About
The Washington State Department of Financial Institutions (DFI), Securities Division, has received a complaint from a Washington resident regarding Dynamic Wealth Management, previously known as Wisdom Wealth Management, a purported cryptocurrency trading platform.
The investor received a call from an individual who claimed to work at Dynamic Wealth Management. The individual promised trading services and the ability to withdraw profits after paying a 10% fee to Dynamic Wealth Management. After the phone call, the investor was assigned to a financial advisor. The investor communicated with the advisor and Dynamic Wealth Management over WhatsApp, Skype, and Telegram.
After purchasing cryptocurrency from their Crypto.com account, the investor transferred funds to the Dynamic Wealth Management platform, https://dw-advisor.com. When the investor’s account started to grow in profit, the investor was advised to invest more cryptocurrency. Eventually, the investor lost everything. The investor was told to transfer more funds to reinstate their account. The investor transferred funds to the Dynamic Wealth Management platform a total of 6 times, investing approximately $100,000.
When the investor attempted to withdraw funds from the platform, Dynamic Wealth Management demanded the investor pay an audit fee and an asset verification fee. After paying the fees, Dynamic Wealth Management demanded that the investor pay taxes using Bitcoin. The investor refused and lost approximately $100,000.
These allegations have not been verified by DFI.
How to Report
If you believe you are a victim of this alleged cryptocurrency scam:
- Report to FBI
- If you are outside Washington State: contact your local Securities Regulator
- If you are a Washington State resident: Submit a Complaint for statistical purposes.