POOPAC - BaFin warns against operator based in the Caribbean

The apparent online broker POOPAC claims to be a secure platform for online trading with Forex, CFDs, and ETFs. However, there is increasing information that unacceptable conditions prevail at POOPAC. More and more traders are reporting telephone terror, rip-offs, and investment fraud at POOPAC. All traders lost their capital invested at POOPAC. Doubts are announced. Meanwhile, many traders of POOPAC have the feeling that it is investment fraud. The website of POOPAC can still be accessed. All investors of POOPAC are wondering if they have become victims of investment scammers? And what can POOPAC investors do if the suspicion of investment fraud is confirmed? Will POOPAC traders get their money back? Does it make sense to file a criminal complaint against POOPAC with the police? What help is available in case of investment fraud?


POOPAC: Dubious promises on poopac.com!
What must the dumbfounded visitors on poopac.com receive? "POOPAC is a technology and service oriented global provider of online trading services for multiple products. We have representative offices or service centers in Australia, Spain, Malaysia, Seychelles, Canada, and Cyprus. POOPAC offers global traders more than 200 types of trading products in currencies, metals, commodities, indices, stocks, and cryptocurrencies. POOPAC provides multilingual and comprehensive professional services in more than 120 countries and regions in Oceania, Europe, Asia, Africa, and North America. In line with a sincere and consistent service philosophy, we provide traders with better market quotes and trade executions. We are constantly working to enhance our technology and strive to provide the best trading environment for our customers." That's just a small sample of the over-the-top assurances prospective customers can find on POOPAC's website. Not a single one of these given promises by POOPAC has been kept. Sadly, the dubious business practices rather make for disappointed traders and bad experiences!


POOPAC: Hide-and-seek game with domain entry!
Remarkable for the business practices of the POOPAC 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 poopac.com, you will find the reference to POOPAC Wealth LTD. and you will notice that the website was registered on April 6, 2010, but the real domain owners are hiding behind the internet service provider GoDaddy.com, LLC. 


POOPAC: Who is behind it?
Answering this question will be rather difficult for many investors, as the POOPAC makers do everything 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 to deceive the financial supervisory and law enforcement authorities. And who is the operator? The website poopac.com provides the following information: "POOPAC WEALTH LTD (UK) is a Global Business Company (Company No.13403121 & NFA ID: 0540368 ). Office address: 11E CAPITAL HOUSE 61 AMHURST ROAD, LONDON, UNITED KINGDOM E8 1LL. " 
A worldwide search for POOPAC Wealth LTD. on the relevant registers has produced a result in the UK Companies Register. This was registered on 17/05/2021 by a 21-year-old Chinese with 10,000 GBP. However, the ongoing investigations have yet to show whether there is a connection here.


POOPAC: The customer acquisition of the investment fraudsters
The same approach can be found here again and again: To attract new traders, the recommendations of POOPAC are propagated in all possible media and channels. For example, advertisements are placed on social media, such as Facebook. Again and again, these offers are false claims. To increase the deception, they upload videos on Youtube 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 intention, an affiliate program is often started to give others incentive to intensively promote POOPAC.


POOPAC: 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 often also 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?


POOPAC: Repayment of money is linked 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, offsetting against the supposedly achieved profits is never possible. 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 - in advance!


POOPAC: Scheme of investment fraud?
There is no regulation of the online broker POOPAC. POOPAC lacks the authorization of a recognized European supervisory authority, 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 authorization from the Swiss Financial Market Supervisory Authority (finma) or the Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. It is hard to ignore the fact that POOPAC is a scheme of capital investment fraud. All investors harmed by POOPAC are advised to immediately contact an investment fraud lawyer.


POOPAC: Where are the investment fraudsters active?
Unfortunately, POOPAC's illegal activities were not limited to the English-speaking world. POOPAC's activities were also limited to German-speaking countries. Because POOPAC also targets Korean-speaking traders, it is only a matter of time before these scammers come forward as well. Going through the list of regulators is recommended before any financial commitment to reduce the risk of becoming a victim of investment fraud.


POOPAC: Investors want their money back!
Fortunately, the constellation is better than it seems. Victims can fight back and reclaim their invested money. At the moment it is not to be expected that the investment fraudsters of POOPAC will be caught soon, nevertheless, there is a reason for hope. Especially because the transactions of the funds went through accounts provided by reputable financial institutions. Those responsible failed to check the traders' deposits, some of which were large and therefore subject to controls, and their forwarding for illegality. These negligences enabled the investment fraudsters to carry out their criminal activities in the first place.


POOPAC: They want their money back! How does that work?
Knowing this, no one would have agreed to do business with POOPAC. Now the only way left for the deceived is to try to recover the misappropriated capital. Many investors cannot even imagine that there is a real chance to ever see 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 are obliged to take action against money laundering. This is where we come in if there is a good chance of success. To this end, essential questions must be clarified. Where did the funds misappropriated by POOPAC end up? Is there a possibility for the damaged traders to get back their money invested with POOPAC? What actions are needed from now on? A lawyer specializing in capital investment fraud is the best person to answer such questions.


POOPAC: Who can help?
What to do in case of investment fraud? What kind of investment fraud help can POOPAC victims hope for? POOPAC 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 POOPAC 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 POOPAC.


POOPAC: Follow the money!
Such abuses in the grey capital market pursue the internationally active Anlegerschutzkanzlei Resch attorneys for more than three decades. The methods of POOPAC are accordingly nothing new. Over the decades, Resch Rechtsanwälte has developed a sophisticated arsenal of tools for tracking down withdrawn investments and tracing the money flows. In the age of the Internet, it has become really difficult to make funds truly disappear. The faster traders follow the money trail, the better the chances are that they will get back their invested capital. It is important now that those who have been harmed by POOPAC take immediate action.


RESCH Attorneys at Law - Experience in investor protection since 1986
If you have become a victim of POOPAC 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.