The Washington State Department of Financial Institutions (DFI), Securities Division has received a complaint from a Washington resident regarding www.tradepremiumshares.com, a website that is no longer active.
The investor invested $1,000 in Bitcoin through tradepremiumshares.com in conjunction with a Facebook group, “Financial Independence Retire Early.” The investor was not able to withdraw their funds after making their investment. The investor would also be “kicked out” of their investment if they did not invest in the $10,000 level after their first investment. These allegations have not been verified by DFI.
This appears to be what is commonly called “Advance Fee Fraud.” Learn more about advance fee fraud.
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