Olympia Wealth management, is a legitimate UK financial company, based in London with a branch office in Italy. The firm offers services ranging from individual wealth management to advising private and institutional clients. They are also authorised by the Financial Conduct Authority.
Their Italian branch operates as a non-EU investment firm exclusively offering portfolio management services as per Consob Resolution No 21808.
However, scammers are now impersonating the firm, luring in unknowing victims.
What can the scam involve?
The scams often begin with an advertisement about investing and lures clients in by offering high returns, and offering security by stating that they are FCA regulated. Clients will often see an advert on social media and may be asked to fill out a form with contact details if they are interested in investing. They will then be contacted by the scammers and may be assigned an account manager or an assistant to guide them through the investment.
Individuals will often fall for the scam due to how professional it can seem. With individuals being provided with professional documentation regarding their investment which clients can review and sign. The platform will also allow people see their investment profiting, leading them to believe it has been successful. Individuals are told not to withdraw their funds and promised that there are still gains to be made, and pressured to invest further so that they don’t miss out.
Clients often only realise they have been scammed when they try to withdraw their funds and are told to pay withdrawal fees or taxes, only to find that they still cannot receive their funds.
How can you protect yourself
- Be realistic – whilst some genuine firms do advertise their products and services, they won’t offer high returns or unrealistic profits. Furthermore, it is very rare for them to advertise on social media and may only reach out to individuals who already use one of their products or services.
- Do your checks – even if a firm states they are FCA regulated or send a certificate across, search the FCA register for warning about clone firms and impersonation scams. Also find the genuine companies contact details which can be found on the FCA register, and either call or email them for clarification.
- Get advice – if an investment seems too good to be true, it usually is, and likewise check with a law firm such as WRS, a genuine financial advisor, or even discuss with friends and family to see if it might be a scam. Sometimes another perspective can help bring red flags to light, and as experienced professionals, WRS can conduct the right checks to see if it’s a scam.
Taking the above steps to protect yourself can prevent harm, as scams can often have a long-lasting impact on victims.
What to do if you have been the victim of the Olympia Wealth Management impersonation scam
If you have been the victim of an impersonation scam, get in touch with Wealth Recovery Solicitors.
Our expert team, based in the UK, has successfully recovered over £50,000,000 for clients so far. With our expertise, we can help you recover your funds lost to this scam or others too.