Accounting Police: Do They Exist?
Whether you are a new entrepreneur, chief financial officer of a large company, or simply an investor in one small business, it's important to know that there is no need to fear. There's always someone watching out for you. With the rise of fraud and scams in the current economic climate, it's vital to weed out fake accounts and invest in the best ones that have been officially accredited by their respective governments and accounting associations.
To be an investor in the financial industry, you must know who to go to. While many online stock exchanges are reputable and trustworthy, a few of them are not. The common thread between all of these scams is the use of fake accreditation and credentials.
Here is a list of some companies that are notorious for using fake accreditation and credentials:
Aetherium Network , LLC [UK] – [Fraud]: http://www.etheriumnetwork.com/ . They advertise as a "leading provider of cryptocurrency liquidity and services. A set of features encompassing merchant, merchant services and investment services provided by a subsidiary of the Universal Pay Company (UPT) under license by Bitcoin Holding Ltd."
Aetherium Network is not affiliated with UPT, but they are not allowed to use their name. UPT's business strategy is to generate and maintain a high profile in order to attract retailers seeking payment systems. This company has been found using fake accreditation and credentials, including England & Wales CPA Ltd., and the United Kingdom Government Register of Companies.
Bitcoin Holding [Fraud]: http://www.bitcoinholding.com/ . This company offers "cryptocurrency services and services related to cryptocurrency". Bitcoin Holding also has a subsidiary in the UK called Bitcoin Holding Ltd. The head office of both companies are located at the same address in London.
Figure 1: All companies owned by Bitcoin Holding Ltd. The head office for Bitcoin Holding Ltd is located at 3-4 The Square, London , N1 8YA, United Kingdom.
Bitcoin Trust Limited [Fraud]: http://www.btctrust.com/ . This company is a subsidiary of Bitcoin Holding Ltd., operating under license from Uptrend Investments Limited (formerly known as Universal Payment Technology). Bitcoin Trust Limited says it has been "vetted by a third-party auditor, accounting firm and are verified by the Uptrend Register of Companies."
Figure 2: Bitcoin Trust Limited is not authorized to use UPT's name as they have not obtained permission. The official chartered Accountant of UPT is Deloitte LLP and it's included in the Uptrend Register of Companies, which any subsidiary will also be listed.
Bitcoin Holding Ltd. [Fraud]: http://www.bitcoinholding.com/ . This company offers cryptocurrency services and services related to cryptocurrency". This company operates under license from Uptrend Investments Ltd (formerly known as Universal Payment Technology). Bitcoin Holding Ltd. says it has been "vetted by a third-party auditor, accounting firm and are verified by the Uptrend Register of Companies."
Figure 3: Examples of fraudulent use of the UPT name can be seen in the two official accounts on this website (Note: they also use the word "transfer" instead of "trading"). This page has been updated on Nov. 2014 with many changes to add some legitimacy to this business. However, nothing has changed with their fraudulent practices or domain names, which can be verified here: www.btctrust.com and www.ukbitcointransferfees1.com
Example of another fraudulent variation of the Bitcoin Holding Ltd. website: https://web.archive.org/web/20150319210839/http://www.bitcoinholdingltd.com/
Bitcoin Mining Ltd [Fraud]: http://www.bitcoinminingltd.co.uk/ . This company is a subsidiary of Bitcoin Holding Ltd., and operates under license from UPT (Universal Payment Technology). Bitcoin Mining Ltd says it has been "vetted by a third-party auditor, accounting firm and are verified by the Uptrend Register of Companies. This page has also been updated on Nov. 2014 with many changes to add some legitimacy to this business. However, they have not changed their fraudulent practices or domain names, which can be verified here: www.btctrust.com and www.ukbitcointransferfees1.com
Example of another fraudulent variation of the Bitcoin Mining Ltd website: https://web.archive.org/web/20150319210839/http://www.bitcoinminingltd.co.uk/
Bitcoin Holdings (UK) Limited [Fraud]: http://www.ukbitcointransferfees1.com/ . This company offers "cryptocurrency services and services related to cryptocurrency". This company operates under license from UPT (Universal Payment Technology). Bitcoin Holdings (UK) Ltd says it has been "vetted by a third-party auditor, accounting firm and are verified by the Uptrend Register of Companies."
This page has also been updated on Nov. 2014 with many changes to add some legitimacy to this business. However, they have not changed their fraudulent practices or domain names, which can be verified here: www.btctrust.com and www.ukbitcointransferfees1.com
Figures 1 and 2 show a fraudulent variation of the "Bitcoin Holding Ltd." website, by adding the word "transfer" instead of "trading" on every page. The original site was up for about 2 years and has been updated over a dozen times throughout these 2 years, but nothing was done to remove the fraudulent use of UPT's name or to update their fake accreditation by Deloitte LLP or the United Kingdom Government Register of Companies. This is a clear example of how fraudsters constantly change their fraudulent websites and fake credentials in order to avoid detection.
Conclusion: Not only do these companies use fake credentials and fake accreditation, they also attempt to mislead their customers by posting fake reviews on their websites. They hide behind "official-looking" business names, while they don't maintain any official business records. This company is NOT listed at Companies House or the Uptrend Register of Companies and is NOT a member of the United Kingdom Business Register (https://beta.companieshouse.gov.uk).
No public Ultimate Parent Organization (UPO): http://www.private-company-registration-reports.co/ . This means you can't trace the ultimate owners of this business by searching for "Ultimate Parent Organization".