What Legal Action Can I Take After Losing Money to Binary Options?

by | Oct 7, 2017 | Financial Featured

 

In this digital era, fraud seems to have permeated almost every industry, being especially prevalent in binary options trading. It is no wonder why so many countries have taken extreme actions to ban this fraudulent industry. Even the Federal Bureau of Investigations (FBI) advises investors to be wary of binary options fraud. According to the FBI, unscrupulous individuals hiding behind binary options websites are criminals, residing overseas with the sole intention of defrauding victims.

In the unfortunate event that you fall victim to a binary options scam, remember that you are not alone. There are several legal routes victims of binary options can take to recover their money.

File a Lawsuit Against the Responsible Broker

You can litigate against the broker/account manager who has relieved you of your money and refused withdrawal, but you need to consider these things before you take action:

Jurisdiction is a key consideration here. Since many binary options brokers are unregistered and located in a different country than you are led to believe, you’ll need to file the lawsuit in the country your broker’s company operates in.

You’ll also need to consider the costs associated with your lawsuit – lawyers are expensive, thus it’s important to find out if the cost of litigation is worth it.

For a more affordable litigation route, you can turn to financial fraud law firm, Birman Law, which boasts a network of professional in-house and international attorneys capable of suing fraudulent binary options brokers and companies. The firm does not charge hourly, but it does require a small up-front fee to begin the lengthy legal process.

Birman Law recently filed a $10 million lawsuit against OptionsXO and Toro Media.

Carry out a Chargeback

It is possible to recover your money by accessing a chargeback through your debit or credit card provider. A chargeback can be initiated if you purchased an item from a fraudulent seller, if your card is used without your permission and if you are a victim of any type of financial fraud, including a binary options scam.

If the company in question decides to dispute the chargeback, which unsurprisingly happens a great deal, Birman Law can take appropriate legal action to make this process easy and effective.

Report the Scam to the Relevant Government Agency

You can still play a part in stopping binary options fraud by reporting your case to a relevant government agency. There are many agencies that you can report your case to, including the Commodity Futures Trading Commission (CFTC) in the US, the OLAF in Europe, and the ActionFraud National Fraud and Cyber Crime Reporting Center in the United Kingdom..

Fraudulent binary options companies have caused financial trauma to unsuspecting victims on a global scale. If you have fallen victim to their ploys, you can get your money back. Financial Fraud attorneys, such as Birman Law is spearheading the fight against unregulated binary options companies.