Home / 2020 / September

  • Offshore Challenge – CFTC complaint was served on Wilfred Services.

    It is often a challenge for regulators, law enforcement agencies, or attorneys for victims of scams to identify the scammers and serve the complaint on...

     
  • CFTC complaint against broker PaxForex asking for full restitution and disgorgement

    CFTC complaint against broker PaxForex asking for full restitution and disgorgement

    On Sept 24, 2020, the U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against PaxForex (www.paxforex.com), an offshore CFD broker operated by Laino Group Limited which is a company registered on St. Vincent and the Grenadines. The Commission alleges that PaxForex is offering services without having the legally required FCM registration. PaxForex is accepting cryptocurrencies as a means of settlement.

     
  • Investor Warning – FCA warns against MigoTrade facilitated by Praxis Pay

    UK FCA issued an investor warning against the broker scam MigoTrade (www.migotrade.com) this week. According to the website, the broker is operated by Smart iSolution LLC, which is allegedly registered in St. Vincent & the Grenadines. The scam is once again facilitated by the Cypriot Praxis Cashier of Amit Klatchko which our Team identified in some other warned of scams this week.

     
  • Austrian FMA and other regulators warn against StarkMarkets broker scam

    The Austrian Financial Market Authority FMA has issued an investor warning against the scam broker StarkMarkets (www.starkmarkets.com) which is allegedly operated by Krisimark Ltd and SWISSGEM Ltd in Sofia, Bulgaria. Already in June 2020, the Canadian British Colombia Securities Commission (BSC) issued an investor warning, and in July the New Zealand FMA (here). The scam facilitating payment processor is once again the Cypriot Praxis Cashier.

     
  • BaFin issues cease and desist order against TheCapitalStocks and RoyaltyFinance

    The German regulator BaFin has warned against the broker scams TheCapitalStocks (www.thecapitalstocks.com) and RoyaltyFinance (www.royaltyfinance.io) which are allegedly operated by Kleinman Enterprise Ltd in St. Vincent & the Grenadines. Already in August 2020, the Italian CONSOB warned against these scams. Both are white label solutions of the Bulgarian Global CRM Solution Platform.

     
  • CySEC Tourism – More scams and victims of Maxigrid’s BitandBuy fraud facilitator identified

    CySEC Tourism – More scams and victims of Maxigrid’s BitandBuy fraud facilitator identified

    Sometime in April 2020, the discussion with Maxigrid started. A customer lost several hundred thousand Euros via the broker Scam RoyalsFX. He had made the deposits on the instructions of RoyalsFX via the BitandBuy crypto platform of the CySEC-regulated Maxigrid. He lost everything and involved FinTelegram in the complaint and shortly afterward BitandBuy disappeared without a trace. However, more scams and victims appeared after our Request 4 Information in June 2020.

     
  • Another warning against PumaTS white-label scam BlueSave

    After the UK FCA had already warned against the PumaTS white-label broker Scam BlueSave in July 2020, the Spanish regulator CNMV also issued an investor warning. The scam is operated under the domain www.bluesave.io via the Buen Solutions Ltd, a company registered in St. Vincent and the Grenadines. The scam is still active as we have checked but the payment processors have changed.

     
  • Spanish Watchdog CNMV warns against GlobalspotFX and Trade Com

    The Spanish regulator CNMV has issued an investor warning against the scam broker GlobalspotFX (www.globalspotfx.com). The scam is allegedly operated by Trade Com Limited for an office in London. As a payment provider we have found the Russian PayeCards (www.payecards.com). Already in July 2020, the Italian regulator CONSOB had issued a warning against the scam.

     
  • Austrian FMA warns against PumaTS scam broker Blackstone500

    The Austrian FMA warns against Blackstone500 (www.blackstone500.com). It’s about time for law enforcement agencies in various EU jurisdictions to take action. In any case, the Leverate Financial Services Ltd which is regulated in Cyprus by CySEC should be approached to identify the beneficial owners and individuals behind PumaTS. The latter is a white label broker platform provider as well as a partner and client of Leverate and operates a vast scam broker network.

     
  • Bruc Bond and the crumbling Israeli FinTech empire

    Bruc Bond and the crumbling Israeli FinTech empire

    The two Israeli FinTech entrepreneurs Eyal Nachum and Tamir Zolovsky are not having a good time right now. Amidst the COVID-19 pandemic, their two licensed EU e-Money Institutions Bruc Bond and International Fintech saw their licenses terminated. In the case of Bruc Bond because of systematic compliance violations and problems with money laundering. Nachum, Zoltovsky. and their various payment processors have a long track record in the scam area.