Steps to Recovery
Understand the Operation
The set-up of an unregulated forex, cryptocurrency or binary options company is layered by design.
Companies hide their true identity in a number of jurisdictions
They register as a corporate entity in an offshore jurisdiction, whilst claiming on their website to be based in a respected and trusted financial hub such as London.
Where did you send the money?
Somewhere in Eastern Europe, such as Poland, the Czech Republic or somewhere is Asia, such as Hong Kong. The reality is that you are being contacted from a call center in Tel Aviv – this is where operations are actually based.
Gather the Claim Documents
The information needed from the client’s side is imperative for a successful claim. The documents needed are anything and everything related to the fraudulent company in question including emails, agreements, terms and conditions etc. This is how we begin compiling the evidence. Any additional information our clients have on the company (e.g. screenshots or documented unusual behavior) are important and very helpful.
We request personal documents from all of our clients, which include:
Proof of payment (POPs), questionnaire, testimonial, I.D, and credit card statements
One of the most effective ways to reveal the real information about these companies is by working with company informants in the jurisdiction that they operate, be it Tel Aviv, Czech Republic, Philippines or somewhere else. Informants from these companies provide us with signed affidavits revealing exactly how the operation works and the methods they use to defraud helpless victims.
So, what sort of information do these affidavits contain?
*That my job was to monitor the entire database of 12,000 clients for the ones that started winning on the platform and subsequently use technical maneuvers on the platform to make the clients trade lose* (section 5).
We verify this information with pay-slips to corroborate the affidavit, proving beyond any doubt, that the individual did work for the company claimed in the affidavit.
These affidavits are now moved to our cyber intelligence team who further verify this information with specialized investigation. Each one of our clients will receive a report including all of this information.
This is an actual report of Cherry Trade and it will highlight some of the addresses in which these companies use, some of their registration numbers, phone numbers, domain sites used, aliases, real names, locations, owner’s real names and locations, pictures of these individuals including foreign IDs and citizenship.
So, which country do we want to attack these companies in? The Caribbean? The UK? The Isle of Man? The Czech Republic? or in Tel Aviv?
The answer is all of the above:
Our Chief Legal Strategist Tami Hamm heads up our team of in-house legal advisors to provide analysis and a personalized strategy for the best route of recovery for our clients.
We will either aggregate your claim with other clients who have been defrauded by the same company or file a personal claim. Letters of correspondence will be sent out to the said company in question, as well as written and verbal coordination with the banks. The strategy of recourse depends on the jurisdiction each client was defrauded in.
We can effectively and successfully initiate chargebacks by leveraging the intelligence that we have collected on the company and the company bank accounts.
Global Litigation Advisory
Since Israel has now outlawed binary options, the scammers are moving their operations offshore. Therefore, our clients can utilize Wealth Recovery’s extensive network of international attorneys who cover different jurisdictions. In order to minimize expenses, we aggregate clients who have been defrauded by the same company, so you will not be charged expensive hourly legal fees.
For example, if you are a UK or US citizen, it will be very beneficial to work with an American or British attorney from our global network who can advise on the laws within these jurisdictions.
What is the most effective jurisdiction to file a lawsuit in?
We not only assist clients in filing lawsuits in the jurisdiction that they were defrauded in, but also jurisdictions tied to the currency they paid in, which is often US dollars. Since a majority of clients sent US dollar transactions, which bounced through a US based corresponding bank, the money often passes through the United States. Therefore, we can assist non-US clients in filing lawsuits in the US – a country with extremely strict rules relating to binary options trading.
If you qualify – After 1 year, if we are unable to bring a settlement, we will cover 2/3 of attorney fees associated with litigation.
Asset tracing, or bank mapping is the procedure by which we “follow the money” to locate where it really is.
We do this by going direct to the bank or the payment processor, which means this can be done in-house using our qualified legal advisors. If we are not able to carry this out in-house, we may obtain a disclosure order from the local authorities. The disclosure order instructs the banks into handing over relevant information regarding transfers. Once we are able to get a judgment and freeze the funds, we now make sure that the judgement is enforced.
Tracing where your money is being held is a crucial step in successfully recovering your money.