Deceived by scam brokers.
How to recover lost money?
- Emil Khudiyev (Lawyer)
- No Comments
Investing is an effective way to increase your capital, but unfortunately, it is not always safe. There is a risk of encountering fraudulent brokers whose goal is to appropriate your funds.
“I’ve invested money in a broker, and he disappeared. What should I do?!” – This is how thousands of stories on the web begin. If you have also encountered a scam broker, do not despair! It is difficult to get your money back, but it is possible.
In this article, we will analyze a step-by-step action plan in case you encounter a similar situation.
How to understand that you have been deceived by a broker?
Recognizing fraudulent brokers at an early stage can save your funds. Pay attention to the following signs:
- Abusive calls with promises of high profits. Real brokers do not guarantee fast and high income.
Remember how the broker gave you big promises: “We guarantee 100% profit!”, “Withdraw funds at any time!”, “Minimal risks!” etc. - Refusal to provide a license. Legitimate brokers always have the appropriate licenses and are ready to provide them.
- Difficulties with withdrawal of funds. If the broker delays or refuses to withdraw your money without good reason, this is a serious signal of possible fraud.
- Commissions and taxes for nothing. The broker insistently demands from you inexplicable additional payments in order to “return your money”.
And now the account is blocked, technical support is silent, the site has disappeared… If this is your case, you are dealing with scammers!
How to get money back from a broker scam?
Step 1. Collect all evidence you have
Before starting the proceedings, it is important to collect all the evidence:
- Screenshots of correspondence, personal account and transaction history;
- Agreements, receipts, letters from the broker;
- Bank statements on transfers;
- Recordings of telephone conversations (if any).
Without evidence, it is difficult to prove fraud and return the money through the bank or the court.
Step 2. Try to return the money through the bank
If the transfer was made from a card, submit an application to the bank for a chargeback. How to do this?
Prepare an application. Describe the situation, attach the evidence. Contact the bank as soon as possible, there is a limited time for filing an application. In accordance with Article 1092 of the Civil Code of the Republic of Azerbaijan, the bank is obliged to conduct an investigation if the client has become a victim of fraud, and the transaction is recognized as unjust enrichment.
Step 3. File a police report
According to Article 178 of the Criminal Code of the Republic of Azerbaijan, the actions of brokers are considered fraudulent, and this directly entails punishment. Contacting law enforcement agencies can help in this situation.
The statement must include: a description of the situation, the name of the broker and its details, evidence of fraud and your contact information. You can contact your local police department or through an electronic portal.
Step 4. Notify the Central Bank of Azerbaijan
If the broker operated under the guise of a licensed company, a complaint to the Central Bank may lead to an inspection and blocking of its accounts.
You can file a complaint on the official website.
Step 5. Go to court
If the police and the Central Bank did not help, you can file a civil lawsuit in court. The basis for filing a claim will be the return of illegally appropriated funds, as well as compensation for moral damages and reimbursement of legal costs. If the broker had accounts in Azerbaijan, there is a greater chance of getting your money back. Litigation is a long and complicated process, but it can be made easier by seeking help from a lawyer. A lawyer will assess the prospects for returning funds, help in drafting claims and other procedural documents. If necessary, a lawyer will defend your interests in court.
Precautions to protect yourself from scammers
Refunding funds from scam brokers is a complex process that requires decisive and consistent action. Following the steps below and contacting a lawyer in a timely manner will increase your chances of successfully restoring justice.
- Make sure that the broker has a valid license from the official regulator (Central Bank).
- Look for independent reviews of the broker on specialized forums and websites.
- Beware of unrealistic promises: guarantees of quick and high profits without risks are a reason to be wary.
- Check the broker in blacklists. There are resources that publish lists of unscrupulous brokers.
- Be attentive to the terms of the agreement. Carefully study all the points of the agreement before signing it.
FAQ
What is the "chargeback" and how does it help to recover your money?
Chargeback is the process of disputing a transaction to recover funds for unauthorized or fraudulent transactions.
What to do if the broker is registered in another country?
File a complaint with international financial regulators such as FCA, CySEC, and also try to get your money back through the bank.
Is it possible to go to court without a lawyer?
Yes, but legal assistance will increase your chances of success.
How long does it take to get a refund?
Chargeback – from several weeks to several months, police – up to a year, court – longer.
How do I know if a broker is licensed?
Check it on the website of the Central Bank of Azerbaijan.
Is it possible to get your money back if a lot of time has passed since the fraud?
The chances of getting your money back decrease over time, so it’s important to act promptly once you discover fraud.
How EMZE can help you?
Have you read this article, but still not sure that you can return funds from a scam broker in Azerbaijan? No problem!
I am always ready to provide you with legal assistance, advise you on the process of returning funds from scammers and help.
You do not need to look for a lawyer anywhere else, just Сall Emil!
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