Equistak

snilloct1957

I want to consumers about a company I came across in my hunt for a safe investment for my savings when I started making inquiries a few months ago. 

The name of the company is Equistak and they purport to offer a portfolio of stocks and shares that can make substantial profits in only a matter of weeks and for a very small initial investment. Foolishly I agreed to invest some money with them, but at the last moment (before they had my bank account details) I backed out when alarm bells began to ring very loudly in my ears. I sent their representative an email, see below, to let him know my decision, and that seemed to set him and his cronies off. 

"Dear Mr Danovski,

Thank you for your email, I note what you have said and this is my reply. I am risk-adverse as far as investments go and will not be using the service that Equistak offers. I have researched the company and whilst I have found nothing bad about it, neither have I found anything that convinces me to invest with it. I have discovered that the company is not registered with the UK's Financial Conduct Authority, the body that oversees investment companies in England, and this gives me cause for concern. 

In the light of this I will not be using Equistak or any of its associates to conduct my financial business. This decision is final and I will not be entering into any correspondence regarding the matter. Please do not contact me by phone or email, there will be no response.  

Yours sincerely, 

**************" 

The dispatching of the email and the fact they wouldn't be getting their sticky little paws on my money meant I was subjected to an onslaught of phone calls from mobile phones to my landline from dawn to dusk for weeks on end, as they tried to persuade me to change my mind about the decision I had made. It got so bad that I unplugged my phone for a time just to get some respite and even when I lost my temper with them they still persisted in their attempts. Any legitimate investment firm would take the hint and stop trying to get me to sign up, but Equistak is far from a bona-fide company as I discovered when I researched online; in short, they are scammers.  

I found a reference on YouTube from a reputable investment firm who advise very strongly against using them. As I said above, they are not regulated by any financial authority in the UK, or indeed abroad, and are registered in Iceland. A quick search on Trustpilot uncovered widely differing opinions concerning their legitimacy, with star ratings from 1 to 5. I believe the 4 and 5 star ratings are fake, as the posters only have one review to their name and use technical jargon as if copied from information in a prospectus.  

I managed to escape from their clutches unscathed, but I suspect they would have tried to milk me for every penny of my life savings. My money has now been invested in a nice, safe cash ISA in the UK, protected by the FSCS and earning a moderate 5% per annum.

There are other incarnations of this company using the io, com and co.uk designations, but they are all scammers and crooks with no conscience whatsoever.

Be warned, be safe.

PHK

Just to clarify. 

It authorisation by the FCA that you would look for in a firm for the activity you are interested. 

As this seems to be crypto nonsense (which is not a regulated activity - yet - as it didn't exist when laws were drafted) then you'd need to be a very savvy and experienced investor to put any money their way. 

Any of the websites quoted would sound alarm bells for me. 

bittyjos

snilloct1957 said:

I want to consumers about a company I came across in my hunt for a safe investment for my savings when I started making inquiries a few months ago. 

The name of the company is Equistak and they purport to offer a portfolio of stocks and shares that can make substantial profits in only a matter of weeks and for a very small initial investment. Foolishly I agreed to invest some money with them, but at the last moment (before they had my bank account details) I backed out when alarm bells began to ring very loudly in my ears. I sent their representative an email, see below, to let him know my decision, and that seemed to set him and his cronies off. 

"Dear Mr Danovski,

Thank you for your email, I note what you have said and this is my reply. I am risk-adverse as far as investments go and will not be using the service that Equistak offers. I have researched the company and whilst I have found nothing bad about it, neither have I found anything that convinces me to invest with it. I have discovered that the company is not registered with the UK's Financial Conduct Authority, the body that oversees investment companies in England, and this gives me cause for concern. 

In the light of this I will not be using Equistak or any of its associates to conduct my financial business. This decision is final and I will not be entering into any correspondence regarding the matter. Please do not contact me by phone or email, there will be no response.  

Yours sincerely, 

**************" 

The dispatching of the email and the fact they wouldn't be getting their sticky little paws on my money meant I was subjected to an onslaught of phone calls from mobile phones to my landline from dawn to dusk for weeks on end, as they tried to persuade me to change my mind about the decision I had made. It got so bad that I unplugged my phone for a time just to get some respite and even when I lost my temper with them they still persisted in their attempts. Any legitimate investment firm would take the hint and stop trying to get me to sign up, but Equistak is far from a bona-fide company as I discovered when I researched online; in short, they are scammers.  

I found a reference on YouTube from a reputable investment firm who advise very strongly against using them. As I said above, they are not regulated by any financial authority in the UK, or indeed abroad, and are registered in Iceland. A quick search on Trustpilot uncovered widely differing opinions concerning their legitimacy, with star ratings from 1 to 5. I believe the 4 and 5 star ratings are fake, as the posters only have one review to their name and use technical jargon as if copied from information in a prospectus.  

I managed to escape from their clutches unscathed, but I suspect they would have tried to milk me for every penny of my life savings. My money has now been invested in a nice, safe cash ISA in the UK, protected by the FSCS and earning a moderate 5% per annum.

There are other incarnations of this company using the io, com and co.uk designations, but they are all scammers and crooks with no conscience whatsoever.

Be warned, be safe.

I also faced the same issue as mentioned above! I lost some money also! 

Equistak is a scam; please don't get trapped!

My money has been invested in an excellent, safe cash ISA in the UK, protected by the FSCS, and I am earning a moderate 5% per annum now.