Front Page
My Featured Posts
Breaking News – Lithuanian Epayblock under investigation with restricted activities
Finally! The Bank of Lithuania (BoL) today announced that it launched a probe into scam-facilitating Epayblock. It was about time! We informed the public and the regulator time and again about the bad activities of this Polish-Lithuanian e-Money Institution. In its investigation, BoL will check possible breaches of money laundering and terrorist financing prevention. Epaybank’s activities will be partially restricted during the investigation. BoL said that it received information that some of Epayblock’s customers may be using its services for fraudulent purposes. Sure they do!
Latest Updates
A
And again! CySEC-regulated Libertex sees its license partially suspended
Finance Magnates has reported that the Cyprus CySEC partially suspends the license of the regulated Indication Investments Ltd. The broker regulated with No. 164/12 is doing business as Libertex with the approved domain www. Libertex.com. In its board decision, CySEC says that it seems that Libertex does not act honestly, fairly, and professionally in dealing with its clients. In addition, Libertex also seems to violate various compliance guidelines. This is not the first time Libertex has had such issues with CySEC.
I
Investor Warning – JavaMarkets broker scam promoted by Bitcoin Era fraud campaign
The fraudulent Bitcoin Era campaign promotes the JavaMarkets broker scam operated from the Marshall Islands. On the website, we did not find any information about the legal entity or individuals behind the scam. Anyone who registers with the Bitcoin Era campaign on the Secured Offers website is also automatically created as a victim at JavaMarkets and taken to its payment page. You can find all exposed fraud campaigns here on our Marketing Campaign Blacklist.
T
The Maltese Disgrace – Assistant police chief suspended over inactivity allegations
The FATF greylisting of Malta disgraced the EU tax haven and money-laundering hub. And the disgrace continues. An independent investigation into the murder of Maltese blogger Daphne Caruana Galizia concluded that the government at the time was complicit by failing to act. Today, Assistant Police Commissioner Ian Abdilla has been suspended. The former head of the Economic Crimes Unit (ECU) had already been heavily criticized for failing to investigate the Panama Papers. He was one of the good friends of the Maltese corruption network around Yorgen Fenech and former government officials Keith Schembri and Konrad Mizzi.
A
Attention – Latvian Racket launched Profit Swiss broker scam
We have learned from an insider a/k/a whistleblower that Latvian Racket and its scammer network have recently launched Profit Swiss (www.profitswiss.com). The scam is apparently attacking consumers in Eastern Europe in the first place. Although the website states a company called PS Global Int Ltd with the company number 109781 as the operator, Preqster Ltd, already known from the Latvian Racket environment, and/or its beneficial owners are probably also involved.
Payment Processors
G
German BaFin investigates Trade Center broker scam
The German regulator BaFin recently issued a warning against the illegally operating broker Trade Center a/k/a TradeCenter (www.tradecenter.fm) and announced investigations against the Estonian operator Promfix OÜ. Well, better late than never, right? Trade Center is an old scam; in February 2020, the Spanish CNMV issued an investor warning against it. But it is still active! As payment processors, we have found GCG Cashier as well as Netpay International via merchant Vekolle Limited.
U
Unauthorized broker CLMarkets facilitated by BridgerPay attacks European investors
On January 18, 2021, the Spanish regulator CNMV issued an investor warning against CLMarkets a/k/a Core Liquidity Markets (www.clmforex.com). The operator of the scam and owner of the broker acting without authorization is allegedly CLMarkets Ltd, registered in St. Vincent and the Grenadines. The beneficial owners are US guys. As a payment processor, we have once again discovered Ran Cohen's BridgerPay, through which you can pay with credit and debit cards, Neteller and VLoad.
I
Illegal broker BTC-Trends promoted by THE NEWS SPY fraud campaign
The offshore broker BTC-Trends, operated by Cordelino Ltd registered in St. Vincent & the Grenadines, does not have a license and is most certainly a scam. The scam is being promoted today via THE NEWS SPY fraud campaign on the SafeInvestmentsNow website. The scam is facilitated by PaynetEasy payment processors for credit and debit card payments. Registration is apparently not currently possible directly through the website. Potential victims have to be referred via one of the fraudulent marketing campaigns that operate as Introducing Brokers.
Cybercrime Court Cases
C
Cybercrime Trials – Gal Barak’s wife acquitted but more charges to come!
E&G Bulgaria allegedly defrauded tens of thousands of consumers in Europe out of more than €200 million with its scams According to law enforcement agencies in Germany, Austria, and Switzerland, the principals of this organization were Israelis Gal Barak and Gery Shalon and their Russian partner Vladislav Smirnov. Barak was sentenced in Austria in September 2020 to four years in prison and restitution payments in the millions for investment fraud and money laundering. His wife, Marina Barak, who was also charged, was acquitted; the prosecutors appealed.
Regulatory Updates
R
Rubyfinance Update – Don’t fall for fake guarantees and transaction reports
We have already issued a warning against the two broker scams RubyFinance and Gravity Trade. The operator of the two scams is allegedly Inure Consulting LTD, registered in the Commonwealth of Dominica. Since our report, victims of the scams have shared the experience with us. For example, the boiler room agents work with fake transaction reports from well-known crypto exchanges like Coinbase or with fake liquidity provision agreements from Blockchain.
C
Consob Monday is back! 10 new websites to be blacked out!
The last two weeks, probably due to vacations or Covid19, Consob did not make the Monday announcements about the blackout of websites of illegally acting financial service providers. These Consob Mondays have been usual for months. Today, the Italian regulator ordered the blackout of 10 illegal financial service providers. Unfortunately, Consob is currently the only EU regulator granted by national law the competence for such a blackout. An EU-wide solution would be appropriate, wouldn't it?
C
CNMV, BaFin, and FMA warn against Blumanstock broker facilitated by BridgerPay and Jubiter
On 2 August 2021, the Spanish regulator CNMV has issued an investor warning against the Blumanstock broker scam (www.blumanstock.com). The Austrian FMA and German BaFin did so in May and June 2021, respectively. The Marshall Islands-registered Blumanstock Limited is allegedly the operator of the scam. As the facilitating payment processors, we found the Israeli-Cypriot BridgerPay of Ran Cohen and the Slovak Global DLT Exchange S.R.O d/b/a Jubit
Support Scam Victims
Join the fight against cybercrime!
European Funds Recovery Initiative (EFRI) is a non-government organization with the mission to support scam and cybercrime victims.
