Investment scams – asset tracing and recovering money
14 Jul 2016
Investment scams have been around for years however they are increasingly being targeted by organised criminals.
Victims of investment scams are sold overvalued or nonexistent investments with promises of high returns with low to no risk.
The investments sold by the scammers are very diverse. For example, overseas holiday properties, rare or precious commodities that will only increase in value due to their scarcity, and expert trading systems whose secrets are only known to a select few. They can be sold to you as part of a plan to improve your pension, by direct telephone sales, or by taking advantage of less regulated investment markets.
Are you of a pensionable age? Are you in a position to invest substantial savings? You may be targeted with the use of high-pressure sales tactics or fall victim to misleading promotional statements and material.
Advice from consumer bodies is to never enter into an agreement as the result of a cold call or unsolicited mail. Investment scammers use these methods to approach their would-be victims. While the commodity may change from that of parking spaces, wine, overseas properties, precious metals or carbon credits, the principles of the scam remain the same. If you have lost money from a scam, you may find yourself once again a target. Fraudsters prey on existing victims offering to sell the worthless commodity or trace the lost monies for an upfront fee.
We review the warning signs and provide insight into how Grant Thornton UK LLP is fighting back against the fraudsters. All these investment scams look genuine at first sight. Many sophisticated investors and professionals have been caught out.
Whilst a large part of the monies invested will almost always have been moved or misappropriated by the fraudsters, we look at strategies to recover what hasn’t yet been spent or passed to associates, as well as looking at claims against professional advisers who may have allowed their name and reputation to be used to promote the frauds.
There is no fee charged to speak with a member of the team either by telephone or email.
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