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EFRI Funds Recovery Campaign For KayaFX Broker Scam Launched

Together with the European Fund Recovery Initiative (EFRI) Fintelegram launched the campaign to recover investor funds from the KayaFX broker scam scheme. As part of this EFRI campaign, the FinTelegram research team will focus on the KayaFX environment and publish respective reports. Moreover, the EFRI funds recovery team will take the Power of Attorney (POA) from the scheme’s victims to recover funds on their behalf.

Officially Recognized Scam

KayaFX is an illegal brokerage scheme that has been warned several times by various financial market supervisory authorities, e.g. by the UK FCA or the German BaFin. In connection with KayaFX, the FinTelegram research team has already been able to identify several legal entities, individuals and payment services providers (PSP).

Involved Companies and PSPs

Legal entities involved:

Payment service providers involved:

It should be noted at this point that Moorwand Ltd appears to have sold and/or transferred its UPayCard trading style to the Cyprus-registered PAP Onpoint Services Ltd. According to Moorwand’s FCA profile page, this transaction took effect on 16 April 2019 and appears to be a response to the previous FinTelegram reports and EFRI campaigns. FinTelegram will bring a separate report on this.

With the KayaFX campaign, FinTelegram and EFRI want to get further information from victims of the scheme as well as from whistleblowers and subsequentelly use this for the recovery of investor money.

File Your Claim With EFRI

You can now submit your KayaFX claims to the EFRI campaign. Please be advised that EFRI charges an administrative fee of €75 when accepting Power of Attorney (POA).

One Comment

  1. David David April 30, 2019

    KayaFX is a brand, represented by ABC Global, in Sofia, Bulgaria.

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