- Report: #1275367
Complaint Review: RBOptions - Toronto Ontario
Reported By:
KennMR -
Liverpool, Alabama, United Kingdom
Submitted:
Updated:
-
Author Not Confirmed
Why?
RBOptions
Canada Trust Tower,26th Floor,161 Bay Street Toronto, Ontario, Canada
Web:
www.RBOptions.com
Categories:
Business Rating:
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RBOptions False advertising Toronto Ontario
In February 2014, I was looking for ways to increase my income during retirement. I considered a variety of approaches and eventually decided upon Binary Options. This seemed an understandable method of capitalising on the Financial Market. Of course, there are risks, as with any business. After some research, I opted to use RBOptions who seemed to offer a professional service and a confident claim to have an 80% success rate on their trades. I made a small investment of £1500.00 in order to test out the system. It was then that the hard sell tactics commenced with daily phone and Skype calls requesting increased investment to maximise results and reach VIP Status which would provide a regular income. And so, after a seemingly never ending barrage I invested a further £35,000.00, on the understanding that within a few months I would see the rewards. This caused both me and my wife considerable concern, indeed, my wife expressed her concerns to a member of the RBOptions team, and was told that their 80% success rate would ensure a sound financial support for the future. At first things went reasonably well, though not at the claimed success rate, but still profit was being made. It was at this time that requests were made for additional investment to purchase special one off trades. This I did not understand as there was money in my account, however, the pressure continued. Most of the activity seemed to be based around the NFP. Even so, it was becoming obvious that the success rate was falling below the 80% claims made in all the publicity. After a particularly bad run I made a request to cancel my account and redeem my residual investment, only to be informed that I could not. Thus I continued and a new agent tookl over my account. His immediate request was for another deposit after which we could retrieve the losses, again after considerable , pressure I invested a further £3500.00. Further trades were made which again lost money, and now the agent seems to have disappeared. Indeed I am beginning to think that the agents do not exist, but that to dupe the clientele. Indeed I have come to the conclusion that the Binary Options market is another example of the Financial Services throughout the world is corrupt. This becomes obvious when you look at the number of disillusioned people venting their frustration that these practices can continue without challenge from the responsible authorities. Which is the reason for this formal complaint. I am happy to assist in any way possible way including details of my various transactions. Furthermore, I am copying this letter to the UK Financial Ombudsman in the hope that he too can take action. I am hopeful that you will look into the activities of those companies who are abusing the public so blatantly, and make recommendations which will protect the rights of the public at large
