BaFin, Germany’s Federal Financial Supervisory Authority, has issued a public warning about an unauthorized investment scheme operating through WhatsApp groups and a purported online trading platform called ELYRION WEALTH. The scheme recruits potential investors using a fictional persona and directs them to unregulated trading services without proper regulatory authorization.
- Fraudulent persona: “Albrecht Reimund Hohenacker,” claimed German financial market strategist
- Distribution channels: WhatsApp groups, website elyrion-wealth(.)com, mobile apps
- Claimed operator: ELYRION WEALTH LLC, a US company
- Investment focus: Gold market-based financial instruments
The scheme operates by recruiting investors through WhatsApp groups where the fictional “Hohenacker” promotes an investment programme designed to generate substantial returns. Victims are then directed to trade on the ELYRION WEALTH platform or via related mobile apps available on major app stores. BaFin confirmed that neither the WhatsApp group operators, the online trading platform, nor the app developers hold any authorization from the regulator to provide financial services.
BaFin emphasized that it is not aware of any authorized financial institutions contacting German investors through WhatsApp groups. The regulator noted that any entity providing financial, investment, or cryptocurrency services in Germany must obtain proper authorization. Consumers can verify whether a company holds BaFin authorization through the regulator’s official database. This warning marks another iteration of BaFin‘s ongoing efforts to combat unauthorized financial services targeting retail investors in Germany.
