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!