The alleged online broker CommerceWealth claims to be a credible platform for online trading. However, there is increasing information that CommerceWealth is not doing things by the book. Reports from traders about CommerceWealth are accumulating, talking about telephone terror, rip-offs and investment fraud. Many have lost their money invested with CommerceWealth. Doubts are being raised. Meanwhile, many CommerceWealth traders feel that it is an investment scam. The CommerceWealth website can still be accessed. All CommerceWealth traders are wondering if they have fallen victim to an investment scam? And what can CommerceWealth traders do if the suspicion of investment fraud is substantiated? How can CommerceWealth investors get their money back? Does it make sense to file a criminal complaint against CommerceWealth with the police? Where can I get help with investment fraud?
CommerceWealth: Doubtful information on Commercewealth.com!
What do surprised visitors have to read on www.commercewealth.com? "Here at CommerceWealth, we strive hard to enrich your trading experience. As a 5-star global company, customer satisfaction is at the heart of everything we do. CommerceWealth was started by experienced financial industry professionals who have successfully operated in multiple regions of the world. Our company helps people to succeed in the financial markets and offers them favorable conditions to do so. As an international institution and working with traders from different countries, we understand that each person's standards are different." That's just a small sample of the suspect promises investors find on CommerceWealth's website. None of these given promises by CommerceWealth have been kept. Regrettably, the questionable business practices tend to make for disappointed investors and miserable experiences! "
CommerceWealth: playing hide and seek with the domain entry!
Remarkable for the business practices of the CommerceWealth makers is that the website does not contain any imprint with complete information about the legally responsible operators of the website. If you look at the corresponding domain data of the website www.commercewealth.com, you will not find any reference to the operators there and you will find that the website's real domain owners are hiding behind the anonymization service NameCheap, Inc.
CommerceWealth: Who is behind it?
Answering this question will be rather difficult for many investors, as the CommerceWealth makers do everything they can to conceal the true circumstances. However, this is not unusual, as the perpetrators often operate various of these websites with the supposedly same business model and quickly put them online, but also shut them down again just as quickly. In many cases, the top-level domain is also frequently changed, possibly also in order to deceive the financial supervisory and law enforcement authorities. And who is the operator? The website www.commercewealth.com provides scant information on this: "CommerceWealth.com is the operating website of CommerceWealth Ltd, a registered trading company at Beachmont Business Centre, Suite 117 Kingstown, St. Vincent and the Grenadines, Reg. No. 25880BC2020." St. Vincent and the Grenadines? This is a group of islands in the Caribbean that is popular with offshore companies because of its lax legislation and is often used by criminals for shell companies. The Griffith Corporate Centre in Kingstown is well known to financial investigators, as it is still home to various shell companies that engage in cyber trading. Even a worldwide search for the company CommerceWealth Ltd. leads to no results. This clearly shows that the company is a pure fantasy product. However, one comes across a warning from the British Financial Markets Authority (FCA) dated 13.01.2021 relatively quickly: "This firm is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization.
● Commerce Wealth / CommerceWealth Ltd.
Address: Beachmont Business Centre, Suite 117 Kingstown, St. Vincent and the Grenadines
● Telephone: +18007214152
● Email: firstname.lastname@example.org
● Website: commercewealth.com
Be aware that scammers may give out other false details or change their contact details over time to new email addresses, telephone numbers or physical addresses."
CommerceWealth: The customer acquisition of the investment scammers.
The same approach can be found here again and again: In order to attract new traders, CommerceWealth's offers are propagated in every conceivable media and channel. For example, advertisements are placed in social media, such as Facebook. Often, this is misinformation. To increase the effect, they upload videos on Youtube or Vimeo, in which interested investors are convinced with false references. Here, supposed celebrities report on their experiences with online trading and cryptocurrencies, often with the erroneous reference to the TV show "Die Höhle der Löwen". With the same goal, a mostly aggressive affiliate program is started to give others incentive to intensively promote CommerceWealth.
CommerceWealth: 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 suspected fraudsters, against whom the Federal Criminal Police Office and the Federal Financial Supervisory Authority (BaFin) also warn. Mostly the traders start with a small sum as stake. 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 often also gain access to their victims' online banking. What is particularly criminal, however, is when supposed profits are displayed on the trading platform in order to entice the customer to place further high stakes. In some cases, even small sums are returned in order to lull investors into a sense of security. Who then does not want to further increase the stakes? But what happens next?
CommerceWealth: Repayment of the money is tied to conditions
An exit is then however usually no longer possible, rather a repayment of the money is attached to further deposits. This is where the employees come in, claiming alleged tax debts and commission payments. These would have to be settled first, then it would come to the disbursement of the allegedly obtained profits. For this purpose, tax and commission invoices are sent to the investors, which are often decorated with fake coats of arms and, of course, have to be paid urgently. However, it is never possible to offset these payments against the supposedly achieved profits. If one refuses to make these further payments, the supposed profits are often turned into losses and the customer is harmed to the maximum. However, this is usually not the end of the horror, but the investors are often permanently confronted with calls from other dubious providers, which indicates that the contact details of the investors are further traded among the investment scammers. In the end, the "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" wants a small fee - up front!
CommerceWealth: Scheme of investment fraud?
There is no authorization of the online broker CommerceWealth. CommerceWealth lacks regulation by a recognized European financial regulator, such as the English Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySec), which is often used by brokers. Likewise, there is no approval from the Swiss Federal Financial Supervisory Authority (finma) or the Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. There is a warning from the FCA for this. It is also obvious that CommerceWealth is a scheme of capital investment fraud. All investors harmed by CommerceWealth are advised to contact an investment fraud lawyer immediately.
CommerceWealth: Where are the investment fraudsters active?
Traders are dealing with CommerceWealth investment fraud in Germany, Switzerland and Austria. CommerceWealth's activities are by no means limited to the DACH region. Because CommerceWealth is apparently targeting traders in Azerbaijan, it is only a matter of time before those who have been defrauded contact them there as well. A look at the list of regulators is recommended before any financial commitment to reduce the risk of becoming a victim of investment fraud.
CommerceWealth: Claims for damages against banks involved
A license from the German Federal Financial Supervisory Authority (BaFin) is a mandatory requirement for financial services and investment transactions in Germany. It is prohibited to conduct, support or facilitate such transactions, even across borders into Germany. Persons who participate nevertheless in it are obligated to the damaged Tradern to payment of damages. Such investment fraud cases would hardly have been feasible without these banks.
CommerceWealth: Investors want their money back!
The constellation is far better than it seems. The aggrieved investors can take action against the investment fraud and reclaim invested capital. As of today, it is unlikely that the CommerceWealth investment fraudsters will be caught in time, but there is still reason to hope. Hope because the funds flowed through accounts provided by financial institutions concerned about good reputation. They apparently failed to check the traders' deposits, some of which were high and therefore subject to controls, and their onward transmission for illegality. Such omissions enabled the investment fraudsters to carry out their criminal activities in the first place.
CommerceWealth: They want their money back! How does it work?
With this knowledge, investors would never have entered into a business relationship with CommerceWealth. Now the victims' only option is to seek compensation. Many investors can't even imagine that there is any real chance of ever seeing their money back. 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 are obliged to take action against money laundering. This is where we come in if there is a good chance of success. Relevant questions should be answered in advance. For what purpose did the funds misappropriated by CommerceWealth flow? Can traders somehow get back their capital invested with CommerceWealth? What actions are necessary now? An attorney specializing in investment fraud will be happy to answer such questions thoroughly.
CommerceWealth: Who can help?
What to do in case of investment fraud? What help with investment fraud can the victims of CommerceWealth hope for? CommerceWealth victims will ideally find the help they need from an experienced investment fraud attorney. He or she will be able to take care of your CommerceWealth case both in terms of the criminal aspects of investment fraud, as well as the recovery of funds and possible claims for damages. A trading lawyer is also an option, because he is also familiar with the methods of fraudulent brokers, such as CommerceWealth.
CommerceWealth: Follow the money trail!
Such abuses on the unregulated capital market are pursued by the investor protection law firm Resch Rechtsanwälte for more than three decades. In this respect, the conduct of CommerceWealth is nothing new. Over the decades, Resch Rechtsanwälte has developed an effective range of tools for tracking down defrauded funds and tracing money flows. Making funds actually disappear is becoming increasingly costly in the age of the Internet. The sooner those affected follow the money's trail, the better the chances are that they will recover the capital they have invested. It is important now that investors harmed by CommerceWealth react immediately.
RESCH Attorneys at Law - Experience in investor protection since 1986
If you have been a victim of CommerceWealth and want to know if and how you can get your money back, call 030 885 9770 or fill out the questionnaire. You will receive a free assessment of your case.
Let us help you!
+ 49 30 / 88 59 77 0