Ryan Sweetnam, Director at CEL Solicitors
By Legal Futures Associate CEL Solicitors
CEL Solicitors is acting for victims of a suspected £20 million cryptocurrency scam and is encouraging more people to come forward to help investigations.
Last month, the Serious Fraud Office (SFO) announced it had made two arrests in relation to Basis Markets. The arrests formed part of its investigation into the scheme, which purports to be a crypto hedge fund but shares all the hallmarks of a common Ponzi scheme.
Ryan Sweetnam, a director at CEL Solicitors, is encouraging those who invested in Basis Markets to come forward.
He said: “The world of cryptocurrency can be a powerful investment opportunity and a great mechanism for international banking but it’s also unfortunately, an established focal point for fraud.
“Victims of this crime can get justice, but they must come forward.
“The challenge lies in the fact that many scam victims want to conceal what has happened, often not even informing their own families.”
A recent survey conducted by CEL Solicitors found that 38 per cent of clients experienced shame or embarrassment which delayed them in seeking help.
Mr Sweetnam believes this stigma around being scammed is helping fraudsters succeed.
“The less victims come forward, the more criminals can operate in the dark with no one shining a light on their activity,” he added.
“After losing money, especially to an investment scam where you are investing high amounts, it’s easy to see why victims might want to try to forget about the turmoil. They chalk the incident up to past events and try to move on, but this can leave them feeling that there is no justice.
“But there is support available and avenues to explore, to get that money recovered, either via the civil courts or through seeking to recover the Proceeds of Crime. Our team is equipped to handle the complex and ever-evolving world of cryptocurrency fraud.”
Mr Sweetnam is calling on anyone who has lost money to Basis Markets to come forward and join those that have already done so, not just in seeking criminal justice against the perpetrators, but also in seeking to recover those significant investments lost.
“Telling someone about what has happened can feel like a weight off your chest.
“The Basis Markets scheme is one of the most shocking things we’ve seen in recent years. With the SFO investigating the collapse of the scheme, there’s hope for the recovery of funds.
“And we’re here to support people through the process and ensure they have the best chance to reclaim their losses.”
