Mr A’s Account
Mr A contacted Phoenix Solicitors in October 2023. He was looking for help after falling victim to a sophisticated investment scam back in July 2023. This scam resulted in Mr A losing his life savings, causing a devastating decline in his mental health and a breakdown in his relationship with his partner.
The scammer herself was referred to Mr A by a number of family members who also fell victim to this scam. The investment opportunity promised by the scammer was a long-term investment where his funds would be invested into shares of genuine companies.
Unraveling the Scheme
During the scam, the scammer used various tactics to instil confidence in Mr A that his money would be in safe hands, including seeking legal advice and providing a signed promissory note from a genuine solicitor’s firm promising that if Mr A invested £50,000.00, he would receive £85,000.00 after the investment concluded.
However, after 12 months, Mr A decided he wished to remove his funds from the investment. When this was communicated to the scammer, she relayed that there had been an issue and she could not process this withdrawal. Contact then ceased, and Mr A immediately realised he had fallen victim to a scam.
Taking Action: Reporting the Scam to the Bank
Mr A initially reported the scam to Barclays himself, who refused to provide him with a refund as they did not believe he had fallen victim to a scam and the issue should be considered a civil dispute. Phoenix Solicitors then prepared a formal letter of complaint to Barclays, providing detailed arguments identifying typical hallmarks of an investment present in Mr A’s circumstances, alongside supporting evidence highlighting where the bank had failed in their duty to protect Mr A from this scam.
Barclays again refused to provide Mr A with a refund. Phoenix Solicitors then escalated Mr A’s complaint to the Financial Ombudsman, where Barclays’ decision was overturned, and Mr A was awarded a full refund of £50,000.00 plus 8% interest.
Mr A was delighted with the results and can now start to rebuild his life knowing that his life’s savings have been restored plus interest.
This was a fantastic result for our Trainee Solicitor Rebecca Beesley who is part of our Scam and Fraud team.
If you have been the victim of a scam or financial fraud then get in touch with our team today by emailing rb@phoenixlegalsolicitors.co.uk or calling Rebecca today on 01513063694.