ASIC | FinTelegram News

Category: ASIC

May 14, 2021

Investor Alert – Operators of broker scam Tradesto on the run!

Tradesto was around for many years. This week, the UK FCA issued an investor warning against Tradesto (www.tradesto.com), allegedly operated by Tradesto Corporation, in St. Vincent and the Grenadines, and Tradesto UK Limited. The Malaysian Law Yi Soon was registered as the beneficial owner. The broker claims to be regulated by the VFSC in Vanuatu and ASIC in Australia. It isn't. Tradesto Corporation was de-registered from the VFSC's register in November 2020; Tradesto UK Ltd was dissolved via a compulsory strike-off at Companies House on March 30, 2021.

March 25, 2021

Investor Alert – Offshore CFD brokers Eightcap and Blueberry Markets onboard Europeans

May a broker licensed by the offshore regulator VFSC operate in Europe and onboard clients in Germany, France, Spain, or Italy? Of course not. Apart from the fact that the VFSC is nowhere near European regulators' standard, its licenses do not allow a financial firm to operate in Europe. Eightcap Global Ltd has a VFSC license and operates two broker brands with it, Eightcap (www.eightcap.com) and Blueberry Markets (www.blueberrymarkets.com). Eightcap works with BridgerPay as a payment processor.

March 25, 2021

Investor warning – Broker scams Tradixa and Brokerz facilitated by PandaTS

The broker scam Tradixa currently operates with the domain www.tradixa.net. The legal entitiwa behind the scam allegedly used to be Tradixa Ltd, St. Vincent & the Grenadines, and All Media EOOD, Bulgaria. In December 2020, the Italian Consob ordered the scam's website's blackout; several other European regulators have issued investor warnings. The scam is still active and facilitated by Epay as its payment processor.

December 16, 2020

The Australian Battlefield – ASIC filed a lawsuit against iSignthis for its binary options legacy

ASIC has filed a lawsuit against taken fintech iSignthis (ISX) and its Managing Director, John Karantzis, to court. The regulator filed a lawsuit last week alleging iSignthis and Karantzis had breached its disclosure obligations and misled shareholders regarding some high-paying contracts signed during the first half of 2018. Behind the ASIC proceedings are 2018 contracts and revenues related to some 336.7 million performance shares for the ISX management. ISX used to be part of the Israeli Network of Binary Options Supervillains of Yossi Herzog.

US Treasury Forgives Ukraine Looters!

On 26 September 2024, the United States Treasury’s Financial Crimes Enforcement Network ‘FinCEN’ made the astonishing decision to drop sanctions against ABLV Bank of Latvia. ABLV was sanctioned in 2018 for a list of reasons, including helping Ukrainian President Viktor Yanukovich’s bagman, Serhiy Kurchenko, steal billions of dollars from Ukraine.

Gurbir Grewal’s Departure from the SEC: His New Position and Potential Impact on Crypto Regulation!

Gurbir S. Grewal, the former Director of the Division of Enforcement at the U.S. Securities and Exchange Commission (SEC), has left his position to join Milbank LLP, one of the most innovative and prestigious law firms globally. This transition from his high-profile regulatory role to private practice is likely to have lasting implications, particularly on the SEC’s enforcement strategy in the crypto sector.

Warning Against The Imminent Danger of Pig Butchering For The Dawning Cyber Society!

Pig butchering scams are a devastating form of cybercrime that blend romance and investment fraud, leaving victims emotionally and financially shattered. These sophisticated operations, run by organized crime syndicates, often exploit human trafficking victims as unwilling scammers. The perpetrators meticulously cultivate trust over months, luring targets into fraudulent cryptocurrency investments through fake platforms.

MLM Schemes

Latest Arrests in $4 Billion Forex AI Fraud Scheme OmegaPro and the Austrian Connection!

FinTelegram has reported on the fraudulent crypto MLM schemes OMNIA Tech and OmegaPro several times in the past. This week, various media outlets have reported the arrest of Robert Velghe in Turkey, who has played a crucial role in both scams. The OmegaPro MLM scam is believed to have stolen around $4 billion from victims worldwide. Here is our update with a request for additional information from whistleblowers.

Crypto MLM Scam: David Carmona Sentenced to 121 Months for IcomTech Crypto Ponzi Scheme!

iComTech was one of the numerous fraudulent MLM schemes that used cryptocurrencies as a means of fraud in parallel with the crypto hype of 2017/18. David Carmora started IcomTech in approximately 2018 with other co-conspirators as a purported cryptocurrency mining and trading company. The scheme promised to earn its victims high profits and guaranteed daily returns that would double their money within six months.