SBT Trading Solutions = SCAM

Turbo100

I looked up SBT Trading Solutions on Google and this thread is number 3 on that list

clubconsoles

AnotherJoe wrote: »

The tragedy is that so few people will google for it until the penny starts to drop by which time its too late.

Absolutely, Another Joe, they are smart guys, they put me at ease with all my concerns, and i am a very cautious kind of person.
They actually encouraged me to make the deposit on a CC, knowing that i would probably have a reasonable chance of getting my moneyback out of a section 75 claim.
so they are effectively using us as middle men to swindle the banks.
They could make an honest living in the sales business, but i honestly beileve there is a small minority of people whom "get a kick" out of robbing others?
It was all the fake reviews that fooled me.
no bad reviews on MSE at the time.
They are clever, they are probably working on the next 3 letter acronym as we speak.
they move fast.
Way too fast for justice, that is so sad!
They can keep on scamming the gulible and there is nothing anyone can do.
I am quite philosophical about the whole thing now, and Boy, have i learned a lesson!
When I told my wife i was on a "sucker list",she just smiled and said, "I told you so"!!

LHW99

It does seem to take a lot before any company director is banned from starting up new companies once they run into trouble. While companies can go down for understandable reasons, if there is criminality proven, then that person should be permananentlt banned from any involvement in running a company IMO. Although I do acknowledge it is a hard thing to police because those with that inclination seem able to put others up as "front men" and get round things that way.

clubconsoles

LHW99 wrote: »

It does seem to take a lot before any company director is banned from starting up new companies once they run into trouble. While companies can go down for understandable reasons, if there is criminality proven, then that person should be permananentlt banned from any involvement in running a company IMO. Although I do acknowledge it is a hard thing to police because those with that inclination seem able to put others up as "front men" and get round things that way.

in this case, the director named at companies house, was contacted and knew nothing of the company and the Scam.
Told you they are clever!
Untouchable in my opinion.
I sure hope i am proven wrong, very soon!

cryptoOzi

Unfortunately this thread was about a Month too late for me, I did search for SBT Trading Solutions Scam and different variations but nothing, was worried but seemed professional, paperwork seemed professional including welcome pack and support. SBT Trading is a scam, SBT Market Matrix Program is a SCAM. More fool me......

jod_1969

Anyone had any luck getting a refund of any sort after engaging legal help, small claims courts or Office of Fair trading etc?
Thanks.

AnotherJoe

A few weeks back there was a Moneybox program (BBC radio 4) which talked about how to get your money back if you made your deposit via debit card. The headline of the program is about student loans but at half way in they have a section on these scam trading platforms. See if you can find that.
They key to a refund (according to the program) is that as its a complete fraud they didn't provide what was promised, a trading platform, rather than your trading went wrong. Sometimes (again according to the program) it can be hard work to make the debit card bank understand this.

If you didn't make your deposit via a card, you are out of luck unless theres police prosecution - are these fradusters even operating in the UK?.

eskbanker

AnotherJoe wrote: »

A few weeks back there was a Moneybox program (BBC radio 4) which talked about how to get your money back if you made your deposit via debit card. The headline of the program is about student loans but at half way in they have a section on these scam trading platforms. See if you can find that.
They key to a refund (according to the program) is that as its a complete fraud they didn't provide what was promised, a trading platform, rather than your trading went wrong. Sometimes (again according to the program) it can be hard work to make the debit card bank understand this.

I'd have thought that there's a difference between those trading platform scams (where there isn't any actual trading done, thereby opening up the possibility of a chargeback) and this one, where the mark is persuaded to buy some software (which does presumably exist) to support their own trading, that'll be conducted independently of SBT?

The wording at http://matrixsystems.net/ seems to be carefully phrased so making a 'not as described' claim stick could be tricky, although no doubt their sales team will spin it more when not in writing:

SBT develops a market-leading range of trading software, for trading stocks, commodities and forex. At SBT we provide traders with the tools and services they need to match the varying needs and demands of the contemporary investor – whether they are experienced or new to the markets.

Don't get me wrong, I'm sure that it's heavily overpriced software that won't revolutionise your life in the way they suggest in their marketing, but you could say the same about Microsoft....

AnotherJoe

eskbanker wrote: »

I'd have thought that there's a difference between those trading platform scams (where there isn't any actual trading done, thereby opening up the possibility of a chargeback) and this one, where the mark is persuaded to buy some software (which does presumably exist) to support their own trading, that'll be conducted independently of SBT?

The wording at http://matrixsystems.net/ seems to be carefully phrased so making a 'not as described' claim stick could be tricky, although no doubt their sales team will spin it more when not in writing:Don't get me wrong, I'm sure that it's heavily overpriced software that won't revolutionise your life in the way they suggest in their marketing, but you could say the same about Microsoft....

Ah, I didn't know it was "buy software" type deal. So does the software exist? Can you trade with it? If you put money into ?their /another brokers? account can you take it out again?

Malthusian

eskbanker wrote: »

I'd have thought that there's a difference between those trading platform scams (where there isn't any actual trading done, thereby opening up the possibility of a chargeback) and this one, where the mark is persuaded to buy some software (which does presumably exist) to support their own trading, that'll be conducted independently of SBT?

In a section 75 claim any misrepresentation by the supplier should give rise to a claim against the card issuer.

If the debtor under a debtor-creditor-supplier agreement falling within section 12(b) or (c) has, in relation to a transaction financed by the agreement, any claim against the supplier in respect of a misrepresentation or breach of contract, he shall have a like claim against the creditor, who, with the supplier, shall accordingly be jointly and severally liable to the debtor.

Someone who invested in a previous incarnation of this scam said their card issuer incorrectly rejected their claim as they characterised it as investment / gambling losses rather than software sold under a misrepresentation. Another victim said their section 75 claim was successful.

People will get different results depending on well they state their case, and whether the person at the card issuer understands it. I.e. if the victim can make the card issuer understand that their claim is about software sold under misrepresentation and not investment / gambling losses.

If the card issuer fails to provide redress they can make a formal complaint, and if the card issuer still fails to provide redress they can go to the Financial Ombudsman.

Debit card chargeback is less clear-cut as it's based on the card issuer's own policies rather than UK consumer law.