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September 19, 2022

Spanish Financial Watchdog Warns Against Ten Illegal Websites!

Spanish financial services watchdog CNMV issued warnings against ten illegal financial websites on September 19, 2022. Among them are some we already know and warned against like Investirex, Prime Invest, or MetaversesWorld. One, DGXLTD already vanished with its website. Besides, the CNMV has also warned against a fake news site that hunts naive victims for brokerage and investment scams with false news. Below is the list of new CNMV warnings.

July 4, 2022

Urgent Investor Warning Against MetaversesWorld Broker Scam!

In the last few weeks, we have received more and more invitations via Eventbrite to campaigns that are supposed to teach us how we can quit our jobs and make a lot of money quickly. The links in these invitations lead us today to the website The Abundantia (https://theabundantia.com) where the scam campaigns CryptoBalancer, Bit AI and others are running. Those who register there are taken directly to the payment page of scam brokers like MetaversesWorld. Stay far away and save yourself losses.

January 17, 2022

Impressive! CNMV issues almost 50 warnings against illegal financial services!

The Spanish regulator reported back after the X-Mas break almost at the same time as the Italian Consob. They issued their last warnings on Dec 27, 2021, followed by a three-week silence. The Spanish CNMV has reported back today with investor warnings against 48 providers of illegal financial services. We call this is an impressive start to the 2022 year by the CNMV folks. Let's interpret this to mean that 2022 can be a strong year for the CNMV in the fight against scams and financial cybercrime.

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.