Scammed for £70,000 by IG Index!!

[adz2k11]

Its a simple current account from which CARD payments were made. Yes i did not know the withdrawal limits but regardless of this they would not allow me to withdraw anything on the account.

One year on and off. All payments were made via card.

35k is not a huge amount of money, yes it was wild trades i admit I used my full margin allowance and I got lucky with the trades - i knew this and its why i tried to withdraw the funds! I do still have SB accounts with other providers and have lost a fair sum trading this way but also made a decent amount with no issues withdrawing. Don't why it was so different with IG.

His payment method is a card not faster payments , is it the same ? anyway i agree 25K-35K is within the limit , but not for withdrawals he made a 100K return to card attempt but maybe he didn't know the limits , anyway card payments can be justified , but you cant dismiss the possibility that maybe he had a corporate account/card , and IG discovered this when he made the 100K withdrawal attempt which made them to make double checks in his personal/banking details it is not that hard ...

Payments | Is there a maximum amount I can transfer back to my card?

 

[tar]

UBS trader Kweku Adoboli lost thousands on spread bets prior to arrest - Telegraph

Apparently he lost 120K to IG and made 19K from Cityindex

 

[tar]

Its a simple current account from which payments were made. Yes i did not know the withdrawal limits but regardless of this they would not allow me to withdraw anything on the account.

Anyway , you shouldn't say much here ,maybe you are not professional , you just have an aggressive punting mentality like Kweku Adoboli , anyway while you are waiting for IG's reply you may like to seek legal advice as soon as possible ...

 

[BeginnerJoe]

One year on and off. All payments were made via card.

35k is not a huge amount of money, yes it was wild trades i admit I used my full margin allowance and I got lucky with the trades - i knew this and its why i tried to withdraw the funds! I do still have SB accounts with other providers and have lost a fair sum trading this way but also made a decent amount with no issues withdrawing. Don't why it was so different with IG.

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 ?

 

[neil324]

Legal advice. ASAP.

 

[rsh01]

Thats correct it is stated in their annual results release ....

ah right.

that UBS guy was using wonga to cash in his monthly pay cheques. ha.


ok now we know the OP has other SB accounts, so now the question is why open up an IG account? did your other SB accts not have binary? you knew the others were good for withdrawals so why move?

did you do any similar trades at similar times with the other SBs?

 

[Liquid validity]

Institutional account ?

If so its quite possible that is the reason for them
thinking the account holder is not trading as principal.

 

[adz2k11]

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 ?

Only two other accounts i didnt want to keep more than 50k with one provider

 

[HairyMoose]

Not much comfort adz2k11 but at least you kept your original €35000
IG may have done you a huge favour. But I still hope you get the rest of the money back too !!

The no foal, no fee solicitor route would seem the best way to proceed. But the spread bet providers have so much small print & terms and conditions, they could be hard to beat. But they might run from negative publicity. All the best !

 

[adz2k11]

Not much comfort adz2k11 but at least you kept your original €35000
IG may have done you a huge favour. But I still hope you get the rest of the money back too !!

The no foal, no fee solicitor route would seem the best way to proceed. But the spread bet providers have so much small print & terms and conditions, they could be hard to beat. But they might run from negative publicity. All the best !

Maybe, they were only giving me 30k until i questioned them, if not they would have stolen the other 5k too

 

[gle101]

One year on and off. All payments were made via card.

35k is not a huge amount of money, yes it was wild trades i admit I used my full margin allowance and I got lucky with the trades - i knew this and its why i tried to withdraw the funds! I do still have SB accounts with other providers and have lost a fair sum trading this way but also made a decent amount with no issues withdrawing. Don't why it was so different with IG.

Yes good on you, you might have a lot of cash to spend.
Personally I think it is too much money trading with market makers, and $2000 a point, really, this kind of risk taking in reference to what you had on the account is unheard of, at least to my knowledge. Your other SB accounts can be a help in your case or can let you down if they can prove some kind of co working.

 

[rsh01]

i wonder if they wld compare your trades to similar trades with other SBs....so if someone else (on their own account) was trading similar to you (inc size), wld that be enough to come to the conclusion they did?

or did you have a cold one day when you phoned in one of your trades and you sounded different?

edit: maybe you like to wear darth vader mask & forgot you had it on?

 

[Liquid validity]

Not necessarily. My normal regular joe current account allows 25k daily limit. Other banks offer more. Here is a list of the limits:

UK Payments Administration - Which banks can send Faster Payments and what is my bank's value limit

35k is nothing for a big swinging xxxx.

Faster payments usually means wire transfer.
Either way, these amounts via card is unusual for a standard card account.
35k would normally mean wire, CHAPS or BACS.

 

[adz2k11]

i wonder if they wld compare your trades to similar trades with other SBs....so if someone else (on their own account) was trading similar to you (inc size), wld that be enough to come to the conclusion they did?

or did you have a cold one day when you phoned in one of your trades and you sounded different?

edit: maybe you like to wear darth vader mask & forgot you had it on?

Lol wtf?!

 

[rsh01]

sorry was bad joke.

 

[tar]

Maybe, they were only giving me 30k until i questioned them, if not they would have stolen the other 5k too

You didn't play it right mate , making big gains is not an issue for IG , but the hit and run within days and making big bets for few minutes around the clock then withdrawing 100 K to your card in one day , that's opened their eyes on you and maybe they found something suspicious in your personal/banking details , another thing to put in mind is the "bookie's cookie " i forgot what is called but ladbrokes and different bookies use some cookies to verify and catch fraud activity ... etc , you can check sports forums about this , maybe IG uses something similar and maybe they found something suspicious , i don't know what it is but it could be anything ...

 

[adz2k11]

You didn't play it right mate , making big gains is not an issue for IG , but the hit and run within days and making big bets for few minutes around the clock then withdrawing 100 K to your card in one day , that's opened their eyes on you and maybe they found something suspicious in your personal/banking details , another thing to put in mind is the "bookie's cookie " i forgot what is called but ladbrokes and different bookies use some cookies to verify and catch fraud activity ... etc , you can check sports forums about this , maybe IG uses something similar and maybe they found something suspicious , i don't know what it is but it could be anything ...

Yes I did do it wrong inhindsight I shouldnt have withdrawn the money but naturally I was very excited and wanted the money in my hands asap! If they would atleast tell me what they find suspicious I could defend myself! I provided ID and statement just as they wanted!

 

[tar]

Yes good on you, you might have a lot of cash to spend.
Personally I think it is too much money trading with market makers, and $2000 a point, really, this kind of risk taking in reference to what you had on the account is unheard of, at least to my knowledge. Your other SB accounts can be a help in your case or can let you down if they can prove some kind of co working.

Agree , 2000/point is not that much but for 35K account it is stupid , the dax occasionally drops 100s of points in a short period of time it happens , and this guy would be under the water 250 K pounds easily ....

 

[adz2k11]

Agree , 2000/point is not that much but for 35K account it is stupid , the dax occasionally drops 100s of points in a short period of time it happens , and this guy would be under the water 250 K pounds easily ....

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.

 

[rsh01]

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.