Hi guys -good to be back to FPA,
although I have not been active on FPA it does not mean that like many others, I have given up hope!
I'm afraid I have to reinforce what Domski says above,re Giambbrone. While for all intensive purposes, it seemed like a great idea at the time, a class action against BdB/OfM was logistically impossible. Having myself been part of the scheme, it appears that after he realised the enormity of it all, he picked the bones out of the clients who could afford it, stringed hundreds of others along and really just used them as a database to stroke his ego and his bankroll!
The reality of it all-
To lodge a claim for 1 victim or possibly hundreds that registered with him-requires many hours of paperwork, just to get started. We(the victim) have to prove that we got scammed by forwarding trading figures- that is, if we had them, bank statements and copies of the scammers addresses and banking details which were dodgy at the best of times. Also we had to produce copies of their contracts that we signed. I can only imagine what his bill at $360/hr would be in real terms. That is why he thought he would be smart and get backers to finance him.
After many false starts including getting a professor to appear as a star witness failed, he again pleaded with his client base to give him more money, because the backers realised it wasn't a viable approach. By now most v the database realised it was folly and pulled out.
There were a magnitude of hurdles to overcome-
Foriegn country speaking different languages with shonky laws and lawyers.That's why the scammers used them in the first place!
Difficulty in tracking down owners who often used false names and addresses.
Difficulty in tracking down their banking records.
Reluctance by certain countries to cooperate and hand over details of certain individuals who were regarded as heroes in their countries by employing hundreds of employees.
Corrupt politicians and handouts to law enforcers to keep things hidden under the counter.
Inefficiency of Law in Cyprus and other countries who harboured these scammers. Transtating most of our Legal work to the Latin used in Cyprus courts-
Lax Legal systems and then the Coronavirus!
As you can see -A TOTAL NIGHTMARE!!!!
USA on the other hand, had completely banned Binary Options before I think 2016, and they have made significant headway in slapping heavy fines and even imprisonment on a few perpetrators.
The difference being of course that victims in most other countries signed their dodgy paperwork. Whilst all these dodgy dealings have been brought out into the open, banks and financial establishments are still holding out, hoping that no compensation will be awarded to those countries.
However, if any compensation will ever be paid, it will be after a lot more Legal fees are paid by those scammed and probably a few more years yet before those countries harbouring these criminals and their shonky systems admit any wrongdoing.
I hope this information is of some benefit to our members of FPA-
As I mentioned way back in the beginning of this thread- I read -I studied- I listened to the sound advice given here- I notified FBI-ScamWatch- Police-Banks-and all the relevant agencies I could.
I won a significant battle with BinaryBook-tho no one said I could- I had my bank offer me $4000 to get me off their books- and I still hold some glimmer of hope for the future!
Without FPA I would have got a big fat nothing.
My final word is stay away from Giambrone- he is a businessman thru and thru-if theres no carrot for him to chew, he's not there for YOU!
Take care all members-
