Theft/Embezzlement/Ponzi Schemes

Ponzi Schemes & Securities Law

Most victims of financial fraud scams and Ponzi schemes are embarrassed to admit that they have been taken, with some victims even walking away from their losses without pursuing their rightful recovery in the courts or with arbitration. Under State and Federal law, victimized investors may have considerable rights to recover their lost assets, so it is important to seek counsel immediately upon discovery of victimization to avoid having your claims dismissed due to statutes of limitations or other technical grounds. Victimized investors have recovered hundreds of millions of dollars through the courts, and we offer a free initial consultation to victimized investors desirous of pursuing a claim for recovery.

Embezzlement of Monies of Unsuspecting Investors

The past ten years have seen the explosion of claims involving the theft and embezzlement of monies of trusting and unsuspecting investors by unscrupulous investment advisors. Insurance companies, banks, bank trust departments, and brokerage firms are required to abide by supervisory, compliance, regulatory, and legal protections, laws, and regulations designed to prevent and detect investment account-related theft, schemes, and embezzlement. Unfortunately, in numerous instances, financial institutions have failed to properly abide by these various rules and regulations designed to protect the investment public and have been held financially responsible for the losses sustained.

Over the years, we have pursued claims against large, well-known insurance companies (particularly involving variable annuities), banks, brokerage firms, and other financial institutions who have failed to properly protect investors from financial account embezzlement, theft, forgery, and fraud. If you feel you have been victimized in a theft- or embezzlement-related scheme involving your financial accounts held with a financial institution, we offer a free initial consultation to assist you in determining what rights and remedies you may have under the law.

Anti-Money-Laundering Procedures (AML)

Banks, brokerage firms, and insurance companies are required to implement and enforce Anti-Money-Laundering procedures (AML), and they are also required to have in place Suspicious Activity Reporting Systems (SARS) to detect and prevent client victimization. Unfortunately, many large financial institutions have grown so large that these safeguarding and watchdog tasks have been delegated to inexperienced and untrained personnel, with the result that hundreds of schemes go undetected every year in the United States.

Your client account relationship with your bank, insurance company, brokerage firm, or financial advisor includes various contractual protections designed to safeguard your assets from theft. When these contractual promises are broken, victims are afforded relief for breach of contract and other claims in the courts or through litigation or arbitration. Additionally, in certain circumstances, insurance coverage, as well as the Securities Investor Protection Corporation (SIPC), may afford avenues for recovery with the initiation of proceedings by the Securities and Exchange Commission.

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