Summit Investment Group – The alleged financial services provider Summit Investment Group presented itself as an online broker on its website http://summitrade.com/, which is currently no longer accessible.
If you have invested with Summit Investment Group and there are problems with the payout, the lawyers of the Herfurtner law firm are available to help you.
Summit Investment Group – Trading Evaluation
Currently, there is an extraordinarily high number of online trading platforms such as Summit Investment Group. This means that investing in the volatile financial markets has never been as easy but also as uncertain as it is now.
Especially because there are many options, choosing a financial services provider can be time-consuming and challenging. Particularly if it is to suit your particular investment plans.
Are you considering investing with Summit Investment Group? If so, the following points are important for you as an investor.
- A suitable place for investors to start inquiring about securities, futures, options and cryptocurrencies is a website like this one.
- Licensed online brokers, trusted platforms, fees and brokerage charges, product options and key data are just some of the criteria you should include when making your irrevocable decision.
- Access to the global financial markets is becoming easier and more affordable for investors through online investing.
- There are several types of orders that can be used in online trading.
The following information is general advice for investors – regardless of the platform you are investing in.
Summit Investment Group Checklist: Assessing brokers correctly
The following list serves as a safeguard against service providers with fraudulent intentions.
- Do not accept unwanted investment recommendations from strangers via advertisements on the phone or emails.
- Do not be fooled by stories of very high monetary gains without the risk of losing investments.
- Identity theft is a serious nuisance: please do not hand over a photocopy of your identity card. Rip-off artists often ask you to do this.
- Is a company like Summit Investment Group listed in the company database of the respective EU supervisory authority?
- Find out as much as possible about the company and the goods you want to buy (search engines on the Internet, forums, online card services).
- Do not use remote access software that gains access to your terminals.
- Is the trading provider Summit Investment Group a company licensed by the Federal Financial Supervisory Authority or in another EU country?
- Ask yourself: What is the name of the contact person I should get in touch with?
Summit Investment Group – Distinguish reputable investment recommendations from questionable offers
Is Summit Investment Group persuading you to try investments with a smaller amount? Can’t find any details about the financial service provider because it’s supposedly a new company with interesting business ideas?
There is a good chance that the “insider” advice is a deception. After a very short time, the service provider will tell you that your investment was a huge success and encourage you to increase your investment.
The success of your trial investment may lead you to make even more investments.
Here are some examples of dubious investment tips:
“With the automatic share profit method you will make 3500.00 Euros per calendar month!” , “With only 5 minutes of your time you can become a billionaire.” , “Would you like to turn 1000 EUR into 250,00.00 Euro?”
Anyone who promises too much, and that too unsolicited, is rarely serious! So also check what promises and offers are presented to you by the broker Summit Investment Group.
Reliable investment brokers always stick to your orders
Placing orders for securities transactions without the account holder’s consent can sometimes cause the price of certain stocks to jump.
This is particularly true for open market transactions in illiquid foreign securities (over-the-counter). Therefore, please be cautious if you are asked to disclose personal information about your investment with Summit Investment Group without your permission, based on supposedly lucrative trades or profit announcements.
You should never give your IBAN, Business Identifier Code or other bank codes to anyone you do not know. Nor should you disclose your account or custody account numbers or passwords.
Do not give Summit Investment Group custody account papers or securities statements to a third party you do not know. Callers posing as investment advisors, brokers or financial regulatory staff are also unpredictable.
How can you recognise legitimate cybertrading?
Conventional investment fraud is implemented using well-known methods such as advertising, telephone canvassing or stock market letters.
When it comes to running scams, the old-fashioned method is fast becoming obsolete in the online age. The current type of investment fraud can be described with the term “cybertrading”. Investment products are traded with dishonest intent via the World Wide Web.
Fraudulent investments include investment products such as contracts for difference and virtual currencies. Summit Investment Group’s offerings have also been used by other service providers in a similar manner to defraud investors.
Investors are increasingly informing themselves online about investment opportunities. Thus, people rely on their own know-how or on the advice of others in weblogs, forums and other online platforms when making decisions.
The transition to increasingly different financial products has no lasting effect on the illegal activities related to the organisational structure. Since the criminal gangs rely on already existing and widely recognised infrastructures, there is no need to adapt to a new “business model”. No matter which financial instrument is traded, the process of cybertrading is largely identical.
These financial instruments are aggressively advertised on social media or with paid advertisements. The focus is almost exclusively on the presentation of ludicrously high returns. Calculate the probability of earning high profits with Summit Investment Group before investing money.
Recovery Scam: Increased attention is necessary!
Anyone who has ever lost money to a fraudulent investment platform knows how fatal that can be. That alone is terrible enough. But on top of that, the criminals behind the bogus entity contact you within a short time by e-mail or phone.
This time, however, they do not pretend to be online brokers from Summit Investment Group. Rather, they guarantee to help recover the stolen money in exchange for a payment. Many rip-off artists even appear to have been hired or entrusted by trusted organisations such as a financial regulator.
After stealing your personal data, the perpetrators usually pose as good Samaritans. They promise to assist you in recovering the stolen money. Even if you have invested money with a provider like Summit Investment Group, your contact details may be stolen.
Anyone who has lost a large amount of money is usually desperate. Criminals take advantage of people’s desperation by calling themselves “recovery” firms. They offer their services under the guise of helping them get their assets back. That is, they dubiously guarantee that they will get back the capital they have lost.
Get your investment back from Summit Investment Group? Contact our lawyers
If you have already made a deposit with Summit Investment Group and would like to reclaim it, there are several ways to proceed.
- If payments have been made to foreign accounts, the financial supervisory authorities and banking institutions based abroad can also be informed in this case. These often then initiate additional investigations of their own. This also has the intention of seizing sums of money in the accounts and then returning them to our clients.
- In many cases, a solution to the problem can be agreed directly with the provider. Our lawyers are always able to reach out-of-court settlements with the operators. Our clients then recover all or part of their investment.
- If there is a suspicion that the bank accounts to which our clients have transferred funds are part of a money laundering scheme, these bank accounts can be blocked. Payments into these bank accounts can then be reclaimed from the receiving bank.
- If the perpetrators are arrested, claims of the investors who have suffered losses can be asserted in court proceedings. For this purpose, we put our clients through the so-called adhesion procedure. In this way we are able to obtain court titles for our clients against the alleged service providers. Often, these can then be immediately enforced against the seized capital of the perpetrators.
- If no solution can be reached with the operator of the platform, there is the option of submitting a complaint to the competent financial supervisory authority. The latter examines the facts and has the option of ordering the investment service provider to pay compensation. The client is then reimbursed the amount of money by the provider. The addressees for complaints can be, for example, financial supervisory authorities or financial ombudsmen.
- If an assessment by our lawyers would indicate that the platform operator has probably acted dishonestly, we file a complaint on behalf of our client with the responsible investigating authorities. The Herfurtner law firm is in constant contact with public prosecutors’ offices that conduct investigations throughout Germany. As a rule, there are hundreds or even thousands of injured parties in these proceedings. The investigations also extend to other countries on a recurring basis. In the past, the public prosecutor’s offices have repeatedly had great success in their investigations.