How to report and press charges against a trading company

It is important that those who fall victim to a Forex scam know the options at their disposal, in order to to report and possibly press charges on a trading company. Only by doing this, the possibility to recover your investment, at least in part, becomes a possibility.

If you believe that a company has broken the law or acted dishonestly in the handling of your funds, you have the right to report them to the appropriate authorities. To report a trading company, you must first understand if their behavior is considered lawful.

A law firm that has experience in Forex litigation can investigate brokers and trading companies that demonstrate unfair/illegal trading practices, and assess whether the brokers are indeed scammers. Thanks to the experience gained in the sector, and the testimony of assisted customers, the Boccadutri International Law Firm is familiar with recognizing Forex scams.

Our lawyers can, when necessary, bring companies to court and impede their operations from continuing. Perhaps even more importantly, they are able to assist in the recovery of your lost investment.

When should you report a Forex trading company?

The Forex trading sector attracts some of the worst scammers, but it is true that just because a broker has been unsuccessful in securing you profits, does not mean they are scammers; they may have only exaggerated claims in their marketing.

Making a product look better than it is is not a crime.

With this in mind, however, you should report the following suspicious activities:

  • You were pressured into opening an account through coercion by a broker.
  • You feel that your account has been mismanaged leading to losses, even if you do not have concrete proof, but a series of events that have lead you to this conclusion.
  • The contractual clauses were not clear, so much so that you only later discovered additional costs (for example, commissions) or you were unable to redeem a promised bonus.
  • The traders did not represent your interests thoughtfully, perhaps suggesting you to invest in a product that has proven fruitless.
  • You are unable to withdraw your money despite a seemingly active balance sheet.
  • You are unable to contact the broker after a major or unexpected loss.

A reliable Forex broker

The first recommendation when becoming a customer of a trading company is to check the identity and credentials of the broker. A broker who operates from a tax haven, not subject to regulation, will have more ease in disappearing with your money.

A company that can be trusted is registered with a regulatory body, such as Consob in Italy, Cysec in Cyprus, BaFin in Germany, CFTC and NFA in the United States, FSA in the United Kingdom, FINMA in Switzerland and AMF in France. By trading with a company registered with one of these authorities, it is easier to follow-up on broker’s activities, and to open a dispute in case of problems.

A regulated broker will usually indicate their license in the footer of their website.

If you have already tried to lodge a formal complaint using the contact methods indicated on the broker’s website and have encountered roadblocks, the next step is to contact the regulatory body with which they are registered.

In these situations, it can be very helpful to be assisted by a lawyer who is accustomed to acting on behalf of investors before the regulatory authorities.

In fact, if your investment has been mismanaged, taking legal action is the only option to recover your funds. Even brokers who are not scammers, but who nevertheless have mishandled investors’ funds, rely on the unlikeliness of victims to report them and hold them accountable.

Steps to properly report a scam

When making an accusation against a Forex broker, please ensure that you provide as much information and proof as possible.

Don’t leave anything out, no matter how trivial it may seem.

Here is an example of what a lawyer may need in proceeding with your case:

  • E-mail, text, and/or WhatsApp correspondence between you and the scammers;
  • screenshots of conversations between you and the broker, even if they have taken place on social media;
  • recordings of telephone conversations;
  • bank and credit card statements showing the amounts and dates of transfers;
  • names and addresses of all the financial institutions involved;
  • the names of the people with whom you have dealt.

The Boccadutri international law firm provides free consultation so that we may assess if there are the conditions met in order to recover money lost with Forex trading.

Our lawyers will study the information you provide to understand the situation and investigate the company you have invested in.

The evidence you provide is very important, for it is the foundation for which we will act against the company.

Often, falling victim to a scam results in serious financial and emotional damage, for which we are understanding. We will guide you through the process of recovery with the assistance of a dedicated team, extensive knowledge, and above-all understanding. Contact us here.

Calogero Boccadutri
Calogero Boccadutri
Managing Partner

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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