Scammed for £70,000 by IG Index!!

[mike.]

Interesting thread, would normal procedure for a SB company not be to suspend an account prior to an investigation if they suspected any wrong doing ?

They must be pretty confident that you are in the wrong to close and refund your account when they are sat looking and working on getting their hands on that 35k deposit.

 

[R.Charnock]

Why would a non-pro need so many SB accounts ? All the bucketshops share data. If you do anything they don't like with one shop, they will all know. Opening more accounts won't help you. If you had other accounts, why suddenly you wanted to bet with IG ?

Why would all the bucketshops share data, and what sort of data are you meaning? I think most SB-ers will probably try most of the providers eventually, to find one they like rather than being anything to do with pro or non-pro.

 

[adz2k11]

do they only have to divulge the details behind the reason in a court? or will be available when it is challenged through their complaints dept?

IG do say you have breached 19(1) - re they believe the info you have given has not been accurate. i cannot remember all the questions they asked when opening an account. Well this is fairly clear cut, you either did provide correct info or you didnt, and that should be reneged fairly easily on appeal.

No idea, either way i will find out soon.

The only thing I can think of is my salary which i stated correctly but is low in comparison to the money i made, so thats might be what they feel is incorrect, but again not worried as I can prove everything.

 

[tar]

Or equally Could have been up 250k in the same time period. This is how i made money with other SBs before. Risky and suicidal maybe but that is going away from the money IG have stolen from me.

I meant you could end owing them huge sums of money that's not in your hands ...

http://www.trade2win.com/boards/spread-betting-cfds/45904-spreadbetting-ig-complaint.html

 

[adz2k11]

Interesting thread, would normal procedure for a SB company not be to suspend an account prior to an investigation if they suspected any wrong doing ?

They must be pretty confident that you are in the wrong to close and refund your account when they are sat looking and working on getting their hands on that 35k deposit.

Yes it was suspended between trade dates and date of letter

 

[BeginnerJoe]

I don't understand why they rated you as intermediate. With your ability to double your money within 24 hours I would rate you as elite in my book.

adnan younis (adz2k11) on StockTwits

 

[gle101]

Or equally Could have been up 250k in the same time period. This is how i made money with other SBs before. Risky and suicidal maybe but that is going away from the money IG have stolen from me.

Yes but eventually it will fail, this when a string of natural statistical market variation goes against you. But if you earned your profit in fair trading with IG, you should definitely pursue in getting it back.

 

[adz2k11]

Yes but eventually it will fail, this when a string of natural statistical market variation goes against you. But if you earned your profit in fair trading with IG, you should definitely pursue in getting it back.

agreed, but this was done in a fair way, looks like typical SB behaviour trying to use their bully tactics as usual. I'll fight to death for this money back!

 

[mike.]

Yes it was suspended between trade dates and date of letter

Apologies, never saw that, If everything you are saying is cosha then you are entitled to your winnings.

But you must admit that for a reasonably new trader to make big wins on binaries with such large stakes from the outset does seem a little odd, that is why most people on here question your trading style, Many have come on here with similar threads, just to wind up and for the lulz, I have found that majority of t2w members are a quite a educated bunch and wont be fooled to easily.

 

[adz2k11]

Apologies, never saw that, If everything you are saying is cosha then you are entitled to your winnings.

But you must admit that for a reasonably new trader to make big wins on binaries with such large stakes from the outset does seem a little odd, that is why most people on here question your trading style, Many have come on here with similar threads, just to wind up and for the lulz, I have found that majority of t2w members are a quite a educated bunch and wont be fooled to easily.

not trying to fool anyone, this was a new account with IG yes but i have been trading for over a year (albeit still newbie I know) but this style has won me a fair bit, but also lost me a lot.

 

[BeginnerJoe]

I think some here are good with URL histories.

 

[Lee Shepherd]

Re: mods - please DO NOT delete

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!!

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.

Attached is evidence of the letter they sent me and also the transaction history. I have removed my details and deal references for obvious reasons. As you can see they stated they would return £30,000 to me, despite me depositing £35k! This just shows the complete lack of competence from their side. Had I not asked them where the other 5k went, I can bet they would have stolen that too!!

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 know a lot of people will just want to comment for the banter but please try to restrict posts to helpful, constructive comments.

thanks

Screen saved on PC

PS: Whats all this about - you were still claiming to be trading with IG after the unfortunate event.

stockwits1 on StockTwits

 

[tar]

I don't understand why they rated you as intermediate. With your ability to double your money within 24 hours I would rate you as elite in my book.

adnan younis (adz2k11) on StockTwits

Interesting , IG's letter date 16th :

25th OCT : cheers... What lot sizes are you trading?? Lol My IG has a deposit factor of 30x ...

25th : hmm what other providers are there? City index is crap its £60 for £1/ppt!

25th : cheers. i am looking for a provider with low margin requirements. Eg. CMC you can trade 1/ppt with £18 is there anyone cheaper?

4th ( date of Dax trades ) : " lol, yes i took a small long here " :cheesy:

 

[BeginnerJoe]

I have an idea. Why don't you teach us how to trade like that and we won't say another word. As the official statements verifier around here, I find it refreshing to see a real trader with a real statement. That's what I would call trading, none of that risking 1% of account BS.

 

[R.Charnock]

I have found that majority of t2w members are a quite a educated bunch and wont be fooled to easily.

I find that remark deeply offensive. Most of us are proud to be complete t**ts.

R. Charnock (Mrs)

 

[mike.]

I find that remark deeply offensive. Most of us are proud to be complete t**ts.

R. Charnock (Mrs)

This is why i enjoy coming on here, you a subjected to a different level of humour, some goes completely over the head and some you actually laugh out loud at, never ever heard the word " lulz" before i joined here, but soon found out what it meant.

 

[mike.]

The OP never said that they were female, he just questioned why everyone presumed he was male..

 

[rsh01]

its gone quiet quickly....

 

[BeginnerJoe]

its gone quiet quickly....

Don't rush him. He's kinda busy trying to clear internet cashe'ing. I am willing to exchange this kind of skillz for his double teh money skillz.

adz2k11: pm me any time, I am your friend.

 

[adz2k11]

The OP never said that they were female, he just questioned why everyone presumed he was male..

:clap::clap::clap: typical, people more interested in my username than my case.

let's see if I can get more constructive comments?