Fund Recovery | FinTelegram News

Category: Fund Recovery

October 18, 2021

Attention! Don’t fall for the Active Refunds fund recovery scam!

Unfortunately, it is a sad truth that the majority of so-called fund recovery providers are either directly operated by scammers or work with dubious methods. We know that many fund recovery providers cooperate closely with scammers and receive victim data from them. This way, the already damaged victims of scams are ripped off once again and for good. The UK FCA has today warned against Active Refunds (www.activrefunds.com) falsely presenting itself as an FCA-regulated company.

October 14, 2021

Attention! FCA warns against the Scams Recovery scheme!

Just recently, we reported about the sad and brutal fund recovery business and the warnings against LegalFCA. Scam victims are desperate and therefore vulnerable to any offer of help, no matter how dubious. However, much more often than you think, the so-called fund recovery experts are just the end of a rip-off chain. Today, the UK Financial Conduct Authority (FCA) has issued a warning against the Scams Recovery scheme (www.scamsrecovery.com and www.scams-recovery.com). Stay far away.

October 13, 2021

Attention! Do not fall for the fund recovery scheme LegalFCA

Fund recovery is a sad and brutal business. Sad because it involves people who have lost their money on the Internet to scammers and are desperate. Brutal because the fund recovery people are exposed to threats and slander of scammers. Unfortunately, among the fund recovery providers, there are many greedy lawyers and even more scammers who take away a lot of money from the victims once again. LegalFCA is one of these scammers that the UK FCA and the Spanish regulator CNMV have warned against.

September 4, 2021

Israeli fund recovery schemes chasing scam victims

Israeli fintech pundits also invented binary options industry. Big players like SpotOption, PandaTS, or Tradologic had thousands of binary options schemes running on their platforms as white-label clients. Binary options turned out to be ultimately a gigantic fraud industry. Conveniently, fund recovery companies have also emerged in Israel, often run by former scammers. Schemes like Europe Refund or MyQuickRefund run massive Google Ad campaigns to acquire scam victims and sell their expensive services.

August 11, 2021

Attention! Cease and desist order against BitMax and warning against fund recovery fraud!

The German regulator ordered Tillga Ltd, registered in the Commonwealth of Dominica, to immediately cease its unauthorized portfolio management activities on its crypto trading platform BitMax a/k/a BitMaxOnline (www.bitmaxonline.com). The regulator found that German customers can open trading accounts on the BitMax platform and use them for trading in cryptos. Employees of the platform make investment decisions for their customers on their own authority. The regulator warned against fund recovery fraud in the BitMax environment.

July 7, 2021

Fund Recovery – An Ombudsman report on PayBack and Money Back

We have already published a review about the Israeli fund recovery service Pay Back a/k/a PayBack a/k/a Money Back owned by Amir Geva and Daniel Poleb. It is no secret that we are very skeptical when fund recovery services ask victims for several thousand euros or dollars down payment and, in addition, profit sharing. In many cases, it would be easier for victims to go directly to the relevant financial ombudsman and reclaim the money from the facilitating bank. This is also confirmed by the following report from a Financial Ombudsman.

May 22, 2021

Victim Attention – Be cautious with Cyprus-Israeli Claim Justice fund recovery services!

On its website, The fund recovery service provider Claim Justice (www-claim-justice.com) claims that the office would be located in Tel Aviv. According to the Terms and Conditions, it is operated by MoneyPay Ltd, United Kingdom, and Bluespirit Tech Holdings Limited, Cyprus. As a director and beneficial owner at MoneyPay Ltd (a/k/a MonPay Ltd), Petros Petropoullaki of Cyprus is registered at UK Companies House. At the Cypriot company, Ukrainian Nadia Vladymyrova is registered as a director.

April 11, 2021

FCA warning against Binary Forex Recovery scam

The FCA has this week issued a warning against the fund recovery scam Binary Forex Recovery (www.binaryforexrecovery.com). On the website, we have not found any information about legal entities or persons running the scam. Addresses in the United Kingdom and the United States are given. Interestingly, the website presents articles about the fraudulent activities of other fund recovery scams such as Wealth Recovery International (WRI) and Austin Smith. The fact is that 9 out of 10 fund recovery offers are unfortunately scams or operated by scammers.

March 8, 2021

FCA warns against fund recovery scams Trader Recovery and Refund Expert

UK FCA issued investor warnings against two suspected fund recovery scams Trader Recovery (www.traderrecovery.co.uk) and National Association of Refund Expert Bureaux (www.refund-expert.org). The former's website is currently down. It is a sad fact that there are more and more fund recovery scams that lure even more money out of already damaged victims of scams by promising them to get their money back. Unfortunately, they are nothing but super-toxic.

January 11, 2021

Investor Alert – Don’t fall for the Scams Rescue fund recovery scheme

In our experience estimated 9 out of 10 fund recovery companies in are either outright boiler room scams or operate unseriously with little transparency and unrealistic promises. Alleged clients of fund recovery venture Scams Rescue. (www.scamsrescue.com) recently left several comments on scam alerts on FinTelegram. They expressed their excitement about Scams Rescue and allegedly got 100% of their money back just days. Seriously now?

Fund Recovery

January 8, 2021

MoneyBack and PayBack – more fund recovery ventures from Tel Aviv

Israeli scammers have expanded their business model globally between 2010 and 2018, spreading their boiler rooms geographically. They defrauded hundreds of thousands of retail investors out of billions of dollars. Now, the center of the global fund recovery business is in Tel Aviv. Like Wealth Recovery International (WRI) of Austin Smith, some of them have turned out to be scams or fraudsters. Others like Action Refund, Money Back, or Pay Back are being under our investigation. Stay alerted and super-cautious. We'll keep you updated!

November 18, 2020

Investor Alert – Fund Recovery Scam caused the suicide of a German victim

In his late 70s, a German investor had lost all his life savings of around €400,000 to the scams of German Uwe Lenhoff. In his desperation, the investor was approached by a Fund Recovery scam promising him to recover the funds. But first, they said, they need a few thousand Euros initial payment. The old man had borrowed the money for the initial payment from a friend. The Fund Recovery scammers also took this money from him. In his desperation, the 80-year-old took his own life last week.

Paxum Bank: The Offshore Bank for the Porn Industry!

Paxum Bank, an offshore financial institution based in Dominica, has found itself at the center of controversy due to its connections with high-risk industries and recent revelations about its relationship with the embattled Tate brothers. Specializing in serving the adult entertainment sector, the bank has become a key player in providing financial services to businesses often shunned by traditional banks. However, this niche focus has also drawn scrutiny from regulators and investigators.

Tate Brothers Case: The Misogynist Influencers Used Offshore Accounts to Launder Proceeds from Sexual Exploitation!

New evidence suggests that the influencer Andrew Tate and his brother Tristan Tate used offshore accounts, including Paxum Bank, to conceal profits from their controversial webcam business. The Tates are facing serious charges, including human trafficking and money laundering. This case highlights the need for robust AML/KYC practices, particularly for payment processors in high-risk sectors like adult entertainment.

UK FCA Charges First Individual for Operating Illegal Crypto ATM Network for Money Laundering!

The UK Financial Conduct Authority (FCA) has charged London-based Olumide Osunkoya with running an illegal crypto ATM network, marking the first case of its kind in the UK. As crypto ATMs are increasingly used for money laundering, the FCA's crackdown on unregistered operators underscores the need for strict regulatory compliance. The ATM scheme allegedly processed £2.6 million in crypto transactions.

Public-Listed Crypto Exchange Coinbase Has to Face Shareholder Lawsuit Over SEC Risks!

U.S. crypto exchange Coinbase must face a shareholder lawsuit accusing it of downplaying regulatory risks, specifically the chances of being sued by the SEC. While a U.S. judge dismissed parts of the case, the key allegation of misrepresenting regulatory risks will proceed. This case underscores the importance of transparency in the crypto sector, where regulatory uncertainties continue to loom large, particularly in the U.S.

U.S. Regulator SEC Charges Seven Public Companies for Violating Whistleblower Protection Rules!

The U.S. Securities and Exchange Commission (SEC) charged seven public U.S. companies with using agreements that restricted employees from reporting securities law violations, resulting in over $3 million in penalties. The SEC takes strict action against organizations and individuals who seek to contractually restrict whistleblowers' rights. The regulator needs insiders to disclose financial wrongdoing and compliance violations.