Morgan Stern Broker Review – Broker Steals Through AnyDesk

Morgan Stern URL: https://www.morganstern.io.

Morgan Stern claimed to offer various online trading instruments including forex, stocks, commodities, indices, and cryptocurrencies. However, the company ended up defrauding many investors, going down as one of the most highly fraudulent online trading platforms. Before pulling a vanishing act recently, it operated under the domain “morganstern.io” from January 2022. 

Like other infamous online trading platforms, Morgan Stern was notorious for its deceitful tactics. Its operatives would trick you into downloading, installing,  and activating a piece of software known as AnyDesk. They could accomplish this goal by using various tactics as I highlighted in my post about the P.U.A scam, one of the latest fraudulent schemes in the online investing realm. 

For starters, AnyDesk is a remote desktop software that gives you access and control of a computer away from the device.  Many scam brokers have found a way to exploit the software to steal victims’ sensitive information such as login credentials. 

Through the software, the criminals operating the dubious Morgan Stern online trading platform could gain unauthorized access to victims’ accounts and steal their funds or cryptocurrencies. Notably, traders most affected by this scam were those based in Canada. Maybe the perpetrators were secretly operating out of Canada, despite the company’s claims to be in the UK.

1. Global Regulatory Warnings Against Morgan Stern’s Fraudulent Activities

Due to the increasingly prevalent nature of this scam broker,  many government agencies responsible for regulating the securities markets issued warnings against its operations. The same applied to various independent financial fraud watchdog bodies around the globe.

For example, the British Columbia Securities Commission cautioned residents not to engage with the purported broker. Further, this regulatory body urged caution when it comes to unregistered brokers.

Other regulatory bodies that issued similar warnings include the following:

• Canadian Securities Administrators — Canada. 
• Financial and Consumer Affairs Authority of Saskatchewan (FCAA) — Canada.
• Financial Conduct Authority — the United Kingdom.

2. Lack of Online Presence With The Absence of Reviews and Discussions on Major Platforms

Further, we found no information about morganstern.io on review forums and social media platforms such as Trustpilot, Reddit, and Facebook, where brokers are often discussed. A search for ‘Morganstern io reviews Reddit’ and ‘Morganstern io reviews Trustpilot’ yielded no substantial results. We found that unusual for a trading platform, further doubting its trustworthiness. The absence of reviews and discussions on these popular platforms makes it difficult for potential investors to gauge the experiences of other users. Furthermore, it suggests that the broker might be trying to have reviews removed to remain less known.

3. We Found a Testimonial on JustAnswer.Com Detailing How The Broker Defrauded a Victim of 7,138 Canadian Dollars After The Victim Made An Initial Investment of 698.34 Canadian Dollars

A customer reported on an expert advice platform known as “JustAnswer.com” about being scammed by Morganstern.io. They initially invested 698.34 Canadian Dollars, and the investment seemingly grew to 105,398.65 USD. However, the situation took a troubling turn when the company demanded that the customer verify a smart contract for 7,120 Canadian Dollars, instructing them to purchase Ethereum and send it to a smart contract address. The customer was hesitant and did not want to proceed.

The scammers connected to the customer’s computer remotely using the Anydesk application. Then they executed the transaction, stealing 7,138 CAD from the customer’s Newton crypto account. 

The customer had previously been suspicious and emailed the Newton cryptocurrency provider to block all withdrawals from their account. Unfortunately, the request was not acted upon, leaving them unprotected and their funds vulnerable.

For starters, Newton is a Canadian cryptocurrency trading platform designed to enable users to purchase, sell, and hold cryptocurrencies.

To verify this story, go to this page. 

4. Mixed Reviews on The Morgan Stern UK Broker And Caution Is Advised Due to Potential Paid Promotions 

During my research, I found that opinions on the purported Morgan Stern UK broker are mixed. Some bloggers warn that this online trading platform is a scam. For instance, blogs such as Traders Union and WikiFX do not recommend it. Similarly, many YouTube channels label it as an outright scam.

Conversely, some bloggers claim it is safe, reliable, and trustworthy. However, be wary of such blogs, as they may be paid to promote a product or service regardless of its safety or risks.

This is similar to newspaper and magazine ads that promote various products without ensuring credibility. These publications often include a disclaimer stating they are not responsible for any consequences that may arise from those ads.

Upon closer inspection, you’ll often find similar disclaimers on these blogs.

5. A Potential Website Closure By The Authorities

Lastly, the Morgan Stern website currently doesn’t open. The URL loads indefinitely before eventually showing “This site can’t be reached”,  when you copy and paste it into your browser. 

While an unreachable website doesn’t necessarily mean a scam, it raises concerns in this case, given the other red flags highlighted above. The website may have been shut down by authorities, making it unreachable. We’ve seen law enforcement shut down fraudulent websites before, so this wouldn’t be unprecedented. Alternatively, the scammers might have intentionally made it unavailable to evade being tracked down after defrauding many victims and attracting widespread attention. 

Final Thoughts About Morgan Stern

Morgan Stern was one of those online fraudulent schemes that quickly gained traction and defrauded as many victims as possible right after their launch before suddenly vanishing without a trace. This fake online trading platform ensnared many investors in a short period before disappearing. The perpetrators tricked victims into installing a remote desktop app, which allowed them to steal login credentials and other sensitive personal information. They then accessed accounts without the victims’ knowledge and stole their funds. Although the company claimed to be based in the United Kingdom, many victims were actually from Canada, suggesting that the masterminds likely operated from there.

Fell Victim To Morgan Stern?

If so, go to this page to report your case and seek assistance. Alternatively, send an email to scamread@scamreader.info. 

We’ll assist you in pursuing your funds by guiding you through all the available recovery options, including those you may not be aware of. 

We charge a 10% commission, payable only on the successfully recovered amount.