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Financial Fraud on the Rise in Cyprus: What You Need to Know
In recent years, financial crime has become a growing concern in Cyprus. The country’s financial services sector, which includes banks, investment firms, and forex brokers, has been plagued by fraudulent activities and regulatory violations, leaving many individuals and businesses vulnerable to financial loss.
The Problem is Widespread
The problem is not limited to individual wrongdoers, but also extends to companies and institutions that are authorized to offer financial services to the public. Banks, financial services companies, investment firms, forex brokers, and portfolio managers have all been implicated in fraudulent activities, resulting in significant financial losses for investors and traders.
Taking a Stand Against Financial Fraud
In response to this growing problem, a team of legal experts at AGPLAW has dedicated itself to helping victims of financial crime in Cyprus and the United Kingdom. The firm’s regulatory advisory team works closely with its litigation teams in both countries to investigate and prosecute cases of financial fraud and regulatory misconduct.
Expertise and Experience
The team has extensive experience in filing claims against financial institutions and regulatory bodies, including the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) of the UK, and the Central Bank. They have also developed expertise in preparing detailed reports for these agencies, highlighting financial misconduct and providing evidence to support allegations of fraud.
Notable Cases
AGPLAW has successfully represented numerous clients who have lost money due to fraudulent activities by financial institutions. Some notable cases include:
- A group action brought against a Cypriot investment firm that had been suspended and later withdrawn from the market by CySEC, resulting in a judgment by consent for 53 clients.
- An individual trader who lost over $1.8 million in FX trading with a world-known FX broker and market maker, with a settlement in favor of the client.
- A financial fraud committed through violation of internet banking, resulting in a loss of over EUR 2 million, with AGPLAW’s efforts helping authorities to trace and freeze assets related to the fraud.
Expertise and Testimonials
AGPLAW’s team of experts has extensive knowledge of litigation strategies and regulatory frameworks in both Cyprus and the UK. Their expertise has been praised by clients, who have commended their ability to think outside the box and achieve successful outcomes in complex cases.
“We chose AGPLAW because of their combination of expertise in banking and finance regulatory practice,” said one client. “Their litigation team is one of the best in Cyprus, with a wide range of knowledge and always able to think outside the box.”
Contact Us
If you or your business has been affected by financial fraud, contact AGPLAW today to learn more about how they can help.