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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 111576
Experience:  Attorney experienced in commercial litigation.
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I live in Michigan & I feel I was defrauded $28,000. I have

Customer Question

I live in Michigan & I feel I was defrauded $28,000. I have not received my payment. The people calling me were all from DC & northern Virginia. Money went to Coasta Rica, Fl. Tx. What are my options.? Can I talk to someone?
Andy
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Can you please tell us what is going on and how you are due money? Can you tell us the whole story?
Expert:  Law Educator, Esq. replied 1 year ago.

Please explain what is going on first, because the phone call will incur you additional fees and it may not be necessary. Furthermore, we have no clue as to your situation and without that information it is hard to determine what type of assistance you need. Thank you.

Customer: replied 1 year ago.
I invested in in Binary options (SpotFN) last September 2014. In June I started getting calls from individual saying they were with FTC ( I have names & phone#) & that the individuals I dealt with took monies from the my account & manipulated charts. They reinvested for their own gains. They said Law suite entitled me to aprox. $52,000 settlement from info they found. I told them I had invested $21,500 with SpotFn. New settlement came to $73,000. SpotFn did not agree and was fine $174,500. Next Vulcan financial Group did not deliver on time and was fined $148,000. All the wile I sent money at each faze to different people in Costa Rica, Florida and Texas totally $28,000 and they are still asking for more money. Andy
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.
I am afraid that I have some bad news for you. These binary options companies are all scams in the US. Binary options are strictly controlled in the US by the SEC and the US Commodities Futures Trading Commission (http://www.cftc.gov/index.htm) not the FBI or FTC.
The problem is that if they cannot identify the persons who were involved or you cannot actually locate the company who took your money or if they are offshore, the problem becomes you would not be able to sue them to recover your money. In order to sue them, they have to be in the US and you have to be able to find them to serve them with the suit. Until that point, your only option is a complaint to the SEC (http://www.sec.gov) and to the CFTC, because those are the agencies that control and regulate binary brokers and binary sales.
Customer: replied 1 year ago.
The people that say they are with FTC & have taken $28,000 Dollar from me to deliver $396,000 Are all in DC area.
James Foreman(###) ###-####John Levin(###) ###-####Danny Kovak (Brinks)(###) ###-####Bre***** *****(###) ###-####Edward Drumond(###) ###-####I sent money by western union, US post office, Bank deposits at Wells Fargo
Ted Willson Vulcan Financial Group Las Vegas(###) ###-####Web site www.vulcanfinancialgroup.com
I received copy of check from Vulcan. IT is supposed to be held by Brinks courier. Money is supposed to be held in secure facility at K I Sawyer International Airport. These people are still talking to me. What I would like is to verify some of the facts I have.
Like Vulcan & Danny Kovak with Brinks Courier
Is any of this possible. I have exhausted my options.
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.
The FTC takes no money from anyone. That is a scam. That is why I told you who you need to report it to as you have not exhausted your options. The SEC and CFTC is who you need to report it to, not to these scam artists you name.
You need their addresses though to sue them in court to recover the money they took from you. No legitimate investigative agency charges any victim to investigate a crime.
You can also, since US Postal money orders were involved, report this to the US Postal inspector as well.
The only way you will ever recover anything though is find out addresses on these people and sue them where they live or if the SEC or CFTC or Postal Inspector find them and charge them, then you can recover as part of restitution in the criminal case.
You can sue Vulcan in NV where they are located and seek damages from them, but you will need a securities attorney in NV and can find one at the same sites used by other attorneys, http://www.hg.org or http://www.lexmundi.com

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