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Zoey_JD
Zoey_JD, Criminal attorney
Category: Fraud Examiner
Satisfied Customers: 23537
Experience:  Active member of the NYS bar since 1989
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Im November 2014 i was scammed by a binary brokerage in the

Customer Question

Im November 2014 i was scammed by a binary brokerage in the United Kingdom and i live in the US after lying to me about the trades and losing me $35k not consulting me before tradi g as agreed to, finally whe. They lost all my funds they removed the US phone number to call them in the UK in February 2015. And now they. Stopped allowjng trades from the US. Do i have any recourse as i was also told they would reimburse my international and domestic fees of $7k and a week later they DISCONNECTED their USlibe. Do I gave any recourse ??????
Submitted: 11 months ago.
Category: Fraud Examiner
Expert:  Zoey_JD replied 11 months ago.
Hello, I am sorry to hear what happened to you. Binary option trading in the US is unlawful unless you do so through a company which is subject to regulatory oversight by the Commodity Futures Trading Commission. Most binary option brokers aren't. Frankly, in fact, almost all binary brokers are completely unregulated, which means that unlike other types of investments, these companies can make their own rules. Many are outright scams. We hear horror stories just like yours daily from people who deal with unregulated binary brokers and who lose their investments to unauthorized trades or who can't pull their winnings out. Financial regulatory agencies the world over warn of binary option trading with unregulated brokers for this reason. If they are regulated, you can contact their regulatory authority and get some recourse from them. If you don't know whether they are or not, you can give me their website, and I will see what they can find. Give me the site even if they are not online any more. If they are not regulated, then you could sue these folks or have them prosecuted, but you have to find them first, and that's going to be a job for law enforcement. You need to report the fraud to your police, to the FBI online at IC3.gov, their Internet Crime Complaint Center, and to the Federal Trade Commission at FTC.gov. If they claim to be in the UK, you can contact the Financial Conduct Authority and report the fraud there so that they can warn others. The FCA is the financial regulatory agency for the UK. Also report them to ActionFraud.police.uk, which is the UK's national anti-fraud agency. Finally, talk to your accountant. If you're the victim of a crime, at least some of your unreimbursed losses are tax deductible. You can recover some of your losses in the form of a tax deduction when you file your 2015 taxes.
Customer: replied 11 months ago.
Im sorry to take so long to get back to you but a family emergency arose. The site is www.ukoptions.com I spoke with a Leonard who was in cgarge of all traders and a guy named Jor***** ***** and then later after Leonard claimed he was fired a guy named Raymond. Please let me know what you find ID GREATLY APPRECIATE IT!!!! THANK YOU!
Expert:  Zoey_JD replied 11 months ago.
According to its WHOIS, UKoptions registered its domain name in April of 2012. The website's IP address traces to Ireland, but it's most likely run offshore from St. Vincent and the Grenadines. They are using a private Australian proxy service to hide its site owner and location. The company is not registered by any financial regulatory authority, which is as I feared. Scamadviser.com pronounces it a high risk site, for a number of factors, including the number of negative reviews on the web. You can read about them here. You don't have much recourse unless -- once you find them -- you want to bring suit in St. Vincent and the Grenadines, where they may or may not really be located. Report them per the above.

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