The activity of fraudulent recovery rooms is increasing, warns the FSMA

The Belgian financial market supervisory authority FSMA has warned victims of financial fraud that fraudsters are waiting for them with offers that will deprive them of additional money.

Recovery room scams target people who are already victims of investment fraud and have lost money in them. Recovery rooms promise to recover lost money for these victims.

Usually, the victims are contacted with such an offer by phone or e-mail. But some people fall for them when they search the Internet for someone to help them recover money lost in financial fraud.

It also happens that fraudsters pass on data about their victims to know who they can try to rob a second time through a recovery room hoax.

Recovery room frauds pretend to be the specialized offices of financial specialists, accountants or lawyers. In some cases, they even use data from real companies, but they have nothing to do with them.

Of course, recovery rooms always require money from their victims. The reward for allegedly recovering money lost in fraud is always payable in advance. Sometimes these payments are justified by the need to pay administrative or legal fees, or even taxes. But it always is a lie.

The result is always the same, the victims are deceived a second time. They pay a fee to the recovery room in advance, they will not receive any lost money and they will also lose this fee.

The Belgian regulator FSMA has currently warned against the following recovery rooms.

Funds Recovery Ltd.

Funds Recovery claims it can help victims recover money lost in Forex fraud, cryptocurrencies, binary options and credit cards.

The company also does not provide its services to British residents, the Belgian FSMA has now warned against it.

Lewis & Wright Advocates

Lewis and Wright Advocates claims to be a law firm specializing in stock fraud. It promises that it can get the money back to the victims from such scams.

Lewis and Wright Advocates states that it is based in the United Kingdom, but its website lacks any information about its legal services license. Most likely it’s a fictitious office.

In any case, the Belgian regulator FSMA warned Lewis and Wright Advocates.

LCT Capital

LCT Capital, LLC, presents itself as a brokerage company specializing in consulting services, from portfolio management to cross-border transactions.

LCT Capital claims to be based in Austin, USA, but does not provide any information about the license that is required in the US for brokerage and investment advisory companies. Most likely it is not located in the USA at all.

In any case, LCT is blacklisted by the FSMA.

South Texas Securities

The South Texas Securities website is no longer available, but as the name implies, it was clearly an unauthorized investment service.

The FSMA called South Texas Securities a recovery room, so it apparently also offered to recover money lost in fraud.

Main Trading Center / MTC Institute

Main Trading Center does not appear to have an active website, so we cannot find out the details about its offer.

But the FSMA considers the Main Trading Center to be a recovery room, so avoid it.

Summary

According to the Belgian regulator FSMA, Recovery Funds, Lewis and Wright Advocates, LCT Capital, South Texas Securities and Main Trading Center are so-called recovery rooms, ie frauds that falsely promise to recover money lost in fraud. Avoid them.