UK:
Gabriele Giambrone Comments On Binary Fraud
21 September 2016
Giambrone & Partners
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The Sunday Times highlighted at the weekend the rise of
complaints against binary companies which has dramatically
increased in recent months. The City of London police report
that the average loss is in the region of £20,000 commenting
that "it is the latest and perhaps the fastest growing
iteration of investment fraud". The fraudsters are
aiming at a younger audience drawing them in using social media
sites such as Instagram.
The binary industry is largely unregulated as frequently the
brokers and companies perpetrating the frauds use complex and
convoluted procedures to bypass the more robust regulatory bodies
such as the Gambling Commission and the Financial Conduct
Authority.
When asked about the scale of complaints Gabriele Giambrone
commented "...they are the tip of the iceberg..." he
further remarked that he had in excess of 3,000 case files from
individuals claiming to have been defrauded by binary
companies. He also said "...this is a small fraction
represented by a small firm. Who knows what the true scale
is?"
Giambrone continues to fight vigorously for the restoration of
clients' funds which have been lost during the course of
fraudulent transactions.
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