Who Are FundRecovery.co.uk and How Could they Recover What They Claim they Do?
Let's just imagine that you have fallen for one of these cryptocurrency frauds and that you transferred your money offshore to St Vincents and the Grenadines by card payment or similar. What could any company actually do to help you? A UK company (as FundRecovery.co.uk appear to be) would have no jurisdiction. It appears that they are just a sales funnel for MyChargeBack.com as we can see from this email received from MyChargeBack.com, even though we asked the robot on the scamrecovery.net site not to forward our details:
We are writing to acknowledge receipt of your inquiry with MyChargeBack regarding our fund recovery consulting services. Unfortunately, we are unable to assist UK residents with their claims.
Important: As a UK resident, you may be able to raise your dispute with your bank for free. Alternatively, you may also consider researching the resources available through a claims management company. Please make sure that you research your options carefully. If you paid an upfront fee, for example, you may be entitled to a refund if you are working with a fund recovery firm that is not currently authorized by the FCA.
Fundrecovery.co.uk (Firms Reference no. 838260) is authorized and regulated by the Financial Conduct Authority (FCA). It is related to MyChargeBack and provides regulated claims management services on a “No Win/No Fee” basis. You can find out more details about Fund Recovery by visiting their site at fundrecovery.co.uk.
“Claims management” is the term used in the UK to designate FCA-authorized fund recovery services. Claims management companies have expertise in assisting with claims like yours and, to protect you, are subject to strict regulatory oversight.
Since we are obliged to protect your personal information in compliance with GDPR privacy rules, we are unable to forward your details to Fundrecovery.co.uk without your express written consent. If you would like us to share your details with Fund Recovery, please confirm your approval by replying to this email or login to their website directly.
If you no longer reside in the UK, however, we will be happy to discuss your options with you. If you now reside abroad, therefore, please let us know.
Regardless of whatever course of action you may choose, be assured that we at MyChargeBack appreciate your having contacted us and wish you every success in recovering your funds.
MyChargeBack.com is owned by Cactil, LLC, USA.
OK so here at last they are explaining who they are - Cactil, LLC, USA - Whoever that is.
MyChargeBack.com is owned by Cactil, LLC
1441 Broadway, 3rd Floor, New York, NY 10018, USA
(USA TOLL FREE) 1-888-350-8030
(USA) 1-646-915-1414 (EUROPE) 32-25-88-8678
(CA) 1-647-946-8583 (AU) 61-2-8015-5645
Now FundRecovery.co.uk is registered with the FCA, but that doesn't actually mean they are regulated by the FCA, just that they are on the FCA website and could be reported, assuming that their telephone number and listed address actually go anywhere. Let's have a look at their details: https://register.fca.org.uk/ShPo_FirmDetailsPage?id=0010X00004QPwQjQAL
Well this link is actually for registering with the FCA, but if we take the registration number: 838260 we can search for that. This is what we find:
And inside the Quandrance Finance Ltd listing, we find:
Well what do you know, according to the FCA, FundRecovery.co.uk are a scam and have changed their name from Funds-Recovery.co.uk to FundRecovery.co.uk, and if what the FCA are saying is true, then they are actually a company rather than just a contact details harvester for MyChargeBack. It could well be that these companies (The Bitcoin scammers and the fake recovery companies) are all operated by the same scammers. You can check the link with the FCA here.
Their live chat appears to be automated and just designed to harvest contact details to be passed to MyChargeBack.com but at least MyChargeBack in the US appear to be a legitimate firm. In the UK they appear to be Quadrance Finance as shown on the FCA registry.
This is from the MyChargeBack.co.uk website:
If you cancel the contract within the “cooling-off period” according to the Consumer Contracts Regulations (14 days from the date you signed the agreement), there is no charge to you. If you terminate the contract after the foregoing 14-day period, you may be charged for any work we have done (charges will accrue in units of 30 minutes at the hourly rate of £75 plus VAT), but in the event that we were unable to obtain a refund on your claim, no fee would be payable. If you wish to cancel during this period, a clear written statement must be sent to Quandrance Finance Ltd. After the 14-day cooling off period has lapsed, cancellations may be requested in writing.
Let's report this problem to scamrecovery.net to see if they can shed any light on why their premium partner's sister company is showing up as a likely scam on the FCA website, even though they flaunt this association on their live chat and website:
We can fill in a form to report scams on scamrecovery.net:
When you actually look at their tag line Got scammed by an online company?' it isn't actually a question, but a statement.
So we receive a confirmation email from ScamRecovery.net:
From: ScamRecovery firstname.lastname@example.org
Sent: Wednesday, December 2, 2020 4:16 PM
Subject: Submission Confirmation
Thanks for reporting a scam!
If you have been scammed by an online company and your issue can't wait, you can also reach us via live chat or fill the form and get a free consultation by following this link
So the originating email being email@example.com isn't very reassuring as it is obviously is untraceable and can be changed at a moments notice without impact on the site.
We shall wait and see if we get a reply or if they just ban our IP from the site...
According to the Cactil website, M.Y. Timinksy is the founder of Cactil LLC and they are a legal and banking firm. The only other site that mentions this person is here:
https://binarytoday.com/mychargeback-com-review-my-charge-back/comment-page-1/#comments and the only people that confirm anything good about this company are it's own employees. According to most of the comments, MyChargeBack.com appear to ask for large amounts of money upfront, which is not indicative of a 'no win no fee' strategy.
There is a post that claims to be from a manager at MyChargeBack.com explains that they have redirected numbers that appear to be in Canada, Australia and the UK, which we already know, and that the business Cactil LLC is actually incorporated in Delaware, US, which is very common due to the state laws regarding business there. They do not explain why their FCA registration number is tied to a cloned website called funds-recovery.co.uk and is assumed by the FCA to be a fraud, but it is still unclear if MyChargeBack.com and MyChargeBack.co.uk are the same company. BinaryToday.com is not a cloudflare masked site and uses WPX wordpress hosting which appears legitimate. Although they did not enlist the assistance of MyChargeBack.com to complete the review, their ideas and points seem valid and I believe that this review holds merit. The website in general is not so trustworthy though, as it seems to list obvious fraud as a possible investment, such as here: Trade Legit was an obvious fraud which has had their account suspended in just one year. I do understand that content is required to get rankings, but the address:
24 King William Street
Lime Street, London, EC4R 9AT, United Kingdom
Is one we see time and time again in fraudulent sites. Now there is a Danish company, youlend.com that has this address as well as one in Ireland and Copenhagen, although that does not definitively prove that the companies are related. This address may be the site of a company registration firm that registers many companies to a single address. Either way, from the claims alone, the TradeLegit.com site was an obvious scam and should have been highlighted as such without need for review.
There is another variant online at funds-recovery.com - they do not make it difficult to see their allegiances -.