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April 9, 2023

Offshore Broker Scheme FopFX About To Terminate Fondex Operation; Orange Compliance Rating!

We have already brought several reviews about the TopFX broker scheme, which is regulated through entities in Cyprus and Seychelles. The broker scheme also includes the Fondex brand, which will be terminated soon. TopFX's clients come primarily from Italy, with around 90% of the 900,000 website visitors in the last 28 days coming through the offshore broker's website. Fondex website visitors come primarily from the United States, where the scheme has no authorization. We have awarded an Orange Compliance.

February 19, 2023

Offshore Radar: CySEC-Regulated TopFX Switched Fondex To An ‘Offshore Only’ Scheme!

We brought our initial review for the TopFX broker scheme in Oct 2022. At that time, CySEC-regulated TopFX Ltd had been operating the two domains TopFX.com and Fondex.com. Since then, Fondex switched to the "offshore only" gear. Like the TopFX offshore mutation, Fondex is operated through TopFX Global Limited in Seychelles, which is registered as a securities dealer with the FSA Seychelles. The offshore mutations accept EEA residents and offer leverage up to 1:500. Here is our updated review.

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.