According to Eurojust, the European Union Agency for Criminal Justice Cooperation, an international law enforcement action took action against an crypto scam promising returns of…
Posts published in “Illegal Broker Activities”
We were informed that the perpetrators behind the Blue Trading Scam may be working with a new scheme. This is believed to be the Online-AI-Trading Broker WorldMarkets. Many victims of Blue Trading in our EFRI channel and in TrustPilot are convinced that these are the perpetrators' new clothes. Hence, we have taken a closer look and are warning investors against this scheme. Regardless of whether or not these are the same people who were behind the Blue Trading Scam. WorldMarkets is a dangerous scam in our view.
In the US, the Yukom scheme is being prosecuted in court both by US prosecutors and by the regulator U.S Commodity and Futures Exchange Commission (CFTC). The former CEO of the Israeli binary options scheme Yukom, the Israeli Lee Elbaz, was sentenced in December 2019 for binary options fraud to 22 years in prison and a $28 million restitution payment. The two beneficial owners of the scheme, Yossi Herzog and Kobi Cohen, were also indicted by U.S. attorneys but remain at large. Their current whereabouts are unknown to FinTelegram. Currently, the role of the alleged Israeli co-conspirator Shalom Peretz and the scheme's Bulgarian activities are being questioned by the authorities.
In May 2019 FinTelegram reported for the first time about the TradeSolid binary options scam of the Israelis Chen Malka and Nadav Gover. At that time we presented the background of these large scams in detail and based on carefully reviewed documents. We also reported on the involvement of the payment service provider Payotech Ltd. by Eyal Nachum and Tamir Zoltovski. FinTelegram was accused of slander by both of them. Nachum and Zoltovski and none of their companies would ever have supported a scam. A strange reality given the facts. Here's an update on this still not yet finally closed crime case.
Veltyco was responsible for the marketing of the scams and broker frauds and was used for money-laundering. Besides Uwe Lenhoff, his Albanian partner Betim Tasholli is also said to have been arrested as has been Lenhoff's Israeli partner Gal Barak. More than a dozen potential accomplices are currently being investigated by several public prosecutors' offices. Veltyco and Lenhoff have laundered dozens of millions of Euros via German Wirecard and Dutch Payvision, among others. This is the current status of the investigations.
The UK regulator FCA has issued an investor warning against the broker scam Ibex Prime (www.ibexprime.com) that offers CFD and Crypto trading. Ibex Prime is…
This week, the Austrian Financial Market Authority FMA issued an investor warning against the so-called FX Crypto Club (www.fxcryptoclub.cc). The illegal Forex Crypto Broker is operated through CapCorp Ltd, which is allegedly registered on Marshall Island. On its website, the company claims to be an IT software and services company.
In September 2019, the U.S. Securities and Exchange Commission sued ICOBox and its founder Nikolay Evdokimov for conducting an illegal $14 million Initial Coin Offering…
There have been forex and trading scams even before binary options. Later, the operators of these scams massively entered the binary options. Binary options were seen as gamification of Forex and Trading in the first years from 2009 and were only gradually registered as a financial instrument by the financial market authorities from 2012 onwards. The 4XP Forex scheme, which also operated with other brands such as Forex Place, Forex TG or FXTG or SkyFX, was one of those Israeli pre-binary options scams. Currenty, even these old pre-binary options schemes are invstigated by the courts in several jurisdictions.