As online investment trading continues to be a popular method of investment trading for both experienced and novice investors. Many platforms for such investment are based in countries that are not governed by laws and regulators that protect investors from fraudulent scams. In recognition of the risks, the experienced lawyers in Giambrone & Partners financial fraud and banking litigation department keep a watching brief across the investment sector worldwide to monitor new types of fraud and alert the regulators to the perpetrators wherever possible.
Over the course of time Giambrone & Partners financial fraud and baking litigation team assisted many clients who had be caught up in a fraudulent investment scam where there was a common point in the shape of the recipient bank, UAB Epayblock, a Lithuanian bank. Novice financial investors are often unaware of the regulations that govern the investment trading sector related to inexperienced investors to trade in certain type of investments, for example, contract for difference (CFD) which is subject to strict guidelines published by the Financial Conduct Authority (FCA) in 2019. Similarly, trading where overseas banks and other platforms are used often means that the legal protections that are available in the UK do not extend to the foreign banks.
Vito Anello, a senior associate, commented "over several years our defrauded clients reported that the bank accepting their funds was UAB Epayblock and we constantly reported UAB Epayblock to Central Bank of Lithuania and requested that UAB Epayblock's licence should be revoked as it was probably involved in the financial scams." Vito further pointed out "eventually The Central Bank of Lithuania recognised the fact that the numerous reports issued by Giambrone & Partners highlighting the bank's involvement in investment scams eventually resulted in the bank's licence being revoked and the assets it held have been the subject of a freezing order. The bank is now the subject of insolvency proceedings."
Giambrone & Partners financial fraud and banking litigation lawyers have a wealth of experience in recovering our clients' funds lost to investment fraud and the tenacity to persist in tracking of wrongdoers on behalf of our defrauded clients. We have initiated ground-breaking pioneering legal action, as in the case of D'Aloia v Persons Unknown & Others where legal papers were served as a non-fungible token (NFT) through the blockchain. Our innovative lawyers are constantly developing strategies to assist our clients and navigate through the tactics the wrongdoers to avoid the legal repercussions of their frauds.
Our lawyers are currently acting, in a group action, led by Vito Anello, for 66 clients, who were involved in the frauds that UAB Epayblock was part of. The Lithuanian court has accepted our claim with 66 claimants and applied interim protective measures to Epayblock - seizure of assets for a sum of the claim 1, 907 023,13 €, the total amount of the funds lost by our clients. The freezing order has secured the bank's assets ensuring that there is a strong chance that our clients' funds will be returned.
Novice Investors that have lost money are frequently told by the wrongdoers that there is no course of action that can be taken to retrieve their lost funds. However, that is very often incorrect, Giambrone & Partners firmly advises that expert legal opinion is sought to establish whether legal action can be taken to recover money from the fraudsters.
Vito Anello is a Senior Associate at the Milan
office. He is a qualified attorney with extensive professional
experience as a leading member of the litigation department in the
financial area. He possesses in-depth professional experience and
communication skills, along with a solid commitment and research
orientation. The principal activities are to manage the various
activities related to legal assistance and advice, seeking to
establish strong relationships of trust with clients.
Vito specialises in the regulation of online trading platforms and the recovery of investment funds made in the financial world. Advice and legal assistance to clients undertaking investment activities involving financial instruments of all types, both for contractual matters in compliance with Italian and European regulations. Vito deals with the regulation of financial markets, with a specific focus on investment services and activities and collective asset management. In particular, he assists private clients, companies and financial intermediaries, both Italian and international, in the wide areas of sector compliance, prudential rules and financial regulation. He also has experience in the field of crypto-assets and blockchain.
If you have lost money in an investment scam involving UAB Epayblock and would like to know more about the group litigation to regain lost funds please click here