Forex boiler-room fraud

Full recovery of claimed amount through a combination of card-network chargebacks and civil settlement against a Cyprus-registered entity after UK worldwide freezing order.

Type: Forex boiler-room fraud
Jurisdictions: United Kingdom, Cyprus
Claimed loss: $200K – $500K
Duration: 7 months
Legal strategy: FCA complaint; worldwide freezing order; card-network chargeback; civil settlement

Case narrative

Client engaged an unlicensed forex platform advertising on social media, with funds moved via card payments over eight weeks. Intake occurred six weeks after the final payment, still within card-network chargeback windows. Simultaneously, we obtained a UK worldwide freezing order supported by FCA cooperation and the platform's Cyprus registration detail. Settlement with the platform's corporate entity followed chargeback pressure from the acquirer. Full recovery was achieved within seven months from intake.

Takeaway

Card-network chargebacks executed in parallel with the civil track can materially shorten the timeline when the loss is within chargeback windows.

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