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Financial Watchdogs in UK and Austria Warn Against Illegal Broker Algotechs

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The market supervisory authorities in the United Kingdom (FCA) and Austria (FMA) have issued investor warnings against Algotechs on April 25 and April 27 respectively. Thus the regulators have only officially recognized what the market already knows – that Algotechs is a big scam that rips off small investors all over Europe. The illegal broker BeAlgo is also linked to the Algotechs scam. Investors can find more information on this “BeAlgo-Algotechs” scam here in the FinTelegram report.

Together with the European Funds Recovery Initiative (EFRI), FinTelegram launched the BeAlgo-Algotechs Funds Recovery Campaign two weeks ago. This also involves asserting the claims against the Payment Services Providers (PSP) involved. PSP Moorwand Ltd or its brand and website UPayCard, which is also involved in other scams, has been identified as a contributor so far.

With the investor warnings now issued, EFRI and FinTelegram will approach these participating PSPs. Moorwand Ltd, as the operator of the UPayCard, is regulated by the FCA, for example, and must, therefore, comply with the regulatory framework in the UK. Participating in scams and illegal broker schemes and thus facilitating fraud is certainly not in line with the FCA license and should lead to an immediate examination by the FCA. EFRI has already contacted FCA.

Report claims and activities

If you are an Algotechs (BeAlgo) victim and/or have information about this scam and/or participating PSPs, you can report it through our EFRI campaign. Together we can make an impact!

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