Giambrone retrieves more than $1 million for victims of Forex Litigation fraud
Victims of the Traders International Return Network (“TIRN”) fraud are to be refunded more than US$10 million. Giambrone successfully represented hundreds of investors in a Class Action suit brought against TIRN.
20th April 2014
Orlando, Florida – United States – The United States Department of Justice authorised the return of US$10,129,254.56 to investors who had been falsely guaranteed high yield returns of between 9% and 22%. TIRN’s website advertised that pooled investor funds were being managed by “professional money managers” and being invested in the FOREX market. However, no such investments were ever made on behalf of investors. Instead, TIRN’s operators collected in excess of US$15 million from more than 500 US and international investors and misappropriated most of those funds for their own personal benefit, purchasing vehicles, homes, paying off mortgages and remitting money to accounts controlled in the United States and overseas.
Federal law requires that entities and individuals be licensed and registered in order to serve as a pool operator for the purpose of purchasing commodities. Neither TIRN nor its operators held such an investment license.
More than US$10 million worth of assets obtained through the TIRN fraud were forfeited by the U.S. Attorney’s Office and those individuals behind the fraud, David Merrick, Japheth Paramanandam, and Nathan Betances, received long prison sentences for their roles in the fraud.
Giambrone’s Forex Litigation team represented approximately 300 investors from Spain, Italy, Panama, Colombia and Sweden for the recovery of more than US$1 million.
Avv. Calogero Boccadutri, Associate Lawyer of Giambrone, commented: “The sentence imposed on the three individuals behind the scam proves a clear line of non-tolerance by the U.S. authorities against those who carry out illegal activities over the internet”. He added: “This represents a great achievement for investors who entrusted Giambrone to represent them in a long legal battle with the co-operation of the U.S. government against TIRN to successfully recover their funds”.
- Giambrone is a European Law Firm with offices in Berlin, Palermo, London, Rome, Milan, Tunis and New York.
- Awarded ‘Best Italian Law Firm of the Year 2013 and 2014’ by Acquisition International, Giambrone is considered one of the leaders in international extra-judicial legal assistance, mediation procedures, transactions and litigation relating to Corporate and Commercial Law, Real Estate, Tax Law, Banking and Financial and International Private Law