Vault Options
Complaint 298363 Details

  • Date Occurred: 01/06/2014
  • Reported Damages: $1,000.00
  • Location: Vault Options, AIG Building New York, New York

The complaint is against an online dating profile

The complaint is a listing fraud posted on public forums or sites against an anonymous entity

The complaint is mobile text spam or smishing related against an anonymous entity

The company or person contact no longer exists

International boundaries

VAULT OPTIONS IS NOTHING MORE THAN A CRIMINAL BOILER ROOM DESIGNED TO DEFRAUD CONSUMERS
Vault Options Binary Broker


I opened an account with Vault Options and put $2000.00 in my account. I was taking a class online to use a system that I wanted to use for my own trading. And so I was not looking for a broker to trade or recommend trades to me. I wanted to learn to trade Binary Options for myself. I opened my account because both Binary Bank Roll, and IntelliTraders listed them as a recommended broker. Binary Bank Roll and IntelliTraders are Binary trading services that offer trading signals and automated trading services to clients who open accounts at the brokers they recommend. Vault Options is on their lists for brokers they recommend. You can find their web pages here:

http://www.intellitraders.com/brokers/binary-options

http://www.binarybankroll.com/members#.UsxOo5Z73kd

As of the writing of this complaint both web pages still list Vault Options as a recommended broker.

Two days after I opened my account a broker from Vault Options called me and said she was my assigned broker. She asked if I wanted to make some money? I said well of course. She said you need to take some trades. She ask me if I was at my computer. I was, and so she gave me several trades. At first she gave me a $200.00 trade which was 10% of my capital. Then the next trade was $400.00. Then a $500.00. Then a $600.00 trade. I was very nervous as I told her this was violating all of the rules for trading and I did not feel comfortable with this kind of trading. Then she said this to me. "Don't worry we have a program that insures your account for the original deposit and so your money is insured." I asked her if this was a bonus and she said "no" this is a separate program from our normal bonus program. We did three sets of trades in about three hours and at the end of the night she had lost $1300.00 of my original $2000.00 balance. Then she said to me "Don't worry I will get my manager and he will talk to you about getting your money back to you.

So next this guy named Andrew Fox comes on the phone and He adds the money back to my account and magically, my original $2000.00 is back in the account. So then Andrew says to me “do you really want to make some money? I can show you how to make a guaranteed profit every time you trade He said.”. He wanted me to put another $5000.00 in my account as he said I needed more capital to trade these butterfly trades as he called them. He told me that they get insurance from a company for the capital in your account. And so when you do these butterfly trades as an example, say for $500.00 each you can have both trades make money or you can have only one of the trades make money. If the one trade loses you get insurance on the losing trade, which means you make a guaranteed profit of 72% If both trades win you don't need to draw from your insurance and you make 142% on your money. They keep redepositing the money so that you can get the money re insured so that you can draw from your insurance when you have a losing trade. I was starting to feel uneasy about what I was hearing. I told Andrew Fox at the end of the night that I was not feeling right about this and I needed to think about it over night.

The next morning I was thinking about all that had happened the day before, and I felt like something was not right. So I went to my computer and did searches on Vault Options and customer complaints and I started finding people who were posting complaints and problems with Vault Options. The first thing that hit me in the face was a complaint where the man described the same experience I had had but then he said "What they don't tell you is that when they trick you into accepting the insurance they tie your capital up for sixty days."

They don't tell you this up front. Before you know it they have your capital and you can't get it. So I called Vault and asked them if by accepting the insurance that I had restricted my capital. I was told that yes my capital was restricted for 60 days on the amount that had been replaced up to the $2000.00 deposit I had made. I was very angry and I told Andrew Fox that I was very angry that I had been lied to. The broker who had called me to do some trades had told me that this was not a bonus and that I was incurring no restrictions. Now all of a sudden they had locked up my capital What is interesting about the day before is that the broker who did these large trades was upset that I did not want to do a final $700.00 trade which was the remaining balance left after she had lost my $1300.00. I now realize that they wanted to have me use all the insurance so that all my capital could be restricted. I could tell that they were very unhappy that I had not used up all my insurance.

One comment on Andrew Fox. He is the kind of person after you deal with him that you feel like going and taking a bath. He is your typical New York fast talking con man who will not let you talk. He is obnoxious, rude, inconsiderate, unprofessional, and self consciously criminal in his premeditation’s. Once I was exposed to his willingness to openly commit fraud and then brush it off like I was to blame it became clear to me that I was dealing with some very sophisticated criminally minded people. When I ask to speak to someone above him Andrew Fox told me that he was the head boss and it was very difficult to talk to anyone above him. After I realized I was wasting my time I ended the conversation.

At this point I was very angry and I immediately put in a withdrawal notice to take out the capital that was not restricted and I wanted nothing more to do with Vault Options. At that point I was wondering if they would even send me that money. As it turns out I had a total balance of $2600.00 because of some additional trades I had done. I took $1.400.00 out which left $1300 of my capital restricted.

This is where the story gets very strange. After I took the unrestricted capital out of the account the original broker who had done all the large trades calls me up and is angry at me for putting an order in to with draw my funds. I told her I was not comfortable with the way they did things and I did not like Andrew Fox and would not do business with Vault. This woman kept calling me for the next week trying to get me to put my money back in the account. She wanted me to put even more money in and told me we could really make some money doing High Low Options. I finally told her not to call me any longer.

I also got several other calls from different brokers at Vault. I terminated the phone conversations on several occasions as it was the same mode and method. By this time I was afraid of them. I did have a very long conversation with a man at Vault and I told him I did not like their trading platform. The Options expiration box on their trading platform is a bright yellow color and the text is white so that you cannot see clearly the options expiration when you select your preference. If you select the options expiration but then change anything on your order like the dollar amount the expiration will revert back to the closest expiration time and you have to remember to reset it. It is easy to forget this and you can make a mistake on orders very easily by design. Also the scrolling on the web page is very difficult. Often the web page is slow and unresponsive which is common on many Binary Brokers. Can you imagine if Meta Trader 4 was this slow and it make you log in all the time to do trades? Do you think that professional traders would put up with this kind of sloppy programing? I told the broker that in my opinion Vault had done several things to their platform that make if very easy for traders to make mistakes at several levels. When you make a mistake you lose money.

Vault Options has an army of brokers who constantly try to get you to put more money in your account. I could not believe they would have the gal to suggest that I put more money with them after what they did to me. These people fit into a pathological profile of the population who have no morals sense of good or bad. They just seem to be completely oblivious to what they are doing. If you get angry at them and accuse them of anything they laugh and demand an apology or they will hang up. I had two brokers hang up on me when I tried to tell them my story.

This whole experience is unexpected because people have certain expectations from broker services. If you have had an Ameritrade account or any account with brokers you expect to be treated with respect and you expect your wishes to be honored and you have an expectation of high standards, and service. I have had five other Binary broker accounts. While I was not happy with some things at other brokers, nothing compares to the level of dishonesty I have seen at Vault Options.

Now in concluding I will add this final experience to this story. Yesterday which was the 6th of January 2014, I went on to my Vault Options account after I had done an end of day expiration trade on the EURUSD. I had made money on the trade. When I looked at my total balance I was missing a thousand dollars in my balance. I was stunned to seen my balance at only $89.00. I called Vault Options and I was told that because I had removed the $1400.00 on the withdrawal request that my insurance was invalidated and they had removed the money from my account. I was so angry that I just stood in unbelief for a moment . I then told the man on the phone that this is just in your face fraud. When I said this he demanded an apology or he would hang up. When I did not apologize for my statement he hung the phone up on me. I called back and another broker answered the phone. I told him my story of how all my money had been taken and he told me that my accusations were offensive and he would have to end the conversation. He also terminated the call.

This fraud report is part of a larger effort to inform the public of this boiler room of fraud at the AIG building in New York City where Vault Options is located. I have repeatedly notified IntelliTraders and Binary Bank Roll of my ongoing problems with Vault Options. To date they are still listed as a recommended broker on the pages I posted above. I can only conclude that either they just don't care about who they associate with, or they are in collusion with this broker to defraud people. If you give people notice of crimes and fraudulent activity and they keep endorsing it then they are not just negligent. They are intentionally negligent which is much more serious. I am posting this on every blog and scam page I can find. It is my hope that in doing this it is evidence that both IntelliTraders and Binary Bank Roll are willfully in bed with these people. Hopefully this report of criminal and unethical activity can be used in future cases for evidence of that willful negligence.

I am also putting Intellitraders and Binary Bank Roll under constructive notice that they have been made aware of fraud on the part of Vault Options and to continue to list them as a recommended broker is from this point on willful on their part. If you continue to list them you become an accomplice and open yourself up to larger civil lawsuits. I am very angry about your referring me to these people. There is no excuse for having them listed as a recommended broker on your web pages.

I will also be sending a report of my experience to all fifty Attorney Generals of the fifty states so that they are made aware that citizens of those states may be exposed to the criminal activity of Vault Options.

Sincerely Yours

Randy Lee Churchill
Vault Options: http://www.vaultoptions.com/home

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Business Profile Summary

  • Vault Options logo

Company Statistics

  • Complaint Against Vault Options
  • Complaints Filed: 21
  • Reported Damages: $2,727,341.50
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SBID is a unique id code that identifies the user's computer and location. SBID is used to prevent fraudulent postings and help our community find users who create duplicate user accounts.