Monday, 19 February 2018

Vortex Profits - Central Bank of Ireland warning

The Central Bank of Ireland has issued a warning about Vortex Profits.
"The Central Bank of Ireland (‘Central Bank’) today (19 February 2018) published the name of an unauthorised firm, Vortex Profits Limited (Ireland). Vortex Profits Limited (Ireland) is not authorised by the Central Bank as an investment firm, investment business firm or to provide investment advice."
Many thanks goes to our good friend James Fern from the SCI Group who alerted the Central Bank of Ireland to the issue.


The people promoting Vortex Profits claim that the company is “a remarkable investment platform … with an outstanding track record of 2 years for delivering best of class investment solutions and endless income-generating opportunity”. They suggest that investors can earn returns of between 2.5% and 4% every day by investing through Vortex Profits in Bitcoin, gold or oil.

These suggested earnings are clearly impossible, given that 2.5% per day implies an annual equivalent of over 800,000%. Even more unbelievably, a 4% return per day equates to an annual return of over 158,000,000%.

The facts are that the company was only registered in the Republic of Ireland in September 2017, contradicting their claim of a “track record of 2 years”. Furthermore, the physical address they offer is an accommodation address shared by hundreds of other companies and the telephone number they offer is not even in the Republic of Ireland but is in Sweden.

They claim to have been founded by someone called Griffin Wrights who they describe as a "renowned Entrepreneur" with "countless years of experience being a financial Planner". However, no trace exists of this person before or outside of Vortex Profits.

Given the contradictions and the ridiculous claims about the profits that can be made by “investing” in their schemes Consumer Watchdog suspects that Vortex Profits is nothing more than a Ponzi scheme and we urge consumers to exercise extreme caution when engaging with them.

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