Andino Reynal, a former federal prosecutor, is representing hundreds of defrauded investors in their efforts to recover the funds stolen by German Cardona through his company, the Evolution Market Group, also known as Finanzas Forex.
“Securing justice for those who have been wronged is our top priority,” said Andino Reynal, Attorney. “We have already recovered over $10 million for our clients and are committed to helping German Cardona’s victims reclaim their lost investments.”
The Evolution Market Group also known as Finanzas Forex was part of a broader scheme involving entities such as DWB Holding Company, Superior International Investments Corporation, and individuals like German Cardona, Daniel Rojo Filho, and Pedro Benevides.
Due to its involvement in the fraudulent scheme, the United States District Court for the Middle District of Florida ordered the forfeiture of over $138 million in assets seized by federal authorities from the Evolution Market Group.
Andino Reynal and his team are working with Analytics, the Remission Administrator, to ensure that his clients’ petition forms are properly ruled on. The firm is continuing its investigation into Evolution Marketing Group’s operations overseas, aiming to assist clients worldwide in recovering their funds.
In July 2024, the EMG Remission Fund decided hundreds of claims and mailed checks to victims whose claims were approved partially or in their entirety. The Remission Fund also established September 3, 2024, as the deadline for filing petitions for reconsideration.
If the Department of Justice denied your claim in whole or in part, you are encouraged to contact Andino Reynal’s office for further assistance in filing a petition for reconsideration.
About Andino Reynal
The Reynal Law Firm represents clients globally in financial fraud, benchmark manipulation, and institutional misconduct cases. With a strong track record of recovering lost investments, the firm provides expert legal services in international disputes, working closely with federal authorities and financial regulators to ensure justice for its clients.
What is a Forex Ponzi Scheme?
A Forex Ponzi scheme is a type of financial fraud that uses the foreign exchange (forex) market as a cover for its illegitimate operations. Here’s a concise explanation of how it typically works:
- Premise: The scheme claims to offer high returns through forex trading.
- Initial investors: Early participants are recruited with promises of above-market returns.
- False reporting: Instead of actually trading forex, the operators fabricate reports showing fake profits.
- Paying early investors: Early investors receive payouts, but this money comes from new investors, not from actual forex profits.
- Recruitment: Satisfied early investors often unknowingly become recruiters, bringing in more participants.
- Collapse: The scheme continues until new investments can’t cover payouts to existing members, leading to its collapse.
- Consequences: Most investors lose their money, while the operators may attempt to disappear with the funds.
Key characteristics of Forex Ponzi schemes include:
- Promises of unrealistically high or consistent returns
- Pressure to recruit new investors
- Lack of transparency about trading strategies or actual forex operations
- Difficulty withdrawing funds
It’s important to note that while legitimate forex trading exists, it carries significant risks and doesn’t guarantee consistent high returns. Any investment opportunity promising exceptional profits with little risk should be thoroughly investigated.
Frequently Asked Questions Around Forex Ponzi Schemes
Q: How can I identify a forex Ponzi scheme?
A: Forex Ponzi schemes often exhibit red flags such as promises of guaranteed high returns, pressure to recruit new investors, and a lack of transparency regarding trading strategies. Difficulty in withdrawing funds and unlicensed operators are additional indicators that warrant scrutiny.
Q: Are all high-yield forex investment programs Ponzi schemes?
A: Not all high-yield forex programs are Ponzi schemes, but many raise suspicion. Legitimate forex trading inherently carries significant risk and seldom guarantees consistent high returns.
Q: What are the prospects for recovering funds invested in a forex Ponzi scheme?
A: Recovery of funds from a forex Ponzi scheme is often challenging. Immediate reporting to authorities is crucial, and partial recovery may be possible through legal action if you reach out to our team for help.
Q: How do forex Ponzi schemes differ from legitimate forex trading?
A: Legitimate forex trading involves actual currency transactions and accepts normal market risks. Unlike Ponzi schemes, it does not rely on recruiting new investors to pay returns to earlier participants.
