Proceedings are now open for Fórum Filatélico investors to claim compensation. Investors need to make their claims to the ‘Juzgado de lo Mercantil número 7 de Madrid’ before 2nd October. It is believed that the company had approximately 200,000 clients.
Fórum Filatélico is accused of defrauding its clients by operating a pyramid scheme in which clients invested money in the company in exchange for stamps with a guaranteed a minimum profit margin. However it is believed that the company used money from new clients to pay off the returns to previous clients. Figures for the massive fraud are believed to be around 2000 to 3,400 euros.
Clients of the company should have received letters with information and instructions on how to proceed with their claims for compensation.