Tag: FinMax

On December 20, 2021, the Italian regulator Consob issued a warning against a total of 15 websites that offer illegal financial services or are scams. In contrast to the last weeks, Consob did not announce a blackout of the websites. Among those warned is also the offshore broker Moneta Markets and its operator Vantage Global Limited. In addition, the Italian regulator has also warned about several fraudulent Bitcoin marketing campaigns. Below is the list of the latest warnings:

Over the last few weeks, we have increasingly discovered and reported Jubiter as a scam-facilitating payment processor. A victim of Swiss Capital Bank (www.swisscbank.com) has reported that she also made deposits via Jubiter operated by the licensed Slovakian Global DLT Exchange; lost her money. In addition to Jubiter, victims can also make bank deposits to the Dutch Select Enterprises B.V., which has its respective bank account with the regulated Lithuanian e-money institution Trustcom Financial UAB.

We want to extend our sincere thanks to all whistleblowers and volunteer friends of FinTelegram. They provide important information about FinMax and other scams and conduct their own research, which they make available to us. Since our last update on the FinMax Racket, we have learned that the racket's alleged boss is a former high-ranking police officer in Ukraine. We have also learned that there are other scams and a common address for all scams in Bulgaria. Here is the update.

Regulators have warned against the FinMax scams already. In Jan 2019, the German BaFin warned against the mutation FinMaxBO and issued a Cease-and-Desist Order today. In Oc 2020, the Spanish CNMV warned against the mutation FinmaxFX. The scams are operated by Max Capital Limited, Vanuatu, and Gatelinas UAB, Lithuania. Although Max Capital is licensed by the VFSC, it's not authorized to scam anybody. As scam-facilitation payment processors, we have uncovered Webmoney, VLoad, advcash, and Aveia.

Finmax scams have been active since at least 2016. Various regulators and review sites have already issued numerous investor warnings. Nevertheless, the scam is currently active with at least two websites FinmaxFX (www.finmaxfx.com) and FinmaxBO (www.finmaxbo.com). The two Ukrainians, Olena Vakulenko and Oleksandr Vakulenko, coordinate the scams through various legal entities in Lithuania, Vanuatu, Seychelles and St. Vincent and the Grenadines. To date, despite all scam warnings at FinmaxFX, the Spanish Redsys and Comercial Global Payments are processing the payments.

In the last few weeks, we have noticed an increasing number of Lithuanian companies acting as illegal payment processors for scams and handling bank payments for their client-victims. The payments are made on the basis of fake invoices for alleged consulting services issued by these illegal payment processors. Recently we have uncovered Skylas UAB, Fuselma UAB, or Merelita UAB as such scam facilitators and money launderers. We urgently ask investors to be super-cautious before paying an unrelated Lithuanian company for fake services.