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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 43496
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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I deposited $20,000.00 into a finance company called

Customer Question

Hello,
I deposited $20,000.00 into a finance company called Keystone Finance as a fee. This company was to set up trading accounts in my name which I was to then fund, and have them traded by professionals on my behalf. Since then (21/10/2015), I have had no contact from this company. I have tried numerous times to contact there office and there 3 salespeople. No response to any text, call or email. I need help as how to retrieve my money as they will not respond
Thank you
Submitted: 1 year ago.
Category: Australia Law
Expert:  Zoey_JD replied 1 year ago.

Hello,

This sounds like you fell for an investment scam of some sort and if so, they've likely just disappeared into cyberspace with your funds. If the company is an out-and-out fraud, though you would have legal recourse if you could find them, this is going to be a job for law enforcement, as they could be anybody, anywhere in the world.

Can you tell me how you learned of this finance company. Do you have a website for them and/or a snail mail location? What sort of trading was the company to do for you? Once I know more, I can look further into the company and see if you were have been the victim of a cruel fraud. Please reply on this question thread. Also note that this is a US website, so there is a major time difference between you and me. It is 11:30 PM here where I am. So if i do not respond further to you this evening, please understand. I will reply so as soon as I am online in the morning.

Customer: replied 1 year ago.
They are a registered business with ASIC. I have searched them up and they have a registered ACN 61 160 804 026. I originally opened an account with them earlier in he year and funded a live trading account for $60,000.00 and funded 2 trading accounts with $30,000.00 per account. Totalling $120,000.00. I signed a guarantee that stated if they did not double my $60,000.00 invested in the trading accounts I would have a full refund of the $60,000.00 fee. They were proving to do well but have since stopped trading my account in any profitable way. Since I was seeing profit in the account, I agreed t det up a further two accounts for my kids. Since then I have lost contact.
Expert:  Zoey_JD replied 1 year ago.

Thank you and I'm sorry for the delay.

You are correct. This is an Australian company which was lawfully registered with ASIC back in 2012. That means that you have legal remedies through ASIC, through your courts and your consumer regulatory agencies.

I am going to opt out and have this matter transferred to Australia law where legal professionals in Australia can give you more details about the extent of those rights.

Best wishes for a safe, happy and healthy holiday season.

Expert:  Leon replied 1 year ago.

Good Morning

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

You are going to have to contact ASIC and report this and also ScamWatch

https://www.scamwatch.gov.au/

ASIC can investigate them and if they have committed fraud they can be charged.

I hope this makes sense?