ProMarketsGroup - BaFin warns against illegal activities

ProMarketsGroup pretends to be a decent market participant for investment advice. However, there are numerous indications that things are not above board at ProMarketsGroup. Reports from traders about ProMarketsGroup are piling up, talking about telephone terror, rip-offs and investment fraud. All have lost their money invested with ProMarketsGroup. Doubts are spreading. Meanwhile, many traders of ProMarketsGroup have the feeling that it is an investment scam. The website of ProMarketsGroup is no longer accessible. All ProMarketsGroup investors are wondering if they have become victims of an investment scam? And what can ProMarketsGroup traders do if the suspicion of investment fraud is confirmed? Will the ProMarketsGroup traders get their money back? Does it make sense to file a criminal complaint against ProMarketsGroup with the police? What help is available in case of investment fraud?



ProMarketsGroup: Hide-and-seek game with domain entry!
Remarkable for the business practices of the ProMarketsGroup makers is that the website, which has been shut down in the meantime, did not contain any imprint with complete information about the legally responsible operators of the website. If one looks at the corresponding domain data of the website, one finds no reference to the operators there and finds that the website was registered with, LLC as recently as 25.08.2020 and that the real domain owners are hiding behind the anonymization service Domains By Proxy, LLC. 


ProMarketsGroup: who is behind it?
Answering this question will be rather difficult for many investors, as the ProMarketsGroup 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, as has already happened with the site. In many cases, the top-level domain is also frequently changed, possibly in order to deceive the financial supervisory and law enforcement authorities. And who is the operator? There was only sparse information about this on the website. The address given was the First Floor in the St. Vincent Bank Ltd Building on James Street, Kingstown in St. Vincent and the Grenadines. St. Vincent and the Grenadines? This is a group of islands in the Caribbean that is popular with offshore companies due to its lax legislation and is often used by criminals for shell companies. When searching for ProMarketsGroup in the company register of the Caribbean island of St. Vincent, one does not find anything. However, the St. Vincent Bank Ltd Building in Kingstown is well known to financial investigators, because various shell companies that are involved in cyber trading still reside here. Also the worldwide search for the company ProMarketsGroup leads to no result and one can assume that the company is a pure fantasy product.


ProMarketsGroup: The customer acquisition of the investment scammers
Here the same procedure can be found again and again: The offers of ProMarketsGroup are presented in all conceivable media and channels. For example, advertisements are placed in the social media, such as Facebook. Often enough, these offers are inaccurate claims. To increase the effect, they upload videos on Youtube or Vimeo, in which interested traders are convinced with invented 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". At the same time, a mostly aggressive affiliate program is started to spur others to intensively promote ProMarketsGroup.


ProMarketsGroup: 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 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?


ProMarketsGroup: 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 "savior" also wants a small fee - up front!


ProMarketsGroup: Scheme of investment fraud?
There is no authorization of the online broker ProMarketsGroup. ProMarketsGroup lacks the legitimacy 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 authorization from the Swiss Financial Market Supervisory Authority (finma) or the Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. It is not difficult to see that ProMarketsGroup is a scheme of capital investment fraud. All victims of ProMarketsGroup are advised to contact an investment fraud lawyer as soon as possible.


ProMarketsGroup: Where are the investment fraudsters active?
Investors are dealing with ProMarketsGroup investment fraud in Germany, Switzerland and Austria. Unfortunately, ProMarketsGroup's illegal activities are not limited to German-speaking countries. Because ProMarketsGroup also targets English-speaking traders, it is only a matter of time before those defrauded by this group of speakers come forward. A look at the list of regulators is advisable before any financial commitment to reduce the risk of becoming a victim of investment fraud.


ProMarketsGroup: Claims for damages against banks
Anyone wishing to provide financial services and investment business in Germany requires a license from the German Federal Financial Supervisory Authority (BaFin). Doing, supporting or facilitating such business, even across borders into Germany, is prohibited. Companies that nevertheless participate in such transactions are obliged to pay damages to investors who have suffered losses. Such investment fraud cases would probably not have been feasible without such banks.


ProMarketsGroup: Investors want their money back!
The constellation is by far not as hopeless as it seems. The aggrieved investors can take countermeasures and reclaim the invested capital. At present it is rather not to be expected that the investment fraudsters of ProMarketsGroup are seized promptly, nevertheless there is cause to hope. Hope because the funds flowed through accounts provided by banks that were concerned about good reputation. Those responsible demonstrably failed to check the traders' deposits, some of which were large and therefore subject to controls, and their onward transfer for legality. Such omissions made the investment fraud possible in the first place.


ProMarketsGroup: They want their money back! How does it work?
Equipped with this knowledge, the investors would not have agreed to invest with ProMarketsGroup. Now the only option left for victims is to seek redress for the loss. 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 must be clarified in advance. To what destination have the funds embezzled by ProMarketsGroup been taken? Is there a chance that the victims of the investment fraudsters will get back their money invested with ProMarketsGroup? What steps are necessary from now on? You can get the answers to these questions from a lawyer specializing in investment fraud.


ProMarketsGroup: Who can help?
What to do in case of investment fraud? What kind of help in case of investment fraud can the victims of ProMarketsGroup hope for? ProMarketsGroup 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 case with ProMarketsGroup both in terms of the criminal aspects of the investment fraud, as well as the recovery of funds and possible claims for damages. A trading lawyer may also be considered because they are also aware of the methods used by fraudulent brokers such as ProMarketsGroup.


ProMarketsGroup: Follow the money trail!
Such abuses on the unregulated capital market pursue the Anlegerschutzkanzlei Resch attorneys since more than 30 years. In this respect, the approach of ProMarketsGroup is nothing really new. Over the decades, Resch Rechtsanwälte has developed a powerful range of tools for tracking down the evaded amounts of money and tracing the money flows. Making funds disappear is becoming increasingly difficult in the age of the Internet. The sooner those affected follow the money trail, the greater the likelihood that they will recover the capital they have invested. It is now important that traders who have been harmed by ProMarketsGroup react immediately.


RESCH Attorneys at Law - experience in investor protection since 1986
If you have been a victim of ProMarketsGroup 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.