Attorney General Matthew J. Platkin and the Division of Consumer Affairs (“Division”) have taken emergency action against a fraudulent online scheme impersonating a broker-dealer. Cease and Desist Order In a Summary Cease and Desist Order issued today, the Bureau of Securities ordered the entities behind www.almaxfinancialsolution.com to cease and desist their fraudulent activities immediately. The order comes in response to the entities scamming investors into paying for recovery of lost funds through false promises. Warning to Investors Investors are being warned to be cautious of upfront payment demands from entities promising to recover lost funds. These recovery offers often turn out to be scams and can result in further losses for victims. Impersonation Tactics The entities behind the fraudulent website pretended to be a legitimate New Jersey-registered broker-dealer with no actual affiliation. They used deceptive tactics to pressure individuals into paying for recovery services in cryptocurrency. Deceptive Practices The website falsely claimed to be a “recovery intelligence firm” offering quick and cost-effective fund recovery services. It also used phony testimonials and fake addresses to deceive investors. Bureau's Action The Bureau's action includes shutting down the website www.almaxfinancialsolution.com and alerting the investment community about such unlawful operations. Advice to Investors Chief of the Bureau of Securities, Elizabeth M. Harris, advises extreme caution when dealing with asset recovery offers. Always research a firm or agency thoroughly before sharing personal information and never pay upfront fees. Spotting Scams To learn more about recognizing and avoiding investment recovery scams, investors can visit FINRA's website at https://www.finra.org/investors/insights/recovery-scams. Protecting Investors The Bureau is dedicated to protecting investors from fraud and regulating the securities industry in New Jersey. Investors are encouraged to “Check Before You Invest” by contacting the Bureau toll-free at 1-866-I-INVEST within New Jersey or (973) 504-3600 from outside the state. They can also visit the Bureau's website at www.NJSecurities.gov for information on financial professionals and investments.