December 2020 – Villa Cassacco

Bafin issues cease and desist order against Fronter Decsision

BaFin cease-and-desist order against unauthorized payment processor Fronter Decision

Leave a Comment / BaFin, Regulators / By bluechipper

Fronter Decision GmbH, registered in Offenbach, Germany, was entered into the commercial register in April 2019. The Ukrainian Nikitin Oleksiy was appointed as the sole managing director. In fact, many of the German money laundering companies have Ukrainian directors. As non-EU citizens, these are hardly legally enforceable. BaFin issued a cease-and-desist order against the company in November 2020, which is now final.

FCA warns against PolarisTradePay broker scam

FCA warning against PolarisTradePay crypto scam

Leave a Comment / FCA UK, Regulators / By bluechipper

PolarisTradePay (www.polaristradepay.com) is an unregistered brokerage platform in the field of energy, agriculture, stocks, and crypto-currencies. The UK FCA issued an investor warning against the broker on December 11, 2020, and calls it a scam. The platform is allegedly operated by Polaristrade.com Ltd, which does not exist.

CFTC presents impressive 2020 enforcement division report

U.S. CFTC Enforcement Division presents impressive 2020 results

Leave a Comment / CFTC, Regulators / By bluechipper

On Dec 1, 2020, the U.S. CFTC’s Division of Enforcement published its annual report for Fiscal Year 2020 (FY 2020). CFTC enforcement actions during FY 2020 resulted in $1,327,869,760 in ordered monetary relief, the fourth-highest total on record, and the third straight year-over-year increase.

Consob terminats six scam broker websites

Italian Consob black-out orders increase to 340

Leave a Comment / Inside BlackReg / By Alex Reggie

Consob has ordered the black-out of five new websites offering financial services illegally. The regulator has the authority to order the black-out of websites that illegally offer financial services to Italian consumers. Thus Consob can order internet service providers to block access from Italy to websites offering financial services without the proper authorization.