Unregulated investment firm settles

Case Studies

A $350,000 Settlement Negotiated with an Unregulated Investment Firm

The Basis for the Dispute

This case is instructive for a host of reasons. Chief among them is that  even the most astute, sophisticated and wealthy individuals can become entrapped in a costly scam, and how a professional team on his side can make all the difference.
B.R. is a successful businessman from  who resides and works full time on a scenic Mediterranean island. Nearing retirement, he decided to make a number of investments to stabilize and improve his financial future. Unfortunately, a deceptive advertisement on Facebook led to a series of highly-persuasive phone calls. Within a  few months, B.R. had deposited more than a half million dollars with an unregulated online investment scheme.
As is typical in this scenario, the investment appeared promising, as it showed consistent growth over several months. That is until the broker determined that he could no longer get any more deposits from his customer. At that point, B.R. was unable to log into his account and his withdrawal requests were denied. It was now clear to him what had happened, and he reached out to MyChargeBack for help.

Strategies and Tactics

Given the sizable  funds involved in this case, it was clear that the merchant was going to go to great lengths to fight our efforts to recover them. As a result, we  prepared a complete Intelligence Report on the merchant before commencing any direct action against him.
Armed with key company data and insight into the individuals who may be involved in the alleged scam, we immediately moved on two parallel fronts.
First, we began a bank wire transfer recall procedure with B.R.’s bank.
Second, and most significantly, we had a law firm prepare a series of legal demand letters backed with a credible and immediate threat of civil lawsuit, police action and criminal penalties.

The MyChargeBack Difference

The merchant’s expected delaying tactics and misdirection consumed more than a year of our client’s time. In the end, faced with a bank wire transfer recall on the one hand and immediate legal action on the other, and out of other options, the merchant made an offer to settle the case. Our negotiations resulted in a final offer of $350,000 to be deposited in B.R.’s account in exchange for revoking all outstanding actions against the company. Balanced against the expense, time and uncertainty involved with a lawsuit, we advised our client to accept the offer.

In a Nutshell

  • The case involved a loss of more than $500,000 to our client, a wealthy businessman, via bank wire transfers to an unregulated, online investment scheme
  • MyChargeBack advised the client and led a legal team through a dispute with the merchant that spanned more than one year
  • The case was resolved when we negotiated a settlement to return $350,000 to our client

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