One of the most active perpetrators of financial fraud in the binary options trading market, Banc de Binary, is now in the sights of Giambrone's financial fraud litigation team.
Giambrone's lawyers in the team applied their collective expertise and have found a potential route to compensation for the Banc de Binary victims. A multi-million-pound claim has been issued Cyprus on behalf of 77 clients. The 38 defendants based in a wide range of jurisdictions, including Banc de Binary employees, including management, as well as,The Bank of Cyprus and Option FM, an associated broker. Giambrone is in possession of extensive forensic evidence in support of the case.
Giambrone's new approach circumvents the fact that the Israeli firm was forced to close as a result of multiple regulatory breaches and the resulting negative press attention, leaving behind thousands of victims crushed by the significant losses they suffered at the hands of the rogue organisation.
Joanna Bailey, an associate who heads the financial fraud litigation team, stated "Giambrone has always been very conscious of the fact that there were many individuals who had suffered financially at the hands of Banc de Binary left with little hope of compensation" she further remarked "after much thought and consideration we have developed a strategy to target the facilitators the frauds and have embarked on the first of a number of class actions to obtain restitution for the victims."
For some time Banc de Binary succeeded in defrauding hundreds of people with its well-practised tactics; locating to countries with little or no regulatory capacity or ability to pursue the principal perpetrators of the frauds, such as the Republic of the Seychelles. However, the organisation needed regulatory status to lull its victims into a sense of security and stretch its reach as far as possible and was able to gain regulatory status through Cyprus Securities and Exchange Commission (CySEC).
The ensuing legal cases and enforcement actions following the collapse of Banc de Binary produced some money, a woefully small amount set against the annual earnings of Banc de Binary, in restitution for the victims only in the USA. Banc de Binary traded globally leaving thousands of victims outside the USA with nothing.
Binary options, the largely discredited type of investment trading, was known for widespread fraud and practised by many unregulated bogus investment brokers working in locations out of the reach of the regulators. Both, The UK regulator the Financial Conduct Authority (FCA) and the European regulator European Securities and Markets Authority (ESMA) have banned binary option trading. Regulators throughout the world are facing an unprecedented level of financial fraud and FCA provides guidance and a warning list of traders to avoid. Giambrone's financial fraud team has been extremely active in aiding the Regulators, law enforcement agencies and investigative journalists in their attempts to call Banc de Binary to account.
The nature of this type of investment fraud where an individual is coerced into paying money to a broker believing that they are trading on the markets, which, it should be noted are flagged as capable of falling as well as rising, means that the fraud must be demonstrated with clear evidence showing that the investor was not simply a victim of the fluctuating markets. When a clear pattern of deception that is repeated over and over again this then demonstrates, when supported with evidence, the fraud and a court will clearly see that the actions of the broker are fraudulent rather than the result of fluctuations in the markets.
Giambrone's financial fraud team has vast experience and a strong reputation of achievement in the pursuit of financial fraudsters by way of class actions and has experienced a number of significant successes, for example, Giambrone recently obtained in excess of $150 million in compensation for the investors deceived into investing money in a global scam on the conclusion of a class action against TelexFree. Giambrone's financial fraud litigation team are keen to address the losses of all the victims of Banc de Binary and are in the process of preparing a second class action against Banc de Binary and the other defendants.
Joanna Bailey commented "if you have been scammed in an investment fraud the outlook may not be as bleak as you may think. My team is constantly evolving more and more winning strategies to close in and restore the money fraudsters have swindled out of our clients."
If you were scammed in a Banc de Binary investment fraud, we may be able to help. If you would like to join the second class action against Banc de Binary please click here