Stratx Markets and AL Asset Management

Hello MSE folks,

It has been a while since I posted anything on this forum. I am posting the following on behalf of a friend who is unable to post on the group yet.

If this posting is in the wrong group please can a moderator point me in the right direction.


I invested some money with a company called StratX Markets about 2-3 years ago. They have now claimed to have gone into liquidation with my money. Stratx Markets did not pay me anything back and I cannot even get them on the phone anymore.

A few weeks ago I started getting phone calls from a company called AL Asset Management stating that they are aware of what StratX Markets has done and they can help me get the money back and that my money is held securely in ESCROW.


What I am now not sure about is that they want me to pay them about over £1000 for them to be able to get the money release to me in 2 working days I am not sure about this and just need some help.

If AL Asset Management is a true company I will be very happy that they can help me get my money back. At the same time I don’t want to waste anymore money that I don’t have, in order to get my lost money with StratX Markets back.

AL Asset Management keep calling me almost daily and a few times per day but do not want to give them any money as I not sure if they are a legitimate company.

I can find AL Asset Management listed on companies house but I cannot find any reviews or information about people that they have helped.

Have any of you had any dealings with AL Asset Management or know about them and did any of you have investments with StratX Markets?

Thank you in advance for your help.
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Comments

  • eskbanker
    eskbanker Posts: 30,380
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    baglady wrote: »
    A few weeks ago I started getting phone calls from a company called AL Asset Management stating that they are aware of what StratX Markets has done and they can help me get the money back and that my money is held securely in ESCROW.

    What I am now not sure about is that they want me to pay them about over £1000 for them to be able to get the money release to me in 2 working days I am not sure about this and just need some help.

    If AL Asset Management is a true company I will be very happy that they can help me get my money back. At the same time I don’t want to waste anymore money that I don’t have, in order to get my lost money with StratX Markets back.
    Sounds like classic fraud recovery fraud - ignore all contact from AL unless you have a compulsive desire to throw good money after bad....

    https://www.actionfraud.police.uk/a-z-of-fraud/fraud-recovery-fraud
  • Alexland
    Alexland Posts: 9,653
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    You might then be contacted by another company offering to help you recover money from both of them... accept the loss and just stick to mainstream investments.
  • Reaper
    Reaper Posts: 7,277
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    edited 18 September 2019 at 2:20PM
    Tell your friend to:

    1) Never invest with unregulated companies, meaning those not on the FCA register. You can look them up here: https://register.fca.org.uk/

    2) Never invest with any financial company that cold calls you. Your friend will now be on a "suckers list" which gets sold on so they will get more cold calls than most.
  • Thank you everyone for your comments so far.

    UPDATE.....

    My friend has been in touch with Financial Services Compensation Scheme (FSCS) Tel: 0800 111 6768 to find out if AL Asset Management is registered with them. They have no record of them so it is another scam probably being run by the same people behind the Strax Markets.
  • Reaper wrote: »
    Tell your friend to:

    1) Never invest with unregistered companies, meaning those not on the FCA register. You can look them up here: https://register.fca.org.uk/

    2) Never invest with any financial company that cold calls you. Your friend will now be on a "suckers list" which gets sold on so they will get more cold calls than most.

    Thank you, the initial company she invested on was recommended to her by a friend but I understand what you mean.
  • eskbanker
    eskbanker Posts: 30,380
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    baglady wrote: »
    My friend has been in touch with Financial Services Compensation Scheme (FSCS) Tel: 0800 111 6768 to find out if AL Asset Management is registered with them. They have no record of them so it is another scam probably being run by the same people behind the Strax Markets.
    Perhaps a little pedantic but companies don't register with FSCS as such - if they secure authorisation from the FCA then they appear on the register referred to in Reaper's post, which is where potential investors should search, together with the warnings issued via https://www.fca.org.uk/consumers/unauthorised-firms-individuals

    FSCS is simply the compensation scheme applicable to FCA-authorised businesses.
  • DrSyn
    DrSyn Posts: 888
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    You appear to landed on a scammers list. Expect to get further calls from them and others with similar offers. They to will be scammers.

    Just hang up if you do not know the person personally. That's the simplest method of avoiding these scammers.
  • jimjames
    jimjames Posts: 17,532
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    Reaper wrote: »
    Tell your friend to:

    1) Never invest with unregulated companies, meaning those not on the FCA register. You can look them up here: https://register.fca.org.uk/.

    And be very careful even if a company is registered on FCA register. LCF was registered but was still offering unregulated high risk bonds. FCA register should cover what they are actually offering not something unrelated
    Remember the saying: if it looks too good to be true it almost certainly is.
  • AnotherJoe
    AnotherJoe Posts: 19,622
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    edited 18 September 2019 at 8:10PM
    baglady wrote: »
    Thank you everyone for your comments so far.

    UPDATE.....

    My friend has been in touch with Financial Services Compensation Scheme (FSCS) Tel: 0800 111 6768 to find out if AL Asset Management is registered with them. They have no record of them so it is another scam probably being run by the same people behind the Strax Markets.


    Or perhaps "the friend" who recommended who i presume has long disappeared over the hill?
    BTW, your friend should be careful calling FSCS to see if a company is registered with them, there are various "clone scams" going around whereby scammers register a name very similar to a real company and trades off that for a few months until they are found out.
    The very circumstances of the first post where money has to be spent to release money, scream "bleedin' obvious scam" without the need for further checking. reinforced by cold calls and repeated cold calls. Is your friend elderly? Do they need someone responsible to help them look after their money?
    Had the scammers made a clone company as i said above, no doubt your mug friend would have thrown good money after bad.
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