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Tag: Larco Global

February 15, 2022

Investor warning against TopCapital24, SwissFXM, and Axis Solutions!

As reported by FinTelegram, the German BaFin announced an investigation into the broker scam operator Axis Solutions Ltd and its Swiss24 scam. Axis Solutions is also operating other scams like RoyalTradeFX or AxisTrading. The scams already vanished but TopCapital24 (https://topcapital24.com) and SwissFXM are the next ones attacking European consumers. The Spanish CNMV issued a warning against this latest white-label broker scam facilitated by the notorious payment processor Paypound. It is a huge network of scam brands and boiler rooms!

May 31, 2021

German BaFin warns against the BexStock, beEXP, and InvestEXP scams

The German regulator BaFin has issued an investor warning against BexStock (www.bexstock.com), allegedly a successor to InvestEXP (www.investexp.de) and beEXP (www.beexp.de) scams. BS ASIA Pte. Ltd, Singapore, allegedly operates them. In our quick review, we found BexStock's payment processors to be NeoBanQ (www.neobanq.com) and PaymentsPro (www.paymentspro.ch), as well as the cryptoprocessor Larco (www.larco-global.com). So stay far away from BexStock and keep your money.

April 23, 2021

New – List of scam-facilitating Estonian crypto payment processors

Digital currencies are the future in one way or another. For a few months now, online payment pioneer PayPal has also been accepting bitcoins and other cryptocurrencies. Estonia is currently the epicenter of European crypto payment processors. As of mid-2020, the Estonian FIU had issued more than 3,000 licenses (report here). Unfortunately, many of them are used to facilitate scams and illegal payment services. We have drafted a list of Estonian crypto payment companies that have come to our attention in 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.