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Abs-ptr.com Reports & Reviews (1)

- Summerville, SC, USA • Sep 28, 2024
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Financial advisor called the client after he requested $62,000 from his IRA via email on Tuesday 9/17/2024 at 10:03pm stating "I’m starting a business and have already ran into a financial problem. In order to pay an unsecured debt, I need to withdraw $62,000 after taxes are taken out. Please make the Federal tax 30%." It is not uncommon for the client to make withdrawals from his IRA since his recent divorce and starting his life over. This request for $62,000 came only a week after he had requested $30,000 which raised a red flag. The Financial advisor believed the client may have an issue starting this new business which would explain the subsequent withdrawals and asked the client what was going on that was requiring these back-to-back withdrawals. The client then revealed to the financial advisor that the business he has been trying to start and/or be a part of came from an ad that he saw on Facebook about partnering in an organization with guaranteed returns and the possibility of increasing wealth. The financial advisor asked the client what the name of the company was and he struggled to recall the name at first but eventually told the financial advisor the web address where the financial advisor discovered a generic login screen for an organization called "absolute." The financial advisor then inquired further about what this organization does or promotes and the client said they give missions to their partners (i.e. the client) to complete and that each mission that they complete they can increase their status and get a better return than the last time. The financial advisor asked what completing a mission meant and the financial advisor said giving them money. The client was convinced this is legitimate because he has done it a few times and each time they have had a payout. The financial advisor asked what happens if you don't complete the mission and the client said, then you lose the money. The financial advisor told the client that he is convinced that what he is involved as a victim in a fraud. The financial advisor recommended that the client immediately stop his involvement in this and request his money back. The financial advisor asked how much the client had given to this organization so far and he said about $60,000. The financial advisor again urged the client to stop any further transactions and request his money back. The financial advisor also asked the client to provide any screenshots of the site that he was willing to share which are attached. The client also mentioned that they won't let you take any money out until you complete the next mission, which in this case was giving them $62,000. The financial advisor again told the client that this is a fraud and urged him to stop and provided examples of how it is a fraud such as guaranteeing returns, dangling the idea of greater returns the more they put in, not allowing him to withdraw his balance, and offering "exclusive" opportunities as if they he is lucky to have the chance to invest in it...the client did not take the distribution as we investigate the matter further. The client emailed the financial advisor the information about the website and the financial advisor forwarded that on to the CCO and also discussed the situation in detail.

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