The Washington State Department of Financial Institutions (DFI), Securities Division has received a complaint regarding Bekok Technology LLC that the investor said was associated with Wholewealthnow.com. The website is no longer available.
The investor learned of Wholewealthnow.com from an individual on Twitter named Lisa. Subsequently, the investor sent a $25,000 wire transfer to an entity called Bekok Technology LLC in Seattle, WA which they thought would be invested into cryptocurrency. A screenshot of the transaction receipt revealed that the payment was sent over the Wholewealthnow.com website rather than a wire transfer sent from a bank. The investor appeared to have tried to withdraw the investment, but customer service demanded they pay capital gains tax before the withdrawal could be processed.
Although the Division was provided limited information, further research revealed several red flags:
- Bekok Technology LLC has an active registration with the Washington Secretary of State (SOS). The address listed on the SOS website is associated with a virtual office. Virtual offices provide a physical address but can be rented for very short durations and may not be an accurate representation of the location in which the business is operating. NOTE: If a corporation or charity is listed on the WA SOS website, it is not an indication that the business is reputable.
- The Twitter user that communicated with the investor, @MoraBatschini going by the name Lisa, appears to have taken dozens of images from someone else’s social media and used them as their own. The individual whose images were used does not appear to have any connection with Bekok Technology LLC or Wholewealthnow.com.
- The investor was asked to pay capital gains tax directly to the company prior to the withdrawal. Capital gains tax is assessed after profits from a capital asset are realized.
This appears to be a scam resembling Social Media and Investment Fraud, and Advance Fee Fraud, which can take many forms.
DFI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services. Investment professionals need to be licensed with DFI to offer investments to Washington residents. In addition, most investment products sold need to be registered with DFI. To check the licensing status and to find out if there are any complaints against an investment professional or investment product, please visit FINRA Brokercheck or contact the Washington State Department of Financial Institutions, Securities Division at (360) 902-8760. If you live outside of Washington State, contact your state securities regulator.
If a consumer believes a person or company has violated state law or acted improperly regarding an investment product or service, they may file a formal complaint with the Securities Division.
Additional Resources
Virtual Currency, Cryptocurrency, and Digital Assets Information for Consumers