The company Tellus App has been running deceptive adds on Facebook, for something presented like a bank account, but actually may be an unregistered investment. The company appears to have branched out from running an app for managing renal properties to offering a "High-Yield Account" that is "fully secured." Ads compare it to cash accounts offered by Robinhood and Wealthfront.
Tellus does not provide any affiliated bank information for its "cash" account on its website, or provide links to SEC filings for a securities offerings. Both Robinhood and Wealthfront explain in the fine print for their accounts that the money is deposited into FDIC insured affiliated program banks, and that the money is insured by SIPC while in their custody. Their interest rates are in line with what such banks would offer, while Tellus' is not.
Part of Tellus' website claims the account is "Fully Insured - Fully Loaded," which contradicts other parts of the site and FAQs that state the account is "principle protected and secured by real assets up to $1,000,000."
It is not clear whether funds are deposited into a bank account under Tellus' control, which it loses money on, or if it is selling shares in a real estate investment fund. The site also mentions future direct investments in real estate for accredited investors, which may be exempt from some regulatory requirements, but there is no such restriction on the "High-Yield Cash Account."
It's not clear what they are selling, unclear whether any protections exist, unlikely to last long if it is connected to a legitimate bank account, and dangerous if not.
Scam
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Very Risky Investment
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Reasonable Investment
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