Mercer Times

TRENTON – Attorney General Matthew J. Platkin and the Division of Consumer Affairs today announced emergency action by the Division’s Bureau of Securities against a fraudulent online investment recovery scheme impersonating a broker-dealer.

In a Summary Cease and Desist Order issued today, effective immediately, the Bureau ordered the entities operating the website to stop impersonating a registered broker-dealer. The site allegedly scammed investors into paying them to recover lost or stolen money without delivering on those promises, violating the state’s Uniform Securities Law.

“Asset recovery offers can be tempting to individuals hoping to recoup funds lost in investment scams,” said Attorney General Platkin. “The sad reality is that these offers are often nothing more than attempts to con victims into handing over more of their assets. Our Bureau of Securities is taking emergency action to shut down this unlawful operation and prevent the revictimization of investors who have already suffered significant losses.”

“In some cases, operators of asset recovery scams are associated with the scheme that defrauded the investors in the first place. These associates return to target their victims with a new scam,” said Cari Fais, Acting Director of the Division of Consumer Affairs. “We’re raising awareness of these scams and urging investors to be wary of anyone asking for upfront fees to recover lost funds.”

According to the Bureau, those behind the fraudulent website assumed the identity of a legitimate New Jersey-registered broker-dealer with which they had no affiliation. The fraudulent website claimed to advertise services as a “recovery intelligence firm … committed to helping you recover your money at the shortest possible time frame and with the most cost-effective approach.”

The website lured unsuspecting individuals seeking to recover lost or stolen funds and convinced them to submit personal contact information. Once in contact with intended victims, those behind the website made false promises and used deceptive tactics to pressure individuals into sending cryptocurrency as payment for recovery services and related expenses.

In addition to listing phony addresses purportedly located in New Jersey and the United Kingdom, it listed an actual New Jersey address belonging to the broker-dealer it was impersonating. To further deceive investors, it used fake testimonials from purported clients and stock photos bearing fake names and titles of supposed firm leaders.

In April 2023, www.almaxfinancialsolution.com was suspended by its web host due to abusive service but was later registered by another domain service before becoming inactive sometime after April 1, 2024. Today’s action orders its shutdown and alerts investors about such unlawful operations.

“This case illustrates how far scammers will go to trick investors into throwing good money after bad,” said Elizabeth M. Harris, Chief of the Bureau of Securities. “We urge people to approach asset recovery offers with extreme caution—thoroughly research any firm or agency before giving them your personal information—and never pay money up front."

To learn more about spotting and avoiding investment recovery scams, visit FINRA's website.

The investigation was handled by Deputy Bureau Chief Amy Kopleton; Investigator Richard Pearsall from Enforcement; Supervisory Investigator Arlene Ferris-Waks from Complaint & Investor Education within Consumer Affairs' Bureau of Securities.

The Bureau protects investors from fraud while regulating New Jersey's securities industry. Investors can check registration status or disciplinary history by contacting toll-free within NJ at 1-866-I-INVEST (1-866-446-8378), outside NJ at (973) 504-3600 or visiting their website.

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