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Fake Forex Lawyers: no leniency for scam victims

13 Jul 2021 - Forex Litigation - Min Read 5 min
Fake Forex Lawyers: no leniency for scam victims

Fraudsters who contact victims of Forex scams by pretending to be lawyers and guaranteeing to be able to retrieve money misappropriated by fraud brokers.

The premise is that no lawyer will ever call you or contact you to recover money lost in trading. It is unprofessional, unethical, and absolutely inconceivable for a lawyer to seek clients in this way.

At most, you will find Forex lawyers in forums dealing with the subject and in discussions on Facebook (or any other social network). However, it should be you who reaches out to them, even for some basic advice, not the other way around.

Scamming The Scammed: No Shame for Crooks

Unfortunately, for those who have been scammed, and therefore find themselves in a delicate situation, this new danger presents itself. It could be the same people who have taken advantage of their good faith or someone who has learned of their involvement in a scam. Regardless, the concept remains the same, they contact victims of Forex scams pretending to be Forex lawyers.

At a time when discussions are often public and can be found online, perhaps because those who have been scammed seek advice on how to recover, at least in part, their money, it is in fact easy for fraudsters to find the names of such victims.

How the Fraudsters Operate

First of all is a phone call, or email, or private message from someone you yourself have not sought out.

They describe themselves as lawyers experienced in recovering money lost through trading scams. They are polite, they tell you the facts, and above all they claim that they can easily recover any embezzled money.

Initially, they tend not to mention the fact that this service may have a cost. On the contrary, some emphasize that their work is free of charge and that only once the sum is recovered, might a small payment be required.

Evidently, the proposal is attractive, especially as these faux lawyers always talk about large amounts of money.

Then, when they get back in contact, it is to announce the triumphant recovery of the embezzled money. Typically, however, this money is stuck in a mysterious foreign bank account and retrieving it requires an upfront tax payment.

The amount of which depends on the imagination of the fraudsters.

The law states that there is no tax to pay to retrieve an amount of money from a bank account.

There are even cases where the fraudsters don’t waste any time. They in fact claim that they have already recovered the client’s funds from a particular company. At this point, however, they reveal themselves as dishonest. They start demanding this “famous” sum of money, which they claim is imperative if their clients want to receive their return. Money that, without a doubt, will end up directly in the fraudsters’ pockets.

Symbolic Cases of Uncovered Fraudsters

The site Giustizia Finanziaria (which has now disappeared) advertised itself by guaranteeing legal assistance aimed at recovering money embezzled by fraud brokers. Yet, as reported by Miglior Broker Forex, it seemed strange that in a portal of lawyers any reference to the lawyers in question was nonexistent.

No name, no details about the people behind the site, only an address that seemed to belong to a company engaged in other kinds of business and a phone number that has been reported several times on the Internet as “harassing.” Even Striscia la Notizia mentioned Giustizia Finanziaria, warning others about this type of scam.

Unfortunately, Giustizia Finanziaria was just another attempt to extort money from those who were already victims of Forex scams.

Some fraudsters have created so-called “clone” sites, taking inspiration from existing sites authorized by financial authorities. The purpose is to gain people’s trust and, in turn, deceive them with the credentials of a cloned reputable site.

This was the case of First Recovery, a company authorized by the FCA, a financial regulatory body based in the United Kingdom. First Recovery had its site cloned by fraudsters who contacted scam victims pretending to be the real First Recovery. Everything seemed to be exactly like the real site, credentials included, and many unfortunately lost more funds chasing the mirage of a refund created by the clone site.

In cases such as these, the only way you have to find out if something is a scam or someone intends to scam you is the way in which the fraudsters behave. Perhaps they manage to make people contact them by skipping the first point of the usual scheme (the unexpected call from someone you yourself did not seek out); nonetheless, they will inevitably demand payment to release any sums they “recover.”

The Work of Expert Forex Litigation Lawyers

Law firms specializing in Forex have adapted to this new threat and have the expertise to assist those who are victims of Forex and online trading fraud. If a law firm provides their background and their time, it is because they know that the only way to recover money that has been misappropriated in trading is to build relationships with banks, institutions, and trading firms.

If they have the ability, but also the luck, to recover money for their clients, they do not start by phoning the homes of other victims to tell them that they can get back what they lost and that, in exchange for further financial support, the money will magically reappear in their bank accounts.

A serious lawyer is registered, has an easily identifiable office, and is unable to predict if and when they will be able to recover the money extorted by scams.

Collaborations with a lawyer begins with a consultation, which does not always result in instruction as you are always free to refuse the lawyer’s professional services and because the lawyer themselves, having heard the course of events, can always decide not to accept the case. In addition, a lawyer may conclude that it was not a scam, or that, according to way in which it was carried out, it is useless to proceed in order not to waste the client’s money nor lose credibility regarding their work.

The credibility of a lawyer’s work speaks for itself: work that has a cost that is exposed immediately and with the greatest possible transparency, and there is certainly no fee to unlock money stuck in a foreign bank account.

Boccadutri International Law Firm provides consultancy for any Forex related situation and avails itself in its collaboration with lawyers from all over the world. On top of this, our flagship office in Cyprus is strategically located, given its proximity to CySEC.

You can contact our Forex Litigation Department at any time; we are available and have the competency to assist.

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Calogero Boccadutri

Calogero Boccadutri is the Managing Partner of Boccadutri International Law Firm. He has trial experience in Forex, Personal Injury and Administrative litigation.

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