Complaint / review text:
In March 2012 I received an offer on the Internet with a video explaning how you could make $10,000 per month working less than 1-2 hours a day. VIP Binary Options was listed as one of the companies with contact information. When I went to their site it looked very ligitimate with stocks, commodities, forex pairs, and indices that could be traded from $10.00 to $3,000 with a payback of 171% or a loss of 96%. Options could be puts or calls and time could be 60 seconds to several hours or 15 minute units. A representative came on line and said if I would invest a minimum of $1,000 they would match it with $1,000 dollars. Than once a week a week Adam Rivera would call and provide trades to invest in and tell me when they were going up or down. The first few trades were winning aout 80% of the time. I was encouraged to become a gold member with $5,000 invested and they would match with $5,000 dollars.
I asked Adam who's money were we investing on the trades? He told me that we would company money first until I learned the system and my money would be safe. This was a lie.
By June I had invested $5.000 with a $5,000 match. Recommendations had dropped to less than 50% accuracy So in June I was encouaged to make a secured trade up to $3.000 on one trade and would win either way the stock went. A manager later called and verified that as a Gold member I could make such a trade and even if I lost I could draw the $3,000 back to pay my credit card. So I made the trade and lost and than was told that the trade was not secured and I lost my money. After several calls I was contacted by a different representative who said Adam had been fired and he was taking over my account. He had the $3,000 added to my account. He had me make 4 trades and only 1 made money. When I tried to withdraw funds to pay down my credit cards each withdrawl was denied. When I complained I was told that my money had to be invested 80 times before it could be withdrawn.
I have made over 150 trades and still can not withdraw any of my money. I have a balance of over $9,650. When I quit trading for a while and now the site no longer comes up and e-mail does not work.
I was called in January by Adam Rivera and I asked him where he was calling from and he said the UK. There is now a BinaryVIP.com working out of England which I suspect is the same company with some of the same players but can not verify this.
A class action suit should be brought against companies like this. I have made a report to the SEC and FBI with no success.
Criss Lilburn, Ga