The Financial Services and Markets Authority (FSMA) of Belgium today published a warning against two firms engaged in the so-called “recovery room” fraud.
The warning from the Belgian watchdog targets supposed law firms Cole & Rushton LLC and Ernst & Taylor LLP, which are offering to help victims of investment fraud recover the money they had invested (and lost).
The alleged law firms Cole & Rushton LLC and Ernst & Taylor LLP approached the victims of ‘boiler room’ type fraud, misleading them to believe that there are criminal proceedings under way against certain boiler rooms and offering to represent them for the purposes of these proceedings.
The victims were then invited to pay a series of different fees: advances on legal fees, court costs, payment of taxes on the amounts recovered as a result of the proceedings, etc. In the face of the promises made by the law firms, the victims have not recovered the amounts invested.
Cole & Rushton LLC uses the website www.ohioseclawyers.com. It also uses accounts opened with banks based in the Philippines, in the name of the following companies: RBCT Trading; PWL Trading; BNK Trading; East Tech Trad.; Nyt Trading; TAML Trading and Surekeep Marketing.
Ernst & Taylor LLP uses the website www.laxsolicitors.com and claims to have its registered office in the United States (4311 Wilshire Blvd. Suite 701, Los Angeles, CA 90010). It also uses various accounts opened with banks based in the Philippines, in the names of the following companies: CRE Group INC. (or C.R.E. Group INC) and Finsolved Management & Consultancy.
The Belgian regulator strongly advises against responding to any offers of financial services or to offers of assistance in recovery made by the above-mentioned firms and against transferring money to any account number they might mention.
For the full announcement from Belgium’s FSMA, click here.