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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 42659
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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I recently invested in an online trading platform. When

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I recently invested in an online trading platform. When consulting my broker about closing my account, I was rudely (very curse words) told that he would liquidate my account, which he did in minutes after my call. What legal options do I have to retrieve at least my initial investment funds?
JA: What state are you in? It matters because laws vary by location. Has anything been filed or reported?
Customer: I'm in Victoria. I've not yet filed or reported the incident with authorities, but did try to contact the brokerage firm (platform) but gave up after waiting on hold for more than 20 minutes.
JA: Anything else you want the lawyer to know before I connect you?
Customer: After investing, I asked broker when I was able to withdraw funds. He informed me that I could at any time at any month end. Attempted, but withdrawal was declined. When questioned, he told me I was in a term contract, which I was okay with. He later approached me on another offer that I pondered but didn't agree to. He then sent an email for me to pay for it. I called him and informed him that I hadn't given consent, then he berated me (using curse F words several times) telling me that he would "F me over" and drain my account, which he did.

My name is ***** ***** I am a NSW Solicitor. I will do my best to assist you with your question.

Good Morning.

I will assume they are based on Australia. In order to do what they do they need a licence through ASIC.

You can report them to ASIC and get your money back.

I have concerns about what you have described though and I think it may be a scam and you have lost your money.

If that is the case you have to notify scam watch.

https://www.scamwatch.gov.au

I am sorry I cannot give you anything more positive. If there is nothing further

thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards

Leon

Customer: replied 9 days ago.
Thank you Leon.From all phone calls received, they appear to be UK based (+44 numbers) and when they don't reach me, they try again through an Adelaide phone number +61 (0) 8... presumably redirected from the UK.Therefore, should I still attempt to go through ASIC in the first instance or go through scamwatch? Still unsure if I should firstly try to contact them directly.Thanks for your advice.
Ralf

Good Afternoon

I am now convinced they are a scam.

ASIC will not assist. You should report them to scam watch and also try the fraud squad in the UK

http://www.actionfraud.police.uk

Customer: replied 9 days ago.
Thanks for your quick response Leon.Is there any hope that scamwatch or actionfraud will help me recover my investment, or will they simply pursue illegal activity on the part of the broker?Ralf

they will take a note and report it but there is very little chance of you getting your money back. They keep investigating but when the parties are caught they have no money and they are prosecuted and shut down. They may go to jail.

Leon and 2 other Australia Law Specialists are ready to help you