SagaTrade - FCA warns against the Crypto Broker
The apparent online broker SagaTrade pretends to be a reputable platform for online trading. However, there is ample evidence that unacceptable conditions prevail at SagaTrade. Reports from traders about SagaTrade are piling up, talking about telephone terror, rip-offs, and investment fraud. Investors have lost all their capital invested with SagaTrade. Serious doubts make themselves broad. Meanwhile, many investors of the SagaTrade have concern that it concerns investment fraud. All investors of the SagaTrade ask themselves whether they became victims of investment fraudsters? And what can SagaTrade investors do if the suspicion of investment fraud is confirmed? Will the investors of SagaTrade get their money back? Does it make sense to file a criminal complaint against SagaTrade with the police? Where can I get help in case of investment fraud?
SagaTrade: Disreputable assertions on the website
What must the baffled investors read on SagaTrade's website? "At SagaTrade, we are committed to making online trading a safe, sound, and productive journey for traders from all over the world who join our platform...If you are interested in trading and have a small budget, you can sign up with us today. Our trading services are facilitated by robust platforms, software tools, trading tools, indicators, and much more...All these things will allow you to be a professional trader in no time, even if you are starting from scratch...Let us tell you why you should choose us from a number of other options on the market." These are just small excerpts of the questionable promises that curious people can find on SagaTrade's website. Not one of these lofty promises made by SagaTrade has been kept. Sadly, the dubious business practices rather make for disappointed investors and bad experiences!
SagaTrade: Hide-and-seek game with the domain entry!
Remarkable for the business practices of the SagaTrade makers is that the sagatrade.io website does not contain an imprint. Thus, the complete information about the legally responsible operators of the website is missing. If one takes a look at the domain data of the website of SagaTrade, there are no references to the operators to be found. However, one learns that the domain was registered with Sarek Oy only on 24.05.2021. The real domain owners hide behind the Icelandic anonymization service Withheld for Privacy ehf.
SagaTrade: Who is behind it?
Answering this question will be rather difficult for many investors, as the SagaTrade makers do everything they can to conceal the true circumstances. However, this is nothing unusual. The perpetrators usually operate several of these websites with the same fraudulent business model. These are created in advance, quickly put online, and just as quickly shut down. The top-level domain is often changed to deceive financial regulators and law enforcement agencies. But who is the operator? There is scanty information about this on the SagaTrade website. No company is indicated only the business address 115 Bishopsgate, London, EC2M 3UE, UNITED KINGDOM, under this the makers of SagaTrade are however not discoverable. Besides there is still the obligatory support email address and the three British telephone numbers +02039877591, +44 2039665416, and +44 2039665373. The worldwide search for the SagaTrade in the relevant registers leads to no result. That clarifies that it concerns in this case a pure fantasy product.
SagaTrade: The customer acquisition of the investment cheats
Here again and again the same proceeding is found: To win customers the recommendations of SagaTrade in all available media and channels are promoted. Not infrequently, these offers are false claims. To increase the effectiveness, they upload films on Youtube in which prospective customers 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 motivate others to intensively promote SagaTrade.
SagaTrade: 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 further increase the stakes? But what happens next?
SagaTrade: Repayment of the money is linked to conditions
Once in, an exit is mostly 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" wants a small fee - in advance!
SagaTrade: Scheme of investment fraud?
There is no regulation of the SagaTrade trading platform. SagaTrade lacks the regulation of 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 Financial Market Supervisory Authority (finma), which is responsible for Switzerland, or the Financial Market Authority (FMA) of Austria. For this, there is a warning from the FCA dated 15.10.2021. It is also hard to miss that SagaTrade is a scheme of capital investment fraud. All investors harmed by SagaTrade are advised to consult an investment fraud attorney as soon as possible.
SagaTrade: Where do the fraudsters operate?
There is no doubt that SagaTrade investors are dealing with investment fraud in Germany, Switzerland, and Austria. Unfortunately, SagaTrade's activities are not limited to the DACH region. Because SagaTrade equally addresses Spanish and Italian-speaking investors, it is only a matter of time until the defrauded investors of these language groups also come forward. Going through the list of regulators is advisable before making any financial commitment to reduce the risk of becoming a victim of investment fraud.
SagaTrade: Investors want their money back!
Fortunately, the mixed situation is not as hopeless as it seems. The aggrieved investors can claim against those involved in the investment fraud and reclaim invested capital. As of today, it is unlikely that the investment fraudsters of SagaTrade will be caught soon, but there is a reason for hope. The reason for this is the fact that the money transactions were made through accounts provided by financial institutions that were concerned about a good reputation. Those responsible for the accounts undoubtedly failed to check the legality of the deposits made by investors, some of which were large and therefore subject to controls. Omissions of this kind made it possible for the investment fraudsters their criminal work only.
SagaTrade: They want their money back! How does it work?
Equipped with this knowledge, no investor would have agreed to invest with SagaTrade. Now the only alternative left for the deceived is to try to recover the invested money. Many investors cannot even imagine that there is a real chance to ever see their money again. Probably all of them are now wondering if they can get 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 must take action against money laundering. This is where one starts with good chances of success. In this regard, important points must be clarified. Where have the funds misappropriated by SagaTrade been taken? Are there realistic prospects that the defrauded investors will get back the money they invested with SagaTrade? What precautions should be taken now? Such questions can best be answered by a lawyer specializing in capital investment fraud.
SagaTrade: Who can help?
What to do in case of investment fraud? What help in case of investment fraud can the victims of SagaTrade hope for? SagaTrade victims can ideally find the help they need from an experienced investment fraud lawyer. He or she will be able to take care of your case with SagaTrade both in terms of the criminal aspects of the investment fraud, as well as the recovery of funds and possible claims for damages. A lawyer for trading comes likewise into question because this also the methods of fraudulent brokers, like SagaTrade are well-known.
SagaTrade: Follow the money!
Abuses of this kind on the not regulated capital market pursue the internationally active investor protection Kanzlei Resch Rechtsanwälte for over three decades. The way of the SagaTrade is from there nothing new. Over the decades, Resch Rechtsanwälte has developed a powerful range of tools for tracking down defrauded capital and tracing money flows. Making funds disappear is becoming increasingly complicated in the age of the Internet. The sooner those affected follow the money trail, the better the chances of recovering the capital they have invested. It is important now that investors who have been harmed by SagaTrade take immediate action.
RESCH Attorneys at Law - Experience in investor protection since 1986
If you have become a victim of SagaTrade 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.
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