Dear reader, if you’ve read my broker Flaregain review post, which I published on this blog a few months ago, you probably know that Flaregain is a notorious scammer. If you haven’t, you can find it here.
To recap, Flaregain operates under the domain “flaregain.io”.
The scammer poses as a legitimate online trading broker with offices in the UK, Singapore, and Austria. Further, they claim regulation by a fictitious regulatory body known as the “Crypto Service Authority”, creating a false sense of legitimacy. The fake body operates under the domain “cryptoservauthority.com”. It’s worth noting that making false regulatory claims is one of the deceptive tactics commonly used by scammers posing as legitimate brokers. The Flaregain scammer even goes the extra mile to pay unscrupulous content creators for positive reviews on Google, social media, and YouTube.
For more about this fraudster’s deceptive tactics, you can refer to the blog post. But for this broker Flaregain review, I’ll be specifically telling you the story of how this scammer defrauded one of my clients of tens of thousands of Australian dollars.
Broker Flaregain Review: How Flaregain Coned My Client a Whopping AU$ 20,000.
So, here’s the story of my client, whom I’ll call “Rick” for anonymity purposes.
Rick used to be a truck driver, living in Queensland, Australia. Between 2020 and 2023, the 33-year-old father of one managed to save up to AU$200,000.
One Monday morning, while on a delivery assignment, he received an unsolicited call from someone claiming to be Mr. Dinclave, a financial advisor at a company called “Flaregain”. The scammer purported to offer services as an account manager, falsely claiming to assist Flaregain investors for free.
Rick Fell For Dinclave’s Deceptive Tactics
Persuaded to give the supposed investment opportunity a try, Rick first invested AU$1000. After 2 months or so, he received another call from the supposed account manager who informed him that it appeared that his money had yielded AU$3.7K. The purported financial advisor told him that he could withdraw the profits anytime he wished.
Without hesitation, he successfully withdrew AU$2K. Three days later, he received an email from the supposed Mr. Dinclave, informing him that a hugely profitable opportunity had emerged and that he would be sure to make at least 5 times his investmentment in 3 months if he topped up his account balance by at least AU$3000.
To that end, Rick quickly transferred AU$ 22K, hoping to make at least AU$ 100K in the next 3 months or so. After waiting for the purported financial advisor’s call or email patiently for more than 6 months, he decided to try to reach out to the guy or the company himself.
Unfortunately, all his efforts to do so proved futile only for him to eventually realize that the company had blocked his telephone number, email address, IP address, and device address. Upon realizing that he had fallen victim to a scam, Rick became frustrated and fell into a severe depression for months. Sadly, he eventually quit his truck driving job.
All Hope Is Not Lost for Rick
Four months ago, we received an email from Rick, inquiring if we could help track down Flaregain scammers and recover his funds. We are now pursuing his case, collaborating with the Australian financial services regulator and law enforcement.
Even though it seems like a very complex case, we’ve made significant progress, including receiving credible leads about the bank accounts to which the scammer transfers the stolen funds.
Lost Money To Flaregain Or a Similar Scammer?
If so, and you have records of communication and payments, you can similarly report your case to us and pursue your funds. To do so, go to this page, or send us an email to scamread@scamreader.info.
Notably, authorities have tracked down, apprehended, and compelled many scammers to forfeit their fraudulently acquired funds and assets. The government has been able to compensate their victims, using these resources.
Others are currently under close surveillance by the Interpol, FBI, and other top law enforcement agencies across the globe. Many of them, including Flaregain are on the verge of arrest and losing their ill-gotten wealth.
You just never know if your scammer is among them, which is why reporting a scam, no matter how hard it might seem to recover your funds, helps put you on the right track to get your money back.
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