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Exposed – Hermes Solution Podgorica Provides Payment Services For KayaFX, TraderVC, And Many Other Illegal Broker Schemes!

Last updated on July 1, 2019

Since the launch of the European Funds Recovery Initiative (EFRI), we have received valuable information about the various illegal broker schemes from defrauded investors as well as from insiders and whistleblowers. The FinTelegram research team makes every effort to process the data received and to establish necessary connections and links to expose these PSPs and the schemes. According to our working hypothesis “Follow the money and get the scammers” we place particular emphasis on the PSPs involved. Recent FinTelegram research exposes another fraud facilitating PSP – Hermes Solution DOO Podgorica.

  • Montenegrin Hermes Solutions DOO is one of the largest illegally acting European PSPs for illegal broker schemes.
  • Hermes Solution DOO cooperates closely with the Israeli FOREX trading software provider PandaTS.
  • Since 2015 the PSP handled leading illegal forex broker brands such as BinaryBook, KayaFX, TraderVC, and many others.

The Marshall Islands Connection

FinTelegram already reached out to lawyers and authorities in Montenegro to learn more about the people behind Hermes Solution DOO Podgorica and figure out legal steps against them in the very best interest of cheated investors. Our team already learned that some of the ultimate beneficial owners are hiding behind the FormateX Technology Ltd, a company registered on the Marshall Islands but with connection to Germany.

Apart from the Marshall Islands connection, our FinTelegram research team again found the typical connections with Bulgaria, Israel, and Estonia. KayaFX, for example, used to be operated by the Estonian GammaTech Services OÜ (read FinTelegram report here). Bank wires to the illegal broker platform have been cleared by Hermes Solution.

U.S. Charges Against BinaryBook

According to the bank documents received by FinTelegram, Hermes Solution was also involved in BinaryBook which currently is the largest binary option fraud case indicted in the U.S. Currently, at least five Israeli perpetrators have been charged by U.S. prosecutors with binary options fraud:

The U.S. authorities believe that the binary options sites BinaryBook and BigOption – operated by Israeli YUKOM Communication and its partners – have betrayed investors to the tune of tens of millions of dollars. The BinaryBook site alone is said to have received USD 99 million from investors between the 4th quarter of 2016 and the 2nd quarter of 2017. However, only USD 20 million was paid out to customers during this period, the FBI found in its investigations. The Montenegrin Hermes Solution evidently was one of the PSPs facilitating the BinaryBook fraud in Europe.

Illegal Brands Identified With Hermes Solution

While FinTelegram research continues, we would like to provide defrauded investors with some information regarding the brands associated with Hermes Solution:

  • BinaryBook.com
  • 23traders.com
  • alfamarkets.com
  • alldayoption.com
  • bnb-markets.com
  • capital88.com
  • daltonfinance.com
  • eclipse-finance.com
  • fxginvest.com
  • soarfx.com
  • stellarfinance.com
  • swisscapitalconsulting.com
  • visionbinary.com
  • Tradorax.com
  • highfx.com
  • kayafx.com
  • maestrotrade.com
  • mt-option.com
  • pbncapital.com
  • pioption.com
  • porterfinance.com
  • pwrtrade.com
  • tisfx.com
  • tradextra.com
  • ukoptions.com
  • TraderVC.com

European Customers Lost Hundreds Of Millions

According to European enforcement agencies, European victims of those illegally operating broker schemes lost hundreds of millions of euros. Evidently, Hermes Solution has been one of the PSPs facilitating these fraud schemes. Most of these illegally operating PSPs on the Balkans have been working with the Montenegrino-based Atlas Banka. Allegedly, more the 500 billion euros have been laundered via Atlas Banka and PSPs such as Hermes Solution.

While the FinTelegram research team is still investigating the background of Hermes Solution, it already came to our attention that its directors and/or shareholder FormateX Technology Ltd operates its website from a German IP address which is also connected with another payment-related domain – www.paymentsecurex.com.

Report Hermes Solution Activities

In case you are a victim of one of the illegal broker schemes facilitated by Hermes Solution and/or you have other information to further FinTelegram investigations, we would be more than happy to receive your intel via our whistleblower system. Together we can make a difference!


2 Comments

  1. Helle Stordal Helle Stordal April 30, 2019

    I was scammed by KayaFX
    Wire transfers to Global Bank
    and Luno
    Andy Nicolas did and set up Luno account
    The money I transferred to Luno went to Luxembourg

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