Unfortunately, binary options fraud victims have seemed to multiply rapidly in recent years. The reason for this is that many binary options firms have popped up both domestically and internationally with the objective of capitalizing on the lack of initial regulation on the binary options financial trading sector. For consumers that do not have a strong awareness of the financial sector, may find themselves falling prey to this scam as it has odds for investment returns that are truly too good to be true. If you have been a victim of such a scheme, it is wise to speak up and recover your investment.
What Potential Courses of Action Are Available
It can be daunting to try to ascertain what you can potentially recover from a binary options claim. Some popular forms of recovery of capital that have been successful are listed below:
- Attempt a Chargeback: It is possible to pay for your binary options through utilizing a credit card. For this reason, it is a wise strategy to contact your credit or debit card company about the circumstances with their fraud departments. If you properly report the transaction, the credit card companies will attempt to do a chargeback if they approve your request. If it is not successful, there are still other legal options to consider for your claim.
- Litigation Against the Broker: Hiring a lawyer is one of your best strategic moves because they will be able to present to you a wide variety of options. This is something that will help you to get your desired result, which is your capital returned to you intact. The lawyer that you will end up selecting will depend on factors including the lawyer’s experience.
- Reporting the Fraud to a Government Agency: What is important to understand about reporting to a governmental agency is that you may not necessarily see a great deal of return in the short term; however, it is important to understand that you will be contributing to the governmental agencies extended their protection to protect consumers in the future In terms of the United States, it is best to report binary option fraud to the CFTC. For the UK, the governmental agency to report the fraud to is the ActionFraud National Fraud & Cyber Crime Reporting Centre. For European traders, OLAF is the best agency to contact.
- Litigation Against Other Potential Parties:
Can You Get the Desired Result?
Depending on the particularities of your case, you absolutely can get the results that you are seeking if you get the proper advice to assist you with your dispute process.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.