Investors can buy shares in world-renowned companies at low prices through ALG Wealth Management - allegedly. But everything is a lie. A sophisticated investment fraud. BaFin also warns against ALG Wealth Management. ALG Wealth Management does not exist as a real company. ALG Wealth Management cannot be found at the address given. And of course, there are no shares. The money has gone straight into the pockets of the investment scammers. What can investors defrauded by ALG Wealth Management do? What sense does it make to file a criminal complaint? How can investors deceived by ALG Wealth Management get their money back?
ALG Wealth Management: Suspicious promises on the website
What surprised investors being led to believe on algwealthmanagement.com? "ALG Wealth Management is the financial house of Apple Leisure Group and acts as an asset management company. ALG Wealth Management has been responsible for Apple Leisure Group's financial operations since its inception. With more than 50 years of experience, our company is characterized by its broad and deep expertise. With the decision to further expand the business in the European region, ALG Wealth Management was opened in Berlin in 2021. By entering the international capital market, ALG Wealth Management has also opened up to private and institutional investors and continues to pursue the expansion plans of the parent company. This makes ALG Wealth Management a leading independent financial advisory firm for high-net-worth individuals and corporate clients. Our clients include private and institutional investors. By combining financial, investment, business, advisory, and financial planning experience, we have built a team whose mission is to meet the individual needs of each client at all stages of life. ALG has already invested in around 50 countries worldwide and has attracted businesses with a strong market position. The partially different focus of the businesses leads to a diversification of economic and cyclical risks." That's just a small sample of the suspect promises prospective investors can find on ALG Wealth Management's website. Not a single one of these lofty promises from ALG Wealth Management has been kept. Unfortunately, the suspicious business conduct rather provides for unhappy investors and bad experiences!
ALG Wealth Management: Hide-and-seek game with the domain entry!
Of course, the investment scammers do not want themselves to be easily tracked down. That is why the website has no imprint with the full details and addresses of the website operators. Also, the domain data of the web page www.algwealthmanagement.com contain no reference, who registered the side, but only that the registration took place on 27.09.2021 with Hostinger, UAB.
ALG Wealth Management: Who is behind it?
Investors will not be able to answer this question. The investment fraudsters disguise their identity perfectly - almost. This is normal because the investment scammers regularly operate various websites where they offer their fraudulent business models. And who is the operator? On the web page of www.algwealthmanagement.com, there is, in addition, the reference to the ALG Wealth management GmbH, with an alleged seat at the Potsdamer place 10 in 10785 Berlin. Here however this is not discoverable. Instead, one finds REGUS, a company that provides coworking, virtual offices, and office space. Likewise, one can find the German phone number +493052014189 and a mail address among the contact details. A search for ALG Wealth Management GmbH in the relevant registers leads to a result in the German commercial register. Thus, this was registered on 21.07.2021 under the register number HRB 231176 B and deposited as managing director Mr. Adrian Frankowski. The investigations, which are still ongoing, have yet to shed light on the connections here.
ALG Wealth Management: Acquisition and sounding out
To acquire new investors, the offers of ALG Wealth Management are propagated in all available media and channels. Often, these offers are misinformation. To reinforce the effectiveness, they upload movies on Youtube in which interested investors are convinced with fictitious references. At the same time, a mostly aggressive affiliate program is launched to spur others to intensively promote ALG Wealth Management.
ALG Wealth Management: Criminal business practices
As soon as the customer has registered on the trading platform, he receives calls from alleged financial brokers who like to refer to their years of experience and their satisfied customer base. In many cases, however, the makers of this business model are fraudsters, against whom the Federal Criminal Police Office and the Federal Financial Supervisory Authority (BaFin) also warn. Usually, the investors start with a small sum as employment. Beforehand, investors are also often motivated to install remote maintenance software, such as AnyDesk or TeamViewer on their computers, so that assistance can supposedly be provided with the first steps. In many cases, the computer is subsequently manipulated and unwanted transactions are carried out. In the process, the investment fraudsters also frequently gain access to their victims' online banking. What is particularly criminal, however, is when supposed profits are displayed on the trading platform to entice the customer to place further high stakes. In some cases, even small sums are returned to lull investors into a sense of security. Who then does not want to increase the stakes further? But what happens next?
ALG Wealth Management: Repayment of money is subject to conditions
Once in, getting out is usually impossible. Rather, the administrators of the investment scammers tie the repayment of the money to further deposits. This is where employees come in, claiming alleged tax debts and commission payments. If these are settled, it would come to the disbursement of the allegedly obtained profits. The perpetrators send the investors self-made tax and commission statements, often decorated with fake coats of arms. These would have to be paid urgently. A clearing with the allegedly obtained profits is never possible. If an investor refuses further deposits, alleged profits are converted by senseless transactions into losses and the customer is maximally damaged. This is not the end of the horror, but investors are permanently confronted with calls from other dubious providers. This indicates that the contact details of the investors are further traded among the investment fraudsters. In the end, a "savior" regularly comes forward, claiming to have uncovered the whole scam. He impresses with his insider knowledge. No wonder, since he is part of the fraud gang. The next rip-off! And of course, the "savior" also wants a small fee - in advance!
ALG Wealth Management: Scheme of investment fraud?
There is no regulation of the investment advisor ALG Wealth Management. ALG Wealth Management lacks regulation by a recognized European supervisory authority, such as the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySec). Likewise, it lacks approval from the Swiss Federal Financial Supervisory Authority (finma) or the Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. It is not difficult to see that ALG Wealth Management is a scheme of capital investment fraud. All those harmed by ALG Wealth Management are advised to consult an investment fraud lawyer immediately.
ALG Wealth Management: BaFin Warning
It is little surprise that ALG Wealth Management has already come into the sights of BaFin with its business practices and questionable appearance. The BaFin issued the following warning on April 1, 2022: "The BaFin points out that it has not granted ALG Wealth Management GmbH, with its alleged business address in Berlin, a license under Section 32 of the German Banking Act (KWG) to conduct banking business or provide financial services in Germany. The company is not supervised by BaFin. ALG Wealth Management GmbH operates the website algwealthmanagement.com, where it offers investment advice, asset management, and fixed-term deposits in U.S. dollars. In addition, the company operates a crowd investing platform. Providers of banking business or financial services in Germany require a license under the German Banking Act (KWG) or Securities Institutions Act (WpIG) ..."
ALG Wealth Management: Where are the investment scammers active?
Investors are dealing with investment fraud at ALG Wealth Management in Germany, Switzerland, and Austria. ALG Wealth Management's activities are by no means limited to the DACH region. Because ALG Wealth Management also addresses investors in China, it is only a matter of time before the first people defrauded by this speaker group also come forward. A look at the list of regulators is recommended before any financial commitment to reduce the risk of becoming a victim of investment fraud.
ALG Wealth Management: Investors want their money back!
The situation is far from as hopeless as it seems. The aggrieved investors can defend themselves and reclaim the money they invested. At present, it is not to be expected that the investment fraudsters of ALG Wealth Management will be caught promptly, nevertheless, there is reason to hope. Hope because the money flowed through accounts that were provided by reputable financial institutions. Those responsible failed to check the investors' deposits, some of which were large and therefore subject to controls, and their onward transfer for illegality. Such delays made investment fraud possible in the first place.
ALG Wealth Management: They want their money back! How does it work?
Equipped with this knowledge, the interested parties would not have entered into a business relationship with ALG Wealth Management. Now the only way left for the victims is to try to recover the invested capital. Many investors cannot even imagine that there is any real chance of ever seeing their money again. Clearly yes! There are numerous legal bases to fall back on. The generic term is "money laundering." When investment fraudsters collect money, the crime of money laundering is committed. Financial institutions must take action against money laundering. This is where one starts with good chances of success. First, essential questions must be answered. Where did the funds embezzled by ALG Wealth Management disappear to? Is there any chance that the aggrieved investors will get back the money they invested with ALG Wealth Management? What action should be taken next? Such questions can best be answered by an attorney specializing in investment fraud.
ALG Wealth Management: Who can help?
What to do in case of investment fraud? What help with investment fraud can victims of ALG Wealth Management hope for? ALG Wealth Management victims can ideally find the help they need from an experienced investment fraud attorney. He or she will be able to take care of your case with ALG Wealth Management both in terms of the criminal aspects of investment fraud and the recovery of funds and possible claims for damages. A lawyer for trading can also be considered, because he is also familiar with the methods of fraudulent brokers, such as ALG Wealth Management.
ALG Wealth Management: Follow the money!
The internationally active investor protection law firm Resch Rechtsanwälte has been investigating such abuses in the unregulated capital market for more than 30 years. In this respect, the approach of ALG Wealth Management is nothing new. Over the decades, Resch Rechtsanwälte has developed a powerful range of instruments for tracking down the evaded amounts of money and tracing the money flows. Making funds disappear is becoming increasingly difficult in the age of the Internet. The sooner those affected follow the money trail, the greater the likelihood that they will recover the capital they have invested. It is now important that investors who have been harmed by ALG Wealth Management react immediately.
RESCH Attorneys at Law - Experience in Investor Protection since 1986
If you have been a victim of ALG Wealth Management and want to know if and how you can get your money back, call +49 30 885 9770 or fill out the questionnaire. You will receive a free assessment of your case.