On 23 June 2020 FinTelegram News issued a Request for Information (RFI) concerning the white label broker platform Puma Trading Solutions aka PumaTS operating in Bulgaria. We wanted to know more about this platform and the company and the people behind it. Officially the PumaTS White Label Broker solution is operated by the Bulgarian Marketing and Consulting Ltd. At least this company concludes the license, marketing, and platform services agreements with its clients. In response to our RFI, the PumaTS website that was available at www.pumats.com has disappeared. It’s Under Construction and a countdown that shows 17 days left today (16 July 2020). What comes then is not yet explained.
Sorry, no such legal entity
Indeed, the Bulgarian company Marketing and Consulting Ltd does not appear to exist in Sofia under registration number 205293121. Nevertheless, we have dozens of contracts with clients concluded with this company. For example with the company KATO HOLDINGS LTD, registered in St. Vincent and the Grenadines with the beneficial owner Mustafa Zeton, a Swedish citizen.
Mustafa Zeton and his partner, the Swede Rami Hildan, through KATO HOLDINGS and WOLAR HOLDINGS, both registered in St. Vincent and the Grenadines, have operated the Broker Scams CrypTechs and Phoenexus. These were just two of dozens of other scams that used PumaTS as a white label solution and for hosting services. FinTelegram News has received comprehensive information on PumaTS and its clients including KYC documents.
These include numerous broker scams such as RogerFin, TopTraderPro, or BlizTrade against which the German BaFin or the UK FCA issued investor warnings. Other brands powered by PumaTS are EuroStock24, 24Crypto, 10Crypto, CapitalFMI, CapoInvest, PrimeCoins, or FXCryptoClub. Just to name a few we have been able to investigate.
When analyzing the agreements, it is noticeable that they were concluded from 2019 onwards and many of them are based on crypto-trading. One of the integrated payment processors in PumaTS is therefore Jubiter Technologies OÜ, which is registered in Estonia.
For FinTelegram analysts, PumaTS seems to be directly comparable to Gal Barak‘s Tradologic, which also acted as a scam broker white label provider and allegedly operated 240 white label broker sites for clients at its peak in mid-2017. Nearly 100% of these were scams, if not 100% at all. The then beneficial owner and managing director of Tradologic, Gal Barak, was arrested in Bulgaria in early 2019 on the basis of an EU arrest warrant and extradited to Austria. There, on July 8, 2020, the trial for the operation of broker scams, investment fraud, and money laundering began. Like Tradologic, PumaTS is operated in Sofia, Bulgaria. Neighbors, so to speak.
The Leverate Connection
The contracts and documentation available to FinTelegram News show that PumaTS works closely with the Israeli fintech Leverate (www.leverate.com). Their product Activ8 as well as the LXCapital module form the core of PumaTS.
It is interesting to note that Marketing and Consulting Ltd claims in its contracts to be the owner of LXCapital. This, in turn, feeds the strong suspicion that PumaTS is linked to Leverate Financial Services Ltd which is regulated by the Cyprus Securities and Exchange Commission (License No. 160/11).his, in turn, feeds the strong suspicion that PumaTS is linked to Leverate.
Through our RFI we have indeed received indications that PumaTS and Leverate are closely connected and also share personnel resources. We will be discussing this in one of the following reports. Stay tuned!