Recovery Firms genuine or all scams?

MikeyAlt

Private
Messages
20
Having been scammed by RIMarkets I have like most people tried to work out how to recover my funds. A company called fundsrecovery.ltd in the states came up with a class action in the Marshall Islands which seemed a sensible option. What are peoples opinion on these companies?
 

Pharaoh

Colonel
Messages
19,905
Let's see. The fundsrecovery.ltd website claims © 2018, but was first registered in August 2019.

Testimonials include one for Banc de Binary, which has been out of business for quite some time.

Disclaimer even says they are not "class counsel" and are not "legal services", but you say they claim to be putting together a class action lawsuit.

Looks very much like a recovery room scam to me. If they dispute this, invite them to come to this thread and publicly introduce the fully licensed law firm that's going to represent the clients. The name of the firm can't exactly be a secret if it's preparing to file a court case.
 

MikeyAlt

Private
Messages
20
Let's see. The fundsrecovery.ltd website claims © 2018, but was first registered in August 2019.

Testimonials include one for Banc de Binary, which has been out of business for quite some time.

Disclaimer even says they are not "class counsel" and are not "legal services", but you say they claim to be putting together a class action lawsuit.

Looks very much like a recovery room scam to me. If they dispute this, invite them to come to this thread and publicly introduce the fully licensed law firm that's going to represent the clients. The name of the firm can't exactly be a secret if it's preparing to file a court case.
Thank you for the assessment, they have not responded, how do I invite them to this thread??

FPA Forums Team Note: Scam Alerts threads have a build in function for inviting companies. To invite a company or anyone else to this thread, email them the link to the thread and ask them to come and join the discussion.
 

FmrBrokerExecutive

Master Sergeant
Messages
254
The thing you have to remember is these "Recovery" Firms have no jurisdictional "power".

The only way you can go after an entity is through a lawyer/law enforcement.

And if the entity isn't licensed / easy to serve a lawsuit - you're probably not going to be able to sue them.
Then, if you are able to sue them, a lawsuit costs easily $50k+ which could very easily be more than you lost trading...

So, these "recovery firms" never make it clear how they magically can recover funds that even a very good attorney would have a low success rate if you spent tens of thousands with them.

Think about it. Their whole business model just makes zero sense.
 
Messages
197
are you referring to like the financial commission etc?? their only incentive is to put a good or bad name on brokers that pay them a fee for the 'award' badge on their website. i don't think its a wholly bad idea, but its not 'REGULATION' as we all know it, so bear that in mind
 
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