Details about the history and the legal details of EFRI you can find here.
As a next step of our development we plan to apply for registration of a qualified entity under the DIRECTIVE (EU) 2020/1828 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 25 November 2020 on representative actions for the protection of the collective interests of consumers repealing Directive 2009/22/EC.
To qualify as a qualified entity (as defined by the above mentioned EU Directive) we have to get our legal settings right. So it was an important step for EFRI to reach a settlement with the Austrian lawyers association to define exactly the scope of the activities of EFRI and when to involve a lawyer: EFRI undertakes vis-à-vis the Austrian lawyers association to refrain from recruiting or accepting victims of criminal acts as members in the course of business if and to the extent that the condition of membership is an assignment to professionals for the representation of members against the promise of a pactum de quota litis or otherwise to provide representation services of members before courts or authorities against payment, which are exclusively reserved for lawyers. Elfriede Sixt (board member of EFRI and Austrian Certified Public Accountant) undertakes vis-à-vis the Austrian lawyers association to refrain in the course of business from carrying out acts of representation for members which are reserved for lawyers and for which the latter receive or are to receive directly or indirectly a share in the amount of the lawsuit won, whereby it remains permissible for Elfriede Sixt to file charges and to inspect files for the purpose of providing information to attorneys for the representation of members and/or to carry out the activities of as a business trustee or collection agency, unless Elfriede Sixt´s fee is paid in violation of quota-litis agreements. Furthermore, EFRI undertakes vis-à-vis the Austrian lawyers association to refrain from representing injured parties in criminal proceedings against payment in the form of a private party connection in the course of business, unless this is done by sub-agents or lawyers directly authorized by members.
In practice nothing changes as we have hired lawyers for representing the victims in the criminal court cases already and as EFRI of course has the right to ask for a refund of its expenses capped at 10% of the refunded amounts.
For more details what EFRI can do pls refer to the details of our PoA.
Right now February 08, 2022) more than 1.120 victims Investment fraud from all over the world with a total loss (stolen money) of more than EUR 60,1 million are members of our not-for profit organization.
We will try to support you in coping with the mental and financial stress of getting victimized.
In case of a successful refund, we will ask for a success fee of the refunded amount. For refunds achieved in out-of-court settlements, we ask for a 10% success fee. In case it is necessary to go to court, we will come back with specific arrangements as we have to work with additional people – lawyers and litigation funders. But in any case, everything will be discussed with the relevant members upfront.
We have established Telegram groups, we work with Facebook groups, publish postings on the EFRI website and most importantly we give regular updates via emails.
EFRI has a (free-of-charge) co-operation agreement with the media and whistleblower website Fintelegram. Fintelegram acts as our media website that reports about our work and addresses the scammers which victims and our members report to us. Fintelegram has been able to establish a broad network of whistleblowers and has already achieved quite good results.
With the contribution of Fintelegram/EFRI it was possible for the Austrian and German law enforcement agencies to expose the criminal organisation around Gal BARAK (the Wolf of Sofia), his wife Marina BARAK, Gery Shalon and Vlad Smirnov. GAL BARAK was found guilty of running the fraudulent investment scams: xtraderfx, optionStarsGlobal, safemarkets,.. (severe fraud and money laundering) and he was sentenced to 4 year prison in Vienna. More indictments are to come soon.
You are a journalist interested in financial fraud or boiler room scams, a fraud fighter, a lawyer engaged in this business area, a consumer protection agency,… if you are interested in our work, pls do not hestitate to send an email to [email protected]