Similar to what another user, krs1, encountered earlier this year, I am having significant problems withdrawing cash (close to USD60K) from igot (
http://www.igot.com). This is despite me speaking directly to the founder, Rick Day, as a "premium client" dealing in significant volumes, and continued assurances from Rick that I will get my money back "soon".
I never imagined going public with these issues, but am doing so after receiving continued false promises. My experience with Rick and igot have been extremely painful and I do not wish for others to go through the same experience. Here is the rundown of events:
1. Am a "premium" client dealing personally with Rick Day on account matters. My account was opened early April 2015.
2. Rick promised to "send the payment out within 48 hours (2 business days)" as part of an agreement for me to provide large BTC volumes.
3. Did a number of transactions since early April 2015. These involved selling significant BTC volumes and receiving cash in return.
4. However, cash withdrawals never met the 48 hour turnaround, and progressively got worse - Degrading from an initial 7 days per refund to 15 days. There was even an incomplete refund that igot did not bring to my attention, which I had discovered only after I had reconciled the withdrawal and received amounts.
5. Rick kept providing assurance that monies will be received "soon" and would "improve" whenever I questioned the long payment times.
6. I requested the following withdrawals (total >50K USD) after progressively selling 250BTCs:
- Around USD12K on 30 April 2015
- Around USD12K on 1 May 2015
- Around USD24K on 3 May 2015 (2 withdrawals of USD12K)
- Around USD12K on 8 May 2015
7. Despite repeated assurances that the money would arrive "soon", "shortly", etc. none of the funds for the above withdrawals arrived. I ceased transacting with igot after 8 May, upon realizing that withdrawal times never improved.
8. After threatening to go public on the withdrawal issues, Rick finally admitted on 14 May that "There are some delays due to our bank account closures in past 2 weeks. We've lost some big bank accounts. As a result, there is additional strain on the daily limits.", and promised to have all the funds returned "by Monday or Tuesday" (ie 18-19 May 2015).
9. I received no funds on Monday, 18 May, and regularly requested for Rick to update me on the status. As of 19 May, there have been no funds received and no response from Rick.
I'm speaking directly to the founder of igot, and am already having major issues. igot's Facebook page has people complaining about cash and BTC withdrawal delays, and I can imagine the countless, silent others who are facing the same issues.
A possible scenario is that igot is running a ponzi scheme, repaying previous clients with new client monies, hence the progressively longer withdrawal times. Another likely scenario is that the company is out of cash.
For those intending to transact with igot - My sincere warning is to walk away! For those of you (
https://www.igot.com/static/about) who are complicit with running this scam that is igot - SHAME ON YOU.
