CySec LBinary Warning

Hamish Raw
10th January, 2014 - Posted by in Traders Blog


lbinary affiliates review logo 150x150 CySec LBinary WarningCySec LBinary Warning

The CySec warnings (http://bit.ly/1cKUIOO) are now coming thick and fast yet one wonders why LBinary has arrived on their radar?

L for Lost

The company is clearly a dodgy operation: on the Home page they state:

“LBinary a brand of Targaryen Holdings Limited, Suites 41/42 Victorya House, 26 Main Street, Gibralter”

while on the ‘Contact LBinary’ page they provide us with:

“LBinary© is a brand of Live Binary Ltd. Seychelles”!!

So now you have it; if, as an irate client wishing to kick their doors down to demand your deposit back, you have two choices:

1. join a 12 hour queue to get into Gibraltar (courtesy of a Spanish government looking for its roughly bicentennial kicking at the hands of the RN) or

2. get on a plane to the Seychelles.

CySec Involvement

Either way, why is the Cypriot regulator issuing this warning? The site does not claim to be regulated by CySec, indeed there is no mention of a regulator whatsoever. If the company is Gibraltar-based is this not a Gibraltar FSA issue? Are CySec going to now issue warnings about all binary options sites that they do not regulate?

 

 

 

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  • MKW
    Posted February 7, 2014 at 3:21 pm | Permalink

    Here’s my experience with Lbinary. Hopefully it will save others. Last week I sent an email to a guy claiming to be their VP of Marketing. This email pretty much explains my experience to date:

    Good Afternoon Roy

    I have sent a number of communications detailing why I should receive a refund but please find a summary below:

    After being pestered with telephone called for weeks I eventually agreed to invest £250 as this was all I could afford and your broker kept telling be that on Friday 8th November when some ‘NFP’ figures are published he could virtually guarantee success and that he had a ‘94% success rate.’

    As soon as I uploaded this money I received a call from another broker where I was told that the minimum amount to be able to invest in the aforementioned trading was now £1000 and I needed to increase my investment.

    Then I was told that LBinary ‘GUARANTEE’ my first three trades but I needed £3000 for this (I have since seen an email offering this ‘guarantee’ regardless of the investment amount.

    The way I was pressured and coerced into continually increasing the amount I was to trade with is completely illegal and I point out that your traders were, on every call and email, acting with complete disregard for the advice stated on your website. I say ‘advice’ but I guess this is simply a shallow attempt at holding the customer responsible for the actions they are pressured into.

    I pointed out many times that I had borrowed the money yet, instead of telling me this was not to be recommended your trader said things like:

    “Rest assure, by todays end, you will see large profits and the opportunity to pay the loan back and put some funds in your pocket.”

    That sounds like a promise to me (‘You WILL see large profits’). It also acknowledges in writing that I had borrowed money based on such promises which is ethically, morally and legally wrong , ESPECIALLY for a Senior Broker.

    On the day of trading I kept asking about the so-called guarantee which of course isn’t a guarantee at all is it? I had to find out the answers by other means as the trader simply ignored my questions. It was only when I confronted him with the facts that he acknowledged it wasn’t a genuine guarantee at all.

    In this same email I provided in writing my decision NOT TO TRADE and have my money refunded, including the duplicate amount you took. I received no reply, only a call just before ‘trading’ was to take place where I was placed under immense pressure to make 85% profit in the next 15 minutes because the trader ‘was so confident’.

    He talked me into four trades which all failed. That’s a 100% FAIL rate. He then called me with the classic gambler approach of ‘DEALING MY WAY OUT OF THE LOSSES.’

    It should be pointed out that I have every email and a call recording of every conversation on 8th November. I also took a screenshot video of the 15 minute trading period and have compared the data to other more trustworthy websites. This comparison has only added to my concerns and, if necessary, I will take this further and ask my accountant to conduct an audit of the 15 minute trading period.

    When I discussed my experience and evidence with UK Trading Standards on the afternoon of 8th November they told me I had been the victim of online fraud. I was referred to the police who were in total agreement and issued me with a Crime Reference Number (NFRC131100432283) to use in discussions with my bank and other interested parties. My bank had to cancel the debit card I used as they feared you would use it to take even more money from my account. They also said I had been the victim of a con.

    You also took a duplicate £3000 payment and then refused to refund it unless I provided all sorts of personal information, even though the mistake was entirely yours. My bank stepped in and raised a chargeback for this amount. I then arranged for a transfer of what was left so I could make some attempt to make partial repayment of the money I had borrowed. This was followed on 12th December by my first communication asking for the return of the £2000 you got from me with high pressure tactics and illegal promises.

    Since then I have followed up with further requests for a written reply so we both have a record of what is being said. Until YOUR email on 23rd Jan I had received nothing except the odd attempt to call me. Against my better judgement I accepted a call on Sunday 12th January where Stany Carbone, if that is his real name, took the highly unprofessional stance of accusing me of ‘not being a man’ simply because my bank arranged the chargeback instead of me dealing with him direct.

    I note that he is a Senior Broker. Is this the level of professionalism you reward at LBinary? Is it acceptable for Senior Brokers to pressure people into effectively gambling borrowed money based on the lies they have told?

    With the backing I have from the UK Police, Trading Standards and Nat West Bank plus all the emails and the calls I recorded on 8th November I have a very good case to present, should the need arise.

    However, now that I have a contact I believe will actually respond to me , I am prepared to listen to your offer of resolution.

    I ask for acknowledgement of receipt of this email and then a reply within 48 hours. I WILL NOT speak with Stanly Carbone so please ask him not to call with any more insults and/or lies.

    See below for specific answers to your questions

    Regards

    Mark

    Please note the 3rd to last line – “However, now that I have a contact I believe will actually respond to me , I am prepared to listen to your offer of resolution.” Guess what – this email was sent on Tuesday 28th January, 2014. I never received the requested acknowledgement of receipt, let alone an official response (though I did receive a one-liner with no salutation or signature after the second prompt saying it was ‘with Finance’). And this guy claims to be a Vice President. Perhaps it was his turn that day?

    I can only deduce they are stringing me along in the hope I won’t warn others until I have an answer. Well that’s not the case. 3 months is long enough.

    Should the webmaster feel this is an unfounded post I can send you copies of emails as proof of my experience. Please warn as many of your users as possible.

    Regards

    MW

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