BaFin issues another Cease and Desist Order to illegal payment processor TrustSecure

German BaFin issues cease and desist order to illegal payment processor TrustSecure
Spread financial intelligence

The unauthorized and thus illegally operating German payment processor TrustSecure GmbH has been operating since 2017. Initially, the company was founded at the end of 2017 as SCRI-Alpha 961 GmbH as an asset management company (see company register). Already in January 2018, the company was renamed to Trustsecure GmbH and Serghei Grodetchi with official residence in Düsseldorf was appointed as managing director. The BaFin issued another cease-and-desist order to TrustSecure in the context of the broker scams FDM Trade Online and TradesPrime. The latter is part of the notorious ZOO Broker Scam Network (read here).

Since its incorporation, TrustSecure has been supporting scams and cybercrime ventures as an illegal payment processor. Financial market regulators in various regulatory regimes have issued public investor warnings against TrustSecure clients. For example, against the broker Scam Coperstone where both the UK FCA and Canadian regulators issued warnings.

TrustSecure was also involved as a payment processor in the huge Blue Trading forex and crypto broker scam. Tens of thousands of retail investors were cheated out of tens of millions of Euros. To this day, law enforcement agents in various countries are looking for the people behind the scam. The notorious German payment processors B2G of Rainer Treuer and Oleg Shvartsman were involved as payment processors, as were TrustSecure, StronIT, and SecurityPort. These Payment Processors know the people behind the Blue Trading scam and are complicit in the fraud as facilitators and co-conspirators.

Law Enforcement – Call to action

It’s about time for the German law enforcement agencies to take action against TrustSecure, B2G, and the other illegal payment processors. The operators of these payment processors are held responsible and must disclose the names of their scam clients. Germany cannot continue to be a paradise for money laundering and cybercrime.

Leave a Reply

Your email address will not be published. Required fields are marked *