Whistleblower Credits: We would like to thank our whistleblowers for their reports and insights, which help us expose scammers and their payment processors. Together we can make a difference in cyberspace. Together we are a power.
We issued an investor warning against the XFinances a/k/a eXFinances broker scam a few days ago. Now the Spanish regulator CNMV has also issued a warning against the scam. This scam is operated by Finex Group Ltd, registered in the United Kingdom. According to our findings, this scam is part of the Latvian Racket, a European cybercrime organization with a diverse portfolio of scam activities, including the licensed payment services provider Isunext in Estonia.
Two more entities
Our research on the Latvian Racket has only recently begun. In this respect, we will present continuous updates in the coming days and weeks. Thanks to our whistleblowers, we were also able to assign another company registered in the United Kingdom to the Racket – Gertexo Ltd (www.gertexo.com). This company, focused on SEO services, was established in March 2020 and is controlled by Nikita Krasovskis, born in April 1999, as the beneficial owner. He is also the only director. His relative, Pavels Krasovskis, is the beneficial owner of the licensed Estonian crypto payment processor XFinances OÜ d/b/a Isunext.
Disclaimer: We do not claim that companies and individuals on this network are engaged in cybercriminal activities. However, we can state on the basis of the facts the relationship of all the companies and individuals mentioned to Latvian Racket, which we have identified beyond all reasonable doubt as a cybercrime organization.
The CNMV warning against the XFinances scam only confirms our suspicions that the Latvian racket operates across Europe with a wide variety of scams. The Italian regulator Consob has just recently ordered the blackout of the Zurich Invests scam websites. Please read this report here.
If you have any information about Latvian Rackets, their individuals, companies, and scams we would be grateful if you could share it with us.