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Cryptocurrency website “ecotradesltd.com” appears to be engaged in fraud against California consumers

Oct 19, 2021

The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding Eco Trade & Investments LTD.

The victim told DFPI he was scammed into transferring money into this supposedly London-based company for the purpose of investing in cryptocurrency. The company then stopped communicating with the complainant, who cannot get his money back. These allegations have not been verified by the DFPI.

This appears to be what is commonly called an “Advance Fee scheme,” which can take many forms, as discussed here: https://www.fbi.gov/scams-and-safety/common-scams-and-crimes/advance-fee-schemes.

The DFPI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services. To check whether an investment or financial service provider is licensed in California, consumers may contact the Department for questions or inquiries at ask.dfpi@dfpi.ca.gov or call toll-free at (866) 275-2677. If a consumer believes a person or company has violated state law or acted improperly regarding a consumer financial product or service, they may file a formal complaint with the DFPI at https://dfpi.ca.gov/file-a-complaint/.

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Last updated: Oct 22, 2021 @ 12:16 pm