EuroPropertyCoin.com is a Scam

Scam Alert

EuroPropertyCoin.com is a Scam

EuroPropertyCoin.com is a Scam 300 233 Dorset Tech

Europropertycoin.com is a scam operation founded by the same fraudsters who were behind the fake digital currency known as European Property Coin. The original scam was initially perpetrated by Florian Pierini, a man we can now link to more than one scam. This original scam was operated by a company called Clear View Marketing Services Ltd. It was exposed by a Safe Or Scam investigation and we have since helped investors to close down the company. Our investigation is continuing and we expect criminal charges to follow against the people involved.

Unfortunately, when an investor has lost money in a scam that is not the end of the story. They are often approached by follow-on-frauds. At the moment there are several of these doing the rounds, one of which is allegedly Ryde Asset Management working in partnership with the scam europropertycoin.com.

Until 9th October 2019 there was a company in the UK called Ryde Asset Management Ltd, but on that date it changed its name to Rydeam Ltd. We do not know if this is the company sending out emails and making phone calls to investors. Quite often the scammers will use the identity of a genuine company to mask their illegal activities, but what we do know is that someone using that name has been contacting investors.

Here’s the scam:

Europropertycoin.com contacts its list of investors telling them that they are now in a position to sell the bogus coins for them. Of course, the coins always were entirely fake and do not exist but investors understandably are often willing to listen to anyone who offers them a means of recovering their money. It is sometimes very hard to accept that you have been scammed.

Here is the text of their email:

Upon EPC’s initial listing there was a lack of liquidity within the market, this was due to a few factors, partially being that market conditions were not great but mostly due to the fact the digital currency market is almost entirely traded and dealt with on mobile devices these days. As a result of not having mobile devices the price would of continued to fall, so we paused the online trading whilst we continued to develop the coin and launch a mobile app/wallet.
 
The wallet will be live as will the listing in approximately 14 days, all clients who wish to upgrade to the mobile wallet and sell their coins more efficiently need to contact Ryde Asset Management via info@rydeassetmanagement.com. Due to the number of investors in EPC we cannot support all of you, so a third party company has been appointed to ensure you have consistent contact and assistance in selling your coins.
 
Lastly; We would like to make it very clear we did not send a letter to clients regarding EPC or an escrow account, this letter never came from us as we no longer send post. The only method of contact you will receive from us at EPC is via this email address only and any other communication is likely an impersonation so please be vigilant.
 
Kind Regards,  Customer Care Team,  European Property Coin

We particularly like the final paragraph which makes it clear that they “did not send a letter to clients regarding EPC or an escrow account”. Of course they did. They just didn’t get many investors who were fooled by that approach so they have now come up with a new one. This new approach is that they want to offer the poor investors a chance to sell via a new “mobile app/wallet”. At some point they are going to ask investors to pay because they are only doing this for one reason – to get more money from investors.

The next step is they arrange for David Simmons (he is using a false name) from Ryde Asset Management to give the investor a call.

David Simmons, Ryde Asset Management, – Email: info@rydeassetmanagement.com  –  Tel: 0203 051 8813

He tells investors that the app will be available on all major app stores when released and that they will be able to trade multiple digital currencies. They still haven’t asked investors for any money yet…..

BUT THEN THEY DO. The investor gets a call (remember that the investor has never given out his/her phone number but these guys already have it because they are part of the original scam). It’s not very often that we are able to smile when we are exposing scams but this one gave us a good laugh. Investors will receive a call from “The Bureau of Fair Contracts”.

There isn’t a Bureau of Fair Contracts, but we love the title and we think all countries should set one up. Anyway, this representative from the Bureau of Fair Contracts has contacted the investor because they have good news. They have sold the fake coins! All they need the investor to do is to pay “a Security Bond” of 25% of the money they hold and then they can release all of the funds from the buyer.

So….. first of all europropertycoin.com told the investor that things would be set up in 14 days, then Ryde Asset Management told them that an app was being developed but wasn’t ready, and finally the Bureau of Fair Contracts phones up to say that the coins have been sold and they have the money. These guys are so desperate to squeeze more money out of investors they just can’t wait. They have to get investors to pay right now.

Just for clarity – europropertycoin.com is a scam. Ryde Asset Management is a scam. The Bureau of Fair Contracts is a scam. European Property Coin was a scam from day one. Florian Pierini is a scammer linked to other scams. If you are an investor who has lost money in any scam you are going to get these kinds of approaches from follow-on-fraudsters. DO NOT PAY ANY MONEY TO THEM. 

To view the link to the Companies House website proving that the company which owned and operated European Property Coin was closed down please click here

To view our previous article on the European Property Coin scam please click here

 

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