Algotechs Update – EFRI Starts an EU-petition Against Investment Scams
It’s been a while since I last wrote the word Algotechs in my April Monthly Update and “asked Terminator to give me a hand on my Spanish type
If you are a new shocked reader then you may enjoy spending a few minutes reading my full “Algo trading” story with a “financial service” called Algotechs, which fortunately we managed to get out of business.
I’ve preferred to be quiet in regards to this matter ever since to avoid getting myself into trouble. I will keep doing so until everything gets fully resolved. I hope you understand this.
However, today I found a good reason to write a short update, although it won’t get much into detail.
We have a case against them that is going better than I initially expected, I didn’t think for a second that the guys at EFRI (https://efri.io) and Fintelegram (https://www.fintelegram.com) would get that far. That has given me faith in justice and the possibility to recover my money, at least partially. Everything is possible. Fingers crossed.
We, victims, are constantly updated with the latest news. These are posted on Fintelegram, but the site is constantly being hacked, so odds are most people won’t have access to this information.
Mine is still alive (who knows how long for though), so today I am sharing with you the latest data:
Up to date, we are more than 650 victims with a recorded loss volume of more than EUR 22 Millions, who granted a Power of Attorney (POA) to EFRI to act on our behalf and to address any individuals and entities involved in the investment scams as well as to cooperate with the respective local authorities in identifying the fraudsters behind the scheme.
According to EFRI investigations the monthly damage currently caused to European retail investors by online trading scams (hereafter also referred to as broker scams or investment scams) in Europe is estimated to be 1 billion euros (!). The numbers are still on the rise and reach epidemic growth rates as also mentioned by the Chief of the FCA Charles Randall in a speech as of Sept. 4th, 2019
The scale of the crime may increase as criminal organisations are increasingly moving towards using crypto currencies for this type of crime, thereby increasing the difficulty for law enforcement agencies.
For this reason, EFRI has established the EU-Petition against Investment Scams to offer a possibility for us, the victims, to address the issues and to ask for support and for awareness of the competent authorities in Europe.
It will collect signatures during the next three months, so please show your support by signing this petition. Your nationality isn’t important. We need as many signatures as we can, so everybody’s signatures are worth it.
As I could learn, the main reason why scammers keep doing business is that there is a lack of collaboration between EU countries and the EU Parliament must act!
Please help us by signing the petition, telling your friends and sharing it on social media.
Sign Petition HERE
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