About
The investor learned about LAD Asset Management LLC (“LAD”) after a LAD associate friended them on Facebook. The investor was instructed to deposit USD into a Coinbase account and then transfer funds to LAD. The investor received minimal weekly payouts for three weeks and then was pressured to “upgrade” for an additional $10,000 investment. LAD charged the investor fees described as the following: insurance, synchronization, ID cards, IMF, iCloud verification, service delivery fees, and bank charges. LAD also asked for fees to be paid using Apple and Razer digital gift cards. Things escalated when the investor was accused by a LAD representative of causing the death of a LAD associate in the Philippines—the investor was made to pay for “funeral expenses” and costs associated with an investigation. The investor was then pressured to send monthly payments to the family of the alleged victim.
The investor reports a loss of nearly $350,000.
The UK Financial Conduct Authority published an investor alert in 2023 for the similarly named LAD Asset Management Limited.
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.