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Tag: TexCent

September 18, 2021

Wellington Holdings, Solid Invest, and the huge Capital Letter scam network

It is indeed a huge scam network. Scams will typically either take offshore companies or simply invent fake companies. Only rarely, they are operated by companies in Europe as is the case with the Capital Letter scam network. Capital Letter GmbH, registered in Munich, Germany was the operator of several large scams until the end of 2020. In addition, two other companies also registered in Germany, Brunnlitz GmbH and Tokkata Software GmbH, participated in the scams. All three companies are operated by Ukrainian individuals; all received warnings from regulators.

September 15, 2021

Alert! Wellington Holdings scam facilitated by SysPay, Coinicash, and AdvCash

The Swiss regulator FINMA has recently issued an investor warning against the Wellington Holdings scam (www.wellingtonholdings.com). The scam operators do not disclose any information about the legal entity or persons but give Bleicherweg 10 in 8002 Zurich, Switzerland, as the address. This is bullshit, says FINMA. As a payment processor, we once again found SysPay, regulated by the Maltese regulator MFSA, in criminal collusion with Coinicash and AdvCash. We also noticed this combination most recently in the Cento GX scam.

September 13, 2021

Investor warning – FinoMarkets facilitated by Coinicash, AdvCash, and Texcent

Spanish financial markets authority CNMV issued a warning against FinoMarkets on September 13, 2021. The scam's website does not specify an operator or a competent jurisdiction. However, we have again Coinicash acting as a payment processor for credit and debit card payments. Coinicash is again facilitating in its capacity as a registered merchant with Texcent and AdvCash, who actually process the payments. Victims' deposits are apparently represented and miscoded as purchases of cryptocurrencies on the Coinicash exchange.

September 2, 2021

Investor Alert! Don’t fall for the LondonFX broker scam

The LondonFX (www.londonfx.com) broker scam chased us today via the Bitcoin Loophole fraud campaign. As usual, when we registered with Bitcoin Loophole, we were also automatically registered as a future victim of LondonFX and redirected to its payment page. According to the information on the website, the scam is operated by Platinum One Ltd in Bulgaria. The terms and conditions state the Marshall Islands as the competent jurisdiction. Victims can lose their money via credit and debit cards, whereas we found TexCent as the payment processor.

June 15, 2021

Daily Marketing Alert – Fraud campaign BitQT promotes AlgofGain broker scam

We have issued a warning against the broker scam AlgofGain on May 18, 2021. Currently, the scam is promoted via fake news articles on the website https://yucosmos.com praising the fraudulent BitQT campaign on Best Invest News. They are attacking German-speaking consumers. The scam has built an extensive collection of supporting payment processors via its BoxiPay cashier. On Trustpilot, AlgofGain now has only a 2.8-star rating with a "Poor" trust level. Do not fall for BitQT and AlgofGain.

May 18, 2021

Investor Warning – Estonian broker scams AGKapital and AlgofGain and their facilitating payment processors

Currently, the two related broker scams AGKapital and AlgofGain, are being promoted via various fraudulent marketing campaigns. What is special about these two scams is that they both work with the BoxiPay Cashier (operated by PayBox) and the same list of payment processors. Among them the usual suspects like iPayTotal, NeoBanQ, or PayCent but also others like the Turkish RHG Partners, Bitngo, or ikajo. The scams claim on their websites that they fall under Estonian jurisdiction. Many of their payment processors do too!

March 17, 2021

Investor Alert – Broker scam Fitrex is still active

We have received notice from whistleblowers that the broker scam FitRex (www.fitrex.eu) is still active. The scam is operated by the offshore entity Irkasio Holdings Ltd, St. Vincent & the Grenadines, and Irkasio Systems OÜ in Estonia. The UK regulator FCA issued an investor warning against the scam in February 2021. Karin Therese Hallkvist is registered as the sole director of Irkasio Systems in Estonia. We found NeoBanq, and Texcent as facilitating payment processors.

February 8, 2021

UK Watchdog FCA warns against PrimeCap, FitRex, CFDS Market, and iForexGain

The UK Financial Conduct Authority (FCA) has today issued investor warnings against several FX & Crypto Scams. Again, the usual suspects are legal entities in the Marshall Islands and St. Vincent & the Grenadines. In a first quick review of the alleged scams, we found NeoBanq, and Texcent as facilitating payment processors.

October 8, 2020

Investor warning against Billion Forex broker scam as part of FCA-regulated Billion Key

The logo of the broker scam Billion Forex resembles the one of Red Bull and this could be intentional. Currently, there are no warnings against the scam by a financial market regulator but FinTelegram already has whistleblower information and complaints. The scam is operated by BillionTraders Services OÜ, Estonia, and Billion Traders Ltd, St. Vincent and the Grenadines. They claim to be part of FCA-regulated Billion Key Ltd. TEXCENT is the facilitating payment processor.