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  • Report:  #1474562

Complaint Review: Blockweather Holdings LLC; David E Henry

Blockweather Holdings LLC; David E Henry Evan Freeman, Georgia Silversmith, Shane Shields Dishonest and unethical Investment Firm, Unregulated, False claims and advertising Kailua Hawaii

  • Reported By:
    Steve — Honolulu Hawaii United States
  • Submitted:
    Sat, March 02, 2019
  • Updated:
    Wed, October 16, 2019
*REBUTTAL Owner of company: The Complaint is Entirely Inaccurate

Originially found an ad on Google, and due to low public reviews and conversation, decided to place a call to speak with a representative. It is important to note, this person(s) will only allow prompt, phone communication before you have sent money. After, the wire transfers go through, the firm resorts to a murky, closed off world of deception and silence. I suspect the reason why their social media presense is so odd, is that they don't allow any posts to be viewed in public view. Additionally, it is probable that they have had honest, real reviews removed. 

The firm has three different addresses on file: 8 The Green, Ste, 6338, Dover, Delaware with the phone number of (808) 859-0892; 93 N Kainalu Drive, Floor 2, Kailua, HI 96734 and 111 Hekili St. Ste, A481, Kailua, HI 96734.

The firm requires deposits to be made via wire transfer (convenient, since most banks are neglient about claims). At the time that I made the initial investment, $10,000 was the required minimal deposit. The current minimum is $100,000 supposedly. I was attracted by the claims of 15% average monthly gains, and the firm included charts to support their performance. They also claimed: unparalleled ethnics, the right to choose an account type based on amount invested and loss tolerance, right to withdraw at anytime, no mimium, ability to contact them by phone, email, and chat, and access to a cilent portal. 

The claims were false for high ethics, and they appear to be fine with embezzeling from cilents accounts and then cooking the statements. The details on how the investments were done, is extremely vague, and they won't share details when pushed with specific questioning. Furthermore, the management is closely associated with Etherum, a ICO strongly associated with HYIPs and scams. 

If you email/call the individual who confirms wire transfers about account type, the requests goes ignored. Turns out, cilents aren't not given seperate accounts or right to allocation, everything is dumped into one account and they "award" as they see fit. They did advertise referrals bonuses, a classical sign of MLM or Ponzi. The 15% gains are completely false, and closer to negative gains. I experienced shifting of numbers around, but no actural progress, other than further loss, growing exponentially. 

Here is the most disturbing part of the ordeal: After a few months of seeing no progress, I requested a final statement and for the account to be closed. Conveniently, I got an email claiming they were out of the office, and the client access stopped working. There was an email reply that claimed they were working on the issue, but it took a little over 4 weeks to restore access. In my mind, they didn't like my request to close, so they did an IP block. In that "dormant" period the balance dropped to nearly 0% account balance. They continue the run- around for returning the remaining funds and continue to ignore copies of the statements, since they can't be found the website anymore. 

The part about being able to withdraw at anytime, by speaking with your account manager, was completely false. No reply for weeks, and then that reponsibility was passed to an "upper-management" person who will not speak by phone. Likely, the same person. This person, has all the sudden, started to sound rather dense as well. 

Stay away! Report to all authorities, and warn people about them. The credentials they show are false and paid advertising.

I am keeping up my promise to get the word out about them, and persue legal actions against them.

1 Updates & Rebuttals

Blockweather Management

Dover,
Delaware,
United States

The Complaint is Entirely Inaccurate

#2REBUTTAL Owner of company

Wed, October 16, 2019

I appreciate the opportunity to respond to this complaint.  First, the complaint has numerous spelling and grammatical errors, and nearly every statement is entirely false.

Here are some of our other reviews:

"I'm extremely pleased with the work from these guys. I've been investing with them for about 4 months now and have already seen a 100% ROI. Customer service is excellent. Withdrawals of your funds when needed also is very fast. Highly recommend them" - Chuck O.

"I invested with Blockweather Holdings, LLC 6 months ago and have seen more than 100% return. Most crypto hedge funds only want wealthy clients with large amounts of money to invest, but Blockweather Holdings took me on as a client with only a small investment. This is a great company if you want to get into crypto currencies but don't want to actively manage your investment. They are always quick to respond to any questions and give me updates on my account as developments take place in the market. I am very happy with my choice to invest with Blockweather Holdings, LLC." - Lawson S.

"The Blockweather team got me thinking about cryptocurrencies and than through my own research I began to believe in the philosophy and future of this digital revolution based on the blockchain technology. I trusted Blockweather some investment and it has increased 110% so far. Thanks guys!" - Daniel E.

**

  • The reviewer mentions "deception and silence."  That is not true.  We have a team that responds to calls and emails regularly.

  • He mentions a concern that we "don't allow any [social media] posts to be viewed in public view."  That is false.  I don't believe that we restrict our social media accounts in that way at all.  We are actually not very active on social media.  Many of our new accounts were by referral from satisfied clients.
  • The cryptocurrency market, as you may know, saw a sharp decline and a prolonged bear market in 2018 through early 2019.  Perhaps the reviewer is frustrated about those market conditions, which affected the entire cryptocurrency industry.

  • He mentions a concern that we "had honest, real reviews removed."  We have never done that.
  • He mentions three addresses.  Yes, the company is a Delaware LLC and, for a time, had an office in Hawaii.

  • He mentions that we require deposits to be made via wire transfer.  That is not true.  We accept other methods of deposit.  He mentioned that most banks are negligent about claims regarding wire transfers.  I have not heard that to be the case.  Every wire transfer in which we were involved was successful.

  • He mentions that the minimum investment is $100,000.  That is not true and has never been the case.  The minimum has never been anywhere near $100,000.

  • He mentions concerns regarding "claims of 15% average monthly gains."  I am uncertain where he got that information.  We always only provided accurate historical returns data to current and prospective clients.

  • Regarding ethics, each of our employees and contractors was required to sign and adhere to a strict Code of Ethics, which, among other things, ensures that we put clients' interests first.  Along those lines, we have waived or refunded many fees for clients' benefits.

  • He mentions "the right to choose an account type based on amount invested and loss tolerance."  Yes, clients would indicate their risk tolerance - aggressive, moderate, or conservative - which would guide us regarding the client's investment.  The account type did not depend upon the amount of money invested.

  • He mentions "no minimum," but above he mentions a minimum of "$100,000."  Neither is correct.  We always had a fairly low minimum investment.

  • He mentions the ability to contact us via phone, email, and chat.  Yes, these were methods of communication with our team.

  • He mentions "embezzeling" and "cooking the statements."  That is absolutely false.  We would never do anything like that.  All client funds and transactions are documented, accounted for, and reconciled.

  • He mentions that the details on how the investments were done is extremely vague, and that he is concerned that we won't share details.  That is false.  We regularly respond via email and phone call regarding clients' and prospective clients' questions regarding investments.

  • He mentions that "the management is closely associated with Ethereum [which he misspells as Etherum], a [an] ICO strongly associated with HYIPs and scams."  Again, this is profoundly false.  The management is in no way associated with Ethereum, aside from the fact that we trade Ethereum as we do other cryptocurrencies.  Ethereum's ICO was in 2014 (https://www.investopedia.com/terms/i/initial-coin-offering-ico.asp).  Yes, there are some ICOs out there (such as some new ERC-20 tokens) that may be considered scams.  However, we have no association with those whatsoever, and we would never invest in such cryptocurrency tokens.

  • He mentions that clients are not given separate accounts [misspelled as "seperate"].  That is not true.  Each client has a separate account and a right to allocation.  He mentions that we "'award' as [we] see fit."  That is absolutely false.  Our Accounting Department processes all trades and transactions, which are documented and reconciled.

  • He mentions a concern for an MLM or Ponzi scheme.  Obviously that is also false.

  • He mentions that "the 15% gains are completely false."  It depends upon during what period of time the funds were invested.  We always report accurate historical returns to current and prospective clients.  Sometimes we produced returns >15% per month.  Sometimes we produced returns <15% per month.  Sometimes there were losses, for example in early 2018.  If the client experienced an overall loss, that would be unfortunate but it is possible, for example if the client invested in December 2017 and withdrew in April 2018.  Our Chief Investment Officer has significant experience and was previously employed by J.P. Morgan and other major investment firms.

  • He mentions that he received an email "claiming that [we] were out of the office."  Rarely, an employee would set an automatic response from their company email address if they were going to be out of the office for a period of time.  There would always be other employees available, however, to respond to phone calls and emails from our company's phone number and email addresses.

  • He mentions that we "did an IP block."  We absolutely would never do an "IP block" on a current client.  That has never occurred.

  • He mentions that during a "dormant period," the account balance dropped to nearly 0%."  There were no "dormant periods," as our team was always active.  I am also certain that his account balance would not drop to nearly 0%.

  • He mentions concerns about being able to withdraw at anytime.  Yes, clients can withdraw funds at anytime (after a brief holding period after the initial deposit, mandated by our anti-money-laundering (AML) policy).

  • He mentions "no reply for weeks."  I do not believe that that would be accurate.

  • He mentions that upper management would not speak on the phone.  I am upper management, and I speak on the phone with clients regularly.  Clients have my direct phone number.

  • He mentions that some credentials are false - we do not put forth any false credentials.

 

Overall, nearly every single statement in the complaint is absolutely false.  Perhaps the person writing the complaint invested money at the peak of the cryptocurrency markets around December 2017, and then withdrew his funds for a loss at the bottom of the market.  We strive to provide clients with solid returns.  Most of our clients are highly satisfied.

All of this having been said, Blockweather Holdings will be closing down.  The generally unfavorable market conditions of 2018 to 2019 and the high costs of regulatory compliance have made it untenable for a small fund to operate prosperously.

Feel free to email management directly at admin@blockweather.com with any questions about the complaint or the above response.

Sincerely,

Blockweather Management

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