Withdrawing funds - being held

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noirhim

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ill try minimise this as much as possible

somebody i know spent a stint in prison for a small fraud related case regarding spread betting etc and came out a while back and hes gone to a spread betting company which he used to see that there is still some funds in there (i believe he said profit money) however they are saying to him they require proof of the past payments to them before they can go any further with the withdrawal request.

what i want to know is, is if there is any statute or law out there which he can use to get the money back to him, as it sounds like the company is effectively "blackmailing" him.

in summary he has served his time and has no outstanding stuff over him. should this company not give him the money back?
 
noirhim said:
ill try minimise this as much as possible

somebody i know spent a stint in prison for a small fraud related case regarding spread betting etc and came out a while back and hes gone to a spread betting company which he used to see that there is still some funds in there (i believe he said profit money) however they are saying to him they require proof of the past payments to them before they can go any further with the withdrawal request.

what i want to know is, is if there is any statute or law out there which he can use to get the money back to him, as it sounds like the company is effectively "blackmailing" him.

in summary he has served his time and has no outstanding stuff over him. should this company not give him the money back?
Click to expand...

get a lawyer.
If you cannot afford one then visit the "Citizens Advice Bureau" where you will get excellent FREE legal advice.
Good luck.
 
sounds like a very small problem. The company got records to and they are enough proof already that he had made payments to them. He should consult a good lawyer and it should be sorted soon.

Good luck though!
 
If he's been jailed for defrauding a spread betting co., then he is probably blacklisted at other similar companies, unsurprisingly. Any claim of his that they owe him money is going to require his providing documentary proof, probably more than anyone who hasn't been jailed for fraud.
 
Anyone who can make money consistently from any spread betting company deserves a medal, not throwing in jail, regardless of how they did it.

If your mates ever in Malta Ill happily buy him several large drinks.

IIRC the spread-betting companies do incur charges for cases that are referred to the FSA so the sooner you can escalate matters to that level the better. If there are significant amounts involved don't mess around, get legal assistance.
 
So the conmen in the spread betting company wont give the conman back his money. Is there no honour among thieves? You'd think they'd bond a bit better, what with a shared background and moral values.
 
noirhim said:
. . . . gone to a spread betting company which he used to see that there is still some funds in there . . . however they are saying to him they require proof of the past payments to them before they can go any further with the withdrawal request.
Click to expand...

Suspect it's more a case that the SB company can't find the account with the info your guy has provided.
Were your guy to have provided an a/c number etc, then all that would be required would be proof of ID.
The fact that he has a criminal conviction for whatever is absolutely irrelevant.
 
This maybe getting lost in translation but ill say exactly what he told me and you guys can give me your input to see if he can get it back:

He used fraudulent payments to credit his SB account with funds

Spent a stint inside due to the SB company going to the police etc

Came out of stint and decided to log into his SB account (out of curiosity to see if all the monies he credited had been chargedback to the cards)

Originally there was about 7,000 in the SB account, however when he checked there was about 2,000.

(When he credited his SB he placed a few trades which he just left... He can now deduce that that remaining 2,000 is the profit money on the trades he had originally placed)

(The original sums, to his knowledge has been chargebacked to the cards as more than 1 year has gone by since it was 7,000 down to just 2,000)

After seeing there were funds in the account he now wanted to withdraw that 2,000

The SB company is asking for proof of said payments/credits to the SB company before anything further can happen...

Thats basically the concise story

Now is the SB company doing something wrong or is he doing something wrong as more than 1 year has gone by since he did what he did (which would be enough time for the funds to of gone back to the rightful cards... But yet there was just 2,000 sitting there... Thats where he came to the idea that that must have been the profit money from the trades he executed a while back)
 
Now he obviously cannot provide that proof etc so now i want to know if the SB company are obliged to give back all or anything which was in the account or...?
 
i'm thinking that if the sb company gave him any funds they would be in breach of money laundering rules. that's why they want proof of payment, which your friend can't provide due to it the original payment being fraudulent. i'm probably wrong though.

maybe if he'd approached it differently. like registering a new card, depositing a small amount, taking a few small trades, then withdrawing the lot. perhaps?

of course now the cat's out the bag, they'll have an inkling something is amiss due to the failure to provide proof of the original funding, I doubt that will now work.

anyway it was all ill gotten gains in the first place, karma and all that ;)
 
noirhim said:
This maybe getting lost in translation but ill say exactly what he told me and you guys can give me your input to see if he can get it back:

He used fraudulent payments to credit his SB account with funds

Spent a stint inside due to the SB company going to the police etc

Came out of stint and decided to log into his SB account (out of curiosity to see if all the monies he credited had been chargedback to the cards)

Originally there was about 7,000 in the SB account, however when he checked there was about 2,000.

(When he credited his SB he placed a few trades which he just left... He can now deduce that that remaining 2,000 is the profit money on the trades he had originally placed)

(The original sums, to his knowledge has been chargebacked to the cards as more than 1 year has gone by since it was 7,000 down to just 2,000)

After seeing there were funds in the account he now wanted to withdraw that 2,000

The SB company is asking for proof of said payments/credits to the SB company before anything further can happen...

Thats basically the concise story

Now is the SB company doing something wrong or is he doing something wrong as more than 1 year has gone by since he did what he did (which would be enough time for the funds to of gone back to the rightful cards... But yet there was just 2,000 sitting there... Thats where he came to the idea that that must have been the profit money from the trades he executed a while back)
Click to expand...

What did he do, use a stolen or scammed credit card or did he hack someones online account and make the payments?

Either way I cant say I've much sympathy.
 
A con artist and he wants to withdraw his winnings ! lol
 
noirhim said:
Now he obviously cannot provide that proof etc so now i want to know if the SB company are obliged to give back all or anything which was in the account or...?
Click to expand...

Like I said - you should consult a lawyer. If you cannot afford a lawyer then go to Citizens Advice Bureau for free advice.
All you will get the T2W guys are opinions not accurate legal advice:whistling
 
I don't know what the precise legal position is, but the moral one is that if this guy actually gets the "profits" made with stolen funds then he should give it to the person whose money was stolen.
Failing that it should be given to a proper charity and I don't mean an ex-prisoners charity!
I'm sure there must be clear law on what happens to profits made from stolen funds.
Let's not be too sympathetic here, the victim is the person whose money was stolen, not the convict.
 
Last edited:
Pretty sure i know who the guy is. But anyway he never actually funded his account with real money. He found a criminal way around the card payment system and credited his account with funds that never actually came from a bank account.

Spread Betting companies must (no matter who you are) return funds from whence they came. If they dont know, or a card that a client has used has expired then they must get evidence of the veracity of the account where they are sending the money.

Try getting your own high street bank to transfer money from your current account to another account that you claim is yours with another bank... they will ask for massive details before doing so.
 
pboyles said:
So the conmen in the spread betting company wont give the conman back his money. Is there no honour among thieves? You'd think they'd bond a bit better, what with a shared background and moral values.
Click to expand...

It takes one to know one.
 
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