Tag: Mihails Safro

In May 2022, FinTelegram published the initial report on the FCA-regulated e-Money Institution PaysTree and its network of companies and individuals. PaysTree and the network are controlled by Latvian citizens. One of the FCA-registered agents of PaysTree is the Hawex Group, which is allegedly controlled by iPayTotal founder Ruchi Rathor and her team. According to the UK Companies House PaysTree is controlled by the Swiss citizen Anselm Oskar Schmucki. Here is another update.

Some 2 million live in Latvia, making it one of the smallest EU countries. However, Latvians are prominently represented in the European FinTech scene. We have reported several times about the Latvian Racket, which has operated dozens of broker scams. Latvians also have a notable presence in the UK FinTech scene, such as the PaysTree ecosphere, consisting of two FCA-regulated e-money institutions, several regulated agents, and connections to Russia. Here's a brief introduction.

The Austrian regulator FMA has issued an investor warning against the RaxTrade broker scam. According to information on the website, the scam is operated by ROI Stock Limited, registered by St. Vincent and the Grenadines, under the domain www.raxtrade.com. As a payment processor, BridgerPay is integrated and credit and debit card payments as well as deposits via crypto the ways to lose money to this scam.