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FinTel Ombudsman Service launched today with the initial Maxigrid case
The FinTelegram Research Team receives continuous information about scams but also complaints on different subjects even serious providers. Especially in the forex, crypto, and online trading sector. The boundaries between scams and reputable providers as well as between illegal and legal approaches are often blurred. FinTelegram has launched a FinTel Ombudsman Service to deal with these issues, disputes, misbehaviors, and illegal practices.
Latest Updates
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Dutch Regulator warns individuals found on boiler room ‘sucker lists’
The DutchNews reported that some 2,500 Dutch individuals have been warned by the regulator AFM that their names appear on a boiler room's potential client list. The list was seized during an international criminal investigation in the course of which police raided premises in Marbella in March 2020. The Dutch Police started the investigation over two years ago after a total of 40 people reported they had been conned out of a combined €6m by boiler rooms operating under such company names as FX-CI, Global Trading Investment Group, or Power Capital Financial Trading.
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Yukom Scheme – Yossi Herzog in Odessa and Kobi Cohen in Kinshasa
We have recently requested information on the whereabouts of the two beneficial owners behind the binary options fraud scheme being pursued by the U.S. authorities around the Israeli Yukom Communications Ltd. Specifically, we wanted to know the whereabouts of Yossi Herzog, the former boss and teacher of the already convicted Lee Elbaz. Rumors in Tel Aviv wanted to know that he is in Russia. In fact, however, he might be in Odessa, Ukraine.
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Cybercrime Economy – Discount prices for dark goods to empower cybercrime rookies
Cybercrime is just the other side of the digital age coin and is at least as vibrant as the legit side. Like any price in free markets economies, prices for basic dark goods in the cybercrime economy such as stolen personal data, hacked accounts, or payment card information not only reflect the supply and demand situation but also provide insight into cybercrime activities.
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FinTech: Revolut tripled losses to almost $140 million despite strong revenue growth in 2019
After Monzo, its's UK competitor Revolut must also announce a massive increase in its losses. Revolut said its losses more than tripled in 2019, despite a surge in revenues and customer numbers. The London-based company posted a total loss of £106.5 million ($139.6 million) for the year ending December 31, up from £32.9 million in 2018.
Payment Processors
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Investor Warnings – Austrian FMA warns against broker scams – illegal payment processors exposed
The Austrian Financial Market Authority has issued a number of investor warnings in recent days. Among them are again scam customers of the notorious Cypriot payment processor Praxis Cashier System Ltd (d/b/a Praxis Cashier and Praxis Pay) of Amit Klatchko. Specifically, the FMA warns against the broker scams Tradixa, GFXRoyal (GFX Finance), HBC Market (HBC Markets), and BSB Global.
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Broker scams LincolnFX, ZurixCorp, and its payment processors
The UK watchdog FCA and the Spanish regulator CNMV issued investor warnings against the scam broker LincolnFX operated by Lincolnfx.capital Ltd. It's still online on August 5, 2020. The FinTelegram Research team has received documents from some of the scam's victims and thus has taken a closer look. Consequently, facilitating payment processors like Plus Exchange or Titan Payments as well as interesting connections have been identified.
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Broker scams LincolnFX, ZurixCorp, and its payment processors
The UK watchdog FCA and the Spanish regulator CNMV issued investor warnings against the scam broker LincolnFX operated by Lincolnfx.capital Ltd. It's still online on August 5, 2020. The FinTelegram Research team has received documents from some of the scam's victims and thus has taken a closer look. Consequently, facilitating payment processors like Plus Exchange or Titan Payments as well as interesting connections have been identified.
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UK Watchdog FCA warns against Praxis Cashier client Profits Trade
The UK Watchdog Financial Conduct Authority (FCA) has issued an investor warning against the Praxis Cashier scam client Profits Trade (www.profitstrade.com). According to information on the scam's website, it is operated by the company ProfitsTrade Ltd in Dominica. The Praxis Cashier is facilitating this broker scam, with Klarna and LeaderPay also being offered as payment options
Cybercrime Court Cases
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Looking for Israeli fraud kingpins Yossi Herzog, Kobi Cohen, and vanished Yukom Communications
The U.S. Government claims that Yossi Herzog, Kobi Cohen and their co-conspirators fraudulently operated the Yukom Scheme and defrauded tens of thousands of victims worldwide by some $150 million. The indictment alleges that the defendants and their co-conspirators all worked the Israel-based Yukom Communications Ltd, a purported sales and marketing company owned by Cohen and Herzog. The company vanished since then as did Herzog and Cohen. Law enforcement wants them urgently.
Regulatory Updates
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Investor Warning – FCA warns against Bleaxmond and ForexGrowth broker scams
The UK regulator FCA has warned against the Estonian broker scam Bleaxmond. Since the warning, the registration on the website (www.bleaxmond.com) is blocked. The illegal broker is operated by AlephLink Solutions Ltd OÜ, which is registered in Estonia. Efthymios Marangos and Karmo Neider are registered as directors.
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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 into the Russian scene and deploy Russian payment processors.
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European Funds Recovery Initiative (EFRI) is a non-government organization with the mission to support scam and cybercrime victims.
