Mark Lagarde | FinTelegram News

Author: Mark Lagarde

October 1, 2020

BaFin issues cease and desist orders against illegal payment processors

On September 29 and 30, 2020, the German Financial Market Authority BaFin issued several Cease and Desist Orders against German companies that provide payment processing services without the appropriate authorization. The BaFin order against the German companies is related to the international broker scams GiroFX, STSRoyal, and Fibonatex against which other regulators have already issued warnings.

September 27, 2020

Investor Warning – FCA warns against MigoTrade

This week, the UK regulator FCA issued an investor warning against the broker scam MigoTrade (www.migotrade.com). According to the website, the broker is operated by Smart iSolution LLC, which is allegedly registered in St. Vincent & the Grenadines. The domain www.migotrade.com was registered in March 2020 and the associated IP address refers to the hosting of the German Hetzner Online GmbH.

September 26, 2020

Austrian FMA and other regulators warn against StarkMarkets broker scam

The Austrian Financial Market Authority FMA has issued an investor warning against the scam broker StarkMarkets (www.starkmarkets.com) which is allegedly operated by Krisimark Ltd and SWISSGEM Ltd in Sofia, Bulgaria. Already in June 2020, the Canadian British Colombia Securities Commission (BSC) issued an investor warning, and in July the New Zealand FMA (here). In May 2020, the Italian CONSOB blocked the website of broker scam MarketsCFD (www.marketscfd.net) of SWISSGEMS Ltd and Media Solutions Ltd.

September 23, 2020

UK FCA and Austrian FMA warn against InterCryptos

The UK regulator FCA has already warned in July 2020 against the Crypto CFD broker scam InterCryptos (www.intercryptos.net) and its operator Intercryptos Ltd. On September 23rd, 2020 the Austrian Financial Market Authority FMA also issued a warning. Allegedly InterCryptos Ltd is located in London. However, we could not find the company. The domain was only registered in April 2020 via Seychelles.

September 22, 2020

Another warning against PumaTS white-label scam BlueSave

After the UK FCA had already warned against the PumaTS white-label broker Scam BlueSave in July 2020, the Spanish regulator CNMV also issued an investor warning. The scam is operated under the domain www.bluesave.io via the Buen Solutions Ltd, a company registered in St. Vincent and the Grenadines. The scam is still active as we have checked but the payment processors have changed.

September 22, 2020

Spanish Watchdog CNMV warns against GlobalspotFX and Trade Com

The Spanish regulator CNMV has issued an investor warning against the scam broker GlobalspotFX (www.globalspotfx.com). The scam is allegedly operated by Trade Com Limited for an office in London. As a payment provider we have found the Russian PayeCards (www.payecards.com). Already in July 2020, the Italian regulator CONSOB had issued a warning against the scam.

September 18, 2020

BridgerPay – Another Israeli high-risk payment processor ind Cyprus

We have identified BridgerPay as a payment provider of some broker scams in the last few weeks and subsequently put it on the Payment Processor Blacklist. We are of the opinion that without the intentional or negligent involvement of payment processors most of the scams would not be possible in the first place. FinTelegram wants to warn consumers, investors, and the payment industry about these bad payment processors via the blacklist. BridgerPay is no longer on it.

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September 14, 2020

TrustPilot – Facilitating scammers by deleting critical reviews and scam warnings

TrustPilot is increasingly proving to be a dangerous source of fake realities. At least when it comes to protecting consumers and retail investors against scams...

September 10, 2020

UK Watchdog FCA warns against Capital Way Group scam

The UK regulator FCA issued an investor warning on 9 September 2020 against the scam broker Capital Way (aka Capital Way Group) operating with the domains www.capitalway.com and www.capitalway-group.com. According to the information on the website, the broker is operated by Eastridge Capital Ltd in the Marshall Islands and Usein Power Ltd allegedly registered in Bulgaria. Praxis Cashier from Amit Klatchko is the payment processor.

September 10, 2020

FCA warns against scam broker TradingTeck

The UK FCA issued a warning against the scam broker TradingTeck (www.tradingteck.com) on 9 September 2020. The broker is a brand of SecVision Limited, allegedly registered in St. Vincent and the Grenadines. Victims can lose their money via credit and debit card payments as well as payments via Klarna. Stay far away for TradingTeck.

September 7, 2020

UK FCA warns against broker scam ApcoFX operating with Estonian crypto entities

The UK FCA has issued an investor warning against the scam broker ApcoFX (www.apcofx.com), allegedly based in Germany and London. The scam is being developed in cooperation with the Estonian crypto payment processors CryptoFactory OÜ and their crypto exchange Bitxtech (www.bitx-pay.com) and Zichain OÜ and their Rashbe (www.rashbe.com) Crypto Payment Platform. Both companies have one of the worthless Estonian FIU licenses.

August 31, 2020

Instagram hashtag broker tsunami – Red-listed EagleFX and its influencers

The world has changed massively for investors in recent years with social media. As in politics, decisions about investments are increasingly being influenced by Instagram, Facebook, YouTube or WhatsApp, and Telegram. The old-fashioned bank or investment advisor has been replaced by apps and by the new guild of influencers which often work as affiliates of financial services providers such as EagleFX. Influencers are a new profession and social role model. Hashtags are the most important sales instrument for financial providers and their influencers.

Paxum Bank: The Offshore Bank for the Porn Industry!

Paxum Bank, an offshore financial institution based in Dominica, has found itself at the center of controversy due to its connections with high-risk industries and recent revelations about its relationship with the embattled Tate brothers. Specializing in serving the adult entertainment sector, the bank has become a key player in providing financial services to businesses often shunned by traditional banks. However, this niche focus has also drawn scrutiny from regulators and investigators.

Tate Brothers Case: The Misogynist Influencers Used Offshore Accounts to Launder Proceeds from Sexual Exploitation!

New evidence suggests that the influencer Andrew Tate and his brother Tristan Tate used offshore accounts, including Paxum Bank, to conceal profits from their controversial webcam business. The Tates are facing serious charges, including human trafficking and money laundering. This case highlights the need for robust AML/KYC practices, particularly for payment processors in high-risk sectors like adult entertainment.

UK FCA Charges First Individual for Operating Illegal Crypto ATM Network for Money Laundering!

The UK Financial Conduct Authority (FCA) has charged London-based Olumide Osunkoya with running an illegal crypto ATM network, marking the first case of its kind in the UK. As crypto ATMs are increasingly used for money laundering, the FCA's crackdown on unregistered operators underscores the need for strict regulatory compliance. The ATM scheme allegedly processed £2.6 million in crypto transactions.

Public-Listed Crypto Exchange Coinbase Has to Face Shareholder Lawsuit Over SEC Risks!

U.S. crypto exchange Coinbase must face a shareholder lawsuit accusing it of downplaying regulatory risks, specifically the chances of being sued by the SEC. While a U.S. judge dismissed parts of the case, the key allegation of misrepresenting regulatory risks will proceed. This case underscores the importance of transparency in the crypto sector, where regulatory uncertainties continue to loom large, particularly in the U.S.

U.S. Regulator SEC Charges Seven Public Companies for Violating Whistleblower Protection Rules!

The U.S. Securities and Exchange Commission (SEC) charged seven public U.S. companies with using agreements that restricted employees from reporting securities law violations, resulting in over $3 million in penalties. The SEC takes strict action against organizations and individuals who seek to contractually restrict whistleblowers' rights. The regulator needs insiders to disclose financial wrongdoing and compliance violations.