In June, an investor declined to send more funds and can no longer access their locked account. The regulator cautioned that the situation resembles an “Advance Fee Fraud,” where scammers request upfront payments for services or gains that never materialize. The allegations have not been verified by the regulator.
The Department of Financial Institutions (DFI) advised consumers to be extremely cautious before responding to any investment or financial services offers. They also stated that investment professionals must be licensed with DFI to offer investments to residents of Washington.