SICFund - British FCA and French AFM warn online traders

The alleged online broker SICFund sells itself as a credible platform for trading with cryptocurrencies. However, there is increasing information that SICFund has a striking number of inconsistencies. More and more investors are reporting telephone terror, rip-offs and investment fraud in connection with SICFund. Many have lost the capital they invested with SICFund. Serious doubts are being raised. In the meantime, many SICFund investors have the feeling that it is an investment scam.  All SICFund investors are asking themselves whether they have become victims of an investment fraud? And what can SICFund investors do if the suspicion of investment fraud is substantiated? How can SICFund investors get their money back? Does it make sense to file a criminal complaint against SICFund with the police? What help is available in the event of investment fraud?



SICFund: Shady promises on the website
What are the astonished investors being presented with on "The SICFund team puts the highest quality of service at 1 place. This is confirmed by numerous feedback from traders who have been earning with a broker for years. " This is just one small example of the untrustworthy promises that investors find on SICFund's website. Not one of these full-bodied promises by SICFund has been kept. Unfortunately, the dubious business practices tend to make for disappointed investors and bad experiences!


SICFund: Hide-and-seek game with the domain entry!
Remarkable for the business practices of the SICFund makers is that the website does not contain an imprint. Thus, the full details of the legally responsible operators of the website are missing. If one takes a look at the domain data of SICFund's website, there is no indication of the operators. However, one learns that the domain was only registered on 06.04.2021 with Tucows Domains Inc. The real domain owners are hiding behind the Canadian anonymisation service Data Protected.


SICFund: Who is behind it?
Many investors will find it rather difficult to answer this question, as the SICFund 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 on the net and just as quickly shut down. The top-level domain is often changed to deceive the financial supervisory and law enforcement authorities. But who is the operator? There is scant information about this on the SICFund website. No company is listed, only the business address Raab Platz 5-9, 27941 Wiesbaden, Germany, under which the makers of SICFund cannot be found. In addition, there is the obligatory support e-mail address and the British telephone number +44203807968. 


SICFund: The customer acquisition of the investment fraudsters
The same approach can be found here again and again: In order to gain new customers, SICFund's recommendations are promoted in all conceivable media and channels. Again and again, these recommendations are false promises. To increase the effect, they upload promotional films on YouTube or Vimeo in which interested investors are convinced with fictitious references. Here, supposed celebrities report on their experiences with online trading and cryptocurrencies, often with a misleading reference to the TV show "Die Höhle der Löwen". In parallel, a mostly aggressive affiliate programme is started in order to motivate others to intensively advertise for SICFund.


SICFund: 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 many 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. Investors usually start with a small amount of money. Beforehand, investors are often motivated to install remote maintenance software, such as "AnyDesk" or "TeamViewer", on their computers so that they can supposedly receive help with the first steps. In many cases, the computer is manipulated afterwards 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. Sometimes even small sums are paid back to lull investors into a sense of security. Who then does not want to increase the stakes further? But what happens next?


SICFund: Repayment of the money will be subject to conditions
Once in, it is usually impossible to get out. Rather, the administrators of the investment scams tie a repayment of the money to further deposits. This is where employees come into play who claim alleged tax debts and commission payments. If these are settled, the alleged profits are paid out. The perpetrators send investors self-made tax and commission statements, often decorated with fake coats of arms. These would have to be paid urgently. It is never possible to offset them against the alleged profits. If an investor refuses to make further deposits, supposed profits are turned into losses through senseless transactions and the client is damaged to the maximum. The horror does not end there, but investors are permanently confronted with calls from other dubious providers. This indicates that the investors' contact details are traded on among the investment fraudsters. In the end, a "saviour" regularly calls 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!


SICFund: Scheme of Investment Fraud?
The trading platform SICFund is not authorised. SICFund is not regulated by a recognised European financial supervisory authority, such as the English Financial Conduct Authority (FCA)or the Cyprus Securities and Exchange Commission (CySec), which is frequently used by brokers. Similarly, 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. Instead, there is a warning from BaFin dated 20.07.2021. It is easy to overlook the fact that SICFund is a scheme of capital investment fraud. All traders harmed by SICFund are advised to immediately contact an investment fraud lawyer.


SICFund: Where do the fraudsters operate?
Unfortunately, SICFund's illegal activities are not limited to the English-speaking world. Because SICFund also addresses German-speaking investors, it is only a matter of time before the defrauded investors of this speaker group also come forward. Going through the list of supervisory authorities is recommended before any financial commitment in order to reduce the risk of becoming a victim of investment fraud.


SICFund: Investors want their money back!
The situation is by no means as hopeless as it appears. Those affected can defend themselves and reclaim their invested capital. As of today, it is not to be expected that the investment fraudsters of SICFund will be seized in the near future, but there is nevertheless reason to hope. Hope because the money flowed through accounts provided by financial institutions that strive to maintain a good reputation. Their managers have demonstrably failed to check the partly high and therefore controllable deposits of the investors and their forwarding for illegality. Omissions of this kind enabled the investment fraudsters to carry out their criminal activities in the first place.


SICFund: You want your money back! How does it work?
Equipped with this knowledge, the investors would never have got involved in an investment with SICFund. Now the only alternative left to them is to try to recover their money. Many investors cannot even imagine that there is a real chance of ever seeing their money again. Probably all of them are now asking themselves whether 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 offence of money laundering has been committed. Financial institutions are obliged to take action against money laundering. This is where one starts with good chances of success. Essential points must be clarified in advance. Where did the funds moved by SICFund end up? Is there a possibility that the investors who have been cheated will get back the money they invested with SICFund? What steps are advisable now? A lawyer specialising in investment fraud will be happy to answer such questions thoroughly.


SICFund: Who can help?
What can be done in the event of investment fraud? What help can victims of SICFund hope for in the event of investment fraud? SICFund victims will ideally find the help they need from an experienced investment fraud lawyer. He will be able to take care of your case with SICFund 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 SICFund.


SICFund: Follow the moneyl!
Such abuses on the grey capital market have been pursued by the internationally active investor protection law firm Resch Rechtsanwälte for more than three decades. The SICFund way is therefore nothing really new. In the course of time, Resch Rechtsanwälte has developed powerful equipment for tracking down the capital that has been set aside and tracing the money trails. In times of the Internet, it is becoming increasingly difficult to make money really disappear. The faster investors follow the money trail, the better their chances of getting their invested capital back. What matters now is that those who have been harmed by SICFund take action without delay.


RESCH Rechtsanwälte - Experience in investor protection since 1986
If you have been a victim of SICFund 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.