th Sep 17, 8:18 PM
    • 2,432 Posts
    • 1,755 Thanks
    TadleyBaggie
    This all happened 7 months ago, it's probably resolved one way or the other.
    • chattychappy
    • By chattychappy 27th Sep 17, 7:52 AM
    • 6,402 Posts
    • 3,376 Thanks
    chattychappy
    I lost a huge sum of money binary option trading, and was able to have my funds recovered, thanks to a recovery expert. I am glad to share my experience with the company, and the means I used to have my funds recovered. you can reach me at
    Originally posted by merylgarner
    IF you are genuine, then please "share your experience" here... that's what this forum is for.

    I suspect you are spamming...
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