Broker refuses to pay me!

Hi.

When I lose ODL Security never say anything. BUT NOW!!! They don't want to pay out my money that I have earned!!!. (500.000USD)

Any idea what to do? Nothing special is done, just regular trading.

Thanks in advance

go down to their office in person and sort it out.

We can suspect that he is not an american citizen so we cannot go like this down to their office

edit : Norvegian...he is...

What are their refusal arguments ?

They say the need to "investigate" the account. I said, what? and why? and they could not answer that. Just that they needed to.

I would suggest getting a lawyer in london.

I was going to open an account with them, but their customer agreement basically makes you give up any rights you have under fsa regs

I am assuming you both are talking about their London office and not the US office?

Yes, am planning to get a lawyer, but still, that I need to use so much time when I make money, but when I lose I never hear a thing from them.

Just in case you haven't done so, save all relevant account statements, bank statements and email communication with them to support your claim, if you really need to go to court.

Please keep us updated - I was considering moving my US account to London and adding more funds - now I'll wait to hear the outcome of your problem...I hope its resolved quickly AND that you get ALL of you money....

This is scary! It's just a half a million! What are the going to do if somebody will get a 1-2mln? With this high volatility everything is possible! EURJPY, GBPJPY. I know some people who made just a lot of money!

Firstly, are we talking ODL MM or ODL ECN here?

Secondly, if this is even true, I find it curious that you post several comments about brokers not paying out and going under and now, suddenly this.

If your broker refuses to pay a legit claim there's only one course of action... sue them for it. If they're not in the same country as you, well... good luck there, it's all part of the risk.

Anyway, you certainly SHOULD NOT be talking on a forum about it. Why? Because this stuff is discoverable, and can (and will) be used against you. Even unrelated topics can be used to demonstrate bias in a jury trial.

So here's what you do...
1. Shut up about stuff like this
2. Call an attorney and setup a conference time

Again, it's a reallllllllllly bad idea to discuss potential claims on an open forum.

Sorry, but this story has a strange wiff to it. I have never heard of anyone silly enough to complain that their broker never says a word when they lose money. Would a serious trader ever make such a statement? If this guy has both made and lost real money, why is he complaining that they will not pay what he has earned? Which one is it? Has he made money or has he lost money? Is he talking about real money or demo money?

Should they call you up every time you lose money and commiserate with you? You can't be serious.

Which makes one think the other side of the coin ($500k allegedly uncollectable) is not entirely factual.

Not to mention that anyone who leaves a real sum of $500k newly earned cash in a fx account with a new broker without attempting to withdraw some of it at least to park it in a safer place before now isn't exactly layered with common sense.

If it is real money, and if this did really happen, and if the cash is in fact due to you, then yes you need legal advice.

Never tried to withdraw Demo Money. lol
Maybe I should give it a try.

Maybe this site help you
http://www.forexpeacearmy.com/recovery/
if this company regulated with FSA send them complain

I personally have a bias against brokers, any brokers, when it comes to withdrawal. After all, "that is our money", so the one with the absolute right is the trader.

However, broker have the option of checking, if there are any irregularities involved such as "hmm, a short GJ, 50 Lots @ 220.00?" Held for 3 months, closed 7000 pips? when was this made?" (or something like that).

These are valid reason to "investigate".

Broker might come up with:
"HEY! this is a hacked position! Withdrawal DENIED!"
"Hmm You were trading news against us. Withdrawal DENIED!"
"You were scalping! Widthdrawal Denied!"
"Mr. XYZ, we are investingating this matter with AML. Your name popped up in one of the terrorist organization".
but most unreasonable of all:
"Umm.. hmmm.. ah.. oh.. ahhh.. blah blah blah.. Withdrawal denied". (hinting either they dont have the money, or wants to pocket it for themselves).

Bottom line: Its best to put your money on multiple brokers.
I dont buy those crap threads "what broker to trade 100K" etc... these traders are asking for trouble.

Wouldn't get too excited about this. Look at the kid's other posts. He hasn't got a clue, and his claim is not real. Just a bored teenager stirring trouble.

Given that ODL are a sponsoring broker for the FF site, methinks this kid better pray they will not run a trace on his ISP and sue him or his parents for libel.

FF may also not be pleased and ban him permanently.

Thanks for all feedback. I have hired a lawyer, and ODL have frozen my account. The only comment they have is that its under investigation. If i ask what kind, they just repeat them self.

3 years passed what is the summery ?
we can still fight & help you