Icon Sachs Scam

The Icon Sachs Scam was launched in 2015. The company is now out of business, but we keep our review as a record of future scam attempts by the same people:

 

I will keep this very simple: Icon Sachs offer you to invest by pooling money, which is illegal. You don’t need to know more than this, stay away – but I guess you could be greedy and still consider joining them so I will write a full review.

The Icon Sachs scam offer some kind of financial education, which I can only assume is free stuff found online which they charge for, up to 975 euro. What you in reality pay for is how much you can invest, as this is limited by how much you pay when joining (very clever).

They offer close to 50% monthly returns. There is no person nor company who can deliver returns like this. One month being lucky maybe, over a year impossible. Use your brain, if you had a system that guarantied would return 50% per month, would you share it with anyone? You would be a billionaire in no time, why run a small business. If their trading was public you would see right away that this is not possible, but they don’t trade public, they pool money and just state a return. What their investors eventually will get I don’t know, if they are lucky their money back, but this smells funny so I guess a total loss and a lesson learned that too good to be true is never true.

This is how they present their background:
Icon Sachs is the result of the meeting between a group of sophisticated investors that met in Geneva, Switzerland during mid 2000. Among this group, two gentlemen from Switzerland had worked for large investment banks and hedge funds, one had experience from the trading floor in Frankfurt, and two more were asset managers working out of Dubai’

Sounds nice, we all know we can trust bankers…. Not! But a little background check made in middle of July kind of suggest that these guys are not sophisticated investors, neither have they spent much time in Switzerland or Dubai. Their webpage, which I guess was not finished in July (why launch it if it’s not ready… I guess they needed some cash) had Swedish text in it, so clearly made by a Swedish guy.

Their payment system (to pay your signup fee) is managed by a New Zealand financial company, Fennas Finances, which seem to have an address somewhere remote in NZ. But more worrying, the payments are in reality managed by Towah, a UK payment company which was setup by some WGI guy (World Games International) years ago, which have been processing for some shady MLM companies and probably are close to being out of business – which I guess is why they now operate from New Zealand. You would of course never knew this if you did not read the payment terms, and these guys had done a poor edit. The webpage of Fennas Finances don’t really make you want to give them your card details either (please don’t do it), it is poorly designed and clearly not launched by a professional company.

I am not going to waste your or my time going into the details of their binary pay plan. This is a scam, if you give these guys money you are stupid, if you refer anyone to this business you have done something illegal and might be facing legal actions when they are closed down (if lucky you just have to pay back your earnings).

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