PrimeOakmont – The alleged investment service provider PrimeOakmont presents itself on its website as an online broker.

If you have invested with the online broker PrimeOakmont and are now experiencing difficulties with repatriation, our lawyers are here to help you. The BCSC issued a warning notice in April 2022.

PrimeOakmont – are there any experiences?

Currently, there is an enormous number of online trading platforms such as PrimeOakmont. This means that investing in the unpredictable financial markets has never been as easy as it is today.

Precisely because there are so many options, choosing a provider can be time-consuming and challenging. Especially if you want them to meet your investment needs. Are you considering investing with PrimeOakmont? If so, the following points are relevant to you as an investor.

  • A very good address for investors who want to learn about securities, futures, binary options and cryptocurrencies is an online presence like this one.
  • In the area of trading on the World Wide Web, one can use a variety of order types.
  • Entering the transnational financial markets is becoming easier and more affordable for investors through online investing.
  • Licensed online brokers, secure websites, fees and bonuses, offering options and customer reviews are just some of the aspects you would need to include in your final choice.

The advice below is general advice for investors – regardless of the platform you are investing in.

Assess PrimeOakmont correctly: How can I recognise reputable investment service providers?

The following considerations should be kept in mind when looking for ways to invest your assets online:

  1. Financial service providers like PrimeOakmont have to be licensed in Germany by the Federal Financial Supervisory Authority (BaFin). BaFin’s company database contains information on approved service providers.
  2. Quality seals are often used by fake shops to pretend that they are reputable. To find out whether a cross-reference leads to the online presence of the quality seal and whether the shop is also listed there, click on the image of the seal. It is quite possible that the website provider has merely copied the seal from another online presence and transferred it to his current website without the corresponding certification.
  3. Look for an imprint on the provider’s online presence. If this is not the case, you should: Hands off! However, also bear in mind that an imprint can be faked.
  4. It can be very beneficial to find out what other customers are saying about a potential service provider, even if it is only on the web.
  5. In Germany, the imprint must contain a postal address, the contact details of an authorised representative of PrimeOakmont and a telephone number.

Time constraints when investing? What has been your experience with PrimeOakmont?

Do you notice the pressure of a tight deadline? The provider is tempting you with a special offer, but you are under pressure to make a choice quickly? This is definitely not an ideal idea, because it is usually a ruse.

Don’t rush into a decision Not only can you get trustworthy offers now, but you can also invest with PrimeOakmont in the future. To achieve their goal, criminals know in depth what to do.

They strain to get as much information as possible about their target through advantageously worded enquiries. Incidentally, they ask about the circumstances of the interlocutor, e.g. whether he or she is home alone or whether he or she keeps capital at home.

In addition, they use a “wait and see” method to tire out the person. You can keep your counterpart on the phone until he or she agrees to go to the financial institution and hand over cash and other valuables to the fraudsters.

In one such scam, time pressure is placed on the injured party. With such a tactic, the aggrieved person is urged to disregard his or her own caution. New support scams use the same method.

Since the contacted person’s computer is supposedly attacked by a particularly persistent virus, the callers, presumably working on behalf of Microsoft or a company like PrimeOakmont, demand urgent repayment of a maintenance contract in English with an Indian accent.

The swindlers increase the pressure, in the way that they threaten the targeted persons to make them pay if their computer is infected and transmits the infections.

Unauthorised orders – protect yourself

Placing orders for securities transactions without the account holder’s consent can sometimes cause the price of particular stocks to jump. This applies in particular to open market transactions in illiquid foreign securities (over-the-counter market).

Therefore, remain vigilant if you are instructed to disclose personal information about your PrimeOakmont investment without your consent in reference to supposedly profitable trades or profit announcements.

You should never give your International Bank Account Number, Business Identifier Code and other bank codes to anyone you do not know. Similarly, you should not disclose your account or deposit numbers and passwords.

Do not give custody account documents or securities statements from PrimeOakmont to anyone you do not know. Callers posing as financial advisors, online brokers or employees of a financial regulatory agency are also dangerous.

Payout comes with strings attached?

Consumers are often wooed by an “online broker” or a call centre employee the moment they have registered on the alleged online trading platform. The aim is to get the investor to increase their permanent investments in order to maximise profits.

This is also a legal goal of the PrimeOakmont broker. Immediately after the buyer has transferred his capital, the first profit developments are probably presented on his account. This should encourage the investor to continue investing in the financial instrument.

The operators of the trading platform, in turn, can use fraud software to simulate manipulated account changes and earnings, even without the consumer being aware of this.

Check that accounts can be verified equally with PrimeOakmont.

In truth, no trading takes place at all on many online trading platforms. Instead, the money paid is transferred by the perpetrators to bank accounts outside Germany.

This is not recognised by the customers for the time being. The “financial service providers” delay the payout beyond the profits presented by demanding that investors pay what appear to be taxes and processing costs.

These scams only serve the purpose of increasing revenue. At some point, the connection breaks down altogether. The paid-in capital is used up. From that moment on, the only way left is to go to a lawyer to start necessary measures.

Are the exit alternatives unclear?

Clarify when and how much money will be paid out. It is best to avoid longer-term contracts that cannot be terminated early or where you would incur heavy monetary losses.

Conclude longer-term contracts without the possibility of early termination solely with service providers such as PrimeOakmont, whose credibility you have no doubts about.

Even if you have the option to waive a contract at any time or to terminate it over an appropriate period of time, you should be critical. Even if these options do exist, you may still be vulnerable to economic loss.

Make sure you know exactly how much money you will get back if the investment goes wrong. The following rule applies to share transactions: Before the end of the term, find out what options you have to sell shares.

It is often crucial to be aware of whether there is a liquid market for offers such as those offered by PrimeOakmont. It is possible to sell shares through a broker or financial institution. All 3 methods are legitimate for placing a sell order.

The actual selling process is therefore completed via a securities exchange (e.g. Berlin, Stuttgart, Frankfurt, Tradegate or Xetra) (e.g. for penny stocks). With order supplements, the execution of the order can be guided from the beginning.

The redemption of the share certificates takes place at a time and place determined by you.

Redemption of investments with PrimeOakmont: Increase your chances

In order to be able to assess whether you have a claim for repayment against the online broker PrimeOakmont, it is always necessary to examine the individual case. The lawyers of the Herfurtner law firm will do this for you in the context of a free initial consultation.

The basis of this evaluation is always the facts of the case as described by you. In addition, similarities to comparable cases can often be noted. You therefore benefit from the extensive experience of our lawyers.

After the complete assessment of all documents and the legal classification, the action is first and foremost directed against the service provider PrimeOakmont itself, should certain breaches of duty be verifiable.

In order to be able to prove these breaches of duty, the contract documents, the e-mail message history and possibly other documents must be evaluated. Furthermore, licensed online trading service providers are equally obliged to make and store telephone records of conversations with clients.

The request to hand over this documentation and the subsequent examination is nevertheless an advisable and necessary step to enforce your claims.

On the basis of this evidence, claims of the customers can be enforced both in extrajudicial and in judicial proceedings.

The banks and crypto exchanges that are on the receiving end should also be focused on here.

Since the sums of money involved are very often considerable, the question arises again and again as to whether the companies have complied with their duties to provide information and their obligations under the Money Laundering Act.

It is not possible to make a general statement in this regard; rather, the individual case must be examined. The same applies to the beneficiary on the recipient side, who in many cases is not identical with the service provider itself.

Under certain circumstances, claims can also be made against the service provider if breaches of duty can be proven.

After all options under civil law have been exhausted, there is still the option of proceeding under criminal law if the initial suspicion of a criminal offence is substantiated. In this regard, it is necessary to contact investigating authorities at home and abroad and to coordinate further precautions.

In the meantime, many federal states have set up special departments for fraud offences in connection with online and crypto trading. The lawyers of the Herfurtner law firm are in regular contact with these departments.

Our lawyers know that hosting providers also offer valuable information on domain holders. However, contacting the web hosters, who are often based abroad, is extremely cumbersome for someone inexperienced.

Likewise, financial regulators at home and abroad are useful sources of information for investors who have suffered losses.

Apart from complaining against the particular provider in order to prevent other potential buyers from investing money, additional details can probably be obtained via the financial supervisory authorities as information providers.

These leads often make it possible to link investigative work in the Federal Republic of Germany, Austria and Switzerland.