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R4I – What’s your experience with the Israeli fund recovery venture Action Refund?

R4I Action Refund fund recoevery of Yaakov Glidai
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As we all know, the fraudulent binary options industry originated in the Israeli startup scene, quickly merged with the Forex industry, and spread across the world as an aggressive scam virus. Binary options have given a gigantic boost to Cyprus’s financial scene, an hour’s flight away from Israel. Hundreds of binary options, Forex, and CFD scams have robbed hundreds of thousands of investors worldwide of their money since 2010. Therefore, Israeli fund recovery experts we Wealth Recovery International (WRI) of Austin Smith have also emerged. Smith was convicted in the U.S. for investment fraud related to the Yukom binary options scam and his WRI activities. Now there is a new Israeli fund recovery expert, Action Refund Ltd (ARF). We’d like to know more about it.


Business, beneficial owners and organization

Action Refund owner and manager Yaakov Glidai

Fund recovery has become a huge business for lawyers and fund recovery ventures. Unfortunately, it’s also a huge scam business with many scams operating their own “fund recovery” branch or scammers like Austin Smith that turn into “fund recovery experts” using their former knowledge to rip-off scammers and their clients.

According to the information provided to FinTelegram by former clients of Action Refund, scam victims who want to get their money back via Action Refund (ARF) must first sign a Fund Recovery Services Engagement and in it agree to pay a non-refundable retainer of at least $5,000 plus 10% of the recovered funds as commission.

Action Refund Ltd d/b/a Action Refund (www.actionrefund.com and www.actionrefund-ltd.com) is based in Ramat Gan in Israel and is controlled by Yaakov Glidai (left) and Itai Haimovich through their companies Red Hot Holdings Ltd and Haimovich Holdings and Investments Ltd.

Action Refund fund recovery scheme in Israel

Like the disgraced and sentenced fund recovery scammer Austin Smith of Wealth Recovery International, Yaakov Glidai also has a U.S. relationship. Yaakov Glidai also operates the website Red Hot Funding (www.redhotfunding.com), which specializes in consumer finance, through Red Hot Funding Inc (OpenCorporates), which is registered in Wyoming, United States. However, the domain www.redhotfunding.com has been registered in Israel.

Call Center in Israel

Action Refund operates through a call center with nearly 20 agents that actively address scam victims. Through aggressive ad campaigns on Google and social media, they find scam victims whom they promise to recover their funds in exchange for initial payments of several thousand euros or dollars. On their Facebook page, they post at least once a day with a nice ad to address victims of different kinds of scams – from FX to pishing.

Some of Action Refund‘s former clients have provided us with information that paints an unflattering picture of the company’s work. However, it is currently too early to make a serious report. Therefore we want to have more information. According to their website, Action Refund helped 1,225 scam victims to recover more than $2,3 million. Sounds impressive, doesn’t it?

Trustpilot and Pishing alarm

On Trustpilot, Action Refund has a 4.6-star rating (excellent) out of 198 reviews submitted. However, more than 90% of the reviews are a bit suspicious and smell a bit fake. Besides, when visiting Action Refund‘s website, we received a security alert and were told that a URL pishing was attempted. The security software terminated the connection.

If you have any information about Action Refund, Yaakov Glidai, Itai Haimovich or their organization, or any experiences with their services – good and bad – we would be grateful if you could share them with us.

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