There are countless ways to commit fraud, but recognizing the schemes keeps you calm. Today's article comes from a user's exposure. Compared to previous scams like ForexPhyx, this one is indeed more concealed. (Those interested can refer to our previous exposure of ForexPhyx); This scam is mainly active on TradingView, where they draw people into Telegram before finally revealing their true intentions by recommending the platform AMICUS FINANCE (full name: AMICUS FINANCE LIMITED). Without further ado, let's unveil this scam step by step.
Step 1: The Elegant Persona on Social Media
According to user complaints, the AMICUS FINANCE website and the previously used WMLD platform (full name: WEALTH MASTERY LIMITED; scammers claim this website was hacked and all data transferred to AMICUS) were both recommended by a person named David Analyst.
This person is very active on TradingView. We can see his profile there, updated almost daily with market analysis, boasting a stable profit of 200% per week, which is perplexing to anyone who sees it. Then, there is the invitation to join their TG channel (David's Trading Center).
It is clear that the scammer's objective is very specific—posting seemingly professional market analysis on social media, actively engaging in community interactions, but the true goal is to lure users into the TG private realm for precise capture.
Step 2: Luring into Private Domain for Precise Capture
Upon entering David Analyst's channel, the content they publish in the TG group is not much different from his posts on social media. The real gimmick lies in his differentiating content, where he mentions "core members," who always seem so dazzling in his descriptions, and the invitation to contact David's team (which is David himself). This information further filters users, with those who actually contact David being the true targets of the scammer.
Step 3: Recommended Platform, Waiting for the Bait
When users individually contact David Analyst, that's when the scammer truly starts to unfold. The time frame could be several months or just a few weeks, depending on when you're willing to "invest" money. At this point, the scammer typically uses pre-prepared reasons to make users utilize the AMICUS FINANCE platform or the previously "hacked" WMLD platform. These reasons usually include that the platform was designed and created by David Analyst's team, or that all group members use this platform, among others.
Final Step: The "Fish" Takes the Bait and Withdrawal is Denied
Once the user invests money in the scammer's designated platform, the scammer considers the job done, as the user has no way to withdraw the funds. If withdrawing funds is indeed possible, it indicates the scammer is 100% sure you will invest more.
Users reported to us that AMICUS FINANCE refused their withdrawals, claiming the users were detected as Australian residents and needed to pay over 30% tax to the platform. The platform claims that once the tax is paid, the remaining funds can be withdrawn, also stating in the message that the tax payment will be directly transferred to ATO (Australian Taxation Office) by AMICUS FINANCE's brokerage firm. However, if users really pay the so-called "tax," they will only face endless fees waiting for payment.
Discussing AMICUS FINANCE's Compliance: Are They Really Qualified to Collect Taxes?
Regarding the issue of AMICUS FINANCE "collecting" taxes mentioned above, it's important to clarify that in Australia, only tax agents can conduct activities similar to AMICUS FINANCE's, but they are limited to assisting individuals and businesses in preparing and filing tax documents. They cannot replace the Australian Taxation Office to directly collect taxes. Since these tax agents are supervised by the Tax Practitioners Board (TPB), we can check if AMICUS FINANCE is on the list.
The answer is certainly no. A company named Amicus Business Services Pty Ltd was already registered in 2008, and it does not match the full name of AMICUS.
Additionally, regarding AMICUS FINANCE's financial regulation, although its website claims it is registered in the UK, there is no registration information for this brokerage found in the Financial Conduct Authority (FCA) or the Companies House. Thus, it is a platform that operates with no registration, no regulation, and no background, deceiving through fraudulent schemes.
In Conclusion
If a so-called expert tells you that they can help you earn exorbitant profits, like today's case claiming a stable 200% weekly profit, if it were true as they suggest, an asset could increase eightfold in a month. In such cases, be extremely cautious and ensure the platform's regulation and user reviews. You are also welcome to check company status on TraderKnows or consult our experts. We sincerely hope for a world free of fraud.
