The scourge of financial fraud continues to expand with Forex and binary options fraud, in particular, gaining ground globally. Many hundreds of people around the world are targeted each day. In many cases, they are novice investors who are unfamiliar with the markets and do not recognise that they are dealing with a bogus trading platform. The fraudulent brokers rely on this lack of knowledge.
Eventually, when the fraudsters finally decide that there is no more money to be had from the unfortunate target they cut all contact, the hapless investor begins to suspect that they have been scammed.
The target individuals have frequently lost considerable sums of money and have little idea of where to turn for help. Many try to find out if they can trace the owners of the company and see if there is someone who can be held accountable. Often this leads to the discovery of myriad inter-connected limited liability companies, often some are registered in different countries, with some dormant and some active. The complexity of the situation nearly always results in a failure to discover a single person who can be challenged and held accountable. The individual is unsurprisingly confused and alarmed by a) the dawning realisation that the situation is far from easy to resolve and b) the prospect of navigating through the convoluted structures that have been deliberately set up to confuse. Giambrone's lawyers are very familiar with the fraudsters' strategies and frequently can steer a course to a resolution without too much difficulty.
Should the victim appeal to a regulatory body they frequently find that Forex and binary options scams fall outside the remit of their responsibilities as the rules by which the regulatory bodies are bound are often very limited and unless the fraudsters have placed themselves in the regulatory body's domain (which needless to say the usually do not) there is often little or nothing that can be done. In general, the lawyers at Giambrone find that there are varying degrees of willingness by both regulatory bodies themselves and governments to act to address issues that arise resulting from such detrimental activities; mainly due to the fact that the fraudsters' usual strategies were either overlooked or have developed since the regulatory body was set up.
The step of last resort, legal action, is understandably daunting for a person who often has lost significant amounts of money in this way. Giambrone fully recognises that such a situation will leave a victim decidedly risk adverse. In order to offset the risk, Giambrone has developed strategies to combat the financial risks of litigation. We will carefully scrutinise the merits of each matter to establish how a legal case, should that be the best course of action, can be managed.
Giambrone has a track record of recovery in relation to financial fraud, with many strategies and tactics to compel the fraudulent broker to restore funds to their former clients.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.