My friend found this investment group called ReLion Asset Management and he's already put $4000 into the "firm". They guarantee at least 1% every day and sure enough he's shown me the multiple deposits of $40 in his account. He also has successfully withdrawn and deposited the "returns" back into his personal account. Both times he attempted it, it was very straightforward and reasonable times to withdraw. Now that it's worked he of course is reinvesting his returns.
Am I misunderstanding or is this company guaranteeing 365% returns every year? I'm a complete investment newbie so I might be misunderstanding, but is that not absolutely insane? I of course have googled the company and I'm not finding anything explicitly saying they're a scam but I'm also not sure how to legitimize them either.
How can you definitively legitimize a financial institution or investment group anyways?
He also sent me their verification documents which appears to be a badly photoshopped SEC filing, but again I don't know enough to recognize a legitimate or fake one. If someone tells me how, I can post the pictures.
Edit: thanks for everyone's insight! I appreciate those who are actually trying to educate rather than pass judgment. It's clearly a scam simply due to the guaranteed high rate of return. I'll forward this on to my friend and we'll try to alert the appropriate authorities
Edit2: my friend was very receptive to my feedback and is now reporting the scheme to the appropriate authorities and is attempting to pull out all his "investment". Fingers crossed
Submitted July 21, 2021 at 11:08AM by Kyren11 https://ift.tt/3wZMLmh
