Algorates.com doesn't respond, lost all my money

Each time you post you make this listing higher on search engines.

There is no need to to search for further information on this fraud. We are allowing you to provide more information to warn others.

[AlanJones]

We might as well keep all the details of their dodgyness in one place. From an earlier thread on algorates.com

While the domain does have a long registration period, there are a few things that don't add up.

Firstly, the domain was registered in June 2013, but the footer claims copyright 2007.

Then there is the question of who actually runs the site - the registration is hidden (rather strange for a legitimate business), but at the bottom of their disclosure statement page there is this image (why would a legitimate business hide their details in an image that the search engines can't see?)



For the bots

OFFICE ADDRESS: AlgoRates LTD, 13 Freeland Park, Wareham Road, Courier Point 8272, Poole, Dorset BH6 16FH, UK
CLIENT SUPPORT: UK freephone: +441302238888, Fax: +441300500444, Email: [email protected]

There's a couple of odd things here - firstly the "freephone" number - it isn't, it's a geographic number for Doncaster, which is nowhere near Pool in Dorset.

Then there is the name of the company "AlgoRates LTD", there is no such company registered in the UK. I also couldn't find the names of the directors listed when I searched on a couple of company information sites.

Then there is the question of what they actually do if they are taking client funds then they would need to be registered with the relevant regulators, but there is no mention of any regulation on the website. There is also no mention of Data Protection Act registration either.

You are going very deep my friend and I like it it's very professional but I met them years ago in their headquarters at Poole before they became online

Oh, my friend I thank you for your fake testimonials and updates.

Thank you anyway .

You did have to try to recover from the damage posted here. I can see why you posted. You are losing victims.

The facts are facts. Your post will not change our opinion nor the facts posted..

[AlanJones]

From http://www.algo-capital.com/

Algo Capital is a UK incorporated company and is regulated by the Financial Conduct Authority ("FCA") in the United Kingdom. FCA Reg No.192936.

Here is some details from the FCA record for that registration

192936 - Algo Capital Management Limited

Address:

c/o J M Shah & Co
24 Old Bond Street
London
UNITED KINGDOM
W1S 4AP

Phone: 44 020 7993 8882
Website: http://www.algocapital.com

The most interesting thing from the registration is this part

Notices: Unable to hold client money.

and the fact that the website quoted is different to the one that is giving the registration details - http://www.algocapital.com and http://www.algo-capital.com

A quick look at http://www.algocapital.com shows no mention of Algorithmic Trading or any other trading names and their WhoIs shows that the domain was registered in 2004, although strangely to an individual in Malaysia using a UK phone number.

It looks like whoever is behind algo-capital.com and algorates.com is stealing the identity of a real registered UK business.

I fully understand that there's no way for an unsuspecting person to join this charade, there is no official post that says that this is a risk for fraud.

Hi All,

I too have had the same problem with Algorates.com, though I only invested a small amount compared to you. I invested back in March 2014 under a recommendation from a friend and up until I requested to close my accounts it looked as if I had made a sound investment. During the months from investing till the request to close the accounts, the daily trading was about 5€ on my currency account and approx $50 a day on my gold account.
As soon as I requested the accounts to be closed both accounts started to trade aggressively increasing to $500 a day, this resulted in both accounts basically crashing and the end result out of an investment of 1800€ Returned a yield of €112 complete and the gold fund investment of $3000 returned a yield of $325 dollars with a further $500 dollars gone missing as it states on my account this has been withdrawn but the funds haven't entered my account yet.
All the time this was happening no phones calls were never returned and emails were pasted about with no explanation and I'm still waiting on an explanation to the discrepancies in withdrawals.

I fully believe this to be a scam now and if no responses are heard from by close of play Monday - I will be passing this information onto the FCA and the British police as I am situated in the UK myself.

Hi all,

I've had the same experience as several other users here. I deposited USD10000 in May 2014 (cringing at the thought now) and had apparently earned steady profits of around 80% by late January. The more it climbed the more nervous I got - if something seems too good to be true it probably is. Account balance suddenly dropped to $9.95 and I've been unable to contact anybody that I had previously been in touch with. I spent a few weeks researching this company before "investing" but was clearly ignorant of the depths people go to to scam. I'm in Australia and I'm unsure of the process for alerting authorities about an overseas scam. I will contact the Australia Competition and Consumer Commission on Monday.

you people who are not in the UK can try http://econsumer.gov/ to see if they can help you.

For the people in the UK please try http://www.actionfraud.police.uk/ , in addition to the FCA.

I can't see where a company named AlgoRates is registered with companies house . UK .

It also appears that their claimed UK headquarters address is a UK mail forwarding address. I'll do more research in the AM .

[AlanJones]

Why would what claims to be a UK registered company, located in the UK ask its "investors" to use bank accounts in Hungary to deposit their funds?




For the Bots

Beneficiary Name: AlgoRates
Beneficiary Address (if needed): Algorates Regional Office (Continental Europe), 2730 Albertirsa, Danosi Utca 34, Hungary
Bank Name: Raiffeisen Bank
Bank Swift Code (BIC): UBRTHUHB
IBAN account number: HU61120106280140924200300003
Bank Address (if needed): Raiffeisen Bank ZRT, AKADEMIA UTCA 6, 1054 Budapest, Hungary


Beneficiary Name: AlgoRates
Beneficiary Address (if needed): Algorates Regional Office (Continental Europe), 2730 Albertirsa, Danosi Utca 34, Hungary
Bank Name: Raiffeisen Bank
Bank Swift Code (BIC): UBRTHUHB
IBAN account number: HU82120106280140924200200006
Bank Address (if needed): Raiffeisen Bank ZRT, AKADEMIA UTCA 6, 1054 Budapest, Hungary


Beneficiary Name: AlgoRates
Beneficiary Address (if needed): Algorates Regional Office (Continental Europe), 2730 Albertirsa, Danosi Utca 34, Hungary
Bank Name: Citibank Europe PLC
Bank Swift Code (BIC): CITIHUHX
IBAN account number: HU16108000146000000620144339
Bank Address (if needed): Citibank Europe PLC, 7 Szabadság tér, Bank Center, H-1051 Budapest, Hungary


Beneficiary Name: AlgoRates
Beneficiary Address (if needed): Algorates Regional Office (Continental Europe), 2730 Albertirsa, Danosi Utca 34, Hungary
Bank Name: Citibank Europe PLC
Bank Swift Code (BIC): CITIHUHX
IBAN account number: HU40108000147000000620144347
Bank Address (if needed): Citibank Europe PLC, 7 Szabadság tér, Bank Center, H-1051 Budapest, Hungary

[AlanJones]

A quick look at their Hungarian address

Algorates Regional Office (Continental Europe), 2730 Albertirsa, Danosi Utca 34, Hungary

On Google Maps shows it to be one of a number of very small residential properties - not the type of place a legitimate company would choose for its Regional Office.

Just wanted to say wow, you guys are good! I stumbled across a complaint on this company a few weeks back but didn't post about it because it wasn't 419 related. There are complaints all over the internet about this one now. Very shady company and I just wanted to commend you for delving into it, getting more information and advising victims - well done!