FinTelegram was asked by an EU law enforcement agency to ask for information about the broker scam HybridReserve. The authorities have received several fraud complaints from retail investors. Already in February 2019 the Belgian regulator Financial Services and Markets Authority (FSMA) and other regulators issued an investor warning against HybridReserve, which is operated by Singlebell Ltd in St. Vincent and the Grenadines and Singlebell OÜ from Estonia.
The European Funds Recovery Initiative (EFRI), co-founded by FinTelegram, is specialized in the recovery of funds of investors who have been defrauded by investment scams. Furthermore, EFRI sees itself as an advocate for investors and investor protection. Currently, EFRI has been granted a Power of Attorney by more than 800 victims which have been defrauded of more than EUR 34 million. The approach applied by EFRI differs in several aspects from the activities of lawyers and other organizations in the recovery business. Also because EFRI is organized as an initiative and association of victims.