On October 31, 2013, the United States District Court for the Middle District of Florida entered orders of forfeiture for over $138 million in assets which were seized by federal authorities for their involvement in a fraud perpetrated by Evolution Market Group (EMG). These funds will be distributed to eligible victims of the fraud through a process called "Remission."
Remission occurs when forfeited assets are returned to the victims of the crime underlying the forfeiture. Authority to grant remission rests with the United States Attorney General, as delegated to the Asset Forfeiture and Money Laundering Section of the United States Department of Justice. The remission process is governed by the Code of Federal Regulations, Chapter 28, Part 9 (2012).
Clients who have instructed us, will automatically be sent relevant documentation upon release and have a claim for their section of funds put in. At the moment the US judicial procedures which are taking place are in the final stages, and as soon as we have further information, we will send out a further e-mail of update to all clients who have instructed us.
Giambrone is closely following the matter, and working on your behalf. We will hope to have further information in the immediate future. Giambrone ensures everything is done in a way so that you receive the funds which you have lost.
Giambrone has a dedicated team of specialist foreign exchange (forex) litigation lawyers specialising in assisting clients across the globe re-gain their funds lost in fraudulent scams. Our lawyers are at the cutting edge of litigation involving benchmark fixing and manipulation with significant experience of developing and bringing forex litigation claims against banks, forex brokers and financial institutions
It is an unfortunate fact that forex fraud is on the increase. Each day, some innocent investor somewhere, is being duped into parting with their hard-earned money by sophisticated fraudsters (often based in off-shore jurisdictions). Encouraged by Giambrone’s success in the TIRN case, victims of other scams have reached out to our forex lawyers, seeking their assistance in the recovery of losses sustained in similar circumstances.
Giambrone’s forex lawyers have successfully retrieved in excess of US$1.5 million for more than 300 victims of the Traders International Return Network (“TIRN”) fraud in a Class Action suit.
In addition to our proven experience and expertise in forex litigation, Giambrone has the added advantage of a multilingual team of forex specialists, making communication with both clients and full comprehension of any proceedings quite straightforward and avoids confusion. The capacity to speak to our clients in their native tongue assists our clients to develop a strong bond with their lawyer and enables them have a better grasp of the issues in hand, which in turn allows our lawyers to handle matters with far greater efficiency.
We have a track record of significant success against the banks and are one of the few leading international law firms who sue banks and forex brokers in substantial litigation. We are practically free of the conflicts of interest that prevent most top litigation law firms from suing financial institutions.
Our forex lawyers are ideally placed to handle claims arising out of the regulatory investigations (by the FCA and other regulators worldwide) in relation to manipulation of foreign exchange (Forex or FX) markets and rigging of benchmark rates. We are representing several litigants including pension funds, foreign property owners and other foreign exchange houses against Citibank, HSBC, JPMorgan Chase, RBS and UBS which have been fined in excess of £2bn by the FCA and the U.S. Commodity Futures Trading Commission (CFTC) in relation to attempted manipulation of G10 spot FX benchmark rates.
Giambrone will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.
If you are a victim or have lost funds witha forex broker, please contact our Client Relations Team to arrange a discussion with a lawyer in the Forex Trading Litigation team. Our international lawyers are able to provide assistance in English, French, Spanish, German, Arabic and Chinese.