Warning Investors Cloning company of Elite Wealth Management SIF-SICAV S.A. – Regarding market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents)
Introduction:
In your pursuit of a dependable and ethical investment fund manager in Luxembourg, you may have chanced upon the website www.elitewealthmanagement.lu. However, what initially seems like a trustworthy financial partner is, in reality, an intricate scam preying on the identity and reputation of the genuine Elite Wealth Management SIF-SICAV S.A. In this comprehensive review, we will explore this elaborate ruse, helping you to recognize it, evade its pitfalls, and provide guidance if you’ve already been ensnared.
Regulation and Compliance:
The deceptive website poses as a provider of investment products and services, including portfolio management, wealth planning, asset allocation, and fund administration. It audaciously claims to have a registered office in Luxembourg and asserts regulation by the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg’s financial regulatory authority.
However, these claims are nothing but fabrications. The website operates without any authorization or supervision from the CSSF and has no genuine affiliation with Elite Wealth Management SIF-SICAV S.A., a specialized investment fund complying with the Law of 13 February 2007. This fraudulent website cleverly exploits the name, logo, and contact information of a legitimate company, all with the intent of deceiving unwary investors.
Regulation and Compliance: CSSF Issues Warning
The CSSF, acting as a vigilant guardian of the financial sector, took swift action on September 9, 2023, by issuing a public warning concerning the fraudulent activities under the guise of Elite Wealth Management SIF-SICAV S.A. This warning serves as a clarion call to the public, signaling the imminent danger.
The CSSF strongly advises the public to exercise caution and refrain from responding to solicitations originating from the sham website or any individuals using the email address [email protected] or the phone number +32 288 60177. The regulatory body further underscores the importance of reporting any suspicious transactions or contacts to them via email at [email protected] or through phone at (+352) 26 25 1.
Reputation:
As a fraudulent entity, the counterfeit website unsurprisingly lacks any authentic customer reviews. However, perceptive individuals who narrowly escaped the clutches of this scam have shared their experiences and issued warnings to safeguard others.
One such reviewer recounted their experience: “I received an email from an individual claiming to represent Elite Wealth Management SIF-SICAV S.A., enticing me with an investment opportunity promising high returns. They requested detailed personal and financial information, along with a copy of my ID and proof of address. My skepticism led me to investigate, and I soon discovered the deceit. I promptly reported the incident to the CSSF and blocked their email.”
Another cautious reviewer shared, “I received a phone call from an individual identifying themselves as a representative of Elite Wealth Management SIF-SICAV S.A., offering a unique investment proposition. Their persuasive pitch claimed they could expertly manage my portfolio to achieve my financial goals. However, their foreign accent and a Belgian phone number raised suspicions. I requested their license number and website address, which they provided as www.elitewealthmanagement.lu. A swift check exposed the deception, and I hung up before reporting the incident to the CSSF.”
Customer Support and Customer Reviews:
Genuine customer reviews of the fraudulent website are conspicuously absent, given its fraudulent nature. Nonetheless, discerning individuals who narrowly escaped the snares of the scam have shared their experiences and issued warnings to protect others.
One such reviewer recounted their experience: “I received an email from an individual claiming to represent Elite Wealth Management SIF-SICAV S.A., enticing me with an investment opportunity promising high returns. They requested detailed personal and financial information, along with a copy of my ID and proof of address. My skepticism led me to investigate, and I soon discovered the deceit. I promptly reported the incident to the CSSF and blocked their email.”
Another cautious reviewer shared, “I received a phone call from an individual identifying themselves as a representative of Elite Wealth Management SIF-SICAV S.A., offering a unique investment proposition. Their persuasive pitch claimed they could expertly manage my portfolio to achieve my financial goals. However, their foreign accent and a Belgian phone number raised suspicions. I requested their license number and website address, which they provided as www.elitewealthmanagement.lu. A swift check exposed the deception, and I hung up before reporting the incident to the CSSF.”
Products and Services:
The fraudulent website fails to provide any authentic products or services, as it operates without the requisite licensing or regulation. It only masquerades as a purveyor of investment products and services, a mere ploy to entice unsuspecting investors into parting with their funds and personal information.
On the other hand, the legitimate Elite Wealth Management SIF-SICAV S.A. functions as a specialized investment fund, offering alternative investment fund management services in compliance with the Law of 12 July 2013. The company manages various sub-funds investing in diverse asset classes, including equities, bonds, commodities, currencies, hedge funds, private equity, real estate, and more. Furthermore, they provide comprehensive fund administration services, encompassing accounting, reporting, valuation, custody, and more.
Location:
The fraudulent website lacks a physical location or a genuine address in Luxembourg or any other place. It resorts to employing a virtual office service that provides a postal address and phone number for a fee, with the address provided as: /
In stark contrast, the legitimate Elite Wealth Management SIF-SICAV S.A. boasts a genuine registered office in Luxembourg, situated at 5 rue Jean Monnet L-2180 Luxembourg.
Customer Support:
The sham website offers no discernible customer support team, instead presenting an email address and phone number detached from any real entity or individual. The email address utilized is [email protected], while the phone number is +32 288 60177.
Conversely, the authentic Elite Wealth Management SIF-SICAV S.A. maintains a dedicated customer support team that can be reached through email at [email protected] or by phone at (+352) 26 27 11 1.
Conclusion:
In conclusion, www.elitewealthmanagement.lu is a fraudulent website that shamelessly exploits the name and reputation of the legitimate Elite Wealth Management SIF-SICAV S.A. Lacking any form of authorization or oversight from the CSSF, this impostor endeavors to deceive potential investors with spurious investment products and services, while simultaneously soliciting funds and personal information.
