Home / Regulators / CNMV / Spanish CNMV warns against serial broker scams

 

The Spanish regulator CNMV today issued investment warnings against some scam broker brands which are operated by serial scammers. They are are “Quick-and-Dirty” mutations of standard scam broker templates and apparently have been produced in the very same scam factory. All of these scams have a strong relationship with the Russian scene and deploy Russian payment processors.

The five brokers scams Axedo, Wexness Banc, Insure Trade, MarketsDock, and Imperial Finance work with the Russian payment processor Piastrix (www.piastrix.com) which allows for a wide range of payment options. Insure Trade has also integrated the Estonian payment processor Tinkbit where the customer victims of the scams can purchase cryptocurrencies with credit and debit cards.

As usual, offshore companies are listed as operators of these scams. Currently, St. Vincent and the Grenadines seems to be favored again in this respect. The scams mentioned above are operated via legal entities that are allegedly registered there.

  • The Axedo scam (www.axedo.co) is allegedly operated by the Normansk Group Ltd
  • Wexness Banc scam (www.wexness.io) is owned by Gozala Enterprise Ltd
  • The Imperial Finance scam (www.imperial-finance.io and www.imperial-finance.cc) is allegedly owned and operated by Waltika Partners Ltd
  • The MarketsDock scam (www.marketsdock.com) is allegedly operated by Dinengo Partners Ltd
  • Insure Trade (www.insure-trade.io and www.insure-trade.cc) has not specified an operator.

The broker scams of the new generation are characterized by the fact that they are implemented “Quick-and-Dirty” as slight mutations of the existing templates. You can see very quickly that they are not legal businesses. These new scams are on the market for a few weeks only and then disappear again. With the money of the scammed investors and their personal data which are used in the next scam or sold to other scammers.

 

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