AKA Intercontinental Trading Group, Hartford Capital Management, Lexington Trade, Wellington Asset management This is an elaborate scam that looks almost legitimate except for the series of unfortunate incidents that lose all of your money invested. Joe Arano uses telemarketing to contact potential investors. The pitch is to invest in lucrative commodities option contracts and the gains will be tax free because they are in Panama. You are asked to fill out broker agreements that look familiar and wire money to their HSBC account in Panama. Ther is no registered business in Panama according to the Panama trade commision. They create a bogus account for you on their website www.buttonwoodllc.com so it looks like you are buying heating oil option contracts, that are never actually purchased for you. The recommendations to buy these unrealizable contracts are supposed to be sold at the highest price but unfortunately you are advised to wait until the options become worthless or expire. The account adviser leads you to believe that you can regain your loss if you invest more money and extend the option contracts, milking you for more money. All of your money will be lost and it is all under the guise that you made a bad investment and you signed agreements that you knew of the risks. Only problem is they never actually purchase your options they just post it to your account and say they did. This company name is not registered to trade anywhere. This group has been doing this for over 5 years they were reported by Canadian regulators in 2006 and were exposed in a CBC article Intercontinental Trading Group. They are currently banned from soliciting business in New Brunswick and Saskatchewan, however this has not deterred them. They just change the names and carry on. They have been reported to the authorities, unfortunately there is little recourse to recover any money. People in Costa Rica have confirmed association with Wellington Asset Management a real estate investment scam located in San Jose, Costa Rica. DO NOT Invest any money with offshore investment firms they are Scams that prey on your greed.
0 comments