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Zoey_JD, Criminal attorney
Category: Fraud Examiner
Satisfied Customers: 23947
Experience:  Active member of the NYS bar since 1989
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I have been with BigOption a year. They persuaded

Customer Question

I have been with BigOption for about a year. They persuaded me to trade almost all my super fund (on a long-term trade) and I have lost it all. Their most seductive persuasion tool was insurance policies issued for each amount I put into my account. These were signed documents (by their lawyer and me after discussion via phone) which were e-mailed to me and which I printed out. They insured my money and promised it would be paid back to me if the trade lost. Their constant mantra was " either way - you don't lose"
Many months have now passed and no money yet. They have granted me a generous "grant" which initially was supposed to be a no-strings-attached deal, but has, since the loss - converted to a "bonus" with many strings ( 7 turnovers) ( so far the amount has shrunk alarmingly) My broker was a very genuine, good person, who never failed to keep appointments and was dedicated and hard working and whom I trusted. Last week he tragically passed away . Do these Insurance policies (3 ) have any teeth? Will I eventually be paid ? Can you advise me please?
Submitted: 1 year ago.
Category: Fraud Examiner
Expert:  Zoey_JD replied 1 year ago.
Hello, So called insurance contracts and other so-called contracts are only as good as the company offering the contract. That is to say, if BigOption is a fraud, its contracts aren't worth the paper they are printed on. We have, unfortunately received several complaints about BigOption. I personally have looked into complaints about them just like yours on a couple of other occasions here over the last several months. Scam reports have been percolating on the web against BigOption for more than a year now. Trading in binary options is not illegal in Australia, even though your government does not regulate binary option trading the way it does other types of investments. What that means is an unregulated binary option trader can pretty much make up its own rules, and if it is located outside of the reach of your laws and regulatory authorities, your options for recovery of your funds are very limited. BigOption is not subject to any financial regulatory authority. So if they are not honoring their contractual obligation, you would have to sue them for fraud or breach of contract and, in that way try to get your money back. Unfortunately you have to find them to do that. Its contact information does not say where it really is, nor does its website's WHOIS information, which makes suing them a major problem. It's my contention that when a company plays fast and loose with its members money and goes out of its way to hide its actual location it is up to no good. So you may also want to report this as a fraud to your law enforcement agencies as well.