Strategy for getting money back

[compadv]

My father has lost alot of money to what is clearly a CFD scam operation. I haven't closed the account down or anything because we are still trying to get money back.

I have managed to track the front (sham) company back to a company based in Israel, and have found names, phone numbers, addresses and pictures of those concerned.

What do you think the best strategy is? Should I confront them with the details? Should I stay cool and see what (if anything) they might give us back without giving too much away at this point?

I deliberately haven't mentioned who they are, as I don't want to jeopardise the process.

 

[FmrBrokerExecutive]

1. If he used a credit card to deposit, the best course of action is a chargeback.

2. If you really know who they are and feel you can "intimidate" them virtually, you could potentially try contacting them or having a (best a local) attorney contact them.

3. But to actually sue them or cause any real legal force on them - you'd need to justify spending tens to hundreds of thousands of Euros.

The thing about CFDs is they are the new "Binary". Forex or Crypto trading is dangerous enough. Binary/CFD is 100% guaranteed to lose. Might as well play at a casino all night long until your money is eventually 0.00.

I should also mention regulators but you didn't mention what brokerage it was and CFDs are often unregulated. It's also very, very hard to prove this stuff as even the very LEGITIMATE brokers still see 90%+ of their clients lose who trades these highly volatile leveraged instruments... Sorry

 

[compadv]

Thanks for the advice. Chargeback is underway. Should I leave the bank to it now?

 

[AsstModerator]

If you feel the company's actions were scams, report them to the financial regulators and law enforcement in your own country. Do the same for any country associated with the company.

 

[FxMaster]

My father has lost alot of money to what is clearly a CFD scam operation. I haven't closed the account down or anything because we are still trying to get money back.

I have managed to track the front (sham) company back to a company based in Israel, and have found names, phone numbers, addresses and pictures of those concerned.

What do you think the best strategy is? Should I confront them with the details? Should I stay cool and see what (if anything) they might give us back without giving too much away at this point?

I deliberately haven't mentioned who they are, as I don't want to jeopardise the process.

You should also report to police and regulators in your own country.

 

[Gabesz]

Milyen segítséget kaphat a pénzkereséshez?