Financial Resident - FCA warns against fraudulent broker
The alleged online broker Financial Resident claims to be a safe platform for online trading. However, there is a lot of information that unacceptable conditions prevail at Financial Resident. More and more traders report telephone terror, rip-offs and investment fraud in connection with Financial Resident. Traders have lost all their capital invested with Financial Resident. Doubts are announced. Meanwhile, many Financial Resident investors feel that it is an investment scam. Financial Resident's website is still up and running. All Financial Resident traders are wondering if they have become victims of an investment scam? And what can Financial Resident investors do if the suspicion of investment fraud is substantiated? Will Financial Resident investors get their money back? Does it make sense to file a criminal complaint against Financial Resident with the police? What help is available for investment fraud?
Financial Resident: Questionable affirmations on the website Financialresident.com!
What must the perplexed investors receive on Financialresident.com? "Financial Resident was founded with a commitment to provide the highest standards of online trading to all of our clients. We have managed to achieve these standards by assembling a team of people who care about our clients and their concerns on a daily basis. We understand that choosing the company you will trade with is not an easy task. We can't show you with words that we are the best choice. We want to show you with facts. We are sure that we offer the most attractive conditions for our traders, and we want you to benefit from them. Our vision is to create a platform where speed of execution is no longer a problem. We have announced our platform Status Webtrader, which we are proud of. It is proven that fast execution leads to the best results." This is just a small passage of text of the questionable promises that interested parties can find on Financial Resident's website. Not a single one of these lofty promises made by Financial Resident has been delivered. Unpleasantly, the half-silly business conduct rather provides for unhappy traders and miserable experiences!"
Financial Resident: Hide-and-seek game with the domain entry!
Remarkable for the business practices of the Financial Resident makers is that the website does not contain any imprint with complete information about the legally responsible operators of the website. If you take a look at the corresponding domain data of the website financialresident.com, you will find no reference to the operators there and realize that the website was registered only on 11.11.2020 and that the real domain owners are hiding behind the Icelandic anonymization service Withheld For Privacy Ehf.
Financial Resident: who is behind it?
Answering this question will be rather difficult for many investors, as Financial Resident makers do everything they can to conceal the true circumstances. However, this is not uncommon, as the perpetrators often operate several 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 here? There is no information about this on the website financialresident.com. The contact details include only the obligatory support e-mail address and the UK telephone numbers +442078801909 and +442078801952.
Financial Resident: The customer acquisition of the investment scammers
The same approach can be found here again and again: In order to attract new traders, Financial Resident's offers are advertised in all available media and channels. For example, advertisements are placed in social media, such as Facebook. Often, the offers are false promises. In addition, they upload promotional videos on YouTube, in which interested parties 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". At the same time, an affiliate program is usually started to spur others to start promoting Financial Resident.
Financial Resident: 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 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?
Financial Resident: Repayment of the money is linked to conditions
However, an exit is then usually no longer possible, rather a repayment of the money is linked 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 "rescuer" also wants a small fee - in advance!
Financial Resident: Scheme of investment fraud?
There is no regulation of the Financial Resident trading platform. Financial Resident lacks the authorization of a recognized European financial regulator, such as the Cyprus Securities and Exchange Commission (CySec), which is often used by brokers. Likewise, there is no authorization from the Swiss Federal Financial Supervisory Authority (finma) or the Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. For this, there is a warning from the Financial Conduct Authority (FCA). This is the British supervisory authority for the financial market and financial services. It is not difficult to see that Financial Resident is a scheme of capital investment fraud. All victims of Financial Resident are advised to contact an investment fraud lawyer immediately.
Financial Resident: Where do the investment fraudsters actively operate?
There is no doubt that Financial Resident traders are dealing with investment fraud in Germany, Switzerland and Austria. Unfortunately, Financial Resident's activities are not limited to the DACH region. Because Financial Resident also addresses traders in Spain, it is only a matter of time before those who have been defrauded contact us from there as well. Going through the list of regulators is advisable before any financial engagement to reduce the risk of becoming a victim of investment fraud.
Financial Resident: Claims for Damages against Banks
In Germany, a license from the Federal Financial Supervisory Authority (BaFin) is a mandatory requirement for financial services and investment transactions. It is prohibited to conduct, support or facilitate such business, even across borders into Germany. Companies that nevertheless engage in such activities are obliged to compensate the injured parties. The investment fraud cases would hardly have been feasible without such banks.
Financial Resident: Investors want their money back!
The mixed situation is by far not as hopeless as it seems. The aggrieved investors can defend themselves and demand their invested money back. At the moment it is rather unlikely that the investment fraudsters of Financial Resident will be caught in time, nevertheless there is reason to hope. This is especially true because the money transactions were made through accounts provided by reputable banks. They obviously failed to check the traders' deposits, some of which were large and therefore subject to control, and their onward transfer for legality. Such failures enabled the investment fraudsters to carry out their criminal activities in the first place.
Financial Resident: They want their money back! How does it work?
Equipped with this knowledge, no trader would have entered into a business relationship with Financial Resident. Now the only option left for the deceived is to try to recover the invested money. Many investors cannot 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 start with good prospects of success. First of all, relevant questions should be clarified. Where have the funds misappropriated by Financial Resident been taken? Can traders somehow get back their capital invested with Financial Resident? What precautions are necessary now? You can get the answers to these questions from a lawyer specializing in investment fraud.
Financial Resident: Who can help?
What to do in case of investment fraud? What help with investment fraud can Financial Resident victims hope for? Financial Resident 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 Financial Resident case both in terms of the criminal aspects of investment fraud, as well as the recovery of funds and possible claims for damages. A lawyer for trading is also a possibility, because he is also familiar with the methods of fraudulent brokers, such as Financial Resident.
Financial Resident: Follow the money trail!
This kind of abuses on the grey capital market is pursued by the investor protection law firm Resch Rechtsanwälte for over 30 years. The procedure of the Financial Resident is in this respect nothing really new. Over the years, Resch Rechtsanwälte has developed an efficient arsenal of instruments for tracking down the money and tracing the flow of funds. In times of the Internet, it is becoming more and more difficult to make funds disappear. The more swiftly those affected can track down the money, the better their chances of recovering the capital they have invested. Above all, it is important that traders who have been harmed by Financial Resident react immediately.
RESCH Attorneys at Law - experience in investor protection since 1986
If you have become a victim of Financial Resident 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.
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