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Zoey_JD
Zoey_JD, Criminal attorney
Category: Fraud Examiner
Satisfied Customers: 23572
Experience:  Active member of the NYS bar since 1989
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Loren, my Name is***** and I do believe I have been

Customer Question

Hi Loren, my Name is***** and I do believe I have been scammed by OptionKing.
Submitted: 9 months ago.
Category: Fraud Examiner
Expert:  Zoey_JD replied 9 months ago.
Hello, Unfortunately, I believe that you're correct. We have had complaints about Option King before, and the odds of you getting your money back from them are low to nil. It is unlawful for a binary broker to allow US investors unless the broker is willing to submit to regulatory oversight by the Commodity Futures Trading Commission. This one is not CFTC regulated, so it is operating here unlawfully by the very fact that it let you open an account with them. Optionking.com's website will expire in this month. Its IP address traces to the UK, which does not regulate binary option brokers. Some UK binary brokers have registered with the UK's Financial Conduct Authority anyway, to show that they are legitimate, but this one has not. Nor is there any record of any firm called Option King or Optionking.com in the UK's corporate business register. The site itself provides no hint of where this company really is, beyond a toll-free number and a dialogue box on their website. We hear daily horror stories, just like yours, from customers who have invested with unregulated binary brokers, all of whom are operating illegally and who make their own rules. If you can find them, then you can sue them for your money, but finding them looks like it will be a job for law enforcement. Don't send them any more money. You will simply be throwing it away. Report the fraud to the police, to the FBI at IC3.gov and to the Federal Trade Commission at FTC.gov. Talk to your accountant. Investment losses are tax deductible. If this wouldn't qualify, your unreimbursed losses when you are the victim of a crime are tax deductible as well. So one way or the other in the worst case scenario, you'd be able to recoup some of your losses in the form of a deduction when you file your taxes next year.