Title: “Cyprus-Based Financial Firms Face Intensifying Scrutiny Over Alleged Crimes”
Rising Concerns over Financial Misconduct in Cyprus
The financial industry is under increasing scrutiny for alleged crimes and negligence, with financial and investment firms, their executives, and regulators coming under particular focus. In this article, we explore the growing number of financial crime cases in Cyprus and how our FS Regulatory advisory team, in collaboration with our litigation team, provides expertise and guidance for those who have suffered financial losses.
Types of Financial Entities Involved in Misconduct
Financial misconduct can stem from various sources, including:
- Banks
- Financial Services Companies
- Investment Firms
- Forex Brokers and Dealers
- Portfolio Managers, Market Makers, and other authorized entities
Our team is proficient in dealing with financial crime cases in Cyprus, defending investors who have inadvertently lost or had their assets diluted due to unscrupulous practices.
Regulatory and Financial Services Litigation Practice in Cyprus
Our unique Regulatory and Financial Services litigation practice in Cyprus has gained a reputation for excellence in handling cases involving banking, financial, or investment institutions. We proudly represent some of Cyprus’s major banks, such as Bank of Cyprus PLC, Hellenic Bank PLC, and Alpha Bank (Cyprus) Ltd., in local courts.
Success Stories: Handling Financial Crime Cases in Cyprus
Class Action Suit against a CySEC-Regulated Investment Broker
Our team is currently handling a class action suit against a CySEC-regulated Investment Broker specializing in FOREX markets. The case involves allegations of fraud and regulatory misconduct committed by the directors, resulting in a loss of over EUR 2 million for our 53 clients. The team successfully obtained a Freezing Injunction (Mareva) against the Defendant’s bank accounts to preserve the assets.
- Evidence of financial misconduct presented to the Cyprus courts
- Ongoing investigation and proceedings
Favorable Settlement for an Individual Trader
We successfully negotiated a favorable settlement for an individual trader who lost over USD 1.8 million in FX trading with a globally renowned FX Broker & Market Maker.
Tracing and Freezing Orders for a Financial Fraud Case
We secured a Tracing Order and a Freezing Order from the Nicosia District Court for a financial fraud case involving a well-known trading company’s Internet Banking platform. This order has proven crucial in aiding the Cyprus MOKAS and the UK Scotland Yard during their respective criminal investigations.
Contact Us for Expert Assistance
To discuss how we can help you navigate a financial crime case, please do not hesitate to contact us at your earliest convenience. Our experienced team is dedicated to protecting your interests and restoring any financial losses you may have experienced.