Broker fraud: who is liable for your loss
An “account manager” pushed you into ever larger deposits, the platform showed gains — and now the payout is refused or suddenly costs “fees”? Behind such platforms there is frequently no licensed provider at all. We establish who operates the platform, whether the licensing requirement was breached and which claims can be pursued — starting with a free initial assessment.
Have your case checked — free, in 3 steps
- No guarantee of success
- No cold calling
- Transparent costs
- Confidential & GDPR-compliant
What to do when a broker refuses to pay out
In short
Make no further payments, export the trading history, secure all correspondence and check the provider in BaFin’s company database. Where a licence is missing, claims for damages can follow from the breach of § 32 KWG. Depending on the payment route, steps involving your bank or the card scheme may also be an option.
If the platform is stalling your withdrawal specifically, see our dedicated page on trading platforms that will not pay out.
How the scheme runs
From the first call to the blocked account
- 01
Cold call or advertisement
Contact begins with an unsolicited call or an advert promising easy returns. A demo account produces quick paper profits.
- 02
The “account manager”
A personal adviser builds rapport, then urges ever larger deposits — often framed as a limited opportunity or a matched bonus.
- 03
A manipulated trading screen
The interface shows steady gains. Since the platform controls the display entirely, those figures say nothing about real positions.
- 04
The payout is refused
The withdrawal request is delayed, tied to conditions, and finally made dependent on further payments. The account is often blocked afterwards.
Clone firms: fraudsters frequently copy the name, registration number and imprint of a genuinely regulated company and change only the domain and contact details. Always compare the website address and contact data against the official register entry — never against the documents the provider sends you.
Legal basis
The licensing requirement as a lever
Anyone who operates banking business or provides financial services in Germany without the required authorisation breaches § 32 KWG. That provision exists to protect investors, which is what makes it useful in civil proceedings: a breach of a protective statute can found claims for damages under § 823(2) BGB — in appropriate cases not only against the operating company but also against the people acting behind it.
- Fraud under § 263 StGB where deposits were obtained through deception — for instance through a display of profits that never existed.
- § 826 BGB for intentional damage contrary to public policy, which can also reach participants who deliberately enabled the scheme.
- Securing assets in criminal proceedings through confiscation and asset freezing (§§ 73 et seq. StGB, §§ 111b et seq. StPO), and access to the investigation file under § 406e StPO.
The payment route
How you paid shapes what is realistic. With card payments, a chargeback can be considered — but the decision lies with your bank and the card scheme, and the applicable time limits are often short. With bank transfers the question is where the funds landed and whether the receiving account can still be reached. We assess these routes realistically and tell you when none of them is worth pursuing.
Honesty instead of promises
What we do not promise you
Whether and how much money can be reclaimed depends on the payment route, the provider and the timing — no reputable lawyer gives you a blanket assurance.
- No guarantee of success
- Reputable legal work comes without guarantees. We tell you honestly which steps stand a chance in your case — and which do not.
- No cold calling
- We never contact fraud victims unsolicited. Anyone who calls you out of the blue promising to recover your money is very likely a fraudster themselves.
- Transparent costs
- Fees follow clear rules — the German statutory fee scale (RVG) or a written agreement — and are explained before any work begins. No hidden upfront charges.
- Confidential & GDPR-compliant
- Your information is treated confidentially and processed exclusively within the EU.
Particularly after broker fraud: anyone contacting you now unsolicited and offering recovery against advance payment very probably belongs to the same circle. Your contact details then frequently come from lists of victims that are traded among perpetrators.
Common questions
Broker fraud — questions we are often asked
Can I reclaim money from an unlicensed broker?
That depends on the individual case — anyone who gives you a blanket assurance of repayment is being dishonest. What is decisive is whether those responsible or the receiving accounts can be identified, and how you paid. The licensing requirement under § 32 KWG is often a useful legal foothold, because it exists to protect investors. We examine specifically what applies in your case.
What does § 32 KWG mean for my case?
Anyone who operates banking business or provides financial services in Germany without the required licence breaches § 32 KWG. This licensing requirement protects investors, which means claims for damages under § 823(2) BGB can follow from a breach — potentially against the people behind the platform and those who assisted. Whether a provider holds a licence can be checked in BaFin’s company database.
Can I have a card payment charged back?
It can be considered, but it is not a right you can simply invoke. A chargeback is decided by your bank and the card scheme within their own rules and time limits, which are often short. We examine whether the route is open in your case and what has to be substantiated — without promising an outcome.
The broker looked regulated. How can that be?
Clone firms are a common pattern: fraudsters copy the name, registration number and imprint of a genuinely regulated company, changing only the contact details and the domain. The register entry they cite therefore exists — it simply belongs to someone else. Always verify the domain and contact details against the entry in the official register, not against what the provider sends you.
What does representation cost here?
The initial assessment is free and without obligation. After that we bill under the German Lawyers’ Remuneration Act (RVG) or on the basis of a written fee agreement discussed in advance. If you hold legal expenses insurance, we handle the coverage enquiry for you.
Free initial assessment
Describe your case — free initial assessment
Bullet points are enough. You will get an assessment of which steps come into consideration in your case — free and without obligation.
Free and without obligation. Costs only arise if you expressly instruct us afterwards — the fee under the RVG or a written fee agreement is discussed with you in advance. If you hold legal expenses insurance, we check the cover for you.
Who we can act for
We are admitted in Germany and act under German law. We can normally help when at least one of these is true: you live in Germany, you paid from a bank or exchange account in Germany or the EU, or a company, bank or payment provider involved is based here. For people in Austria or Switzerland we can act where the case has a connection to Germany or the EU — a bank, a payment provider or a party based here. If none applies, say so in your enquiry — we will tell you plainly whether we can act.
Your next step
Have the provider and your claims checked
Tell us the platform and how you paid — by card, bank transfer or crypto. That determines which routes are open, and it is the first thing we examine.
Free and without obligation. Costs only arise if you expressly instruct us afterwards — the fee under the RVG or a written fee agreement is discussed with you in advance. If you hold legal expenses insurance, we check the cover for you.
No guarantee of success — but a clear assessment. Your data is never passed on and is processed exclusively within the EU.
- 01You describe your case — online or by phone
- 02We get back to you promptly
- 03You receive an initial assessment — free and without obligation