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Cheated by my broker from Fortune Financial Services(Ind) Ltd

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Old 16th March 2011, 06:48 PM
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Default Cheated by my broker from Fortune Financial Services(Ind) Ltd

I started this account some 4-5 months ago. The broker told me that I would get a 4 times leverage on delivery. I deposited Rs 50000 in the account.I didnít do much buying or selling in the account, as the broker didnít actually give me limit when I asked for and the market was also not that good. broker first brought some stocks without asking me which later went down and reduced the balance to between 30,000-35,000 when I asked him about it he said that the market is down and as soon as it comes up my money will be recovered. I trusted him and thought I should wait. I specifically told him not to make any trade without my permission. After about a month, When I checked my account and I was shocked to see that all my money was gone.

broker had put all the money in futures trading and lost it. He did all this and didnít even inform me. When I asked him he said that he would pay me my money back within a month. I waited for a month and now he is giving me a run around. When I told him that I would report this he told me to do whatever I can and threatened me.

I contacted the company and filed a complaint with them. they told me that some will get back to me but its been two weeks and nobody called. I don't have much hope with them as so far they haven't even contacted the broker.

please tell me what can I do to get my money back . what are my options here.



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Old 17th March 2011, 09:22 AM
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Default Re: Cheated by my broker from Fortune Financial Services(Ind) Ltd

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Originally Posted by eastado View Post
I started this account some 4-5 months ago. The broker told me that I would get a 4 times leverage on delivery. I deposited Rs 50000 in the account.I didnít do much buying or selling in the account, as the broker didnít actually give me limit when I asked for and the market was also not that good. broker first brought some stocks without asking me which later went down and reduced the balance to between 30,000-35,000 when I asked him about it he said that the market is down and as soon as it comes up my money will be recovered. I trusted him and thought I should wait. I specifically told him not to make any trade without my permission. After about a month, When I checked my account and I was shocked to see that all my money was gone.

broker had put all the money in futures trading and lost it. He did all this and didnít even inform me. When I asked him he said that he would pay me my money back within a month. I waited for a month and now he is giving me a run around. When I told him that I would report this he told me to do whatever I can and threatened me.

I contacted the company and filed a complaint with them. they told me that some will get back to me but its been two weeks and nobody called. I don't have much hope with them as so far they haven't even contacted the broker.

please tell me what can I do to get my money back . what are my options here.

You should have acted on the first instance of it.

Record all conversations, tell them an immediate deadline; or else complain to SEBI anyway.

Also, visit moneylife.in; there are some stories in there and they may also help.


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