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November 25, 2020

Finally! BaFin orders Deutsche Handelsbank to implement appropriate AML procedures

Deutsche Handelsbank has appeared as a payment processor in many binary options and broker scams. Moreover, the BaFin-regulated institution is a correspondent bank and partner of other regulated payment processors such as MoneyNetint, which also support scams. EFRI has filed a corresponding complaint to BaFin. The German regulator has now officially ordered Deutsche Handelsbank to implement appropriate AML measures to prevent money laundering and terrorist financing.

November 6, 2020

Law and Tax Enforcement Actions – Start with Payment Processors to chase cybercriminals

FinTelegram is frequently contacted by law enforcement agencies in various jurisdictions with requests for information. It has become known in the international law enforcement scene that FinTelegram has indeed valuable information and contacts. In our respective discussions, we recommend starting enforcement actions against facilitating payment processors. They are the backbone and payment data hubs of the ever-expanding cybercrime universe and its scams.

November 4, 2020

Maxigrid Case – GlobalNetint allegedly terminated bank accounts

Maxigrid Ltd of the Israeli FinTech entrepreneur Roy Almagor is a CySEC-regulated investment firm. Despite the regulation, Maxigrid has supported scams like RoyalsFX or LincolnFX as a payment processor according to the information available to us. Payments from client-victims of the scams were made via the Lithuanian GlobalNetint (GNI), among others. Allegedy, GNI terminated the bank accounts of Maxigrid, Roy Almagor, and related entities.

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.

November 8, 2019

FinTelegram Series “Growth Wonder FinTech” – Exploring the relationship between scams and the fintech’s 3-Wise Monkey Strategy

Question: Is it conceivable that the hype of the FinTech startups over the last 10 years is not linked to the hype of the Broker..

October 9, 2019

FCA confirms investigations regarding involvement of licensed financial services providers in broker scams

The European Funds Recovery Initiative (EFRI), co-founded by FinTelegram, has recently filed scams against MoneyNetInt and Moorwand Ltd (operators of the UPayCard platform until April..

August 27, 2019

Binary Options Scam ICoption, the million-dollar lawsuit in Qatar and other court cases

Update Aug 28, 2019: Fintelegram is informed that the client of ICoption took legal action against the evidently innocent PSP in two different jurisdictions, hence..

August 15, 2019

Yukom Case – U.S. CFTC filed binary options lawsuit against Yossi Herzog, his companies and partners

After Lee Elbaz was sentenced by a U.S. jury for fraud with binary options around Yukom and the schemes BinaryBook, BigOption, and BinaryOnline the U.S...

August 13, 2019

The Eyal Nachum Declaration on Guy Galboiz and Binary Option Scams

Between 2014 and 2018 they were the new kings of the financial world. The Israeli Binary Options Masterminds like David Cartu, Uri Katz, Guy Galboiz,..

Binary Options

May 3, 2019

Uncovered – Ultimate Beneficial Owners Behind Binary Options Fraud Scheme ‘TitanTrade’

The Lawsuit In January 2018, Simona Weinglass of the Times of Israel wrote about a lawsuit filed against the binary options scheme TitanTrade. The lawsuit..

May 2, 2019

Binary Options Fraud – MigFin Boiler Room Celebrations

Boiler rooms are at the center of the fraudulent broker schemes. It is the employees of these boiler rooms who ensure that retail investors lose..

April 15, 2019

Payment Services Provider MoneyNetInt Involved in “Lenhoff-Barak” Scheme

The FinTelegram research team is systematically screening the market for Payment Services Providers (PSP) that support illegal broker schemes. Without the deliberate or negligent involvement..