How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Zoey, JD Your Own Question
Zoey, JD
Zoey, JD, Criminal Defense Lawyer
Category: US Law
Satisfied Customers: 50769
Experience:  Over 20 years of high volume criminal defense work,including all aspects of a case from arraignment to plea or trial.
18321761
Type Your US Law Question Here...
Zoey, JD is online now

Is teh Commodity Trading Company Treasure Reef Group a scam

This answer was rated:

Is teh Commodity Trading Company Treasure Reef Group a scam operator
JA: Oh, dear. I'm sure the Fraud Examiner can help you. Please tell me everything you can so the Fraud Examiner can help you best.
Customer: My friend has invested $20000 with thsi company that have offices registered in teh UK and USA. They were only registered in both countries on the 19th May. They claim to have been presented with certificates saying how good they are but they claim these certificates were given in 2017, 18 etc - before they had registered there company in the UK and USA. I just feel that it all looks very suspicious nd I am concerned for him that it is a scam. So far he has done two trades - and made about $10,000 BUT??
JA: Is there anything else the Fraud Analyst should know before I connect you? Rest assured that they'll be able to help you.
Customer: I think that is it

Hi,

I’m Zoey, and I am an experienced attorney. I know your question is important to you and I will be giving it the time and attention it deserves.

In case you would like a faster response, the site will automatically offer you an optional phone call for an additional fee. No need to choose a phone call unless you'd like one. I’m happy to type or to talk.

Do you have a website for this company that you can link me to?

Customer: replied 2 months ago.
they do have a website under Treasure-reef Group

Found it. Thank you.  Please give me a few minutes to research this and then type you a response.

Customer: replied 2 months ago.
Any Luck?

I'm typing my answer now.

I do find evidence of registration on Companies House's register.  I note that it was only registered on May 19, 2021.    Scammers can and often do register fraudulent companies.  It gives the illusion of legitimacy and, then, when the time comes for them to file their tax reports, they don't, eventually become inactive and ultimately get struck from the register. By then, however, the damage has been done and many people have believed them legitimate.

The fact of their registration is inconclusive.  It's too early to rely on it, though in and of itself it is a good sign.

On the other hand, they are a financial firm and it is significant that they have not submitted themselves to FCA regulation. They are not listed on your FCA register under either the name of Commodity Trading Company or Treasure Reef Group.

The US does have a company called Treasure Reef Group listed on the website of the National Futures Association, but it is a non-member.  Additionally, there is no address for it so it's impossible to say if this is the same UK firm or some other business by that name.

The website for TRG is exactly 67 days old and, oddly enough, the IP address traces to Tokyo.  That's irregular and suspicious given everything else, though certainly not illegal.

I cannot confirm that this is a scam.  It's simply too new to do that.   But if it's not authorized to trade in your country, it's a fair bet that your friend will be defrauded.  Almost 100% of all unregulated financial firms are outright frauds.  I am leaning in the direction that your friend is going to lose his money.

One hallmark is that the sites tend to be brand new and are set up to disappear quickly.  This one conforms in that regard. It is 2 months old and set up to disappear by its first birthday in May. That's the least amount of time you can register a domain name for. A short-lived site like this is always highly suspicious and the sign of an almost certain scam.

Another hallmark is that they make it very attractive and easy to put money in. They typically require only a small opening investment and they show you how very quickly your money is supposedly growing. They may even let you test the waters and withdraw something. But then they turn your account over to an agent who induces you to make much heavier investments. Once you do, that's the last you'll see of that money. They find one way after another, after another, after another to keep you from getting your money out.

I suggest telling your friend not to think in terms of investing any more money without first getting some of his earnings out.   If they give him a runaround with multiple withdrawal fees which accomplish nothing and demands for sensitive personal information, he's hitched his wagon to a fraud.

Do you need me to clarify anything or to give you more information?

Customer: replied 2 months ago.
Your information sort of confirms my feelings. Thank you for your information and time. Good evening. Cheers Robert

You're very welcome, Robert!

Any other follow-up questions?

If there is anything more I can help with, you can always find me again on this chat thread or by starting a new question with "For Zoey Only."

Customer: replied 2 months ago.
Thank you.
Robert

You're welcome!

Zoey, JD and other US Law Specialists are ready to help you
Customer: replied 2 months ago.
Hi ZoeyBit surprised as I reviewed your answer on-line, thanked you for your research and time and you replied that I was most welcome, so don’t really know why I keep getting this type of email.Thank you for your work againCheers
RobertKind regards,

Those reminders don't come from me. They are auto-generated and out of my control.   Ignore them and have a good weekend!

Customer: replied 2 months ago.
Thought so. And yes I will enjoy the w/e. U.2. Cheers

Thanks!