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Tag: Invest Area

February 15, 2022

Investor warning against IGC Trades and InvestArea

The Spanish regulator CNMV has issued a warning against the broker scam IGC Trades (www.igctrades.com). The operator is allegedly International Markets Management Ltd which we already know from other scams like FXGbp Markets. We also found out during today's review that InvestArea (https://investarea.com) scam also belongs to this network. We have discovered Paypound, Kryptova, Neobanq, and others as payment processors. Stay far away from these scams.

January 20, 2022

Fake regulators! German BaFin investigates Invest Area broker scam!

Earlier this week, the Spanish CNMV and the Italian Consob have issued warnings against Invest Area (www.investarea.com) and blocked the website, respectively. The German BaFin followed suit and announced an investigation into the scam broker, which works with fake regulatory certificates and bogus regulators. The Estonian citizen Urmas Lemsalu is registered as this entity's director and beneficial owner. Potential victims can deposit via credit and debit cards through the Estonian crypto platform LAX Exchange and Praxis Cashier.

January 17, 2022

Italian Consob orders black-out of 5 illegal financial websites

Italian Consob has returned after the X-Mas break. The regulator made the last warnings and black-out orders on Dec 27 last year. On Jan 17, 2020, the regulator issued the order to black out the websites of five providers of illegal financial services bringing the total number of websites blacked out since July 2019 to 605. It would be desirable if, in 2020, other regulators were authorized by their legislators to issue such black-outs. This would be an important step in the fight against cybercrime and scams.

US Treasury Forgives Ukraine Looters!

On 26 September 2024, the United States Treasury’s Financial Crimes Enforcement Network ‘FinCEN’ made the astonishing decision to drop sanctions against ABLV Bank of Latvia. ABLV was sanctioned in 2018 for a list of reasons, including helping Ukrainian President Viktor Yanukovich’s bagman, Serhiy Kurchenko, steal billions of dollars from Ukraine.

Gurbir Grewal’s Departure from the SEC: His New Position and Potential Impact on Crypto Regulation!

Gurbir S. Grewal, the former Director of the Division of Enforcement at the U.S. Securities and Exchange Commission (SEC), has left his position to join Milbank LLP, one of the most innovative and prestigious law firms globally. This transition from his high-profile regulatory role to private practice is likely to have lasting implications, particularly on the SEC’s enforcement strategy in the crypto sector.

Warning Against The Imminent Danger of Pig Butchering For The Dawning Cyber Society!

Pig butchering scams are a devastating form of cybercrime that blend romance and investment fraud, leaving victims emotionally and financially shattered. These sophisticated operations, run by organized crime syndicates, often exploit human trafficking victims as unwilling scammers. The perpetrators meticulously cultivate trust over months, luring targets into fraudulent cryptocurrency investments through fake platforms.

MLM Schemes

Latest Arrests in $4 Billion Forex AI Fraud Scheme OmegaPro and the Austrian Connection!

FinTelegram has reported on the fraudulent crypto MLM schemes OMNIA Tech and OmegaPro several times in the past. This week, various media outlets have reported the arrest of Robert Velghe in Turkey, who has played a crucial role in both scams. The OmegaPro MLM scam is believed to have stolen around $4 billion from victims worldwide. Here is our update with a request for additional information from whistleblowers.

Crypto MLM Scam: David Carmona Sentenced to 121 Months for IcomTech Crypto Ponzi Scheme!

iComTech was one of the numerous fraudulent MLM schemes that used cryptocurrencies as a means of fraud in parallel with the crypto hype of 2017/18. David Carmora started IcomTech in approximately 2018 with other co-conspirators as a purported cryptocurrency mining and trading company. The scheme promised to earn its victims high profits and guaranteed daily returns that would double their money within six months.