Tag: Latvian Racket

FinTelegram has warned several times about the Latvian Racket, a cybercrime organization attacking consumers with broker scams and boiler rooms. One of these scams is FinexTrader, against which several financial regulators have issued warnings over the last two years. Recently, the Spanish CNMV. In our review on 1 August 2023, the scam's website was not accessible. It seems the scammers vanished with their victims' money.

FinTelegram has already warned several times about the cybercrime organization we call Latvian Rack. This organization attacks consumers in Europe with its broker scams and boiler rooms via legal entities in the UK and other jurisdictions. One of these scams is FinexTrader, which was recently blacklisted by the French regulator AMF. We think that FinexTrader will soon disappear with the victims' money. Stay far away. Save yourself financial losses and the misuse of your data.

Latvia is one of the smallest EU countries with less than 2 million inhabitants, but Latvians are world leaders in financial cybercrime. FinTelegram, for example, has uncovered dozens of scams of the so-called Latvian Racket in recent years. Many of them were run by UK companies. That was also the case with the Latvian Ivars Auzins, who was extradited to the U.S. on Friday on a six-count indictment charging him with crypto fraud schemes between 2017 and 2019.

We discovered the high-risk payment processor HighISK while reviewing the FinexTrader scam, which is part of the cybercrime organization we call Latvian Rackets. The website states various legal entities as the operators or responsible parties, such as Top End Trade Limited, HighISK LLC, and Pure Wallet Limited. Top End Trade Limited is a real estate company founded in January 2022 in the UK and controlled by the British Adam Arthur. We would like to know more.

The Austrian Financial Market Authority (FMA) has issued a warning against FinexTrader broker scam, part of the so-called Latvian Racket. It is allegedly operated by the Finex Group Ltd, which has already operated the now disappeared scams XFINANCES, eXFINANCES, and ZurichInvests. The Latvian Aleksejs Kohanovs is registered as the controlling person in the UK Companies Register. As payment processors, we have discovered ChargeMoney and HighIsk. Stay far away.

Today, the 1k Daily Profits fraud campaign is hunting for new victims for broker scam AktienPros a/k/a AktienPros Capital Markets. The scam is likely to be relatively new on the market and apparently a successor of the disappeared Triton a/k/a Triton Capital Markets broker scam operated by the Latvian Racket. Anyway, a Triton Capital Markets email address and phone number are given for support. Stay far away, save your money and misuse your data. AktienPros attacks German-speaking consumers.

With the support of Europol and Eurojust, the Latvian State Police and the Lithuanian Police have detained over 100 people in Riga and Vilnius on suspicion of being involved in an international boiler room and broker scam. On 24 and 25 March hundreds of officers, including special intervention teams, raided a total of three boiler rooms operated by this cybercrime organization. Its members are accused of defrauding victims across the world. It has not yet been confirmed whether the target of this action day was the so-called Latvian Racket cybercrime organization.

The German regulator BaFin has issued a warning against the INT International Traders broker scam. The operators are allegedly Finex Group Ltd and ZMARKET Ltd. On the INT International Traders platform, it is falsely claimed that the broker would be supervised by BaFin. As payment processors, we found behind Lax Exchange, AvalanchePay, Paypound, Neobanq, Kryptova, and others. However, some of the payment options have not been working in our latest review. The scam seems about to vanish with the victims' funds!

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.

The Vita Impex scam network has an impressive dark record. In April 2021, the Italian Consob ordered the black-out of the websites of VitaFX and Pluton500 operated by Vita Impex. In May and December 2021, the Spanish CNMV and Consob issued warnings against AceTop Financial. On January 6, 2022, the UK FCA followed. Vita Impex Ltd is one of the AceTop Financial operators, besides other fake companies presented on the website.

We have already issued a warning against JoyTrust on May 14, 2021 (see notice here). The German regulator BaFin has followed our warning and announced investigations against the illegal broker JoyTrust (www.joytrust.net) and its operator, the UK registered Top Suite Ltd. According to our research, the JoyTrust scam has been active since 2020 with various payment processors such as iPayTotal or NeoBanQ. The illegal broker works with the Israeli PROFTIT CRM platform.

Today, the Spanish regulator CNMV has issued a warning against the Morgan FX Capital (www.morganfxcapital.com) broker scam. The operator of this scam is UK-registered Preqster Ltd which already operated the vanished scams Pips500 (www.pips500.com) and Preqster FX (www.preqsterFX.com). It is controlled by the Latvian citizen Sergejs Vasiljevs and is one of the many legal entities of the so-called Latvian Racket. n our review today, none of Morgan FX Capital's payment options worked.