The latest report from Victim Commissioner states over 4.6 million individuals are subject to fraud every year.  Many of whom will suffer significant life-altering losses that they cannot recover from.   

Giambrone & Partners' banking and financial fraud department is fully aware of the dishonest methods used by fraudulent investment brokers in persuading their victims to part with their money.  The majority of fraudsters follow a recognisable and well-practiced path to gain their victims' trust, initially choosing an individual with no knowledge of the markets and at the same time making sure that they have no close contacts with such knowledge, forming a friendly familiar relationship with their chosen victim, to the degree that their demands for more and more money in "investment schemes" appears to be plausible and is completely accepted by the unfortunate individual. 

Also, as the police disappointingly only devote only 2% of their resources to investigating this devastating fraud, the victim often feels powerless once they recognise that they have been subject to an elaborate fraud and they will not get their money back from the fake investment brokers.

Joanna Bailey, who heads the banking and financial fraud team, commented "The team has been successful in recovering the full amount of a scam transaction through a regulatory body, in the face of strong resistance from the associated organisations that were in some way party to but not responsible for, the scam transactions."  Joanna further commented "Our lawyers are often better able to clarify the issues with the regulators as well as being able to adopt and maintain the persistence required, eventually resulting in the restoration of all or part of the lost funds.  In response to our clients' heavy losses to investment fraud we have developed a range of approaches and successful strategies for recovery."

Giambrone & Partners recognises that fraud victims feel they are on their own; particularly as often their attempts to approach the regulators who are in place to assist victims they find that they are easily knocked back and they feel that there is nothing more that can be done.  Giambrone & Partners' banking and financial fraud lawyers have successfully assisted our clients with robust determination in demonstrating the liability owed to the victims by both regulators charged with protecting and compensating victims of investment fraud and other organisations who share a degree of responsibility for overseeing financial activities and preventing fraud, frequently reiterating their duty of care and responsibilities where applicable. 

BBC Radio 4's Money Box has highlighted a typical case in a recent podcast.  Also, a report in 2021 arising from Her Majesty's Inspectorate of Constabulary, Fire and Rescue Service: Fraud - Time to Choose, highlighted the fact that the vast majority of fraud victims "receive poor service and are denied justice", leading to fewer than 8,000 prosecutions in 2019 which was before the steep 24% rise in investment fraud seen during the Covid-driven lockdown.   The ever upward rise in investment scams requires forceful unrelenting tactics focusing on every potential avenue for recovery.

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.