CNMV | FinTelegram News

Category: CNMV

April 8, 2021

Consob orders blackout of six more scam broker sites

Actually, all EU states and their regulators should do this! The EU rules on consumer protection stipulate that the respective competent authorities must take the necessary measures to protect their citizens from Internet fraud. One of these measures is the blocking of fraudulent websites. Currently, only the Italian regulator Consob does this, based on a "Growth Decree" law from June 2019 empowering the regulator to block access to websites offering financial services without the proper authorization. On the first day after Easter, Consob blocked another six broker scams.

CNMV

April 8, 2021

Investor Warning – CityFX Capital broker scam with illegal US payment processor

The Spanish regulator CNMV has recently issued a warning against CityFX Capital (www.cityfxcapital.com). The scam is allegedly operated by Turtle Capital Ltd, which is registered in the Marshall Islands. As an illegal payment processor, we have discovered ER Expert Solutions LLC in the United States, which processes potential victims' deposits through its account at JP Morgan Chase Bank. The involvement of a US payment processor is astonishing.

March 26, 2021

CNMV warns against Investflow broker scam with Lithuanian payment processors

CNMV issued an investor warning against the broker scam InvestFlow a/k/a Invest Flow (www.invest-flow.io and www.investflow.trade). The scam is allegedly operated by Seabreeze Partners Ltd, which is registered in the Commonwealth of Dominica. Besides, the CNMV has also issued warnings against the broker scams Capital Pro Investments and EverestBTC. However, these are currently no longer active. At Investflow, we have discovered Piastrix and the Lithuanian duo of Epayblock and Ristema as payment processors.

March 25, 2021

Investor warning – Broker scams Tradixa and Brokerz facilitated by Praxis Cashier and 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 Praxis Cashier and Epay as its payment processors.

March 16, 2021

R4I – CySEC-regulated FXGlobe Group and its offshore activities

FXGlobe Ltd is a Cyprus Investment Firm (CIF) regulated by CySEC under license number 205/13. This CIF operates as a forex broker with the approved domain www.fxglobe.com. However, this CySEC license is apparently only a marketing platform for the unregulated activities of the FXGlobe Group through their various offshore companies. In recent weeks, both the Spanish CNMV and the Italian Consob have issued investor warnings and ordered blackouts of websites belonging to the FXGlobe Group. According to CySEC regulations, these offshore activities should not even be possible. But hey, this is Cyprus; this is CySEC.

March 16, 2021

Latvian Racket – CNMV investor warning against XFinances

We issued an investor warning against the XFinances a/k/a eXFinances broker scam a few days ago. Now the Spanish regulator CNMV has also issued a warning against the scam. This scam is operated by Finex Group Ltd, registered in the United Kingdom. According to our findings, this scam is part of the Latvian Racket, a European cybercrime organization with a diverse portfolio of scam activities, including the licensed payment services provider Isunext in Estonia.

March 9, 2021

Scam Analysis – The connections between CySEC-regulated FXGlobe and the latest CNMV warnings

In early March 2021, the Spanish watchdog CNMV issued an investor warning against the scam broker Streams a/k/a GoStreams (www.gostreams.io), currently operated by Streams Global Markets LLC, registered in St. Vincent and the Grenadines. Scammers change these scam operating offshore companies more often than their underwear. Only the boiler rooms remain the same, also in this case. Until recently, the Streams scam was operated by FS International Ltd, Vanuatu, which is also behind FXGlobe a/k/a FXGlobe Int. or BMMC Investment. They all seem to be part of the FXGlobe Group associated with the CySEC-regulated FXGlobe Limited.

March 8, 2021

Regulatory Analysis – Spanish CNMV warns against 11 investment scams

The Spanish regulator CNMV today issued investor warnings against 11 investment scams. We took a closer look at the affected scams and their websites. The websites currently still online are all scam brokers specializing in Forex and Crypto. As payment processors, we discovered BridgerPay as a gateway provider at one scam broker. Besides that, we have discovered Spanish GoodPay, PayPan, Garden for Grow, or Trading Academy. However, most of the scams rely exclusively on crypto.

March 6, 2021

The Insta Trading scam facilitated by BridgerPay and Zichain

Spanish CNMV has issued an investor warning against the Insta Trading scam allegedly operated by the Bulgarian Alcatel Group Ltd and/or Protiviti Group Ltd and/or Protiviti International EOOD are also involved as operators. These are fake companies. As payment processors, we have once again identified BridgerPay Cashier and, behind it, the crypto exchange Zichain OÜ and its Rashbe crypto service.

March 2, 2021

Investor Warning – Universal Markets broker scam facilitated by Praxis Cashier

When analyzing the scams against which the UK Financial Conduct Authority (FCA) issued an investor warning yesterday, two suspects stand out once again - Praxis Cashier as a payment gateway and St. Vincent and the Grenadines as the given address of the scam operating entities. This is also the case with Universal Markets (www.umarkets.io, www.umarketspro.com, or www.umarketspro.net). The scam is allegedly operated by Universal Services LLC and/or UM Media LLC.

March 2, 2021

Another warning against Max Capital scam FinMax and its mutations

Regulators have warned against the FinMax scams already. In Jan 2019, the German BaFin warned against the mutation FinMaxBO and issued a Cease-and-Desist Order today. In Oc 2020, the Spanish CNMV warned against the mutation FinmaxFX. The scams are operated by Max Capital Limited, Vanuatu, and Gatelinas UAB, Lithuania. Although Max Capital is licensed by the VFSC, it's not authorized to scam anybody. As scam-facilitation payment processors, we have uncovered Webmoney, Jeton, VLoad, advcash, and Aveia.

February 23, 2021

Investor warning against WAM Capital broker scam with BridgerPay and VivaWallet

CNVM issued an investor warning against the broker scam WAM Capital (www.wam-capital.co) allegedly operated by WAM-Capital Limited in New South Wales, Australia, and Gabioni Ltd. According to the website, the scam would be regulated by the Australian ASIC as a CFD provider. In fact, WAM Capital is acting as a fake of the public-listed Australian asset management firm Wilson Asset Management (WAM). The payment processor we discovered is Ran Cohen's BridgerPay and VivaWallet.