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Zoey_JD
Zoey_JD, Criminal attorney
Category: Fraud Examiner
Satisfied Customers: 23575
Experience:  Active member of the NYS bar since 1989
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IS 2020BINARY A SCAM? MY INITIAL INVESTMENT WAS $14000 AND I

Customer Question

IS 2020BINARY A SCAM?
JA: Oh, dear. I'm sure the Fraud Examiner can help you. Please tell me everything you can so the Fraud Examiner can help you best.
Customer: MY INITIAL INVESTMENT WAS $14000 AND I RECIEVED $21000 IN BONUS SO AFTER MY ACOUNT WENT UP TO $41000. WHEN i TRIED TO WITHDRAW $20000 THEY SAID i CAN NOT WIDRAW UNTILL i MET THE TURNOVER REQUIREMENT SO i TOLD THEM THEY CAN KEEP THEIR $21000 BONUS MONEY AND GIVE ME THE $20000 BECAUSE i NEED IT FOR A KIDNEY TRANSPLANT OPERATION THEY REFUSED AND MADE FOUR TRADES WORTH $25000 WHICH THEY ALL LOST IN A BLINK OF AN EYE AND THEY BLAMED ON THE MARKET SO MY ACCOUNT LEFT WITH $16000 AND i COMPLETELY LOST FAITH IN THIER ABILITY TO MAKE ANY TRADES FOR ME SO WHAT CAN i DO TO AT LEAST GET BACK MY INITIAL INVESTMENT?
JA: You just pay a $5 deposit now and the rest only when you get a reply from the Fraud Examiner. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.
Customer: WHERE DO I PAY THE $5?
JA: Is there anything else the Fraud Examiner should be aware of?
Customer: NO THAT IS THE WHOLE SAD STORY ALL i WANT IS MY INITIAL INVESTMENT OF $14000.
Submitted: 1 month ago.
Category: Fraud Examiner
Expert:  Zoey_JD replied 1 month ago.

Hi,

I'm Zoey and I'll be assisting you. I'm reviewing your question now. Please be patient while I research and compose a reply for you.

Expert:  Zoey_JD replied 1 month ago.

Do you have a website for this company?

Expert:  Zoey_JD replied 1 month ago.

I'm sorry to hear about your situation. Unfortunately, we hear complaints like yours all the time. You fell for this so-called broker's promises of high returns without doing any checking up front.

Here's what you need to know, and it's not good news:

It is unlawful to trade binary options in the US unless you are doing it through a brokerage that has agreed to accept oversight by the Commodity Futures Trading Commission. A so-called brokerage who is not regulated by the CFTC cannot lawfully trade here, and you can't lawfully trade here with them either.

This company is not regulated by the CFTC. You can check to see if a binary broker you are interested in is legally trading in this country by doing a search here.

The ones who are regulated by foreign financial regulatory authorities such as ASIC, the FCA or CySec do not allow US investors to open up accounts because they know it is illegal over here. So the very fact that they allowed you to open up an account means they are an unregulated binary broker. They are here illegally to defraud US investors, which is why they won't return your money.

FINRA and the CFTC warn US investors to avoid unregulated binary brokers. You can see their warning here.

You were attracted no doubt by this company's tempting potential investment returns, but basically you have sent your money off to a scammer.

When binary brokers are completely unregulated and are outside of legal channels, anything goes. Your contract with them and their promises are meaningless because they can and do make their own rules.

Does that mean you are without remedy? No. There's always a remedy. You can sue them for fraud and the breach of their agreement with you or you can pursue them criminally. But the problem is that you have to find them to be able to exercise those remedies. Finding them is probably going to be a job for law enforcement.

Their website's WHOIS information says that the company is about a year and a half old. Their site will expire this April. Their contact address on their website indicates that they are in Bulgaria. However, the site's IP address traces to Quebec, and they are using a US private proxy service to hide their real location. So where are they really? Your guess is as good as mine, and that, of course, is the problem.

Report the fraud to the FBI online at their Internet Crime Complaint Center at IC3.gov and to your police. Also inform the Federal Trade Commission at FTC.gov, your state attorney general and the CFTC.

In the best case scenario, the authorities will turn up your "broker" and bring them to justice. In the worst, you can write off your investment losses and get something back in the form of a tax deduction when you file your 2016 taxes.

I am very sorry to be the bearer of bad news.

Expert:  Zoey_JD replied 1 month ago.

Just checking in to see if you need more help or any clarification of my answer. If so, please reply here on this question thread.