MG Management Group, aka mnger-grp or TradersRoom, is a scam platform set up to look like a futures and Forex trading platform that claims to pay out in crypto but is in fact a scam.
Victims are often lured into investing by fake adverts using stolen images of well-known celebrities, such as Philip Schofield and Graham Norton.
The ads claim the stars are endorsing a certain type of investing, but it’s all completely fraudulent and the personalities have nothing to do with the scam platforms.
MG Management Group is a sophisticated scheme which involves ‘traders’ building relationships with victims and convincing them to part with large sums of cash over a protracted period of time.
Withdrawals blocked
Often, it’s only when the victim goes to withdraw their cash that they realise it’s a scam.
To start with they often find their account blocked, with a ‘trader’ demanding that they send a substantial sum as a fee to release the funds, often in the form of crypto, such USDT or Ethereum.
However, this money vanishes along with the initial investment, while the scammers often continue to harass the victims.
As part of the scam, the ‘traders’ will try to convince victims that they have transferred their funds by spoofing USDT into crypto wallets, such as Coinbase Wallet.
However, the crypto does not exist in the wallet and the balance will actually be zero.
These wallets have often been set up with the ‘help’ of the advisor, who has also taken note of the passphrase so they can empty it at a later stage.
Red flags with MG Management Group
There are multiple things that reveal this platform to be a scam. They include:
- A very new domain that’s only been bought for a year.
- The platform is clearly designed using scraped images.
- There is very little content across the site.
- Internal pages often redirect to a sign-up page.
- There are no social media links or official apps.
- Fake claims of celebrity endorsement which have been widely covered in the media.
- No reviews of the platform online – this is highly unlikely if the platform has been operating since 2019 as claimed on the site.
Can I get my money back from the MG Management Group scam?
It’s very difficult to be positive about the chances of getting your cash back from crypto scammers as it’s incredibly hard.
However, there are private companies that might be able to help which I’ve written about here.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.
