FinTelegram | FinTelegram News

Category: FinTelegram

November 30, 2020

OneCoin Update – German prosecutors bring charges of money laundering

German prosecutors have not yet brought charges against the crypto-fraud scheme OneCoin and its principals, but are now taking action against the German payment processors involved. This is a somewhat strange approach and legally contestable. The public prosecutor's office in Bielefeld has brought charges against three people for money laundering for the OneCoin scam. which is not yet legally binding. German payment processors processed more than €360 million for the OneCoin Ponzi scheme.

October 18, 2020

FinTelegram under DDOS attacks

FinTelegram has been under massive #DDoS attacks again for a few days. It is already the fourth #DDoS Tsunami this year by launched by scammers to silence FinTelegram. We are working on our defense line.While we are in #DDoS defense mode our websites may be temporarily unavailable but we will continue to publish our investigative findings and reports on our social media channels.

October 13, 2020

BaFin – Final Cease-and-Desist order against illegal payment processor Global Data Conduct

Germany is known in the international scam and cybercrime scene for its illegal payment processors. Scammers are fond of their exceptional bank wire services. The BaFin today announced that the Cease-and-Desist order issued in July 2020 against Global Data Conduct GmbH is final and conclusive. This illegal payment processor facilitated the broker scam TradesFX (www.tradesfx.com).

October 3, 2020

Request 4 Information – MLM Scheme Crowd1, Billionaires Club, and its regulatory issues

In recent months, the MLM scheme Crowd1 has apparently become the focus of the attention of various financial market supervisory authorities. Especially the regulators in Africa, Asia, and the Pacific region have issued warnings against the alleged Ponzi scheme, which is active in the gaming and financial services. The Scheme is allegedly operated by entities in Sweden, Spain, and Dubai. There is currently no reliable information about the beneficial owners.

October 2, 2020

UK Watchdog warns against CFD broker scam Tradebase24

The UK Regulator FCA issued a warning against CFD broker scam Tradebase24 on October 1, 2020. The scam is allegedly operated by Tradebase Limited, Tradebase (Europe) Limited, and/or Tradbase Group Limited under the domain www.tradwbase24.com. Currently, as a potential victim of the scam, you can only lose your money through Bitcoins (BTC). On Trustpilot, the scam still has an average 2.9-star rating. Never trust TrustPilot, right?

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

Offshore Challenge – CFTC complaint was served on Wilfred Services.

It is often a challenge for law and regulatory enforcement agencies to identify the scammers and serve the complaint on them. Scammers, like other cybercriminals, like to hide behind offshore companies and trustees. Specialized companies like Wilfred Services Ltd on St. Vincent & the Grenadines facilitate scammers with their services. Most recently, CFTC served Wilfred Services with the PaxForex compliant in its capacity as the operator's Company Secretary.

September 27, 2020

CFTC complaint against broker PaxForex asking for full restitution and disgorgement

On Sept 24, 2020, the U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against PaxForex (www.paxforex.com), an offshore CFD broker operated by Laino Group Limited which is a company registered on St. Vincent and the Grenadines. The Commission alleges that PaxForex is offering services without having the legally required FCM registration. PaxForex is accepting cryptocurrencies as a means of settlement.

September 27, 2020

Investor Warning – FCA warns against MigoTrade facilitated by Praxis Pay

UK FCA issued an investor warning against the broker scam MigoTrade (www.migotrade.com) this week. According to the website, the broker is operated by Smart iSolution LLC, which is allegedly registered in St. Vincent & the Grenadines. The scam is once again facilitated by the Cypriot Praxis Cashier of Amit Klatchko which our Team identified in some other warned of scams this week.

September 26, 2020

BaFin issues cease and desist order against TheCapitalStocks and RoyaltyFinance

The German regulator BaFin has warned against the broker scams TheCapitalStocks (www.thecapitalstocks.com) and RoyaltyFinance (www.royaltyfinance.io) which are allegedly operated by Kleinman Enterprise Ltd in St. Vincent & the Grenadines. Already in August 2020, the Italian CONSOB warned against these scams. Both are white label solutions of the Bulgarian Global CRM Solution Platform.

September 22, 2020

GRENKE Case – Smoking gun probed by German BaFin

The German regulator BaFin has announced that it will examine the allegations made by short-seller Fraser Perring about a report of his Delaware registered Viceroy. The German watchdog would have learned from Wirecard, says Raimund Roesler, who is responsible for banking supervision at BaFin. They would now probe the allegations raised by the report.

September 21, 2020

Grenke Case – Founder voluntarily suspends his supervisory board mandate

The Viceroy Report of the short-seller Fraser Perring, 46, about the listed German GRENKE AG has first personnel consequences. Company founder Wolfgang Grenke, 69, resigns from the company's supervisory board with immediate effect until the accusations have been cleared up. The company, founded in 1978, also announced a special audit by an independent auditing firm. After Wirecard, GRENKE is the second German target of the short seller from London. And it is again a powerfully executed but better-prepared attack.