Have you fallen victim to the Diamond Ridge Financial Academy scam? We’re here to support you and help recover the money you’ve lost.
Also known as ‘Diamond Ridge Academy’ and ‘Diamond Ridge Asset Management’, the fraudulent entity has stolen funds from victims who believed they were gaining valuable investment guidance or investing in cryptocurrency. If it’s impacted you, we recommend cancelling any regular payments to avoid further losses.
Below we outline how the scam operates, the signs to watch out for, and how getting in touch with Wealth Recovery Solicitors can reclaim your lost funds.
How the scam works
Scammers initially lure victims in by promoting what appears to be a legitimate investment or investment coaching opportunity. Once interested, victims then sign up to the platforms and are then added to large WhatsApp groups.
In these groups, fake ‘professors’ and ‘asset managers’ offer AI-led training and investing opportunities through their trading platform. They also claim to specialise in Initial Coin Offerings (ICO) or ‘pre-launch’ cryptocurrency called ‘MRS tokens’. It’s important to note that the platform is not FCA regulated, which is typically a tell-tale sign of a potential scam.
The scheme operates like many of the investment fraud scams we see. Promises of guaranteed returns and valuable investment lessons are dangled by fake teachers to gain trust. They display early profits and even allow victims to withdraw small amounts too.
Eventually, though, the scammers request additional payments to secure ‘profits’ or reimburse coins. When they do, the scammer cuts contact or requests further payments to release the funds. This is when the victim usually realises they have been scammed.
Some of the names of these fictitious teachers include Victoria Pivarova, Aidan Foster, Chloe Murphy, Sophia Nikos, Selina Thompson and Edward Carlton.
Charles Hanover is another name that’s come to light. In reality, Hanover is an experienced and respected investor who specialises in cryptocurrency. However, it’s clear the scammers were using his name to falsely legitimise their fraudulent scheme.
How they furthered false legitimacy
We’ve seen cases where victims were provided with convincing contracts, agreements, and even a physical book, all designed to build trust and false legitimacy. Other tactics include investment advice services and online financial courses, as well as a daily rundown of the market each day.
Away from the platform, several news outlets ran stories on Diamond Ridge Academy. Diamond Ridge also sent out press releases to help improve their reputation.
Case study: the Diamond Ridge Academy scam in action
Below, we see an account from one of our paralegals specialising in investment scams, Luke Caldwell, whose client had been a victim of the Diamond Ridge cryptocurrency scam.
Our client first came across this scheme when they were added to a WhatsApp chat focused on “investment education”.
The group was run by two professors advertising free lectures on a range of financial topics. There was no immediate pressure to invest, so it didn’t seem suspicious to our client.
Later, the professors introduced a ‘trading stage’, which offered a free trial of their trading platform. Initially, they could log onto their account and see how their trades were performing. As part of the free trial, they received credits to begin investing and were even able to withdraw some of their profits.
After the free trial ended, our client was encouraged to begin investing their funds. Initially, their trades weren’t successful. However, our client put this down to market volatility and decided to continue investing.
The platform then introduced a new tier program. This is where investors who deposited a certain amount could reach better signals and higher profits. The threshold for this was £40,000.
As their trades weren’t successful, our client was keen to upgrade their account and raised half of the required deposit. The platform offered the second half as a ‘loan’, which could be paid back within 30 days, once their trades had developed.
After 30 days, their account displayed enough profit to pay back this loan, but the scammers advised the loan must be paid back through an external wallet. Our client obliged.
Then the professor introduced their coin to the platform: the “MRC Coin’. Our client noticed their account was credited with this coin allocation.
When they queried this with the scammers, they advised it had been allocated to their account by mistake and that they must pay back the principal for this. They said it must also come from their external wallet.
Our client then attempted a withdrawal from the platform to cover the amounts they had paid from their wallet to the scammers. They were advised their withdrawal wouldn’t be processed for over 60 days.
It was at this point that our client reflected on the events that had unfolded and realised that they had been the victim of a cruel scam.
How can I recover my money?
Banks have a duty of care to protect their customers. If it’s deemed they didn’t protect you sufficiently, they can be held liable for some or all the losses you have incurred from fraud.
If you’ve been a victim of the Diamond Ridge Academy scam or any other similar investment scam, Wealth Recovery Solicitors may be able to hold your bank accountable and recover the money you’ve lost.
How Wealth Recovery Solicitors can help
Our trusted UK-based solicitors can help build a credible case for your claim. They’re here to manage it from start to finish and ensure you have the best chance of reclaiming what’s yours. It’s why we’ve recovered over £50m in the past three years.
We won’t charge you any upfront fees either. Our no-win, no-fee policy means you only pay if you’re successful with your claim.
Get in touch with one of our friendly solicitors today and take the first step towards reclaiming your funds.