Who Are PMM Limited?
PMM Limited presented itself as a professional trading and wealth-management platform. In reality, the Financial Conduct Authority has warned that it was a clone firm that ran an unauthorised operation using the name and credibility of a genuine regulated company to appear legitimate.
You can read the FCA warning here: FCA warning – PMM Limited (clone of FCA authorised firm).
The clone operated through a number of websites, including pmm-limited.cc, pmm-limited.info, pmm-limited.net and pmm-limited.top. Investors were drawn in through social media advertising and were then contacted directly and encouraged to deposit funds.
Investors who tried to withdraw their money report being unable to do so, and being told that further payments were needed before any balance could be released. In a number of reported cases, funds were moved on to cryptocurrency exchanges.
Because investors were dealing with the unauthorised clone rather than the genuine authorised firm, they are not protected by the Financial Services Compensation Scheme (FSCS).
How The PMM Limited Scam Is Reported To Have Worked
Investors have described a familiar pattern. After responding to a Facebook advert, they were contacted by an “account manager” and shown an online platform appearing to display growing profits.
They were then asked to provide copies of their passport and bank statements as supposed verification, and to install the remote-access application AnyDesk. This remote access was used to apply for bank loans and to open new accounts in the investor’s name.
When investors tried to withdraw funds, they were told further deposits or “verification” payments were required first- a recognised tactic used to extract more money.
Who Richardson Hartley Law Can Help
We can help investors who transferred their money FROM a UK bank account.
Our initial focus is to help victims recover their money through the banks’ reimbursement schemes. The bank reimbursement route does have some limitations: investors can often only reclaim up to £85,000, and the money must have been sent from a UK bank account. Where funds were sent on to a cryptocurrency exchange, different rules can apply, and we will assess the full payment chain on a case-by-case basis.
Where loans or accounts were taken out in your name without your knowledge, this is a separate issue that we can also advise on.
Richardson Hartley Law has a proven track record of recovering money for victims of investment and trading scams. We are able to offer investors no win, no fee agreements with capped fees.
If you want advice about money you have lost to PMM Limited, contact us today for help.