duty of care Archieven - Hupkes cs advocaten

CFD broker Trade Capital Markets must refund deposit to duped investor

A Cypriot CFD broker operating in the Dutch market must refund the deposit to an investor that will evaporate its assets. This is the outcome of proceedings at the North Holland District Court. The case concerns a dispute between a retail investor and Trade Capital Markets (TCM) Ltd, an online broker based in Cyprus. Our client entered into an agreement with TCM in January 2020 to invest in CFDs (Contracts for Differences). In the period [...]

Hupkes advocaten2025-03-13T19:14:17+01:0013 March 2025|Contracts for Difference (CFD Providers), Duty of Care Banks, Financial law, Investment Fraud & Boiler Rooms, Judgments, Uncategorized, Unlawful Act|

Duty of care to third parties: who must prove?

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 [...]

Hupkes advocaten2023-11-29T16:04:17+01:0029 November 2023|Asset Recovery, Duty of Care Banks, Financial law, Liability, Summary Proceedings, Unlawful Act|

Developments in the lawsuits against the CFD brokers from Cyprus

Lawsuits are pending in various Dutch courts against sellers of CFDs (contracts for difference) from Cyprus. Victims have lost a lot of money, with peaks of up to 800,000 euros. Most victims say they ended up at the CFD brokers through a fake advertisement with a well-known Dutch person. What are the developments in these lawsuits?

Hupkes advocaten2023-09-08T11:03:54+01:0021 July 2020|Contracts for Difference (CFD Providers)|

What is a boiler room?

A boiler room is a criminal organization that extorts money from people through fake investments. Boilerrooms disappear after a while and the loot is often hard to find after that. Method There is not one typical method for this criminal activity. Many boiler rooms approach their victims by telephone and persuade them to invest via a website. This website can give access to a (fake) account where the victim is led to believe that his [...]

Hupkes advocaten2022-08-17T17:57:24+01:0029 September 2019|Duty of Care Banks, Investment Fraud & Boiler Rooms, Terminology, Unlawful Act|

Does a bank have a duty of care towards third parties?

When you think of a duty of care of banks, you think in the first place of the customers. But the duty of care can also relate to third parties. For example, a customer of the bank can be a swindler, who uses the checking account to receive deposits from victims, after which that money is funneled away. Can you sue the bank for the damage? Is the bank expected to monitor suspicious transactions from its own customers to protect non-customer third parties?

Hupkes advocaten2022-08-17T17:58:46+01:003 May 2019|Duty of Care Banks, Liability, Unlawful Act|

Transaction monitoring: more fraud claims for banks?

ING has been fined by the Public Prosecution Service because the bank does not act properly against money launderers. Criminals who transfer money through ING are not dealt with properly by the bank. There are many developments in the field of money laundering, mainly due to new technological possibilities. De Nederlandsche Bank (DNB) not only supervises the stability, but – in keeping with the spirit of the times – also the integrity of the financial [...]

Hupkes advocaten2022-08-19T11:32:06+01:0015 September 2018|Duty of Care Banks, Fraud & Deception, Investment Fraud & Boiler Rooms, Liability, Unlawful Act|