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Tag: Praxis

March 9, 2022

The CySEC issue! LegacyFX continues with offshore onboarding for European clients!

Offshore onboarding to circumvent ESMA and FCA guidelines is still a big issue for European regulators. Especially CySEC has had a problem with this approach for years, as FinTelegram has pointed out repeatedly. Most recently, in a new review of CYSEC-regulated FXORO, we found that the CIF continues with offshore onboarding of European retail investors systematically in violation of regulatory requirements, as does LegacyFX.

February 18, 2022

Attention! Unauthorized VT Markets and Moneta Markets still attack European consumers!

As reported already, Vantage Group operates various brands and domains through legal entities in different regulatory regimes. The offshore entities are Vantage Global Limited, regulated by the VFSC in Vanuatu, which operates the Moneta Markets and Vantage brands. Vantage International Group Limited, regulated in the Cayman Islands by CIMA, operates the offshore mutation of VT Markets. Both VT Markets and Moneta Markets are subject to warnings from European regulators. They solicit consumers in the EU without authorization and without proper onboarding.

January 31, 2022

Compliance Issues? The offshore brokers of the Vantage Group!

Vantage (previously VantageFX) is an offshore broker of the Vantage Group besides VT Markets and Moneta Markets. Since the beginning of 2022, Vantage uses new domains and logos. Vantage Group operates with regulated entities in the UK and Australia. The offshore activities are operated via Vantage Global Limited, Vanuatu, and Vantage International Group Ltd, Cayman Islands, with whom clients enter into an agreement. These offshore brokers are also active in Europe, soliciting clients and their funds.

January 30, 2022

Attention! Offshore broker Moneta Markets attacks German consumers!

FinTelegram has reported several times on Moneta Markets, an offshore broker regulated by the VFSC. The broker is operated by Vantage Global Limited, part of the Vantage Group. Currently, Moneta Markets is attacking German-speaking consumers and asking them to make deposits. Contrary to Moneta Markets' statements, the broker solicits clients in Germany and the EU without proper authorization. The Italian Consob has already issued an investor warning.

January 20, 2022

Fake regulators! German BaFin investigates Invest Area broker scam!

Earlier this week, the Spanish CNMV and the Italian Consob have issued warnings against Invest Area (www.investarea.com) and blocked the website, respectively. The German BaFin followed suit and announced an investigation into the scam broker, which works with fake regulatory certificates and bogus regulators. The Estonian citizen Urmas Lemsalu is registered as this entity's director and beneficial owner. Potential victims can deposit via credit and debit cards through the Estonian crypto platform LAX Exchange and Praxis Cashier.

December 29, 2021

R4I – Connections between Alpari, Forex Time, and ForTrade!

The Spanish regulator CNMV has recently issued an investor warning against the broker Alpari, operating illegally in Europe via the offshore entity Alpari Limited, registered in St. Vincent & The Grenadines. We uncovered Praxis Cashier as a facilitating payment processor. From the information available to FinTelegram, it seems that die Alpari Group is related to the Forex Time Group and the ForTrade Group. Both are brokers regulated by the UK FCA and the Cyprus CySEC.

December 13, 2021

Seriously? Cyprus plans to become a cybercrime training camp for law enforcement agents!

One thing is sure. Cyprus is a stronghold of international cybercrime and thrives on scam tourism. One could almost say that Cyprus is firmly in the hands of Israeli financial entrepreneurs and Russian money-laundering principals. Dozens of only Israeli-controlled CySEC-regulated investment firms (CIFs) have their registered offices and headquarters in Limassol. Moreover, cybercrime-facilitating marketing firms and payment processors like BridgerPay or Praxis Cashier call Cyprus home. Now Cyprus also wants to become a global hub for the fight against cybercrime. Really now?

December 13, 2021

Attention! Bitcoin Trader fraud campaign chases victims for BenefFX broker scam!

In our morning roundup today, we discovered that the Bitcoin Trader (www.bitcointrader.site) fraud marketing campaign is hunting potential victims for the BenefFX (www.beneffx.com) broker scam today. The operator of the scam, who bills itself as "being beneficial" is Optium Ltd, registered in the Marshall Islands, and the payment agent is Bulgarian Key Solutions Ltd. We issued an investor warning back in November 2021. Stay far away and save yourself losses and mental issues.

October 31, 2021

Attention! Offshore broker Moneta Markets attacks European consumers with illegal offerings!

Moneta Markets is one of the numerous brokerage and trading brands of the Vantage Group. The website claims that Moneta Markets is operated by the offshore entity Vantage Global Limited in Vanuatu, which works with a financial dealer license from the VFSC. However, an offshore license like this does not entitle the licensee to engage in regulatory regimes in North America or Europe. Most recently, Vantage Group entered into a settlement with the Canadian regulator OSC because of their illegal offshore approach, and they continue to move on. Here is the review!

September 21, 2021

Finally! German BaFin investigates JoyTrust broker scam!

We have already issued a warning against JoyTrust on May 14, 2021 (see notice here). The German regulator BaFin has followed our warning and announced investigations against the illegal broker JoyTrust (www.joytrust.net) and its operator, the UK registered Top Suite Ltd. According to our research, the JoyTrust scam has been active since 2020 with various payment processors such as iPayTotal or NeoBanQ. The illegal broker works with the Israeli PROFTIT CRM platform.

September 8, 2021

A bit late! German BaFin investigates BrokerXP scam

The German financial market regulator BaFin announced on Sept. 7, 2021, that it is investigating the illegally operating broker BrokerXP (www.brokerxp.com). The Edinburgh-based and now dissolved M&A Mergers and Acquisitions Consultancy LP is alleged to have been the operator. The General Partners of this Scottish entity were Aviant Marketing Limited in the Marshall Islands and Maytech Innovations Limited. We discovered Praxis Cashier as the payment processor. BrokerXP does not seem to work anymore and is about to close down.

July 20, 2021

Attention – 500pips broker scam promoted by Oil Profit fraud campaign

Today, the OILPROFIT fraud campaign runs on the website https://spqraiuvwk.xyz/oilprofit and promotes the 500pips (www.500pips.net) broker scam. We received an email the redirected us to the Oil Profit campaign via the referral hub Ristifg (https://ristifg.com/aussicht), which alternately redirects to the OILPROFIT and Tesler fraud campaigns. The 500pips scam is operated by Pepper Group LLC, registered in St. Vincent and the Grenadines. We have discovered Praxis Cashier as the payment processor. Once again.

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.