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  • 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.

     
  • 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.

     
  • Investor Alert – Do not trust TrustPilot Ratings and Reviews #CapitalWay

    We have been monitoring the TrustPilot review platform in the context of scams activities. Specifically, we have reported on the case of Capital Way aka Capital Way Group on the basis of a public investor warning issued by the UK regulator FCA. While the UK watchdog warned investors about the scam, the scam on TrustPilot still gets 5-stars reviews. A 1-star rating of FinTelegram referring to the FCA warning has been temporarily put offline by TrustPilot after the Capital Way guys complained about a possible breach of guidelines.

     
  • TrustPilot – The scammers’ tool to construct alternative realities

    It is a well-known fact that scammers can use TrustPilot in a very targeted way to buy reviews to get a high rating and thus a reputable image. The global scammer scene works with specialized marketing companies that offer good TrustPilot reviews as part of a precisely targeted reputation management. For this purpose, they employ a large number of people and operate many more fake accounts through which reviews are submitted. A case in point is the broker scam Capital Way.

     
  • Austrian FMA warns against forex and crypto broker RaxTrade

    The Austrian regulator FMA has issued an investor warning against the RaxTrade broker scam. According to information on the website, the scam is operated by ROI Stock Limited, registered by St. Vincent and the Grenadines, under the domain www.raxtrade.com. As a payment processor, BridgerPay is integrated and credit and debit card payments as well as deposits via crypto the ways to lose money to this scam.

     
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