The French financial market supervisor, locally known as Autorité des marchés financiers (AMF), has sounded the alarm against Immediate Connect, which offers automated trading with forex and cryptocurrencies.

AMF Flags Automated Trading Scheme

According to the announcement today (Friday), the warning came after the regulator received dozens of complaints from the victims of the investment scheme, which promoted its services on the internet with well-known personalities and websites.

The scheme also lured investors with promises of extravagant returns. One of its advertisements in a French publication promised a return of a million euros in 12 to 15 weeks and was even touted to be ideal for people who want to get rich quickly. These claims literally put it among 'get rich quick' schemes, which are usually outright frauds.

Initially, the platform sought the details of the potential investors through a form, and then they were contacted quickly by someone claiming to be a financial advisor, who tricked the investors into registering with unauthorized trading platforms and investing in risky products like forex and cryptocurrency derivatives.