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Tag: RoyalsFX

April 17, 2021

Maxigrid Case Update – Law enforcement investigations and Serbian boiler room activities

Since May 2020, we have been reporting on the Maxigrid Case. In a nutshell, Maxigrid Ltd of Israeli Roy Almagor and its CEO Jekaterina Pedosa, regulated by CySEC under license number 145/11, has been processing funds as an unlicensed payment processor for many broker scams such as RoyalsFX, LincolnFX, 10CryptoMarket, RoyalCBank, and others. For this purpose, Maxigrid used its bank account with the Lithuanian GlobalNetint as well as its own crypto platform BitandBuy. Victims of these scams have provided us with many documents proving this. At least one victim has filed a lawsuit and criminal charges through his attorney.

March 15, 2021

Maxigrid Case – CySEC receives €75.000 for not finding violations and not supporting victims!

CySEC-regulated investment firm Maxigrid Limited of Roy Almagor and Ekaterina Pedosa is in the spotlight of FinTelegram. Our documents prove beyond any reasonable doubt that Maxigrid processed payments for broker scams through its unlicensed and CySEC-unauthorized crypto platform BitandBuy, as well as through its bank account at Lithuania-based GlobalNetInt UAB. Among those facilitated scams are RoyalsFX or LincolnFX, against which numerous regulators have issued warnings. While the victims are still waiting for their money, the CySEC has settled with Maxigrid and received €75,000 on behalf of the Republic of Cyprus.

January 21, 2021

Wanted for funds – Maltese payment processor Paytah in legal troubles

Paytah is operated by Phoenix Payments Ltd, a company registered in Malta and regulated by MFSA. As reported by FinTelegram, PayTah has facilitated vast broker scams, including LincolnFX, RoyalsFX, CodexFX between 2019 and 2020. Victims of these scams have provided the European Fund Recovery Initiative (EFRI) with the Power of Attorney to recover their funds. Via its Maltese lawyer EFRI has taken actions to recover the victims' funds from Paytah. Currently, the Maltese connection is chasing after the Paytah people.

January 12, 2021

Scam-facilitating Maltese payment processor PayTah refused to recognize its legal responsibility

Recently, we reported that the high-risk payment processor Phoenix Payments Ltd d/b/a Paytah (www.paytah.com), like Maxigrid in Cyprus, has been helping large broker scams like RoyalsFX, LincolnFX, or CodeFX to defraud consumers and retail investors with their payment services. Paytah is to be held liable for this but has so far refused to accept its responsibility for intentionally or grossly negligently supporting the scams and refuses to provide any assistance to the victims.

January 3, 2021

EFRI takes action against scam-facilitating Maltese payment processor Paytah

Phoenix Payments Ltd provides payments services d/b/a as Paytah. Between 2019 and 2020, the payment processor has been processing hundreds of thousands of euros from victims of LincolnFX, RoyalsFX, CodexFX, and other scams. The legal entities behind these scams have been clients of Paytah. The company directors are the Italian Marco Lavanna, the Maltese Keith Farrugia, and Spaniard Francesc Xavier Alabart Lopez. The payment processor's beneficial owner is payment veteran Marco Lavanna through his Swiss-registered firm named Fenice Holding SA.

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December 17, 2020

Maxigrid and Maxiflex – The AGM Markets legacy and some EuropeFX troubles

It’s worth recalling it, not exactly a brand new message, but given the ASIC lawsuit against iSignthis (ISX). On 16 October 2020, the Federal Court..

December 11, 2020

EFRI Campaign – scam victim sues CySEC-regulated Maxigrid for damages

The Maxigrid Case is about the activities of the CySEC-regulated investment company (CIF) Maxigrid Ltd in connection with the broker scams RoyalsFX and LincolnFX. The company has processed payments from victims of these scams through its crypto platform BitandBuy as well as through its bank accounts with the Lithuanian GlobalNetint (GNI). While BitandBuy vanished and GNI closed the accounts a scam victim is now suing Maxigrid with the support of EFRI for compensation for the loss.

November 26, 2020

CySEC confirms crypto regulation – What it means for Maxigrid and BitandBuy!

Maxigrid Ltd is a regulated Cyprus Investment Firm (CIF) and has made its crypto platform - as well as its bank accounts with GlobalNetint - available to scammers and acted as a payment processor for them. The Financial Ombudsman Service of the Republic of Cyprus purported that the CySEC would not regulate crypto assets. Apparently, it does. The CySEC has issued a guideline on how CIFs should deal with crypto.

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.

October 18, 2020

CySEC confirms receipt of Maxigrid Request 4 Action

Over the last months FinTelegram has received plenty lot of evidence that suggests the involvement of Roy Almagor's CySEC-regulated Maxigrid Ltd in broker scams like RoyalsFX or LincolnFX. These scams have harmed thousands of EU small investors. However, the legal responsibility to investigate the allegations lies with the responsible regulator CySEC and law enforcement. We have therefore sent a Request 4 Action to the CySEC Chairwoman and Europol. The receipt was confirmed by email and the clock is running.

October 9, 2020

Maxigrid Case – Open Letter to CySEC chairwoman and Europol

FinTelegram and EFRI have sent an open letter concerning Maxigrid and the related broker scams like RoyalsFX or LincolnFX (to name only two) to Demetra Kalogerou, chairwoman of CySEC, and Europol. The claim of The Financial Ombudsman Service of the Republic of Cyprus that CySEC would not be responsible for the crypto activities of the investment firms they regulate is wrong in our view. In addition, Maxigrid also handled bank deposits for scams hance was involved in fraudulent FIAT transactions too.