Washington State Department of Financial Institutions
07/24/2024 | Press release | Distributed by Public on 07/24/2024 10:34
Miami Foundation Equity Fund 005 and Vims.One Website May Be Fraudulent Cryptocurrency Scam
The Washington State Department of Financial Institutions (DFI), Securities Division received a complaint from a Washington resident regarding their purported investment in the Miami Foundation Equity Fund 005 (or Miami Equity Fund Institute 005). The investor deposited their funds on the Vims.One platform, which is no longer available.
The investor alleged that they were involved in a WhatsApp group regarding the Miami Foundation Equity Fund 005. The facilitators of the group were "Mark" and "Alice." They promised investors that if they deposited cryptocurrency into the Vims.One platform to trade cryptocurrency, they would see a return of over 100% twice a week. The Washington investor claimed that the scammers told investors that there would be a 5% commission to withdraw their investment funds, but still would not return the funds after investors paid the commission.
The name of this purported investment fund is similar to the name of a nonprofit organization called The Miami Foundation. The Foundation does not appear to be involved in the scam and has issued an alert warning the public that scammers may be using its name to solicit investments.
DFI has not verified these allegations.
This appears to be an "Advance Fee Fraud," which can take many forms. It also appears to be a type of cryptocurrency investment scheme that uses social media groups, such as WhatsApp groups, to solicit and/or guide investors in cryptocurrency trading.
DFI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services. Investment professionals need to be licensed with DFI to offer investments to Washington residents. In addition, most investment products sold need to be registered with DFI.
To check the licensing status and to find out if there are any complaints against an investment professional or investment product, please visit FINRA Brokercheck or contact the Washington State Department of Financial Institutions, Securities Division at (360) 902-8760. If you live outside of Washington State, contact your state securities regulator.
If a consumer believes a person or company has violated state law or acted improperly regarding an investment product or service, they may file a formal complaint with the Securities Division.
Additional Resources
Virtual Currency, Cryptocurrency, and Digital Assets Information for Consumers