EFRI – the European Funds Recovery Initiative – today officially launches its
In the past, the illegal broker sites SafeMarkets, Golden Markets, and XTraderFX were active in the field of binary options. After the ban of the binary options, they bet now on CFDs, cryptocurrencies and FOREX. One of the big issues with illegal brokers is that customers’ money is not held on segregated customer accounts as required by the supervisory authorities for regulated brokers, but on the operational bank accounts of the brokers. Customer funds are regularly misappropriated to finance their mostly elaborate lifestyles and vast organizations.
Moreover, customers’ orders are typically not passed on to regulated stock exchanges or brokers for execution. Basically, customers’ trading transactions are fake. Even in the unlikely event that customers win, these profits are often not paid out. The illegal broker call this “retention management” as the U.S. authorities pointed out in their lates indictments. Customers of SafeMarkets, Golden Markets, XTraderFX
The EFRI campaign collects the claims of cheated customers and claims them directly from the operators (beneficial owners) via lawyers such as the German law firm CLLB. EFRI also works closely with law enforcement agencies in different countries to share information and ensure effective prosecution where necessary to recover funds and close down illegal broker sites.
In the case of SafeMarkets, Golden Markets,
File Your Claim
Cheated investors can file their claims here on EFRI. At the same time, EFRI may also report the claim to the relevant law enforcement authorities.