Home / Posts tagged 'Roy Almagor'

  • CySEC confirms receipt of Maxigrid Request 4 Action

    CySEC confirms receipt of Maxigrid Request 4 Action

    Over the last months FinTelegram has received plenty lot of evidence that suggests the involvement of Roy Almagor's CySEC-regulated Maxigrid Ltd in broker scams like RoyalsFX or LincolnFX. These scams have harmed thousands of EU small investors. However, the legal responsibility to investigate the allegations lies with the responsible regulator CySEC and law enforcement. We have therefore sent a Request 4 Action to the CySEC Chairwoman and Europol. The receipt was confirmed by email and the clock is running.

     
  • Lessons from BitMEX Case – Arrests, warrants, and bribing regulators with coconuts

    Lessons from BitMEX Case – Arrests, warrants, and bribing regulators with coconuts

    The U.S. Prosecutors charge the BitMex founders Arthur Hayes, Benjamin Delo, Samuel Reed along with the senior manager Gregory Dwyer with (a) violating the Bank Secrecy Act and (b) conspiring to violate the Bank Secrecy Act, by willfully failing to establish, implement, and maintain an anti-money laundering (“AML”) program at the crypto exchange or BitMEX. The charges each carry a maximum penalty of five years in prison.

     
  • Maxigrid Case – Open Letter to CySEC chairwoman and Europol

    Maxigrid Case – Open Letter to CySEC chairwoman and Europol

    FinTelegram and EFRI have sent an open letter concerning Maxigrid and the related broker scams like RoyalsFX or LincolnFX (to name only two) to Demetra Kalogerou, chairwoman of CySEC, and Europol. The claim of The Financial Ombudsman Service of the Republic of Cyprus that CySEC would not be responsible for the crypto activities of the investment firms they regulate is wrong in our view. In addition, Maxigrid also handled bank deposits for scams hance was involved in fraudulent FIAT transactions too.

     
  • Maxigrid Case – Cyprus Financial Ombudsman confirms regulatory violations but doesn’t care!

    Maxigrid Case – Cyprus Financial Ombudsman confirms regulatory violations but doesn’t care!

    Cyprus is really dark territory within the regulatory regimes in the EU. In plain sight, CySEC-regulated investment firms operate scams and/or facilitate them with their financial services. As in the case of Roy Almagor's Maxigrid and its meanwhile vanished BitandBuy crypto investment platform. Even the Financial Ombudsman Office has found that Maxigrid has violated regulatory requirements. However, the office does not feel responsible for customer complaints for very strange reasons.

     
  • 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.

     
  • CySEC Scam Tourism – The Israeli Maxigrid Network attacking EU investors

    CySEC Scam Tourism – The Israeli Maxigrid Network attacking EU investors

    This is the second part of our series about CySEC Scam Tourism which has its roots in the era of binary options. In this period between 2010 and 2017, mainly Israeli financial entrepreneurs came to Cyprus en masse to set up their CySEC regulated Binary Options Brokers. Simona Weinglass, an investigative reporter of The Times of Israel, called it Israel's vast and amoral scam industry. The CySEC has not made things too difficult for these foreign binary options scammers.

     
  • The CySEC Scam Tourism – The lasting impact of 4XP legacy of the pre-binary forex era

    The CySEC Scam Tourism – The lasting impact of 4XP legacy of the pre-binary forex era

    Forex and online trading scams have been a pandemics even before binary options entered the state in or around 2009. From this pre-binary options period of forex schemes, we know the names of the Israeli perpetrators Yossi Herzog, Aviv Talmor, Stavro D'Amore, and the then-rookie Guy Galboiz. The 4XP forex scheme was a network of brands such as Forex Place, Forex TG, or FXTG or SkyFX which operated globally with dozens of different entities. It was the pre-CySEC time. In the binary options era, the successors of the 4XP scheme emigrated to Cyprus which became the preferred Israeli offshore destination.