Vincy Options SA - Gold Options Scam

[Topgunint]

Hi there, I am only a newbie, so be gentle.
I think I have been scammed by a company called Vincy Options SA.
They cold called me and even though I told them I wasn't interested, they kept calling back.
They had all my and my wifes phone numbers, knew all my kids names and sounded like a well informed company.
I have absolutely no previous experience in shares or anything and have tried to verify if this company is legit or not.
I did invest $5000 USD with them and the trading bank is called GMEX, which doesn't have a secure website when checking my account.
This guy, Collin Gordon, who is supposed to be the "big cheese", called me after I made the first investment and told me that he would get an extra $35000 USD in gold options at a better deal than I had on the first investment.
I told him that I couldn't afford them, but he said that I should be able to raise the loan, as he had all my information about what I owned etc.
He said that he would purchase these options at the price he could get them and that he would hold them for 4-6 days til I raised the money.
I got suspicious and told them to sell all my options, but he said that he couldn't sell the ones that I haven't paid for, even though they are at a much higher price than when they were bought.
Now I think that it is a scam, as I can't verify either Vincy Options, or GMEX as valid companies.
They have all their own websites and even their own banking website.
They have even set up news websites to make it look as if they are legit.
I feel pretty stupid, so you don't have to remind me.....
But if there is any way to find out if they are real, should I continue to raise the money, or just kiss my 5 grand good bye.
They are on the scammers list on FIDO from ASIC, but I found that out to late.
When I confronted him about this, he just brushed it aside and continued on with his spiel.
Any help or advice would be appreciated,
Cheers.
:dunno:

 

[builder2818]

They are on the scammers list on FIDO from ASIC, but I found that out to late.
When I confronted him about this, he just brushed it aside and continued on with his spiel.
Any help or advice would be appreciated

You hit the nail on the head right there - goodbye $5k

 

[Topgunint]

Mmmmmmmmmmmmmm....... that's not what I wanted to hear.

 

[barney]

I did invest $5000 USD with them and the trading bank is called GMEX, which doesn't have a secure website when checking my account.
:

Also been hassled by this mob 3 times in the last week . They are persistent if nothing else.

Pure hard and fast talking salesmen who are well versed in their spiel.

I cant see how you have any liability to buy the next swag of options unless you signed something, or there is a physical trade running on your account?

If you are fortunate enough for Gold to reverse back upwards, and your original option trade gets back in the money, you should be able to close that trade on your own account ...... getting the money back out of them may present its own problems, but you might get lucky.

They are a bit dodgy at best .... I ended telling them their recommendations were basically irresponsible given the price action on Gold ..... That put a different tone into the conversation and I don't expect to be hearing from them again too soon.

Hope you can salvage something from it, but it might end up being a 5K lesson (that is actually not an expensive lesson compared to a couple I've had
I certainly wouldn't be depositing any more funds in your account though

Good luck with it.

 

[Topgunint]

Thanks Barney, I guess $5K isn't that much from a rise and fall point of view, but this was my first and only investment, (and probably my last!)
They do this order verification request, type of thing, and record it.
They ask you if you want to buy them, if you understand the risks etc and the last question is, can you fund the order.
I said on the recording, "I don't think I can but I will try."
I was under the understanding that if I couldn't raise the money, they would release them back on the market.
So what would be my legal obligation, in your estimation, in that case.
Also, if the options are worth more than what they were when he put in the order, couldn't he just sell them, whether in my name or not?
I admit, I have no understanding of this stuff, (better stick to my building trade I think.)
I think that, even though the first $5000 in options is up, he will use the excuse that there isn't enough money to cover the second lot, so the bank will keep any profit and hold me legally responsible to pay back the money on the second order. (Even though I didn't really want it.)
Makes me wonder how many other Aussies are in my position, these guys must be making millions out of us dills that know nothing about this trade, but succumb to the polished spiel they use.
I went to the police, but they see it as low priority, if some-one robbed a shop etc for $5K, it would probably hold a bigger interest for them.
Thes guys would be cleaning out millions from Australians, but it doesn't seem to make any difference.
Some-one should make a stop to it before peoples life savings are ripped off.
Obviously you know a bit about what they are talking about, and I'm glad you didn't get caught, I just hope that there is some-one out there that can catch these guys before they ruin to many other peoples lives.

 

[barney]

Thanks Barney, I guess $5K isn't that much from a rise and fall point of view, but this was my first and only investment, (and probably my last!)
They do this order verification request, type of thing, and record it.
They ask you if you want to buy them, if you understand the risks etc and the last question is, can you fund the order.
I said on the recording, "I don't think I can but I will try."
I was under the understanding that if I couldn't raise the money, they would release them back on the market.
So what would be my legal obligation, in your estimation, in that case.
Also, if the options are worth more than what they were when he put in the order, couldn't he just sell them, whether in my name or not?
I admit, I have no understanding of this stuff, (better stick to my building trade I think.)
I think that, even though the first $5000 in options is up, he will use the excuse that there isn't enough money to cover the second lot, so the bank will keep any profit and hold me legally responsible to pay back the money on the second order. (Even though I didn't really want it.)
Makes me wonder how many other Aussies are in my position, these guys must be making millions out of us dills that know nothing about this trade, but succumb to the polished spiel they use.
I went to the police, but they see it as low priority, if some-one robbed a shop etc for $5K, it would probably hold a bigger interest for them.
Thes guys would be cleaning out millions from Australians, but it doesn't seem to make any difference.
Some-one should make a stop to it before peoples life savings are ripped off.
Obviously you know a bit about what they are talking about, and I'm glad you didn't get caught, I just hope that there is some-one out there that can catch these guys before they ruin to many other peoples lives.

Topgunint,
Legally, my guess is a recorded verbal contract is most likely binding. If you were dealing with someone reputable, that would be fine, but these guys sound real shonky.

BUT .... If they say they have invested in extra contracts on your behalf, they should be able to show you the Contract note/s.

1) If there are no additional Contracts showing on your account, then they have not filled your orders
2) If they accepted your answer to the last question "I don't think I can, but I'll try" , then legally, that could be your escape clause (again assuming you were dealing with someone fair dinkum, which doesn't appear the case).

3) I would be getting some proper legal advice on this, and fast, because the time frame could be critical to any success. If they haven't physically placed the orders on your account in your name, then there may well be a "cooling off" clause, considering the way you answered their questions.

4) I can't see how they can stop you closing your current position. It is your account, and you are the one who executes the trades. (If you cannot physically close an open trade on your own account, then their whole platform must be a farce ..... that would be a bit scary

These guys are supposedly onselling their Companies open option contracts. I don't even know if this is legal/possible. (Wayne L or Maz might tell us ...... if that is the case, they already own the contracts they have supposedly assigned to your account, so they haven't purchased anything on your behalf until a Contract note etc shows up in your account.

Unfortunate situation for you and I hope you can get something back out of it, but get some legal advice (might be a couple of hundred bucks well spent), and keep on their backs everyday. If they are trying to rip you off, you have every right to make their life as much a misery as possible.

Good luck.

 

[Topgunint]

Hi again Barney, sounds like good advice, I'm not sure if this is a contract note, but it was emailed to me.
Dear Mr. xxxxxxxxxxxxxxxxxx,

You have recently requested a new options trade.
We are pleased to confirm the execution of the following order:

Account #: xxxxxxxxxxxxxxxxxxx
Trade Ref: PC174094
Trade Details: BUY 25x CALL GCZ10 PR:$1,000.00 SP: $25,000.00
Trade Value: 25,000.00 USD
Fees: 0.00 USD
Total Invoiced: 25,000.00 USD

You can directly access this trading details here:


If you have any trouble logging in please tell us here:





We wish you success with your trades.

Sincerely,

GMEX Live Customer Service
Geneva Mercantile Exchange
( I had to remove the links as I only have 3 posts, gotta have 5 or greater to post links or photos on this forum!)

I x'd out my name and account no.
When I go to the website to check out the trading details, it says "The website cannot be found. HTTP 404"
I will send you a copy of the web address, and see if you can access it.
Would a normal solicitor be able to handle this, or should I tryto find some-one that deals in shares.
The guy at ASIC said that I shouldn't send them any more money.
So did the police.
I've got a solicitor living a couple of houses away, I lent him a shovel and a crowbar when he was digging out for his retaining wall.
Might go and see him tomorrow night.
Cheers mate.
Peter.

 

[barney]

You can directly access this trading details here:


If you have any trouble logging in please tell us here:

When I go to the website to check out the trading details, it says "The website cannot be found. HTTP 404"
I've got a solicitor living a couple of houses away, I lent him a shovel and a crowbar when he was digging out for his retaining wall.
Might go and see him tomorrow night.
Cheers mate.
Peter.

Website doesn't open as you say. Definitely talk to your Solicitor neighbour. Will discuss via PM's
Good luck with it.

 

[Newpunter]

Hi Topgunint
I was very interested to read this discussion thread as my partner has recently "invested" with Vincy Options. His experience has been almost exactly as you have described yours - unfortunately, he was more trusting and if this is the scam it appears to be, we will lose close to $60,000.

I'll watch for your posting in this forum after you have spoken to your lawyer neighbour. I suspect there is precious little we can do to recoup our money but I'd really like to be able to do something about stopping these thieves from robbing other Aussies.

 

[tech/a]

Seriously?

There are people who send perfect strangers $5-$60K
Without due diligence prior then do all their research AFTER they smell a rat.

Yet Ill bet your all too smart to fall for the Nigerian letter scam --- ehh!.

Ill say it again.

"If you cant control an investment then don't get involved---regardless of what it is and who it is spruking it!!

Even if its you Brother/Mother/Father/Son/Daughter/Best mate/Bank Manager or Solicitor.

If YOU dont control it DONT DO IT!

 

[barney]

Seriously?

There are people who send perfect strangers $5-$60K
Without due diligence prior then do all their research AFTER they smell a rat.

Yet Ill bet your all too smart to fall for the Nigerian letter scam --- ehh!.

Ill say it again.

"If you cant control an investment then don't get involved---regardless of what it is and who it is spruking it!!

No offence intended Tech but people who have lost a lot of cash probably don't benefit from you "screaming" at them in hindsight either.

The original poster admitted it was his first foray into the trading world, and he was swayed by a smooth talking salesman ..... pretty safe to say we've all been "conned" in one way or another in life ..... and being new to something is the most likely time for that to ocurr.

Perhaps you could start a thread (maybe even a "sticky") highlighting some of the potential pitfalls for new traders to watch out for. That would be a very proactive and helpful thing to do, although maybe too late for the unfortunate posters in this thread .... just a thought.

Cheers.

 

[tech/a]

If my "screaming" implants a Blue fusion into even ones persons brain who sees that sentence run across his sub conscious while hes listening to some spruiker then its been worth the shout.

Placid doesn't cut a $60K error!

 

[Boggo]

No offence intended Tech but people who have lost a lot of cash probably don't benefit from you "screaming" at them in hindsight either.

The original poster admitted it was his first foray into the trading world, and he was swayed by a smooth talking salesman

I reckon I do a lot worse than tech/a, I just shake my head and laugh.

Foray into the trading world and handing over a wad of money are two different things.

I have been removed from a couple of "seminars" for asking questions that were in one case referred to as "too advanced for our seminar participants".
(The CFD presenter said that your money is protected by the stop that you place when entering a trade and you may only lose a few dollars if the trade went wrong, all that I asked was how that was possible when there was was a limit on how close you could set your stop to the entry price)

Some of these 'participants' were giving me dirty looks as I left, I bet they are wishing that they listened now after their 5 or 6k has disappeared.

Sorry guys, if anyone thinks that a foray into the trading world is handing over that sort of money to a spruiker and expecting to suddenly make money then you either know something that professionals don't or you are very naive.

Sympathy on one hand, on the other hand have I got a deal for you, a special just for you and only for today.

 

[Newpunter]

Thanks Boggo - but no thanks!! Once bitten (particularly hard!!) twice and forever after, very shy.

I can understand the lack of sympathy and head shaking - I did all of that myself. I would never have suspected my partner would be so naive. He was though and I do think that is testimony (at least in part) to how well these guys present. Any advice on how to get the word out there to others would be much appreciated.

 

[Boggo]

I would never have suspected my partner would be so naive. He was though and I do think that is testimony (at least in part) to how well these guys present.

These guys are good, they have their patter and technique down to a fine art.
While they encourage participants at functions to ask questions they still take a dim view of any sign of someone asking relevant questions.

I actually saw an an elderly couple at one show and the gentleman asked how he would go as he was almost computer illiterate, the teenage pinstripe parasite's response was "you just sign up and we will hold your hand along the way, we do it all the time".
I bet they do !

If it looks like a duck, waddles like a duck and quacks, its a duck !

 

[mazzatelli]

It's unfortunate, but you have lost your money.

I'd rather believe they haven't invested in anything and just waiting to abuse the money you deposit into your account.

 

[barney]

I reckon I do a lot worse than tech/a, I just shake my head and laugh.

Boggo,
While I understand you shaking your head .... laughing at someone elses misfortune is not really a good look

Surely you have had the misfortune to be "conned" at some point?

Anyway, Newpunter ......

Have you physically tried to log onto your trading platform and close the trades??

 

[Boggo]

Boggo,
While I understand you shaking your head .... laughing at someone elses misfortune is not really a good look

Probably not good wording on my part, I am not really laughing at any individual, more so at the fact that there is one born every day.
I cannot understand though how someone can hand over that amount of money to someone they don't know and is promising them the world.

Its similiar to the crap you see on CH9's car chasing program that they call current affairs, the old "I paid the builder but then he never came back to finish my house" sob story nonsense.

Surely you have had the misfortune to be "conned" at some point?

I have been but usually its dodgy car repair work or a dealer trying to tell me it would cost $890 to get the CV joints done on my wife's car and you won't get it done cheaper while I had a quote in my hand for $420.

Before I fork out $5000 I would want your 18 year old sister as collateral.

 

[builder2818]

What was the process you went through when setting up this account? Did you feel out any legal documentation that explained what you were getting yourself into?

I still don't fully understand the whole situation of what is going on here, but the way I see it is just like tech/a said - if you can't control it, don't get involved in it.

If you can't close these trades yourself or order these scam artists to do so, inform them you're solicitor is starting legal proceedings against them and for them to direct all correspondence through him. If they are scammers like you say they are, who are they going to whinge to if you're not speaking to them anymore?

 

[barney]

Probably not good wording on my part, I am not really laughing at any individual,

Yeah I figured that .... just didn't want the guys who got stung to feel humiliated by their mistake.

Before I fork out $5000 I would want your 18 year old sister as collateral.

Lol ..... I'll give you my 98 year old grandmother and not a penny more??


Getting back to these Vincy guys .... as I said in my original post, these guys rang me three times in one week. The "salesman" knew his economics to perfection ...... Their website looks above board, but the 2010 date at the bottom was a bit of a warning signal. To me they just became very annoying in the end so I had to "politely" tell the guy where to go, but to a "new" trader, I can see how they would get under your guard ......

The whole situation is a sad endictment of modern society where we have to assume everyone we deal with is out to take us down.

I'm still curious as to whether Newpunter has tried to close the open trade, and if so, what happened?