Praxis | FinTelegram News

Tag: Praxis

February 19, 2021

FMA warns against Triton Capital Markets facilitated

A few days ago, we reported an investor alert related to the Bitcoin Formula affiliate marketing scheme. This scheme has been promoting scams like Lucrum.Pro, FXCM Group, or Triton Capital Markets via social media and acquiring customer victims. Now, the Austrian Financial Market Authority (FMA) has issued an investor warning against Triton Capital Markets (www.tritoncapitalmarkets.com). Karello D Buro LLC operates the scam in St. Vincent and the Grenadines.

February 13, 2021

Investor Alert – Don’t fall for the Bitcoin Formula, ProfitsTrade, LucrumPro, FXCM Group scams!

The crypto hype is getting stronger every day. Almost every day, we read headlines about new crypto events. PayPal reports records since they accept cryptocurrencies. Elon Musk and his Tesla are buying $1.5 billion worth of Bitcoins, and most recently, Twitter chief Jack Dorsey and Jay-Z announced the creation of a Bitcoin trust. Meanwhile, the big media houses like CNN, BBC, or the Financial Times entertain with ever new exciting crypto stories. Scammers use this hype to rip off greedy and/or naive consumers with scams like Bitcoin Formula and ProfitsTrade.

Crypto Payments

February 10, 2021

CryptoPayIn – Another scam-facilitating Estonian crypto payment processor

Estonian crypto payment processors are a problem for retail investors and consumers in the EU. Especially those who have received a license to operate crypto payment services from the relevant Estonian regulator FIU. Thus, they call themselves EU-regulated payment processors on the website pretending to be a serious business. Unfortunately, many of these licensed crypto payment providers are scam hard-core facilitators and/or are related to scam operators. Most recently, we identified CryptoPayIn at the Financial Resident broker scam as a payment provider.

November 20, 2020

Toxic Brokers – FCA warns against QTECK and Online-Trading Scams

St. Vincent & the Grenadines is a popular offshore destination with scammers. This is where they establish their offshore companies as operators of broker scams like QTECK or Online Trading. These legal entities are usually by Wilfred Services in Kingstown, St. Vincent & the Grenadines. At QTECK, Praxis Cashier is again integrated as a payment processor. The FCA issued investor warnings against these broker scams today.

November 13, 2020

Investor Warning – JP Finance with BridgerPay and Coder54

The JP Finance broker scam has already been active for several months. It is currently operated with the domain www.jp.finance by Jean Pierre Technologies Ltd, which is allegedly registered in the Marshall Islands. As facilitating payment processors, we have identified the unregulated Cypriot payment processor BridgerPay from Ran Cohen and Voucher payment service Code54.

November 11, 2020

FCA investor warning against Estonian MarginElite!

On November 10, 2020, the UK FCA issued an investor warning against MarginElite (www.marginelite.com), among others. This is a typical white-label scam that is actually easy to recognize. At the latest when you see that Praxis Cashier is the payment processor and has integrated the Russian Mir for credit and debit card payments.

November 10, 2020

Worst Scam Ever – UK FCA warns against BeforexCapital with MisterBit

Like the COVID-19 virus, the scam virus is spreading across the internet with a logarithmic growth. The FCA issued an investor warning on November 9, 2020, against BeforexCapital and Capital Holding Funds allegedly operated by Capital Holdings LLC, St. Vincent & the Grenadines. As payment processors, we have discovered Praxis Cashier with the Estonian crypto exchange MisterBit.

October 12, 2020

The PayTech Papers – Regulatory Challenge in Fighting Cybercrime

The revised Payment Services Directive (PSD2) to regulate payment services throughout the EU and EEA came into force in January 2018 and officially kicked-off the “Open Banking Era” with FinTech unicorns TransferWise, Revolut, Monzo, or N26 leading the pack. The number of licensed PayTechs in the EEA exploded as a study published in July 2020 shows. Unfortunately, the number of unregulated and therefore unauthorized acting PayTechs specializing in scams and cybercrime also exploded.

October 1, 2020

Spanish Watchdog CNMV warns against Swissgems and MarketsCFD

A few days ago, the Austrian Financial Market Authority FMA issued an investor warning against the broker scam StarkMarkets, which is operated by the entities Krisimark Ltd and SWISSGEM Ltd. This week, the Spanish regulator CNMV issued a warning against SWISSGEM and the broker scam MarketsCFD which it operates. In May 20120 the Italian CONSOB has already blocked MarketsCFD (www.marketscfd.net).

July 22, 2020

Investor Warning: BlueSave broker scam and its payment processors

It appears that the brands belonging to the PumaTS Scam Broker Network are currently very high on the priority list of the financial market regulators across the EU. The FCA issued another investor warning against the PumaTS BlueSave operating under the domain www.bluesave.io. And once again, a company registered in St. Vincent and the Grenadines is the scam operator. Cyprus Praxis Pay, Estionan Tinkbit, and Russian 4bill are the facilitating payment processors.

June 1, 2020

Austrian Regulator FMA warns against illegal forex broker Platiniumfund

The Austrian Financial Market Authority FMA issued an investor warning against the unauthorized forex broker Platiniumfund (www.platiniumfund.com) shortly at the end of May 2020. The..

May 12, 2020

Request 4 Information – Wealth Recovery, Swiss Capital, TradeCenter, First Capital and Askobid

On 11 May 2020, the Italian regulator CONSOB warned investors about the FirstCapital (www.firstcapital.fm) broker scam and its operators Sigma Consulting Ltd (Bulgaria) and Solt..

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.