Tag: Oleksandr Vakulenko

FinMaxFX is a huge scam and part of the FinMax Racket we have reported on several times. This racket has a fascinating background. To our knowledge, the racket is run by Oleksandr Vakulenko, a former senior Ukrainian police officer, and his wife, Olena Vakulenko. Funds stolen from clients were processed and laundered through offshore firms such as Max Capital Limited in Vanuatu and Lithuania's Softcast Group UAB. While the German BaFin has started investigations against FinMaxFX and its network, new clients from Europe are no longer accepted.

We want to extend our sincere thanks to all whistleblowers and volunteer friends of FinTelegram. They provide important information about FinMax and other scams and conduct their own research, which they make available to us. Since our last update on the FinMax Racket, we have learned that the racket's alleged boss is a former high-ranking police officer in Ukraine. We have also learned that there are other scams and a common address for all scams in Bulgaria. Here is the update.

A few weeks ago, we started our reports about the FinMax Racket, which has been active with its scams under different domains like www.finmax.com, www.finmaxbo.com, www.finmaxfx.com, or www.finmaxCFD.com with binary options, CFD, and Forex since 2017. The scammers around Oleksandr Vakulenko are from Ukraine and have been attacking investors in Europe and Russia. We have received a lot of information from whistleblowers and victims and are constantly updating our reports. One of our whistleblowers found Atrix Group Ltd in the UK, publisher and operator of RusVPN, in the FinMax Racket environment.

An email comes from [email protected]. It sounds like a scam, right? Of course, the email ends up in the Junk Email folder, but that is where most emails from scam brokers or fraudulent affiliate systems end up. The email contains a link to https://earn-instant-profits-now.com, where various campaigns are stored. One of them is Greentree Profits with a nice video. After registration, you end up at the payment page of a broker.

Regulators have warned against the FinMax scams already. In Jan 2019, the German BaFin warned against the mutation FinMaxBO and issued a Cease-and-Desist Order today. In Oc 2020, the Spanish CNMV warned against the mutation FinmaxFX. The scams are operated by Max Capital Limited, Vanuatu, and Gatelinas UAB, Lithuania. Although Max Capital is licensed by the VFSC, it's not authorized to scam anybody. As scam-facilitation payment processors, we have uncovered Webmoney, VLoad, advcash, and Aveia.

Finmax scams have been active since at least 2016. Various regulators and review sites have already issued numerous investor warnings. Nevertheless, the scam is currently active with at least two websites FinmaxFX (www.finmaxfx.com) and FinmaxBO (www.finmaxbo.com). The two Ukrainians, Olena Vakulenko and Oleksandr Vakulenko, coordinate the scams through various legal entities in Lithuania, Vanuatu, Seychelles and St. Vincent and the Grenadines. To date, despite all scam warnings at FinmaxFX, the Spanish Redsys and Comercial Global Payments are processing the payments.