Last updated on July 1, 2019
In recent weeks, we have investigated the scam brokers associated with the unauthorized payment service provider (PSP) Hermes Solution Podgorica DOO. Almost every day new broker trading styles appear on our respective radar. Whistleblowers and victims of those schemes provide FinTelegram and its European Fund Recovery Initiative (EFRI) with respective documents and bank statements.
Hermes Solution Podgorica DOO, registered in Montenegro, is part of the group of companies around the two Israelis Eyal Nachum and Tamir Zoltovski (read our report). The two guys also operate Moneta International UAB, a financial services provider registered in Lithuania. Together with their Israeli frontman Oded Jeremitsky, they also operated Payobin as a payment transaction platform for binary brokers and broker scams. The Hermes Solution is an investment of Nachum and Zoltovski which they hold through SeeddPay Ltd, registered on the Marshall Islands, with Oded Jeremitsky acting as its Director.
According to the information and banking documents available to us, Hermes Solution provided payment services for more than a dozen illegal and fraudulent broker schemes and thus facilitated fraud and money laundering. Hermes Solution was also involved in the schemes targeted by our European Fund Recovery Initiative (EFRI) for funds recovery.
Just to name of few of them. Already in June 2015, the Austrian Financial Market Authority (FMA) issued a public warning against UKoptions, CySEC included this scheme in its blacklist in 2016. The CiTrades scheme has received numerous public warnings from watchdogs since 2016 in different jurisdictions but Hermes Solution served them. The same is true for PorterFinance and many others.
The UK Financial Conduct Authority (FCA), among others, has issued an investor warning against
- NovaTrades Ltd, registered on the Marshall Islands, and its illegal broker platforms www.novatrades.com and www.infofx24.com,
KontoFXand the operator NTMT Transformatic Markets OÜ, and
- KayaFX and the operator GammaTech Services OÜ.
Since 2016, many of these companies have been publicly warned by various financial market supervisory authorities.
In this respect, it is all the more astonishing that the shareholders and managers of a licensed financial services provider – such as Moneta Internation UAB – are involved through their offshore companies such as SeeddPay and Hermes Solution in Montenegro in the fraud of investors through illegal brokers. We wouldn’t call those people fit and proper in the meaning of the EU financial framework.
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In case you are aware of illegal payment services providers and/or broker scams we would be more than happy to receive your information. Please use our whistleblower system.