TRENTON, NJ — New Jersey’s Attorney General Matthew J. Platkin and the Division of Consumer Affairs announced today an emergency action against a fraudulent investment recovery scheme. The Division’s Bureau of Securities has issued a Summary Cease and Desist Order to www.almaxfinancialsolution.com, effective immediately, for impersonating a registered broker-dealer and deceiving investors.
The website involved in the scam was found to be luring individuals under the guise of helping them recover lost or stolen funds. The scheme involved soliciting personal contact information from victims, then using deceptive tactics to convince them to send cryptocurrency as payment for non-existent recovery services.
Cari Fais, Acting Director of the Division of Consumer Affairs, warned of the dangers of asset recovery scams, noting that in some cases, the operators are linked to the initial fraud. The fraudulent site not only listed phony addresses in New Jersey and the United Kingdom but also used the actual address of the legitimate broker-dealer it was impersonating to lend credibility to its operation.
The website, which has been suspended by multiple web hosts due to abusive service, falsely advertised itself as a “recovery intelligence firm.” It used fake testimonials and stock photos to create the illusion of a reputable business.
Elizabeth M. Harris, Chief of the Bureau of Securities, emphasized the importance of caution when approaching asset recovery offers. She advised the public to research thoroughly any firm offering such services and to avoid paying any fees upfront, as such demands are often indicative of a scam.
The investigation into this case was led by Deputy Bureau Chief Amy Kopleton and involved key members of the Bureau of Securities’ Enforcement Unit and Complaint and Investor Education Unit. To assist the public in identifying similar scams, the authorities recommend visiting the Financial Investment Regulatory Authority (FINRA) website at https://www.finra.org/investors/insights/recovery-scams.
