Section 75 Binary Options claim
Comments
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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.0 -
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.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.
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.0 -
Irritated34 wrote: »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.
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.0 -
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
:D0 -
Please ignore hope Garrick.0
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You gambled (with credit !!!) and lost ..
Im not sure where the claim is here :huh:0 -
Worth a punt?
Probably not, that goes for binary options and thinking a realistic chance of section 75 covering it.0 -
This all happened 7 months ago, it's probably resolved one way or the other.0
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My partner, who is much older than me (past retirement age) has unfortunately been drawn into this binary trading. He has no idea at all what he is supposed to do, and has only just told me about it, after several months of worry. He has parted with £6,500, and admits that he was subjected to very high pressure selling tactics. He was naive, and I'm relieved he stopped at 6.5K - from what I read online it could have been much, much worse. He tells me he was told to take out a loan, and that the broker even suggested he should use his pension pot. It's bad enough, but could have been disastrous. At the moment, the amount in his trading account is only about £600 lower than what he has invested. However, when he clicks on the My Account button, there is no withdraw button showing, for him to apply to withdraw funds - I cannot understand this, as the website claims that all you need to do is click on the my account button, then the withdraw button,and type in the amount you want to withdraw. Impossible, as the withdraw button just isn't there. I am at a loss, and would welcome some advice.0
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My partner, who is much older than me (past retirement age) has unfortunately been drawn into this binary trading. He has no idea at all what he is supposed to do, and has only just told me about it, after several months of worry. He has parted with £6,500, and admits that he was subjected to very high pressure selling tactics. He was naive, and I'm relieved he stopped at 6.5K - from what I read online it could have been much, much worse. He tells me he was told to take out a loan, and that the broker even suggested he should use his pension pot. It's bad enough, but could have been disastrous. At the moment, the amount in his trading account is only about £600 lower than what he has invested. However, when he clicks on the My Account button, there is no withdraw button showing, for him to apply to withdraw funds - I cannot understand this, as the website claims that all you need to do is click on the my account button, then the withdraw button,and type in the amount you want to withdraw. Impossible, as the withdraw button just isn't there. I am at a loss, and would welcome some advice.
Unfortunately that money is basically gone, these outfits are based offshore and are unregulated.
Only answer is to write off that money and make sure he never goes anywhere near anything like this again.0
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