Giambrone announces legal action against Banc de Binary and its affiliates

AnneW

Master Sergeant
Messages
314
This is indeed great news. Prayers have been answered. I have already contacted them and filled up their form with the required information. Hoping for the best.
Hi, did Giambrone ask for money upfront for the registration, or indicate how much they want for each claimant to pay them before they will take a complainant on as a client? Please advise, thanks.
 

AnneW

Master Sergeant
Messages
314
Great news !!
It's about time to take action against the scumbags of BDB and all its affiliates.
My case documents are already with Giambrone ;)
Hi, did Giambrone ask for money upfront for the registration, or indicate how much they want for each claimant to pay them before they will take a complainant on as a client? Please advise, thanks.
 

JagadishK

Recruit
Messages
11
Hi, did Giambrone ask for money upfront for the registration, or indicate how much they want for each claimant to pay them before they will take a complainant on as a client? Please advise, thanks.
No payment as of now, please register through the link and we will fight the case together. Based on the number of people the total expense will be shared. Deadline is 14th November 2016 and post that we will get to know the service charge. If we have more people we can negotiate
 

Gladiator

Private, 1st Class
Messages
67
Hi, did Giambrone ask for money upfront for the registration, or indicate how much they want for each claimant to pay them before they will take a complainant on as a client? Please advise, thanks.
Hi AnneW,
Yes they did take £1,200 as a retainer fee and their success fee is 25% which only become payable if they are successful in retrieving the funds.
 

dannycsl

Private
Messages
23
Hi, I am also a victim of Banc De Binary. Has anyone get the service from WinChargeBack? Should I get WinChargeBack service or let Giambrone help me? Does Giambrone charge for their service?
 

Pharaoh

Colonel
Messages
19,898
First, try a DIY chargeback. If that fails, then WinChargeback is a good choice to help with appeals.

If there are profits invloved and.or if WinChargeback can't make a full recovery and you are still owed a significant amount, then Giambrone's class action lawsuit may be your best choice.
 

Philippe

Private, 1st Class
Messages
34
The Forex Peace Army is very pleased to share this press release from Giambrone Law...


Press Release | For immediate release




Giambrone announces legal action against Banc de Binary and its affiliates

Giambrone’s Binary Options Trading Litigation team has received several complaints by international investors about Banc de Binary, a binary options broker founded by Oren Shabat Laurent, a American and Israeli citizen who lives in Tel Aviv and permanently barred from doing any business in the United States or with US person.
Giambrone’s Forex and Binary Options Litigation Team is currently investigating complaints of fraudulent binary options trading by investors against Banc de Binary, a Cypriot and Israeli investment firm trading in binary options along with ET Binary Options Ltd, BO Systems, Ltd and BDB Services, Ltd (which are based in Israel and the Republic of Seychelles).

Giambrone is calling investors and traders who have lost funds with Banc De Binary to contact us for an immediate review of your case.

In view of the large number of complaints received, our lawyers have already reported these complaints to the CFTC, the European Securities and Markets Authority, the Cyprus Securities and Exchange Commission, the Israel Securities Authority, the Ontario Securities Commission, the Swiss Financial Market Supervisory Authority, the Italian CONSOB, the Australian watchdog ASIC, the New Zealand watchdog FMA and the U.K. Financial Conduct Authority pursuant to the recent “Memorandum of Understanding on the cooperation and exchange of Information” between the USA and Europe.

We expect that these authorities will fulfill their respective regulatory mandates in the context of supervising Banc De Binary internationally, particularly in the areas of:
  • protecting customers
  • fostering the integrity of financial markets
  • maintaining confidence in financial markets
  • reducing systemic risk

Banc de Binary has been included in the crackdown of hundreds of brokers by multiple regulatory bodies and has received warnings and fines but no regulator has ever officially branded them as a scam or as fraud.
Whilst our investigations are still ongoing, there are various grounds of concern which may be used by clients to issue legal proceedings against Banc De Binary before an English or Cypriot court:
  • Banc De Binary acts as the counterparty to their customers’ binary options transactions on a variety of assets, including commodities (e.g., wheat, oil, gold, platinum, sugar, coffee, corn, etc.), forex pairs (e.g., EUR/USD, GBP/USD, USD/JPY, etc.), and stock indices (e.g., S&P 500 and NASDAQ futures).
  • The customers may not be eligible contract participants as they may be retail customers.
  • In relation to customers based in various jurisdictions such as the USA, Canada and Australia, these binary option transactions promoted by Banc de Binary violated federal laws prohibiting the trading of options off-exchange
Through its websites, Banc de Binary customers buy or sell binary “call” or “put” options that allow them to predict whether the price of a certain “asset” will go “up” or “down” at a future date and/or time, with a specified payout structure.

According to its European website (eu.bancdebinary.com), it is owned and operated by Banc De Binary Ltd., a company regulated since January 2013 by the Cyprus Securities and Exchange Commission and it is fully authorised as a credit/financial institution to undertake business in the UK and as an “Authorized service provider” in Europe in accordance with MiFID by the Financial Conduct Authority (FCA). According to documents filed at Companies House, one of its directors is a Mr Yehezkel Shabat, who is also an Israeli citizen resident in Tel Aviv.

The other domain bancdebinary.com is owned and operated by Ash Ltd (registered in St Vincent in the Caribbean) and its affiliated company Aster Services Ltd. in Bulgaria which also acts as payment processor. We refer to these companies as “Banc de Binary” as they collectively conduct business internationally through this brand.

In May 2013, Banc De Binary Ltd. was also incorporated in the UK to provide “market research and brand promotion in the UK”. Its address at 1 King Street, London, EC2V 8AU, like its New York City address at the Trump Tower, is a virtual office with no physical staff presence.

In June 2013, Banc de Binary was charged by both the CFTC and the SEC for alleged violations of US financial regulations and, one month later, the SEC obtained a preliminary injunction from the U.S. District Court for the District of Nevada to prevent and freeze any further trading with US customers.

In August 2013, charges were filed in the US stating that Banc De Binary "may be criminally liable under the federal RICO statute". In these US civil suits, the SEC and CFTC alleged that Banc de Binary offered off-exchange trading options to US customers and unlawfully solicited US customers to buy and sell options, and furthermore, that the company also failed to complete credit checks on customers to ensure that those with low finances did not trade with them.

In April 2014 the Cyprus Securities and Exchange Commission (CySEC) imposed an administrative fine of €10,000 for breach Article 139(2) of the Investment Services and Activities and Regulated Markets Law of 2007, after it found that Banc de Binary had “concealed material information in its request for authorization, namely concealed the existence of close links between it and another company”.

In March 2016, a US federal Court ordered Banc de Binary Ltd., ET Binary Options Ltd., BO Systems Ltd., BDB Services Ltd. (collectively, Banc De Binary) and Oren Shabat Laurent to pay More than $9 million in restitution and a civil monetary penalty to U.S. customers who traded the illegal, off-exchange options offered and for violating the CFTC’s Ban on Trading Binary Options Off-Exchange. The Order also imposed a permanent ban on offering or trading any further off-exchange binary options to U.S. customers.

In October 2016, the International Financial Services Commission of Belize issued a public notice on its website confirming that Banc De Binary and BDB Services (Belize) Limited with its registered office at No. 5 Cork Street, Belize City, Belize, C.A. were no longer licensed by the IFSC due to non-compliance to some conditions of the original licence granted for ‘Trading in financial and commodity-based derivative instruments and other securities’.

The swift decisive action delivered by the American regulators, SEC and CFTC, is an example to the financial watchdogs around the world.

Giambrone will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.

If you are a victim of Banc De Binary or have lost funds with this binary options broker, please contact our Client Relations Team to arrange a discussion with a lawyer in the Binary Options Litigation team. Our international lawyers are able to provide assistance in English, French, Spanish, German, Arabic and Chinese.

Alternatively, please click here to file an enquiry online, call us on +44 (0)207 183 9482 or email us at: clientservices@giambronelaw.com.



Original of this Press Release on Giambrone Law website

Giambrone issues a stark warning to investors in binary options: the (lack of) regulation of binary option trading

CFTC and FCA to exchange info about brokers

Giambrone Files Class Action Lawsuits against several brokers
Do you think something like that would be possible against Top Binary Signals and Eclipse Finance?
They are the same kind of gangsters!!!
What should be done to have them lynched too?
 

aurakzai

Recruit
Messages
8
Hi, did Giambrone ask for money upfront for the registration, or indicate how much they want for each claimant to pay them before they will take a complainant on as a client? Please advise, thanks.
Hi Anne,
Yes they did. I have a lot of money stuck in this scam since June 2016 and I am desperate to retrieve it.
Giambrone sent me a couple of documents, a retainer letter stating their fee structure and a terms and conditions document. It says that its a class action and because of which the fee will be divided amongst the victims. Due to this, the fee that they will charge upfront was reduced to a 1000 pounds plus VAT (£1,200) to be paid upfront.
In addition, they required a fee of £500 (plus VAT) every 2 months throughout 2017.
So the total cost is atleast 1200 +[500(6)] = £4200. This is if the case does not go beyond a year. If the case goes beyond a year then the payment of every 2 months will continue. In case any amount is retrieved, they will take a success fee of 20% (plus VAT).
So in order to retrieve $25k, I need to pay $10,000-12,000, in best case scenario. I was hoping that the process would be quick and not continue throughout the year plus I wouldn't have to pay more money upfront, I would be happy to share a higher percentage of success fee.
 

dannycsl

Private
Messages
23
Do you think something like that would be possible against Top Binary Signals and Eclipse Finance?
They are the same kind of gangsters!!!
What should be done to have them lynched too?
I guess if can get enough victims to group together and file a claim then it's possible
 

AnneW

Master Sergeant
Messages
314
Hi Anne,
Yes they did. I have a lot of money stuck in this scam since June 2016 and I am desperate to retrieve it.
Giambrone sent me a couple of documents, a retainer letter stating their fee structure and a terms and conditions document. It says that its a class action and because of which the fee will be divided amongst the victims. Due to this, the fee that they will charge upfront was reduced to a 1000 pounds plus VAT (£1,200) to be paid upfront.
In addition, they required a fee of £500 (plus VAT) every 2 months throughout 2017.
So the total cost is atleast 1200 +[500(6)] = £4200. This is if the case does not go beyond a year. If the case goes beyond a year then the payment of every 2 months will continue. In case any amount is retrieved, they will take a success fee of 20% (plus VAT).
So in order to retrieve $25k, I need to pay $10,000-12,000, in best case scenario. I was hoping that the process would be quick and not continue throughout the year plus I wouldn't have to pay more money upfront, I would be happy to share a higher percentage of success fee.
OMG!!!!!! That's crazy!!!!!!!!!!!! Ludicrous in the extreme ... why should there be continuous payment if no work is being done during that entire period? I would ask for an itemized billing of all work being done, hours being put in and all actual cost incurred by Giambrone during this period of the class action lawsuit. I hate to say this, but it sounds like it's quite a nifty way for them to make money off all the victims as well .......

I'd say all the victims need to shop around and ask which other reputable law firm is willing to act for the victims in a class action law suit and how much their charges are.

Perhaps also ask Giambrone's how their other class action law suits are progressing. They have instituted 2 other class action law suits against other binary option companies I believe. I need to do a search on this forum to find that article.
 
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