Scammed for £70,000 by IG Index!!

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gle101

Veteren member
3,717 84
Hi all,

Hi I am writing to present my case of an example of where I have been scammed by IG index. I have been asked to post on here by a series of other customers that have also been scammed. Basic story started like this - I deposited £35,000 in my account. I made a series of large trades in a very short period of time and by 04-oct-2012 I had made £67,000+ profit. Total account size was £102,000+...

My account was then immediately frozen as I got a message saying your account is not set up for dealing in financial markets. I rang them up and asked why that was and they said they needed my ID and statement proof of me depositing funds in the account. I duly sent all this information and requested a statement from my bank. After sending all this information over they deliberated two weeks and said their compliance department were looking at my case. Confused, I let them continue.

Two weeks ago to my horror I received an email stating that according to them i had breached two clauses section 19.1 and 19.4?!

19.1 states I presented inaccurate information on my application form but they have not even explained what this is despite me constantly asking them. 19.4 states I did not place the trades in principal. They have taken the liberty of cancelling my profits and have returned my original proceeds of £35,000 and now closed down my account!! :mad::mad::mad::mad::mad::mad:

I'm still fuming but not too sure where I stand or how to go about getting my money back. They surely cannot keep the £70,000 odd profit I made?! I still do not know what I am supposed to have breached?! What does not dealing in principal actually mean? They think someone else processed the trades for me?! The process is still in the complaints stage, I have not heard from back from IG Index - it has been two weeks now.:mad::mad::mad:

What can people advise? I will probably be getting legal advice but wanted a headsup first on anyone else that may have been in the same situation. Many thanks in advance
A horrifying story if this is true. You only made one post at this forum and some can be in doubt about the accuracy of the information given by you. Anyway, what to do if we consider this to be a sincere post? I honestly don't know, to me the huge sum indicate a urgency of a rather radical action and I don't know if filing a complain to the FSA in UK is enough.
 

adz2k11

Guest
40 0
A horrifying story if this is true. You only made one post at this forum and some can be in doubt about the accuracy of the information given by you. Anyway, what to do if we consider this to be a sincere post? I honestly don't know, to me the huge sum indicate a urgency of a rather radical action and I don't know if filing a complain to the FSA in UK is enough.

Hi, thanks for the reply, i have been viewing these forums for some time but am only posting as it was recommended by others who had been scammed. I can provide full evidence of all trades made and also can provide the full letter from IG Index. I am still really in shock, I still am not sure on what path to follow, like you say its a large sum of money, the fact that IG have not bothered providing an explanation os obscene. I am in the process of contacting Watchdog UK and exposing IG Index to the newspapers.
 

tar

Legendary member
10,443 1,313
Sorry for your loss ,but it is not really clear what is the issue is all about , anyway you should complain to IG's complaint department which will take up to 8 weeks i think then if you are not satisfied you should complain to the financial ombudsman:

how to complain ? the first steps
 

pboyles

Legendary member
8,072 1,302
Hi, thanks for the reply, i have been viewing these forums for some time but am only posting as it was recommended by others who had been scammed. I can provide full evidence of all trades made and also can provide the full letter from IG Index. I am still really in shock, I still am not sure on what path to follow, like you say its a large sum of money, the fact that IG have not bothered providing an explanation os obscene. I am in the process of contacting Watchdog UK and exposing IG Index to the newspapers.

You should report the matter to the FSA. You should also post proof of what you are saying here. Without the proof you're going nowhere because a bunch of pro IG people will just shout you down.

I'd suggest you start by posting the letter where they are alleging a breach of the rules on your part. Please cover up stuff like your address or banking details.
 

tar

Legendary member
10,443 1,313
You should report the matter to the FSA. You should also post proof of what you are saying here. Without the proof you're going nowhere because a bunch of pro IG people will just shout you down.

I'd suggest you start by posting the letter where they are alleging a breach of the rules on your part. Please cover up stuff like your address or banking details.

He should go to the financial ombudsman , i dont think he can complain to the FSA ...
financial ombudsman help line , they will give him guidelines in how to start a complaint : 0300 123 9 123 or 0800 023 4567
 

new_trader

Legendary member
6,538 1,417
Hi all,

Hi I am writing to present my case of an example of where I have been scammed by IG index. I have been asked to post on here by a series of other customers that have also been scammed. Basic story started like this - I deposited £35,000 in my account. I made a series of large trades in a very short period of time and by 04-oct-2012 I had made £67,000+ profit. Total account size was £102,000+...

My account was then immediately frozen as I got a message saying your account is not set up for dealing in financial markets. I rang them up and asked why that was and they said they needed my ID and statement proof of me depositing funds in the account. I duly sent all this information and requested a statement from my bank. After sending all this information over they deliberated two weeks and said their compliance department were looking at my case. Confused, I let them continue.

Two weeks ago to my horror I received an email stating that according to them i had breached two clauses section 19.1 and 19.4?!

19.1 states I presented inaccurate information on my application form but they have not even explained what this is despite me constantly asking them. 19.4 states I did not place the trades in principal. They have taken the liberty of cancelling my profits and have returned my original proceeds of £35,000 and now closed down my account!! :mad::mad::mad::mad::mad::mad:

I'm still fuming but not too sure where I stand or how to go about getting my money back. They surely cannot keep the £70,000 odd profit I made?! I still do not know what I am supposed to have breached?! What does not dealing in principal actually mean? They think someone else processed the trades for me?! The process is still in the complaints stage, I have not heard from back from IG Index - it has been two weeks now.:mad::mad::mad:

What can people advise? I will probably be getting legal advice but wanted a headsup first on anyone else that may have been in the same situation. Many thanks in advance

I don't believe a word of this, it doesn't make sense...
 

gle101

Veteren member
3,717 84
Sorry for your loss ,but it is not really clear what is the issue is all about , anyway you should complain to IG's complaint department which will take up to 8 weeks i think then if you are not satisfied you should complain to the financial ombudsman:

how to complain ? the first steps
Are you sure this is the way to go about it when such a huge sum money is at stake? I for one would seek legal help immediately.
 

pboyles

Legendary member
8,072 1,302
Also suggest you post about it on the following boards.

Forexpeacearmy.com
Babypips.com
Forexfactory.com

But start here. We can keep it going once things start getting deleted. Post that e mail ASAP or you might be banned before you get a chance.
 

R.Charnock

Well-known member
400 124
By the way if you'd lost 60k I bet you wouldn't have been breaching any rules.

Sadly true. SB clients can deposit money using a wheelbarrow, swing trade, scalp 24 hours a day, use any stake they want, or have George Osborne acting as principal, and there will be absolutely no problem, for as long as they don't make a profit.
 

gle101

Veteren member
3,717 84
Hi, thanks for the reply, i have been viewing these forums for some time but am only posting as it was recommended by others who had been scammed. I can provide full evidence of all trades made and also can provide the full letter from IG Index. I am still really in shock, I still am not sure on what path to follow, like you say its a large sum of money, the fact that IG have not bothered providing an explanation os obscene. I am in the process of contacting Watchdog UK and exposing IG Index to the newspapers.
To be frank, I honestly don't understand why some traders seem to put this kind of money in the hands of market makers. In my point of view, this kind of money is a case where DMA brokers is to be preferred. Why did you go for a market maker like IG?
 

new_trader

Legendary member
6,538 1,417
He needs to post proof ASAP or nobody will believe him.

If IG index said they needed my ID and statement proof of me depositing funds in the account. I wouldn't oblige, I'd tell the dumbasses that I would never have been able to open an account without providing that first...something fishy about this story. This is one time I wish Black Swan were here, he'd probably call the OP a damaged subterranean retard...or something less complimentary.
 

R.Charnock

Well-known member
400 124
To be frank, I honestly don't understand why some traders seem to put this kind of money in the hands of market makers. In my point of view, this kind of money is a case where DMA brokers is to be preferred. Why did you go for a market maker like IG?

To be fair, IG has FSA regulation, huge resources and a reputation to uphold, so £35k is as safe there as anywhere else. (Unless, you use it to make money out of them, of course.)
 
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