Elementor #7381

Case Studies

The Case of S.N.

The Scam and Its Aftermath

This case involves the loss of a large sum of money and a complex recovery scenario, but ultimate success through experience, expertise, and tenacity.

S.N. is a woman nearing retirement age, residing in her native Italy and looking to improve her retirement portfolio. Her descent into the world of unregulated online investment scams was as tragic as it was predictable. After talking her into a modest initial deposit, her “broker” made sure her “investments” paid off handsomely, setting the stage for a €60,000 deposit to “secure her future.”

If you’ve seen investment scams before, you won’t be surprised to learn that this was the point S.N.’s “luck” turned around and all her investments started losing money faster than one could count. When she could no longer even log into her online account or access the broker’s website, she understood what had happened to her, and reached out to MyChargeBack for help.

Upon investigating her case, our conclusion was that it was winnable, despite its complexity and challenges. Foremost among these was the fact that she had made her large deposit by bank wire transfer, a system that offers fewer consumer protections and a less easily traceable money trail as compared with credit cards. In fact, it is a commonly believed and repeated fallacy that wire transfers are never reversible, and that they have no more protection against fraud than there are with paying cash. This is not true, but that doesn’t mean that the process would be easy, fast, or straightforward.

We got to work providing S.N. with her initial batch of paperwork to give to her bank and to file a police complaint. Our documentation in addition to the police report was enough to convince her bank to send a recall request to the merchant’s beneficiary bank in Lithuania.

A Happy Ending

A month of waiting with no clear answers from the bank led to some frayed nerves on S.N.’s part and plenty of behind-the-scenes preparations on ours. Just as we were ready to fire our second salvo, involving a legal demand letter to the bank in Lithuania, our client received the wonderful news from her bank that €50,000 of her money had been retrieved and deposited in her account. While it represented slightly less than 100% of her deposits, it was close, and was both a tremendous victory and a return to financial stability and security for her.

S.N.’s Impressions

Regarding the need for help:

“I started with [the scam broker] late May 2020. After a month of high profit the consultant convinced me to put €60,000 in the account. I did the worst thing of my life. … When I try to log in the web, it says the page was not reachable. I think I will die! … In google the web page it is not available but I am desperate. Thank you for your advice.”

Regarding the outcome:

It is wonderful. I received this transaction back from the bank €50,000. No words to say how much I am happy.

Regarding MyChargeBack’s assistance:

“Dear [MyChargeBack representative H.T.], Thank you, my life is changed. It was a really surprise for me ….unbelievable. Thank you so much. Cheers, [S.N.]”

In a Nutshell

Italy Flag
  • The case involved the loss of over €60,000 sent by bank wire to an online investment scammer.
  • MyChargeBack created the required paperwork and advised our client in communicating with her bank, the merchant’s bank, and the police.
  • MyChargeBack also contracted a law firm to send legal demand letters.
  • Our efforts resulted in the recovery of over €50,000 for our client.

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