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Trustpilot and WorldMarkets – Finally the scam warning review is back online
It was a fight! Last week, FinTelegram News was contacted Trustpilot which informed us that a review on WorldMarkets had been removed. WaMeng Ltd as the alleged operator of WorldMarkets had complained about alleged defamation by the review. The review had only factually pointed out that regulators warn against the WorldMarkets scheme. After discussions with Trustpilot our review is back online.
Latest Updates
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Request 4 Information – Is Fund Recovery Expert LegalWeb AG a legitimate business?
FinTelegram received a tip from a whistleblower that LegalWeb AG (www.legalwebag.ch), allegedly based in Zurich, is also a scam. In a first OSINT analysis, we found out that until a few weeks ago the Sablegal scam was active, whereby LegalWeb AG was indicated as the operator. Now there is a new website under the domain www.legalwebag.ch which is supposed to be the "real" website of the company. Confusing, is it not?
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Investor Warning – Scam crypto brokers MarketsPilot and CMarkets Group
In the last weeks, we have received hints from customers that crypto trading platforms MarketsPilot and CMarkets Group may be scams. Our checks confirmed this assumption. Both crypto scams are operated by Click World Ltd in the Commonwealth of Dominica is in our opinion a scam. The involvement of Praxis Cashier and Pradexx as payment processors also underlines this. Red Flags everywhere!
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Investor Warning – Bogus Law Firms and Funds Recovery Experts Eternity Law and Roshental Law
Victims of scams, unlawful or malicious business practices are typically desperate and psychologically vulnerable. In their distress, they often seek help from self-proclaimed funds recovery experts and unfortunately often end up back with scammers. These funds recovery scammers demand many thousands of Euros initial payment just to become active. Often they disguise themselves as lawyers or criminal law experts and rip off the victims again. These are the worst of all scammers.
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Italian CONSOB blocks another six scam broker sites
The Italian watchdog CONSOB is currently the only regulator in the EU with the approach to blocking the websites of scams and unauthorized financial service providers. This is intended to protect Italian consumers and retail investors by making illegal financial products inaccessible. A few days ago, CONSOB blocked another six sites, and thus since July 2019 already 312.
Payment Processors
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What happened to AlgoPay, AlgoCharge, and the Seroph Group?
FinTelegram research has been uncovered that the Good Option and Royal Broker binary options scams were operated by the Anguilla-registered G.O. Limited between 2014 and 2015. These and other scams have been facilitated by the Cyprus-based Payment Processor AlgoCharge of the Israeli Sarel Tal who acts as the director of AlgoPay Limited registered in Cyprus. Today all companies and websites have disappeared or are about to.
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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.
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Dear Bank of Lithuania – please explain your situation with International Fintech!
According to reports by Lithuanian journalist Vakaris Deksnys, the Bank of Lithuania has terminated the license of the International FinTech UAB of Israelis Eyal Nachum and Tamir Zoltovsky without providing a reason. It already happened in July 2020. No statement was given by the regulator on this matter as it would be necessary and required. That's a strange approach. How can a regulated company simply disappear form an EU regulator's list without further explanation?
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Binary options fraud – Notorious Cartu Brothers charged by U.S. CFTC
It is a court season for the fraudulent binary options industry and its perpatrators. Among the worst scammers were David Cartu and his brothers. After the Canadian regulator OSC had already sued them for binary options fraud, the U.S. Commodity Futures Trading Commission (CFTC) filed a civil enforcement action. The regulator charges six individuals and four companies with operating a fraudulent binary options trading scheme that received over $165 million via their Irish GreyMountain Management Ltd.
Cybercrime Court Cases
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How to vanish from Google Search – Alleged German Scammer changed his names
The German Kai Christian Petersen is accused by the U.S. SEC of being one of the masterminds of a worldwide binary fraud scheme. In September 2019, the SEC filed a complaint against Petersen and his Israeli partners Gil Beserglik and Raz Beserglik. German BaFin and other EU regulators have also issued cease-and-desist orders and warnings against Petersen's companies and brands. An excellent reason to disappear from the online public, isn't it?
Regulatory Updates
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Spanish CNMV warns against BitOptionFX and Tradingon broker scams
The Spanish regulator CNMV issued a warning on 26 October 2020 against a number of unauthorized financial services providers. These include BitOptionFX (www.bitoptionfx.com) and Tradingon (www.tradingon.io) operated by Netbit Services and Solutions OÜ. At BitOptionFX we have identified the GumBallPay operated by Pulaski Publicity Ltd as a facilitating payment processor for credit and debit cards.
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BaFin issues cease-and-desist orders against MorganTrust and 10CryptoMarket scams
The German regulator BaFin has issued two cease-and-desist orders against two well-known scam operators - GreenRiver OÜ, the Estonian operator of the broker scams MorganTrust (www.morgantrust.eu), and the 10CryptoMarket (www.10cryptomarket.com) scam of the Joshua Group. The latter is a Ukrainian operated scam on the notorious PumaTS (Leverate) whitelabel provider against which several other regulators have already issued investor warnings.
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Whistleblower Business – SEC Issues Record $114 Million Whistleblower Award
The fight against scams and cybercrime is unthinkable without the support of whistleblowers. Most regulators and law enforcement agencies have established whistleblower reward programs. The U.S. Securities and Exchange Commission (SEC) today announced an award of over $114 million to a whistleblower whose information and assistance led to the successful enforcement actions.
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European Funds Recovery Initiative (EFRI) is a non-government organization with the mission to support scam and cybercrime victims.
