Suspected fraudulent company steals identity of a Zug-based company

A company is allegedly luring investors into seemingly promising Crypto investments and then defrauding them of their money. It is thereby using the name and address of a Zug-based company.
 

"Galveston Invest and Finance AG" was registered in the Zug commercial register (Zuger Handelsregister) in 2016. But there was a typo in the entry: ‘Baarerstrase’ with a single "s" at the end. This non-existent address is also being used by a suspected fraudulent company, "Galveston Advisory". This company can be found at the domain www.galvestonadvisory.com, which, according to the Internet protocol "Whois", was only generated in June of this year.

"Galveston Advisory" is on the warning list of the Swiss Financial Market Supervisory Authority (FINMA). This doesn't necessarily mean the company is acting illegally, but it does mean that it isn't properly authorised. The FINMA warning list entry states "without commercial register entry." Furthermore, the supervisory authority explicitly states that "Galveston Advisory" has no connection whatsoever to the genuine "Galveston Invest and Finance AG" in Zug, Switzerland.

And Switzerland isn't the only country with this alleged fraudulent company on its radar: The Swedish Financial Supervisory Authority (FI) also has a warning about the company on its website. The authority stated it "investigated the matter and could not determine" whether "Galveston Advisory" is a legitimate business. It warns investors against doing business with the company – as does the Dutch Financial Markets Authority, which in turn refers to FINMA's warning list.

The suspected fraudulent company is enticing its victims into promising Crypto investments            Symbolic image 

Numerous other cases reported
The Zuger Zeitung newspaper recently received an email from the Netherlands. The sender is convinced he has been defrauded by "Galveston Advisory", and has filed a criminal complaint against the company in the Netherlands. In the police report in question, which has been made available to the Zuger Zeitung newspaper, the man describes the company's alleged modus operandi: The fraudsters lure victims into a supposed Crypto investment using a fake celebrity endorsement, and then remotely take control of their computers, causing the victim to transfer money to accounts that are controlled by the fraudsters. The alleged profits are completely fabricated, and as soon as the victim requests a refund, the perpetrators break off the contact and the money disappears.

The man from the Netherlands lost € 1,000 in this way. And he is not alone: numerous one-star reviews of "Galveston Advisory" can be found on Trustpilot, with most of them posted recently in November. They describe the same or similar methods as the man from the Netherlands. The insidious part: "Galveston Advisory" even responds to these reviews under that very name. The company states that it is a "Swiss-based consulting firm named 'Galveston Invest and Finance AG' with its headquarters in Zug, Switzerland." It claims to operate "in full compliance with Swiss legal and regulatory standards" and to maintain "transparent business practices with our clients and partners."

Suggestion of legitimacy and feigned security
Numerous law firms are also warning against the company, as a simple Google search reveals. The German law firm Resch Rechtsanwälte (Resch Attorneys at Law ), for example, writes: "The operators of the alleged 'Galveston Advisory' employ classic deception tactics." Alleged addresses—in this case, Baarerstrase 95 with a single "S"—and contact options "serve solely to suggest legitimacy." Resch Attorneys at Law also conclude: "An attempt is being made to establish a connection to an actual Swiss company called 'Galveston Invest and Finance AG' in order to give investors a false sense of security."

Furthermore, the "Galveston Advisory" website lacks both a proper legal notice (Impressum) and a clearly identifiable provider identifier. This can be illegal in Switzerland: According to the Act Against Unfair Competition (UWG: Gesetz gegen den unlauteren Wettbewerb), commercial providers may not conceal their identity. However, neither under "About Us" or anywhere else does the website reveal which individuals or companies are actually behind "Galveston Advisory."

But what does all this mean for the real "Galveston Invest and Finance AG," based in Zug? The Zuger Zeitung newspaper contacted both the company's chairman of the board and the managing director of a Zug-based fiduciary office that is listed as the registered address of "Galveston Invest and Finance AG" in the commercial register.
Both parties declined to comment to the media.