Vault Options has deceived me, lied to me and misled me.
I started trading with VO on 21 February 2014. Losses were made and I received a call from the insurance Department, which advised me that they had been given responsibility for my account, to get it into profit and to stop it from suffering loss. His words to me basically were that I did not want to lose money on my account, vault options did not want me to lose money on my account and AIG did not want me to lose money on my account, because they would have to pay money out as part of the insurance arrangements on the account. His recommendation to me was that my account would be passed to the head of Department of the level 2 brokers. This was the top team of brokers in terms of analysis and identification of good trades to place and that they only placed trades that they were 100% certain of winning.
They told me that I had to add more money into my account to secure the insurance money out, but each time I added more to my account, the goal posts moved and I was passed around from pillar to post.
After 6 days, lost trades, little or no insurance money going back into my trading account, the level 2 broker advised me that we would start making small trades in the following couple of days and that I would be able to make a guaranteed withdrawal of $11,000 by 5 March 2014 and then every two weeks after that. He told me that all trades were 100% insured and that I would receive two golden trades per day, with a guaranteed return of 100% on the investment and that all trades were 100% insured.
On 28 February 2014, I paid further funds into my account, in order for the insurance to recover $48,000 in losses. On the same day, I was advised to place 22 trades, of which 9 won and 13 lost.
At this point, another representative of the insurance department came onto the scene, who advised me that he was the head of the insurance Department, and he was taking over personal responsibility for my account. On 1 March 2014, he called me and advised me that if I paid a further sum into my trading account, the insurance would pay out $80,000 into my bank account as soon as possible. He told me that the amount on that day would be reimbursed into my account on Monday, 3 March 2014 and the balance of the $80,000 would be paid into my bank account by the end of that week.
A pattern was developing with the insurance Department, that if I paid money in, they promised to pay money out. That was as far as the pattern got, as no money has ever been received by me into my bank account from vault options or AIG. He assured me that day that he would send me an email, confirming his contact details and what had been discussed/agreed between us. I was becoming wary of empty promises and wanted something in writing from him. He would not do it before I had paid money into my account and indeed, has not even done it since.
My broker told me on 3rd March that he was aware of my conversation with was the head of the insurance Department and that if I more funds into my trading account, the insurance Department would pay out not $80,000, but he could arrange for them to pay out $160,000. The pattern the again was developing of me paying in, on the promise of getting something back, but as usual, nothing ever came back.
No payments have been made into my bank account at all and it has been several weeks since any insurance money was reimbursed into my trading account.
On 3 March 2014, broker's assistant called me with some trades to place. 20 trades were placed, of which 7 won and 13 lost. I lost nearly $40,000.
On 4 March 2014, I telephoned and spoke to the head of the insurance Department to find out where my $10,000 was that had been promised into my account on 3 March and when I would be likely to receive the balance of the $80,000. He said he was "working on it" and confirmed that he had also received a claim of nearly $40,000 from lost trades made the day before, 3 March 2014. He would also process that as a separate claim, as it was not related to the $80,000 claim being processed otherwise.
As a result of constant lies, I had become increasingly frustrated and I telephoned vault options support for advice and assistance. I spoke to someone in the analysis and recoveries team. She told me that the promise of $80,000 by the insurance Department was, to use her word, "bull****" and that I should not deal with anybody from that point on except her or her immediate colleague on her team. I had spoken to that colleague a day or two before then, when she called me to advise me that my account had been allocated to her as it had come up as a red flag on their system as an account not making profits and indeed, an account that was making a loss.
One day early week commencing Monday, 10 March 2014, I received a call from another person, who introduced himself as working in the analysis and recoveries team also and that his manager had allocated my account to him, as my account had come up as a red flag again on their system. He said he had been told to work with me to place trades and bring my account into profit and allow me to make some money. During a conversation the next day, I told them that I needed to withdraw some of the capital out of my account, as I had put all of my money into the trading account and left myself with no money in my bank account. None. She spoke to the accounting department who confirmed that I could withdraw $7700 and when she called me back, she told me to put a withdrawal request through on my account, which should be processed and back into my bank within four days. I was desperately reliant upon my money coming in, but when I asked them on 17 March to update me on the progress of that withdrawal, they said it had been cancelled as there was no capital in my account and only bonus/leverage.
On a number of occasions since, I have attempted to contact my broker to discuss the outstanding issues I have with him. He has, apparently, not been at work, not been available or in a meeting. On the one occasion I did get to speak to him, around 10:30 AM on 17 March 2014, he actually hung up on me when I started to confront him with the facts and my dissatisfaction with him and the service generally received from vault options and the insurance Department.
After having had the phone put down on me, I telephoned in the afternoon, UK time, to try and speak in the analysis and recoveries team. The same chap I had spoken to previously answered the phone and advised that he would be happy to help me with some trades that day. He simply had to ask his manager for permission to help me and place trades and indeed, he called me back about 20 minutes later and we placed five trades, all of which were successful. He promised that he would call me back at 9 AM Eastern Time, 2 PM UK time on 18 March 2014 and would assist me in placing further trades. He anticipated that he would be able to get my account up to $100,000 by the end of the day and that I would be able to place a withdrawal request of $15,000, out of profit in the account. So far, we have made 6 successful trades from 6 placed, but he is off work sick and so no progress has been made for a few days.
I would like to register a formal complaint against the original broker and the 2 people from the insurance department. They have deceived me, lied to me and misled me and have failed to deliver on any of the promises they have made.
When I finally managed to down the head of the insurance department on the phone, he told me that he had been suspended for two weeks, as a result of telling me that he was arranging an $80,000 payment out into my bank account, when in fact no such thing could happen. Interestingly, that conversation took place on 10 March, only 6 days after I had spoken with him. Again, he was clearly lying to me, as he was at work six calendar days after our last conversation and certainly within a two-week period of his "suspension".
I was given a number of assurances before I began trading. The principal one I relied upon was that my money was fully insured and fully guaranteed and that it would be available to me to withdraw at any time. Having relied upon the advice of my broker, large losses were made on my trading account and whilst I am not aware of the full extent of the losses, he calculated them at nearly $50,000 at one point. I do know that definitively and even though there is a balance in my trading account of more than the amount I paid in, I have not been able to access my money and get some of it back out, in order for me to live and survive. This is directly contrary to what I was told. I would not have pursued this point further, had the insurance money been paid into my bank account, but this was never done and most likely, never will be.
My position is this. I want to withdraw my capital, each and every penny of it, out of my account forthwith. I may elect to place some more money into the account to continue working with and trading with my new advisor. Thus far, he appears to be the only person not feeding me a line of bull**** and based on his trading performance with me on 17 March 2014, I am minded to continue working with him.
I made this decision and financial investment on the basis that I would be able to earn an income. I have told each of the people I have spoken to about my trading account that my objective was to earn Â£5000 per month. Anything above that would be a bonus and based on the fact that my capital was always safe and accessible to me, I had no risk associated with working with vault options. Based on this misrepresentation and deceit, my attitude has changed and unless all of my capital is returned to me, into my bank account within the next 7 days, I will be seeing my lawyer and instructing him to sue vault options, the broker and the head of the insurance department personally for the recovery of all of my money, based on misrepresentation lies and deceit on the part of , the broker and the head of the insurance department in particular.
I am a litigation lawyer and I'm not afraid to seek recourse through the courts. This can of course be avoided by somebody within vault options actually taking responsibility and dealing with this complaint properly and promptly. Otherwise, litigation is highly likely to follow and I will not limit my lawyer simply to recovery of the capital, but any other compensatory elements he considers I may be entitled to, including overdraft fees on my bank account as a result of not having capital in there any more, which would not have been incurred, have I been able to withdraw the capital as I had been promised I would be able to do at any time.
I hope that this is clear to Vault Options. I have set all of this information out to them in a formal email of complaint, which has not even been acknowledged. I think they should be in no doubt as to my dissatisfaction, unhappiness and intentions to bring this whole sorry business to a speedy conclusion. I have strongly urged somebody in a management position to review my complaint and to approach me with a proposed solution as soon as possible; otherwise the consequences are clearly spelt out. As usual and as expected really, they are acting as an ostrich and have stuck their head in the sand, in the hope I will go away. I won't though..........