STARTCOM – Huge Player in the Financial Fraud Arena
STARTCOM – Project Description
Startcom project was initiated in 2017 by the company named “Startups Commercial Ltd”. The company has been registered in the Governmental Tax Administration of the Russian Federation under the name “Limited Liability Company ‘Startcom’”. Juridical person: Minyailo Nikolai Dmitrievich (Moscow). Registration date: February 29, 2008.
Interestingly, the indicated in the documents business activity of the company includes: residential and non-residential buildings construction, automobile business, machine maintenance, restaurant business and delivery, financial service provision (limited to insurance and retirement), and real estate. While the claimed in the official sources essence of the project is the “investment in the future”. This inclines fund-raising around start-ups, which are considered promising and in a current demand. Such start-ups are related to media sphere, e-commerce, Blockchain technology implementation, Bitcoin and other digital assets (cryptocurrencies), virtual reality, 3D concepts, artificial intelligence and robotics. Together with a team of international invest-o-bankers, lawyers, financial analysts, managers and developers the project was said to “monetize that future”.
The project has been officially launched by the “Startups Commercial Ltd” company on the website https://www.startcom.pro/, inviting people from around the globe to join the platform and bring more partners to participate in Startcom and begin earning.
The initially claimed interest rate is 1,5% per day, which is about 55% per month. As much attractive as such income rate may sound, the essence of any financial pyramid scheme lies around its fundraising. One of the ways to identify the false nature of the business is to find out where does the company’s fundraising come from. If no visible sources of income of the company have been detected, the participants may want to know where the company gets the money to pay the claimed interests. In case if the payout is done with the help of re-investment from newly joined members, it may look highly suspicious for the participants of such financial project.
Thus, the matter of Startcom’s fundraising has launched an extensive discussion all over the internet forums and social media.
The project has created a YouTube channel “StartCom StartCom” (November 16) and initiated its active promotion phase. During this period, many popular YouTube bloggers have presented the project as a trustworthy source of passive income, which influenced the decision-making of those who were questioning the honesty of the project, and made them join Startcom. Several private investigations showed that most of such reviews were false and paid for. Nonetheless, the authority of the bloggers made people join the project, taking advantage of them not being fully aware of the actual circumstances.
The project continues to invite more people, and the total number of participants reaches 150,000 members. The number of YouTube bloggers increases as the company strives for better reputation on the internet and acts recklessly regarding those willing to discover the truth behind their lies and promises.
While the note in the official website of Startcom clearly stated that reputation means a lot to the company, the Founder of the company, shown in promotional videos was Renat Karimov, who turned out to be a professional actor. The note also stated that leaving a negative review may lead to account blocking (regardless of whether it’s true or false). Sadly, this promise was fulfilled by the company and all negative feedback disappeared and accounts – banned.
May of 2018 has become the crucial moment for both participants and the administrators of the project. The number of participants at the beginning of May (7th) has reached 220,000 people. Unexpectedly, the company decides to reconsider its policy and the terms of funds withdrawal for the participants of the project. The new conditions have significantly restricted money withdrawal operations (once/week), which lead to negative reviews and discussions on the future of Startcom. Wishing to cover up the truth, the company has announced its massive plans to develop their own cryptocurrency and enter the ICO – StartCoin. The domain name https://www.startcoin.pro has been registered, promptly.
The number of participants of the project keeps increasing, and reaches 300,000 people (27th). With the help of popular YouTube bloggers, positive feedbacks (exclusively) and resounding speeches, Startcom was planning to increase this number to 1,000,000 members by the end of August, 2019.
The company has announced and launched the second phase of the project (25th) – the development of the StarCoin cryptocurrency and transfer of the existing accounts to the new database. Together along, the company has established the new conditions for money withdrawal, under which an existing participant was forced to take part in phase II, in order to have access to their personal account balance.
Interestingly, according to the company’s official announcement, the entry to phase II enables the participant to continue earning with the project, while refusal to participate may lead to restricted access to their existing accounts.
A new wave of negative discussion has risen around the project, when the participants started to realize that they are being forced to pay again to the company in order to withdraw their accrued assets.
About Graeme Quar & Co. Law Firm
We are a team of experienced solicitors who work exclusively in commercial law and find practical solutions when problems arise. However, what is more important is that we are people you can trust. So, if you are looking for a combination of legal expertise and commercial awareness, you have come to the right place!
We operate in the field of legal advisory and consultation since 2004. Mainly, we deal with fraudulent corporate activity and provide legal advice on how to recover from such occasions. Graeme Quar & Co has successfully conducted hundreds of cases, where we succeeded in returning the illegally obtained funds to the applicants under the terms of participation in the financial pyramid scheme.
Graeme & Quar law firm acts within the legal framework only and is aimed to deliver a satisfactory resolution of the case to their clients. Our firm strives for a fair verdict to the financial fraud and complete indemnification of damages to our clients.
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The Essence of our Services: Complete Funds Indemnification for a 10%-fee
Our team of professional solicitors offers legal advisory, as well as document processing related to funds indemnification and compensation of damages for the benefit of the clients against the fraudulent activity of “financial pyramids” (Ponzi schemes) worldwide.
Quar&Co. operates in the field of commercial law which regulates business related activities. We specialize in group cases of people suffered from illegal financial activity and indemnification of damages related to such activity to the client. While we focus our attention on the provision of complete compensation to the client, our company sets the price for such services equal to 10% of the returned amount.
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To apply for our services, please fill out the application form below. Having received the application, our solicitors carefully analyze the details of a commercial project and launch the investigation. After the required number of applications is received, Graeme Quar & Co. initiates legal proceedings aimed to compensate the illegally obtained assets from the participant of a commercial project. Upon the successful court case, our firm distributes the exempt funds among the participants of such a project.
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Graeme Quar & Co. law firm has significant experience in filing and processing group cases in the field of financial fraud projects with the purpose of funds indemnification to the client. Operating since 2004, we possess not only the valuable legal expertise but also all the relevant toolset and personnel, required for successful case resolution. The team of our firm consists of legal experts and solicitors of international level, which allows us to find a positive solution not only locally, but beyond the territory of the United Kingdom.
Graeme Quar & Co. works on conditions of the client’s confidentiality (the client’s personal data non-disclosure policy). We carefully investigate the case of financial machination and put all of our efforts to achieve positive (and satisfactory) resolution of the suit to our client, as well as fully compensate the financial damages dealt in such interaction.