Man wins €293,650 in investment fraud compensation
Derek, a 75-year-old retiree (his name has been changed to preserve his anonymity), received €293,650 in compensation after a devastating investment scam.
How the investment scam worked
Fearing his savings and pension wouldn't be enough to support his retirement, Derek began searching for investment opportunities and stumbled upon a company called 7XFX. He then contacted a representative, who helped him create a trading account.
The opportunity seemed reasonable to Derek because he was receiving frequent emails and phone calls and was being transferred to different departments within the company. Unbeknownst to our client, this was a scammer's attempt to boost their credibility and appear legitimate.
The scammer arranged a call with Derek to discuss the investment and explained that artificial intelligence (AI) would be used to help him profit. As an inexperienced investor, Derek found this plausible. The scammer also suggested that Derek download AnyDesk, a remote access software that would allow the scammer to take control of his computer and guide him through the trading platform.
Derek's initial trades were profitable, prompting him to invest more. The scammers offered him "credit," or trading funds, in exchange for deposits to encourage further investment.
In early 2022, our client was informed that his account had suffered significant losses due to the Russo-Ukrainian War. He was subsequently required to pay an additional tax equal to 20% of the withdrawal amount. He complied, believing this would allow him to withdraw his funds. However, Derrick never received any funds, which sadly led him to realize he had been scammed.
Recovering Funds from the Investment Scam
Upon realizing he had been scammed, Derrick quickly reported the scam to his bank, Revolut, but the bank failed to assist him in recovering his lost funds.
Derrick then contacted CEL Law Firm, a firm specializing in fraud and scam recovery, which successfully awarded him €293,650 in compensation.
How the investment scam worked
Fearing his savings and pension wouldn't be enough to support his retirement, Derek began searching for investment opportunities and stumbled upon a company called 7XFX. He then contacted a representative, who helped him create a trading account.
The opportunity seemed reasonable to Derek because he was receiving frequent emails and phone calls and was being transferred to different departments within the company. Unbeknownst to our client, this was a scammer's attempt to boost their credibility and appear legitimate.
The scammer arranged a call with Derek to discuss the investment and explained that artificial intelligence (AI) would be used to help him profit. As an inexperienced investor, Derek found this plausible. The scammer also suggested that Derek download AnyDesk, a remote access software that would allow the scammer to take control of his computer and guide him through the trading platform.
Derek's initial trades were profitable, prompting him to invest more. The scammers offered him "credit," or trading funds, in exchange for deposits to encourage further investment.
In early 2022, our client was informed that his account had suffered significant losses due to the Russo-Ukrainian War. He was subsequently required to pay an additional tax equal to 20% of the withdrawal amount. He complied, believing this would allow him to withdraw his funds. However, Derrick never received any funds, which sadly led him to realize he had been scammed.
Recovering Funds from the Investment Scam
Upon realizing he had been scammed, Derrick quickly reported the scam to his bank, Revolut, but the bank failed to assist him in recovering his lost funds.
Derrick then contacted CEL Law Firm, a firm specializing in fraud and scam recovery, which successfully awarded him €293,650 in compensation.