Regarding BeeOptions vs Spencer (Resolved)

lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
edited August 2015 in Brokers
I have recently been asked by Spencer to advise him on his situation with BeeOptions. Many of you have emailed and PMed me as to what is happening with this case. Here is what I know and what I think both parties need to do to mediate this unfortunate situation. I have not rallied in Spencer's favor in this because I think he is at fault as much as Bee is, sad to say. I can't hold Bee as a wrong doer in this case. Their handling on the other had is unprofessional at this point and should be remedied as quickly as possible and I hope they wish to do so as this is a reflection on them that can tarnish their so far fairly good reputation in the industry.

Facts as they have been presented to me -

1) Spencer broke the Early Cancelation Clause in BeeOptions Terms and Conditions which everybody should read before opening an account with any broker by the way! Its RETARDED not to do this before hand. *Smacks self in head...

2) He was aided by his BeeOptions account manager in this breaking of their terms and conditions, which makes this a convoluted mess. I would like to know how is BeeOptions handling this individual with his actions that have hurt both Bee and Spencer, this should be known by the whole community and serve as a *WARNING* to those who might wish to violate inside or out a brokers terms and conditions...

3) Spencer has now been stuck in their 90 day investigation window to which Bee has said they will return $1k a week of his deposited funds until the investigation has been concluded.

Ok so taking in all the emails/conversations and looking at this backwards and forwards. Its an easy read for me as to what is most fair for both parties.

Lotz Final Solution - *Return his deposited funds in full in under 30 days. It does not take you 3 months to figure this out, you are making an example of him and if you wish to do so then you should also make an example of your employee who helped perpetrated this situation. If you do not wish to do that, fine then return his funds in full of the $54k in one lump sum not $1k a week BS that would take over a year. That is simply not acceptable, though you would make a great banker!

The other solution I see is for Spencer to take the 90 day window gamble and see if they allow you to keep any of the profits, which I would hold as highly unlikely... If I was a broker and you burned me that fast using the 3 sec window trying to catch turns on 30 sec options like you did. I would forfeit all of your profits and be right in doing so as they grew exponentially your balance in total as time went on.

All that being said I am told from more then a few that the owner of BeeOptions is a nice guy. I want to believe that and will take it as face value that he is indeed. So if you could please quickly and professionally rectify the situation by giving it more attention in under 30 days that would be greatly appreciated and would serve to hold Bee in a more customer friendly light. I think Spencer is a dolt not a fraudster in all of this. Hopefully some good lessons will be learned by others!
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Comments

  • tmoneytmoney Posts: 3
    edited February 2014
    Beeoptions, I think the best thing to do is to refund Spencer , let him have his deposit 1st , then you guys can sort him out on his profit, your dignity and image is at stake here, I respect Beeoptions alot till now, the young man has the funds to his account, any other fault should be yours not his, pls sort this out and let your name b in my good book
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited February 2014
    I agree tmoney. I want to see this resolved in a nice way as quickly as possible, any corporate games I would find insulting, to which this might cause me to bring out my FANGS.
  • firepipzfirepipz Posts: 5
    edited February 2014
    U say the word BOSS!!! and will close my account<>business with the BEE.... I have them because they have been a good broker before so i recommend to friends.... I tell friends do the same if they treat mr.spencer BAD!!!! Closed account with Markets World last time when they drop payout under 70 Percent like you said and they now increase payout back above 70 Percent so i reopen account withthem.... Thank U for keeping these guys honest for us traders LOB!!!!!!!!!!!
  • Abe55Abe55 Posts: 1
    Beeoption, I don't see this situation any different way than the way Lotz put it. 3 months to resolve this problem is absurd, ludicrous, irrational.......when ur employees are also in the wrong. It seems to me like u guys are clearly just making an example of him which makes depositing funds with u guys seem like a big no no. I hope u guys fix this issue in a fair way. I prefer not to see Lotz fangs.
  • tmoneytmoney Posts: 3
    Every good broker should have their customers on their 1st priority list, else you know what they are, Bee Started well, if they do nothing to spencer's definitely you would agree with me that they are only interested with our deposit, I would say it again, if beeoption refuses to answer or respond , it shows that their customer support/customer's welfare is 0%, they have been on my no 3 best broker's list, but i guess I need to review all my post on "Brokers and customers"
  • RaydioRaydio Posts: 1
    edited February 2014
    I have to agree with the general consensus here. Making Spencer go trough their 90 day investigation is absurd especially when a Bee account manager ALLOWED in these terms being broken. So, from a legal standpoint I believe that BEEE has a little more responsibility in this matter. Spencer should not only get the FULL refund of his account in a timely manner, within a week, but should also get ALL of the profits me made. This leads me to my next question has Spencer sought any legal advice or action yet? I would find it hard to believe that a savvy attorney wouldn't want to jump all over this. After all, it seems almost textbook. However, hopefully Lotz' concern and influence in all of this will wake BEE up a bit and lead them to do the right thing.
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited February 2014
    One of the things on binaryoptions.net that we should have in the future is a very clear page that I will help design that lists exact instances and a REVIEW of broker issues. I was thinking the heading of *** BLACKLISTED|AVOID *** as a ratings page, because the one that we currently have is kinda blah & not very specific, but if you add video and an article format to explain issues as well as a general recommendation as to AVOID a broker. I think that would make an impact to which a broker who wishes to keep a good rep and not have business straight up telling them to AVOID using a certain broker for customer unfriendly antics - either with withdrawals price manipulation the list goes on. I will be working on revamping that for the site, would hate to have to add any names there *HINT *HINT
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited February 2014
    To the email I received honestly - If BeeOptions wishes to act like this there is nothing you can do. They will hold to the 90 days with spencer and ignore everybody in the process because they honestly don't seem to care about customers, including draconian verification process and $1k weekly withdrawal limits they have imposed on everybody. All of this tells me they might be having more then a few issues internally. Recently a few peoples withdrawals are in limbo taking over a month with much back and forth from BEE account reps, yet no pay, that is just not acceptable. Add this with the way they are treating Spencer, then they are now a broker I would AVOID all together. Shame on you BeeOptions! "We are watching the withdrawal issues you are having with some customers as well..."
  • MetroeditMetroedit Posts: 1
    New to this forum.I have an interest in this Bee Option debacle as I'm currently undertaking a legal challenge toward this firm who let's face it should be called SpankYouOptions!
    I happen to work full time within a Uk Publication and have an account with this gang BO!
    I have a ninety day locked account - Reason for this - Cancellation facility abuse!
    Should be ready to serve by the end of the week.
    Then I can reveal
    AllthebestMetroMan
  • Dear Lotzofbotz and other binaryoptions.net forum users,

    First of all, I regret to see that this issue has become such a prominent one in the Binary Options community. The fact of the matter is simple. There are terms and conditions governing the use of our site. We are not a licensed Binary Options company but are very interested in pursuing regulation when it is made available. We don't believe that CYSEC fully covers the use of Binary Options, which is why we've avoided it up until now. We treat our customers fairly and operate within every legal parameter to ensure that our business is a clean one. We don't want our company regulated by a body that changes its policies regularly, and also is an arm of a banking industry that was just bankrupted by its own government. We believe it's irrelevant to pursue any other regulation other than that in Belize, which would regulate the company in accordance with a mandate to provide "financial advice", but would do nothing to regulate the trading mechanisms on the site. We are therefore not in any hurry to become licensed until clear regulations are issued in a country with a respectable banking system.

    Until the point where we are fully regulated and licensed we can only rely on a fair set of terms and conditions based on consultation with our provider SpotOption, and that follow best practices established throughout the industry. Yes there are bad Binary Option companies out there, but we are not one of them. When traders abuse our terms and conditions then we will act in our company's best interest to resolve the issue. If there is a clear violation of our terms then there will be a clear response. Both traders who have been suspended as a result of Cancellation Abuse, including where one trader is being investigated for using an unauthorized autotrading mechanism, and the other for potential fraud after repeated suspicious logins throughout the world with multiple IPs. The one trader had received $19,000.00 in withdrawals, with the largest single withdrawal being $8,000.00. The other trader already received his deposit back, on top of 1,000.00 Pounds in profit before our company was able to uncover what he was doing. I expect that the individual is the same who is currently undertaking a legal challenge against our firm, even though he admits to Cancellation Abuse and having had other individuals trading on his account.

    Regarding banking issues, our company faces particular requirements with processors and banks in order to clear out withdrawals to our traders. From time to time, we are only able to release a certain amount of funds, but that is far in the minority and there are plenty of traders who can attest to that, including the two who are complaining so vociferously against us now. We operate in a difficult environment where we must protect ourselves against malicious attempts to manipulate our site for profit. As I've mentioned above, I'll be the first to admit that there are bad companies out there, but the fact remains that there are also traders who operate without scruples as well. Our terms and conditions are clear. We will continue to provide a fair and profitable platform for our traders. Many apologies for the late response.

    Sincerely,


    Jonathan
    MD beeoptions
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited February 2014
    You do understand how SPOT OPTION 2 works right? This never had to be an issue in the first place if you instituted straight through processing instead of the 2 step approval process with the 3 second window, which is why we are where we are at... So simply tell me why you don't have "STRAIGHT THROUGH PROCESSING" so you don't have to deal with such? Now after pointing it out so clearly more n00bs then ever will try to do what spencer did simply because stupid is as stupid does. I do not agree with what spencer did but this never had to happen in the first place if common sense was used at BeeOptions.

    "As far as CYSEC goes who cares, the brokers will not want to be under their regulation any more simply because they are now banning the BONUS structures that all of you have in place, and honestly all these little countries most of which are island nations regulatory authorities are a complete joke. You only have your reputation to work with and that is why brokers defend them so, which is fair enough imo. "
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited February 2014
    This says it all on imo, you don't need to have the 3 second early cancel feature you can have 1 click trading instead so no need for it in your TOS. As well CYSEC is a joke as are all of these island nations tax heaven/low cost of doing business corporate slum holes, where statistically women are more likely to be left by their husbands for farm animals. This Video explains it all --->

  • lannerlanner Posts: 1
    nice vid LOB , i just want to point out that the $19,000 in withdraws were mostly down to profits made via signalpush ! before the provider started blowing up which is why wanted to start trading the account myself .
    Yeah maybe i was at some fault but i cannot stress enough how 2 senior acc execs were behind me 100 % , and that they assured me that BEE was the best firm in the business for customer treatment . If they had told me that i was doing wrong i would have stopped using the cancel feature in such a way . If they had asked me to read the terms and conds , it would have been obvious to me .Being an executive account member i should have had dialogue with these guys so they are at fault for negligence is my point here . But seeing as BEE has wiped me from veiwing my account how can i check anything . Sorry for going over old ground but its so frustrating and annoying !
    And i did not use an automated system after SP.

    The current status of this case is that i have supposedly been refunded 2k last week to a cc , which will not show for another couple of days , and then 1k a week till the 90 day "investigation " has been completed . Then i will be refunded for the balance whatever they deem that to be !!
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited February 2014
    Well we will watch and see but again watch the video, do you think you would have had this problem if you used just 10-20% of your capital and did weekly to monthly withdrawals? I mean yes your account manager "BEN10" who is likely paid on your volume aided you in the abuse of the "3 sec cancel" which technology wise they don't even need to have, its like a land mine for n00bs who don't read the "TOS" which honestly you should have beforehand so you are both WRONG! One idiot over another idiot don't make anybody smarD! You get my point... That being said if they are going to put you in this 90 day window, fine then you need to ask them for a "STATEMENT" of your trading history. You have money Spencer lol, get a lawyer as backup. Next time do things the RIGHT way, there are no excuses in my book all of this is common sense.

    "You can not control what idiots do, but you don't have to be one either!"
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited February 2014
    So in short BeeOptions by a lack of response, seems and is using the "Early cancel feature" willfully against their customers with malicious intent...
  • I don't normally comment on things like this but I have to speak out. You would expect that a proper regulator would shut them down over this... not so sure about Cyprus unfortunately.... it has to be that the bonus system is fair. In this case it really isn't. I mean the company comes in here and says they are surprised this would be an issue for the trading community... there days have got to be numbered if they think they can make crazy T&Cs and then hide behind them. I agree with Lotz to read the T&Cs but these terms are totally unfair, ... Just because they make a term that they can cheat you, doesn't make it fair, or even legal? Simple choices have to be made from what I see, trade with Cyprus or unregulated business at your own risk, or look for properly regulated businesses who don’t rely on terms and conditions when they don't get there own way. I just hope dodgy operators and platforms that tilt the table towards them unfairly get run outta town!
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited February 2014
    Yes but I don't wish to be unfair to BeeOptions overall they have been a more fair broker but this "Early Cancel Feature" is not acceptable behavior along with the 1k a week withdrawal limits and the T&C of this -->

    "If beeoptions may be harmed by any fiscal or pecuniary damage due to anyone’s activities;"


    Which in short means if you cost them too much money lol. 90% or greater of traders lose, when you start going after the profitable traders well you don't deserve to have any business at all. Its absolute PURE GREED and hurts the whole legitimacy of the binary options trading business for EVERYBODY! That unfortunately is what they don't get because they are too busy playing with their calculators.
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited February 2014
    Whats funny is the views are expanding kinda almost viral at least for a binary options video lol. It has to be caused by either -
    1) The Cyprus tourism board is using as a promotional video...
    2) The wives who have been cheated on with farm animals by their husbands in these small island nations are using it as evidence in court... Either way, wooo hooo!
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    *Waits for April 22nd for Spencer.. I can tell you ahead of time that they have already decided and here is the outcome - They will just give you back your deposit no profits. The whole 3 month thing is just BULLSH*T and zip happens to the monkey that allowed it aka Truman because they have 0% integrity...
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    TICK TOCK...TICK TOCK... The clock is ticking for BEEOPTIONS to pay Spencer. So far the missed his payment for last week. Any games are played with him I will start a negative advertising campaigne including videos of Beeoptions that will have a predefined effect of considerable negative magnitude. The same psychological techniques marketers use to get customers I have figured through testing how to invert...
  • gaffggaffg Posts: 1
    1k withdrawal limit per week is a big warning sign that this place might not have the financial backing to pay out. My 2 cents
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited April 2014
    Yeah hearing alot about those 1k limits from others, then again most of these bin firms are small time. Major reason I stick to trading spot/futs with SIPC/FDIC regulated firms in the U.S. These Israel based gambling firms are not worth the risk for any large sized accounts, which is too bad really, because bins are great fun and can be very profitable! These firms are from the gaming side and really do not understand the idea that in trading there are consistent winners lol. Markets World still has all these other firms beat = good for their business but bad for the israel based firms. You don't pay people and word gets out *shrug you run a bad business you get what you deserve. You really want to be known as being no better then Nigerian phone scammers? That is what is happening lol. Putz shmuckz yutz, many colorful words you might understand is what people will show you as in the history books...
  • greenbeansgreenbeans Posts: 1
    Im guessing they're delaying in order to avoid the chargeback.
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    whatever clock is ticking the 22nd is fast approaching should be very interesting, gets popcorn ready...
  • comic_book_guycomic_book_guy Posts: 5
    Does anyone know if Spencer has been paid yet?!
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    We are all waiting to see ---> 8 Days and counting <--- Major Tom to ground control...
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited April 2014
    I want a full update as to how Beeoptions will handle paying back Spencer. So far they have at least worked with Spencer in good faith so I give them the benefit of the doubt. The 19k that does not show as being deposited back to his account worries me. His bank statements will show the in and outs. Accounting is simple, its + and -. Whoever did this spreadsheet for spencer seriously its a bit insulting, you guys really need to be more professional in the future.
    Beeoptions Payback.png
    432 x 163 - 26K
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited May 2014
    He should be paid back fully by the end of the month will keep on top of this, but so far they are paying him back in installments from April to the end of May... They have found he did not violate over 8k of profits yet did not compute him redepositing 19k so we will see how the final tally ends up because accounting beyond the retarded spread sheet that an elementary kid can do is very simple.. + and - of total sums which show up in bank transactions very clearly if you ever look at statements... More people should be forced to wear helmets in this world me thinks... I give Bee options the benefit of the doubt for now because they are acting in good faith, even if their accounting department seems to be run by a 5th Grader...
  • grizbaregrizbare Posts: 6
    Any update on this?
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    Last I heard he was finally paid back in full after an extended period of time...
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