Author: Charlene Lensburg

TrustPilot and the Capital Way scamI
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September 11, 2020

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.
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FMA warns against RaxTrade broker scamA
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September 10, 2020

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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Ga Barak asked Peter Lewisch to help him grant a POA to his wife Marina BarakV
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September 8, 2020

Vienna Cybercrime Trials – The attempt to move assets out of sights from prison

Gal Barak was extradited to Austria and was awaiting his trial. He was charged with investment fraud and money laundering. Hence, one concludes that his defense counsel is particularly sensitive to the issue of money laundering and potential asset misappropriation. Wrong thought. We are talking about the Israeli citizen Gal Barak and his also charged wife, the Bulgarian citizen Marina Barak.
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Gal Barak convicted and sentenced with Peter LewischB
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September 1, 2020

Breaking News – Israeli scammer Gal Barak sentenced to 4-year-prison-term

The Vienna Cybercrime Trials are over for now. The honorable court today found the Israeli Gal Barak guilty of investment fraud and money laundering. He was sentenced to a 4-year-prison term. He was accused of being a principal of the international cybercrime organization E&G Bulgaria, through which he ran binary options and broker scams with his wife Marina Barak and a team of mostly Israeli co-conspirators. It is an extraordinarily important judgment in terms of general prevention and a strong signal to the scammer scene.
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CNMV takes actions against CySEC regulated brokersE
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August 27, 2020

EU License Passporting – Spanish CNMV allegedly plans actions to stop malicious practices

According to a report by Gerald Segal of FX News Group (FNG), the Spanish regulator CNMV is planning tough measures against regulated brokers to protect Spanish customers. Specifically, these are mainly CySEC regulated brokers who operate in Spain through the EU Passporting License. The CNMV measures are designed to prohibit the common illegal practices of many regulated brokers and their respective boiler rooms.
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Offshore regulator IFSC BelizeI
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August 24, 2020

Investor Alert – Never trust offshore-licensed or privately regulated brokers

Many online trading and broker scams claim that they have a license and want to pretend to the future victims that they are not serious. On the website and in the penetratingly aggressive calls of the Boiler Room agents the alleged licensing is emphasized again and again. The advice to investors, consumers and traders - do not trust companies with offshore licenses. Even with some EU licenses issued by weak, negligent, or relaxed supervisors, you have to be very careful.
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QubePay and Fido of Jacob Parker-BowlesR
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August 23, 2020

Request 4 Information – PayTechs QubePay and Fido Merchant Services

The QubePay group of companies is controlled by UK-registered Compose Finance Ltd (Companies House) which is controlled by the financial crime and security export Jacob Felix Parker-Bowles. He too is a director and person of significant control of UK-registered Fido Finance Limited d/b/a Fido Merchant Services. QubePay has been identified as a payment processor in several broker scams such as RoyalStox. We would like to learn more.
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FCA warns against Fortrade clone FXTradePremiumU
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August 21, 2020

UK watchdog FCA warns against Fortrade clone FXTradePremium

The FCA issued an investor warning against the scam broker FXTradePremium on 20 August 2020. According to the information on the website, the scam is operated in Minsk via the Fort Securities LLC registered in Belarus with registration number 193075810. This is actually one of the companies of the CySEC regulated investment company ForTrade Cyprus Ltd (CIF No 385/20).
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Bafin warns against illegal payment processes Global Data Conduct GmbHB
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August 21, 2020

BaFin issues cease and desist order against payment processor Global Data Conduct

The German regulator has issued a Cease and Desist Order against the illegal payment processor Global Data Conduct GmbH, a company registered in Cologne, Germany. This German company at least acted as facilitator for the broker Scam TradesFX, received bank transfers from client victims and forwarded them to the scammers. The sole managing director of the company is Anatolijs Dedenko, who lives in Düsseldorf.
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Open EFRI Letter to FATF cybercrime in GermanyF
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August 2, 2020

Fight Cybercrime – Open EFRI Letter to FATF on the German problem

Currently, the Wirecard tsunami sweeps over Germany and destroys the reputation of the capital market and its institutions. The responsible authorities, auditors, and politicans are sort of playing the "Trip to Jerusalem" or "Musical chair" and deny any guilt in causing this drama. The frightening truth is that Germany has a systemic problem with cybercrime and money laundering. The consequence of this truth is that Germany must review the state of its authorities and its approach to cybercrime. And FATF should have a very close watch!
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Gal Barak and the Vienna Cybercrime TrialV
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August 2, 2020

Vienna Cybercrime Trials – The Political Implications of this landmark Court Case for the EU

The Vienna Cybercrime Trials against Gal Barak, the alleged Israeli principal of the cybercrime organization around E&G Bulgaria have a political dimension in several respects. Let us start with the light political dimension on Facebook. There we could not promote the last post about the Vienna Cybercrime Trials, because the article mentioned Barak's many political contacts. Therefore, Facebook classified the article as political election advertising and rejected the application. That's the more funny side of this case.
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Felix Hufeld BaFin PresidentG
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July 30, 2020

Gooood Morning BaFin – it’s time to start protecting, supervising, and cybercrime fighting!

It's stunning. Before the eyes of the world public, the scandal of the DAX listed Wirecard unfolded over years while the BaFin did nothing but file complaints against investigative journalists and traders. BaFin has the legal mandate to protect the capital market and investors. Despite numerous warnings and circumstantial evidence, it has not fulfilled this mandate. BaFin must be accused of gross negligence and embezzlement.
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