Investors who have been solicited by asset recovery firms promising to recover money lost to financial fraud or investment fraud frequently ask the SEC questions and file complaints. For crypto recovery services, businesses frequently charge a hefty cost ranging from hundreds to thousands of dollars. These businesses generally gather the names and contact information of victims from court records and other investor lists in order to identify new consumers.

Before using Scam Recovery Services, investors who have already fallen victim to fraudsters should use caution, especially if the cryptocurrency recovery expert is just carrying out actions the investor could carry out on his own. Even though these businesses occasionally assert that they have sophisticated asset recovery or even legal expertise, some of them hardly ever go beyond writing a demand letter to the initial con artist and submitting a boilerplate complaint to the obvious regulatory body. These are two simple steps that victims can take without spending any money.

Demand letters may also be ineffective, particularly if the initial con artist or the company in question is bankrupt, insolvent, the subject of a court order or the statute of limitations (the window of time in which to pursue a claim) has passed. The majority of regulatory organizations, including the SEC, CFTC, FTC, CFPB, FINRA, and state securities regulators and attorneys general, offer free and straightforward methods for submitting complaints on their websites.

If you're thinking about hiring an asset recovery company to look for money you've lost to a scam, be sure to find out what steps they will take on your behalf and at what cost before deciding whether it's worth the money and whether you can take those steps