Home Financial responsibility Banking and financial fraud lawyers Giambrone & Partners are recovering £25,000 for customers defrauded through a watchdog. – Finance and banking

Banking and financial fraud lawyers Giambrone & Partners are recovering £25,000 for customers defrauded through a watchdog. – Finance and banking

0


UK: Banking and financial fraud lawyers Giambrone & Partners are recovering £25,000 for customers defrauded through a watchdog.

To print this article, all you need to do is be registered or log in to Mondaq.com.

The latest report from the Victims Commissioner indicates that more than 4.6 million people are victims of fraud each year. Many of them will suffer major losses from which they will not be able to recover.

Giambrone & Partners’ banking and financial fraud department is well aware of the dishonest methods used by fraudulent investment brokers to persuade their victims to part with their money. The majority of fraudsters follow a recognizable and well-rehearsed path to gaining the trust of their victims, by first choosing someone who has no knowledge of the markets and making sure at the same time that they have no close contact with such an acquaintance, forming a friendly and familiar relationship with their chosen victim, insofar as their requests for more and more money in “investment schemes” seem plausible and are completely accepted by the individual unfortunate.

Additionally, as the police unfortunately devote only 2% of their resources to investigating this devastating fraud, the victim often feels helpless once they recognize that they have been the subject of an elaborate fraud and that she will not get her money back from fake investment brokers. .

Joanna Bailey, who leads the banking and financial fraud team, said: “The team managed to recover the full amount of a fraudulent transaction through a regulator, in the face of strong resistance from associated organizations that were in some way party to but not responsible for the fraudulent transactions.” Joanna further commented “Our lawyers are often better able to clarify issues with regulators as well as being able to adopt and maintain the required persistence, ultimately resulting in the restoration of all or part of the lost funds. In response to requests from our clients for heavy losses due to investment fraud, we have developed a range of effective recovery approaches and strategies.”

Giambrone & Partners recognizes that victims of fraud feel alone; especially since often in their attempts to approach the regulators who are in place to help the victims, they find that they are easily rebuffed and feel that there is nothing more they can do . Giambrone & Partners bank and financial fraud lawyers have successfully assisted our clients with a strong determination to demonstrate victim liability by the two regulators tasked with protecting and compensating victims of investment fraud and other organizations that share some degree of responsibility for overseeing financial activities. and fraud prevention, frequently reiterating their duty of care and responsibilities, as appropriate.

BBC Radio 4’s Money Box highlighted a typical case in a recent podcast. Additionally, a 2021 report from Her Majesty’s Police, Fire and Rescue Inspectorate: Fraud – It’s time to choose, highlighted the fact that the vast majority of victims of fraud “receive poor service and are denied justice,” resulting in less than 8,000 lawsuits in 2019, which was before the sharp 24% increase in investment fraud seen during the Covid-induced lockdown. The steady increase in investment scams requires aggressive and relentless tactics focusing on all potential avenues of recovery.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

POPULAR ARTICLES ON: UK Finance and Banking

Jersey private funds on the rise

Hawksford

Originally launched in 2017, the JPF is a profitable structure suited to the needs of a small number of sophisticated investors.

Brave New World for RFRs

Herbert Smith’s Freehills

LIBOR has almost been consigned to history for new transactions. However, there are still areas related to the use of near-risk-free rates (RFRs) where the market has not stabilized yet.

Default interest – An unenforceable penalty?

DMH Standard

In the Matter of Ahuja Investments Limited v Victorygame Limited [2021] EWHC 2382 (Ch), the court held that a default interest clause in a loan agreement was a penalty clause and therefore unenforceable.