Section 75 Binary Options claim

Irritated34

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

[Deleted User]

Let them go through the section 75 process. They won't pay out until they establish what they are liable for.

Irritated34

Hello ZX81

Thanks for your advice, I will update with situation, as and when it happens.

Irritated34

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

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 Customer’s entire Account balance will not change Customer’s lifestyle.

Irritated34

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.

[Deleted User]

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.

[Deleted User]

KellyDecamp wrote: »

I heard there is a company that can help with those situations. Take a look, maybe it can help you Wealth Recovery International

Some nice :spam: there. Also, they are US based and almost certainly going to take more money off you rather than recover anything.

jonesMUFCforever

My nose is twitching

---

low income but a credit card of at least £18k.
First post.

Enough said.

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

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.