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January 23, 2021

EU regulators’ problems with CySEC and its investment firms

The UK Financial Conduct Authority (FCA) suspended the EU license passporting rules and banned several CySEC-regulated Ínvestment Firms (CIF). Among them Magnum FX, Rodeler, Hoch Capital, and F1Markets. Roy Almagor's two firms - Maxigrid and Maxiflex voluntarily withdrew before the FCA blocked them. The Italian Consob has already blocked some CySEC CIFs from the Italian market before the FCA. Now a problem is also looming from Spain's CNMV as per a CySEC circular. Truth is, that CySEC and its CIFs have long been an issue for EU regulators.

January 21, 2021

Wanted for funds – Maltese payment processor Paytah in legal troubles

Paytah is operated by Phoenix Payments Ltd, a company registered in Malta and regulated by MFSA. As reported by FinTelegram, PayTah has facilitated vast broker scams, including LincolnFX, RoyalsFX, CodexFX between 2019 and 2020. Victims of these scams have provided the European Fund Recovery Initiative (EFRI) with the Power of Attorney to recover their funds. Via its Maltese lawyer EFRI has taken actions to recover the victims' funds from Paytah. Currently, the Maltese connection is chasing after the Paytah people.

January 12, 2021

Scam-facilitating Maltese payment processor PayTah refused to recognize its legal responsibility

Recently, we reported that the high-risk payment processor Phoenix Payments Ltd d/b/a Paytah (www.paytah.com), like Maxigrid in Cyprus, has been helping large broker scams like RoyalsFX, LincolnFX, or CodeFX to defraud consumers and retail investors with their payment services. Paytah is to be held liable for this but has so far refused to accept its responsibility for intentionally or grossly negligently supporting the scams and refuses to provide any assistance to the victims.

January 3, 2021

EFRI takes action against scam-facilitating Maltese payment processor Paytah

Phoenix Payments Ltd provides payments services d/b/a as Paytah. Between 2019 and 2020, the payment processor has been processing hundreds of thousands of euros from victims of LincolnFX, RoyalsFX, CodexFX, and other scams. The legal entities behind these scams have been clients of Paytah. The company directors are the Italian Marco Lavanna, the Maltese Keith Farrugia, and Spaniard Francesc Xavier Alabart Lopez. The payment processor's beneficial owner is payment veteran Marco Lavanna through his Swiss-registered firm named Fenice Holding SA.

December 11, 2020

EFRI Campaign – scam victim sues CySEC-regulated Maxigrid for damages

The Maxigrid Case is about the activities of the CySEC-regulated investment company (CIF) Maxigrid Ltd in connection with the broker scams RoyalsFX and LincolnFX. The company has processed payments from victims of these scams through its crypto platform BitandBuy as well as through its bank accounts with the Lithuanian GlobalNetint (GNI). While BitandBuy vanished and GNI closed the accounts a scam victim is now suing Maxigrid with the support of EFRI for compensation for the loss.

December 11, 2020

Money for Cyprus! Maxiflex had to pay €370,000 for possible compliance violations

Maxiflex had to make a payment of €370,000 to the Treasury of the Republic of Cyprus. Reasonable people would call this a penalty payment but CySEC prefers the term settlement payment. As always, the CySEC remains very vague in its statement and does not really explain what potential violation Maxiflex might have committed. Lately, Almagor's Maxiflex and Maxigrid have been facilitated in broker scams and saw their bank accounts with GlobalNetInt terminated.

December 11, 2020

Money for Cyprus! Maxiflex had to pay €370,000 for possible compliance violations

November 26, 2020

CySEC confirms crypto regulation – What it means for Maxigrid and BitandBuy!

Maxigrid Ltd is a regulated Cyprus Investment Firm (CIF) and has made its crypto platform - as well as its bank accounts with GlobalNetint - available to scammers and acted as a payment processor for them. The Financial Ombudsman Service of the Republic of Cyprus purported that the CySEC would not regulate crypto assets. Apparently, it does. The CySEC has issued a guideline on how CIFs should deal with crypto.

November 18, 2020

A GLOBAL BINARY OPTIONS SUPERVILLAIN NETWORK

A few days ago FinTelegram reported that Australian media uncovered the scam activities of the Israeli Yossi Herzog in Australia. Herzog, along with his partner Kobi Cohen and other co-conspirators, has been charged with binary options fraud in the U.S. His former employee Lee Elbaz, as CEO of Yukom scam, has already been sentenced to 22 years in prison and a $28 million restitution payment. Yossi Herzog's scam network is truly global and developed some real supervillains.

November 4, 2020

Research Update on MoneyNetint and GlobalNetint

Authorized by the UK FCA as an e-Money Institution (EMI), MoneyNetint Ltd is a FinTech veteran and has scaled up in the era of binary options. It is controlled by the four Israelis Raphael Golan, Gil Trif, Nissan Trif, and Yishai Trif. The latter is also the CEO of the company. Since 2017, the Group has been operating GlobalNetInt UAB in Lithuania, authorized by the Bank of Lithuania as EMI, together with local partner Luidvikas Kulikauskas.

October 30, 2020

Request 4 Information – Lithuanian e-Money Institution GlobalNetint and MoneyNetint

Whistleblowers provided documents proving that Lithuanian registered e-money institution (EMI) GlobalNetint UAB is involved in numerous scams as a payment processor. This is for example extensively documented in the "Maxigrid Case" with the associated scams RoyalsFX and LincolnFX. The CySEC-regulated Maxigrid itself has processed payments from victims of scams via its bank accounts with GlobalNetint.

October 11, 2020

Lessons from BitMEX Case – Arrests, warrants, and bribing regulators with coconuts

The U.S. Prosecutors charge the BitMex founders Arthur Hayes, Benjamin Delo, Samuel Reed along with the senior manager Gregory Dwyer with (a) violating the Bank Secrecy Act and (b) conspiring to violate the Bank Secrecy Act, by willfully failing to establish, implement, and maintain an anti-money laundering (“AML”) program at the crypto exchange or BitMEX. The charges each carry a maximum penalty of five years in prison.