ED Magedson – Founder
Barclays StockbrokersMoorgate Hall, 155 Moorgate, Internet United Kingdom
I opened spread betting accounts with Barclays deposited 500 in each account a year ago. Accont 9XX66 and 1XX73 with opposite trades. Then i was a newbie on spread betting and i did not put limits but i thought since the trades were opposite i will monitor the trades and close the one making losses and keep the profit making trades. Besides, i understood almost all CFD/Spread betting companies have automatic stop losses that will cover themselves and the trader so that the loss does not exceed the deposit. After 2 days Barclays called me to say i owed them over 3,500 on these trades. Barclays had already closed the trades in profit because i did not have "sufficient credit available" to cover the account and yet they kept the trades in one account which were making losses though the losses had exceeded my deposit. Surprisingly when they closed the profit making trades, none of the profit/gain in the trades was credited to my account. I refused to pay and wrote them several times. Someone suggested that i should contact Financial Ombudsman Service but they said the complaint was too late > 6 months i think, for them to investigate. Recently i received a letter from Barclays saying i owe them 6,000 (3,000 plus interest) since 28 Feb 2008 and they will drag me to court. Your help would be greatly appreciated. I cant afford to pay 6,000 plus court fees etc. What else should i do.
This report was posted on Ripoff Report on 12/13/2009 03:54 AM and is a permanent record located here: http://www.ripoffreport.com/reports/barclays-stockbrokers/internet/barclays-stockbrokers-city-index-scammed-by-barclays-stockbrokers-london-united-kingdom-i-538532. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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