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What is the chance of success of a lawsuit against a CFD broker? We are often asked that question! In this article, we clarify what kind of behavior by a CFD broker can be grounds for the court to order the broker to refund the deposit. We also explain the difference between a licensed CFD broker and a boiler room selling CFDs. The three points for a succesfull lawsuit In the following three situations, a [...]
How do you know if you have fallen into the nets of an investment fraudster, an online scam or an untrustworthy CFD broker? All these scams work according to the same playbook; step by step, the investor, who is actually a prey, is lured into the trap. Phase 1: the positive phase In the first stage, the investment fraudster does not show his true face, but presents himself as friendly and helpful as possible. He [...]
Those who start investing through a CFD broker often face "margin calls," or obligations to add money, which increase the risks of this form of investing. Margin calls and swaps (charges over holding positions) can cause these investments to evaporate. What are CFDs? Contracts for Differences are not stocks but derivative, indirect investment products. The investor and the counterparty enter into a temporary contract speculating on a price decline or conversely a price increase in [...]
A recent ruling by the interim relief judge of the Amsterdam District Court provided an interesting decision on the issue of proof regarding banks' duty of care to third parties in fraud cases. The case involved an American woman, a client of our firm, who had been the victim of a hack in which €200,000 had been transferred to the account of a money mule with an account at ING. Although the main claim was [...]
For the first time, a Dutch court has issued an order for a cryptoexchange to freeze a so-called "wallet" to prevent fraudsters from selling stolen crypto. This measure is an important step for victims of fraud involving cryptocurrency. Fraudsters' modus operandi There are many different types of fraud in which crypto-currencies play the role of a means of payment. For example, there are so-called "boiler rooms" that demand payment in cryptocurrency. Boiler rooms are websites [...]
International fraud with fake websites, billing fraud, investment fraud and other scams where fraudsters elicit payment on an incorrect bank account number with victims living in other countries is unfortunately common. Our firm has handled dozens of such cases in recent years. In this blog, for victims who do not live in the Netherlands, we describe the options for recovering money if a Dutch bank account number is involved in the fraud. What types of [...]
Our firm is seeing a sharp increase in fraud using "screen sharing software" from Anydesk, Teamviewer and Screenleap and cryptowallets used to siphon off money. investment fraud This is a new form of investment fraud, which begins with arousing interest in complex investments (Forex, CFDs or cryptocurrencies). The criminal organization uses an investment website where the duped person creates an account. In reality, this is a boiler room; in fact, there are no real investments [...]
The Cypriot CFD broker Capixal sells CFD investments on the Dutch market. A report has been received at our office of extensive damage. We're starting a lawsuit.
In recent months, our office has received many complaints about evaporation of investments in CFDs through brokers that have recently been active on the Dutch market, which focus on Dutch consumers. New labels, but the same method The parties that have become active on the Dutch market in recent months are: Tradedwell ( https://www.tradedwell.com/nl ), a label of iTrade Global (Cy) Ltd. IGMFX ( www.igmfx.com/nl ), a label of IGM Forex Ltd Phoenix Markets ( [...]
As a result of the obligations under the Wft and Wwft, a tendency has become visible that banks are trying to exclude more and more customers with large amounts of cash flows. In addition, they often try to end existing customer relationships with these types of customers and even, in the experience, sometimes look for nails at low tide to get rid of those kinds of customers. Customers with a lot of cash flows therefore [...]
When is an employee sick? There are several aspects to look at to determine whether an employee is sick or not. And if an employee is ill, does the employee have obligations? And does an employer have obligations? In this blog you can read about illness among employees and the obligations that arise from this from both the employee and the employer. Sick according to the law When a sick employee is referred to, the [...]
Have you been fired or will your contract no longer be extended? In that case, you are in principle entitled to a transition payment (also referred to as severance payment). A transition payment is a financial compensation that the employer must pay if he no longer extends your contract or fires you. If you resign yourself, you are in principle not entitled to a transition payment, unless there is a serious culpable act/omission on the [...]
ABNAMRO Bank has just announced that it will also compensate customers for damage caused by spoofing fraud in specific cases of "gross negligence". Until now, this bank has been stricter in assessing fees requested than the other banks. In spoofing fraud, a scammer takes possession of a victim's bank balance by calling the bank's unique number, giving the scammer the confidence that it is a real bank employee who is calling. Spoofing is technically still [...]
In September 2019, a client of our firm entered into an agreement with a Cypriot broker offering investment services through an online trading platform. These services include trading in Contracts for Difference (CFDs), complex and risky financial products that involve speculating on price increases or decreases in underlying assets such as stocks, currencies or commodities. Initially, our client was given a "retail account" with a leverage of up to 1:30, in accordance with the decision [...]