LCM Global ‘Investment Managers’ Join Danish FMA’s Warning List

The company conned one Reddit out of £5,000

It’s a fine winter afternoon in the icy city of Copenhagen and, in the depths of the Nordic capital’s financial district, the local regulator has added another firm to its warnings list. LCM Global, according to the Danish Financial Markets Authority (FMA), has been soliciting investment from people in the Nordic nation.

A statement released by the FMA indicates that the firm is operating out of Japan and Denmark. That view seems to be based on the fact that the firm lists a couple of phone numbers, one Japanese and the other Danish, on its rather rudimentary website.

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Here at Finance Magnates, we have some experience with these particular firms. On one occasion, this author went to the office that a firm, similar to LCM Global, had listed on its website and found nothing but a frumpy Essex girl who was waiting impatiently to go home as it approached 5 o’clock on a Friday afternoon.

Thus, it is incredibly unlikely that LCM Global actually does have offices in Japan and Denmark. It’s far more likely that they are lurking somewhere in Eastern Europe.

LCM Global – different products, same scam

Unlike other investment scams, which tend to focus on attracting people via get-rich-quick cryptocurrency or foreign exchange investments, LCM Global portrays itself as an investment manager. What investments it actually manages is unclear, however, from the company’s website.

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One Reddit review of the site indicates that, though it may be not be offering the preferred products of scam artists, LCM Global operates the standard huckster model; “send us your cash. Oh, you can’t withdraw your cash at the moment but it’s doing really well, send us some more.”

Once the victim has been bled dry, they will then find themselves left with no means of contacting the company and no way of getting their money back.

The lesson in all of this – stay away from LCM Global folks.

 

 

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