How do you collect on correct positions? Do you have to sell hours before the win is announced Nov. 3rd? or are your positions paid out on the difference between your investment and $1.00 per share?
I also found a guy on youtube claiming they owe him 22k and have refused to pay for over 4 months. He has a BBB Complaint filed.
EDIT: here is the BBB Complaint if anyone is interested in reading it.
Complaint: ********
I am rejecting this response because:
I had already been suspicious of them before this because I had noticed that when I made one intentional big loss on a single contract(cause I wanted to see how the website functioned), they randomly logged out of my account and when I logged back in, $12k had been deducted. I had read through their rules and it stated that they do this "to cover your position"(with no explanation of what this actually means). They had a chart showing that my portfolio had dropped from 12k to 1,200 in one day, then had dropped from that to something like $25 the next day. At the time I did not think that I had anything to worry about because it did say that they deduct the greatest risk in any given contract from your account to cover your position. So I continued trading a week later after I had made another deposit into their website. But their website started acting oddly after I did this. Now the history of my portfolio value was not available for me to view(later on it would become available again, but the portion of the portfolio that had reached $12k was missing from the chart).
I started trading again with the money I had deposited and at one point they requested that I pay something like $27 to sell ONE share in a contract where I had already known that it would resolve to $0 at market close, this was 3 days before the market actually did close. In addition they wanted me to pay $27 to sell it at a lower price than I had paid for it(meaning that their market was rigged to ensure that users could not sell losing shares). Then, when I had talked with other users on the site, they had already stated odd things about how the "FBI will be crawling up your A**". I thought this was a strange thing to say to me since I had not done anything illegal. In addition, other website affiliates were saying on the market chat, odd things like "I am scared"(to me, suggesting that they knew someone was onto their illegal activities)
Sure enough, when the market closed, they paid me $0 and so I began a correspondence with them, asking where the money from all the shares that I owned that resolved to the correct answer had gone to, and their agent Brandi merely stated that it was "in an invested account". When I had begun to press them about the money in the invested account, they started giving me a runaround about the money that they owed me, bringing up past contracts that I had lost some money, and even saying strange things like "we paid you up front" for these shares(something they quickly backed down on and never mentioned again). My suspicion is that they reported me to the FBI accusing me of making threats which I did not make. What I SAID was that it is not a good idea for businesses to steal large amounts of money from users because they are giving people motivations to make moves against them, and it doesn't take lots of money, but rather lots of motivation for people who are motivated to seek revenge(they took this as some kind of threat rather than as an indication that they need to be more forthcoming and honest to their users). After they reported me to the FBI, The FBI investigated me; in fact, 3 FBI counter terrorist agents interrogated me for THREE HOURS IN MY HOME and agreed that I made no threats to the business and that they had falsely reported me(FYI I am a vegetarian who does not even kill insects). Two agents even interrogated my own MOTHER for TWO HOURS, a 69 year old widow who cares for a WW2 veteran. They merely reported me to the FBI because they do not want to pay me the $22,677.26 that they AGREED in the first letter that they sent to me, that they owe me(just that it was in an "invested account"). I have the correspondence where they say this, they just say that the money was "put into an invested account", something I never gave them permission to do. When in inquired about getting the money FROM my invested account is when I began to further suspect that his business was engaged in fraud. I suspect that this is an intimidation tactic they use against their users so as to make them not want to pursue the charges of grand larceny that they are engaged in, since users may feel like the FBI is on their side if they are the ones to initiate contact with the agency.
When I started requesting that they pay me the money from my "invested account" is when they started talking about money I lost in past contracts and how they were not liable for those losses(something I never even mentioned). When they started giving me the runaround on the money that they owed me, I started recording and organizing everything I downloaded from them in the past in past contracts. But oddly, when I looked at my trade history, I noticed that large portions of my trade history had been deleted from their database(very suspicious indeed). And shortly after they said that my case would go before a committee. They took weeks to respond each time, and finally they said something to the effect of "well we cant come to an agreement in 30 days, we will stop responding to you". When I pressed them on the issue, they merely claimed that I "didn't know what [I] was talking about" (this is interesting phrasing and I will get back to this) later on.
On their website, they state in their contract that "your greatest risk in any given contract is equal to your market investment as a whole", I showed you photos where it said that my "risk" (which in this context means "market risk") was $23,870.80. I have videographic evidence of the correspondence where they agreed that this number was correct. It says on their website that shares either resolve to "no" or to "yes". And if a contract resolves to "no" you get $1 for those "no" shares that were correct, and if the contract resolves to "yes" you get $1 for all the yes shares that were correct. Except when the market closed, I had received $0. They stated in ONE correspondence that they would sell off the remainder of my shares and give me the money from that, but they did not even do that much.
I have given them THREE MONTHS to pay me, and they have have not responded to any emails, they have not sent me any letters in the mail, and most importantly, they have not sent me the $22,677.26 that they owe me.
Their fees are 10% on all profits, plus 5% on withdraws, so I will include a photo showing these calculations and why the amount that they owe me is $22,677.26
I will upload another photo showing the calculations. I can also provide videos of how the website behaved after the market closed(it would randomly log me out of their website is one of many strange behaviors that it exhibited).
I uploaded ONE of the videos that I had taken of how the website was behaving AFTER the contract where I was owed a lot of money had resolved to $0, and even made a reddit post warning other potential investors that this website may be fraudulent and that I would keep them posted about if they ever pay me.... but interestingly enough, I had noticed that other affiliates from the predictit website(I recognized their screen names), started commenting on my video and insulting me, using ablest slurs and saying almost exactly the same things(in almost the same exact wording) that the PredictIt staff was saying to me in email... namely "you don't know what you are talking about, you just dont understand this website". And people associated with their website calling me "paranoid" and "delusional"(evidence that they attempt to use psychological abuse to gaslight their users) on my posts talking about my concern that they may be a dishonest business.
Now you tell me, does the way that the people at PredictIt have treated me and responded to my requests sound like the actions of innocent people? Do innocent people fear having the truth told about them? Do innocent people report you to the police when they are the ones who owe YOU money? Moreover, why would an honest business feel threatened if they planned on paying me the money they agreed in a previous correspondence was my money (but "in an invested account")?
As I said, I have many detailed records, over a gigabyte of data(videos of trading or odd website behaviors), spreadsheets of their calculations, records of their terms of service at the time, a full record of our correspondence, and records.
Regards,
How do you collect on correct positions? Do you have to sell hours before the win is announced Nov. 3rd? or are your positions paid out on the difference between your investment and $1.00 per share?
I also found a guy on youtube claiming they owe him 22k and have refused to pay for over 4 months. He has a BBB Complaint filed.