Tag: XFinances

Latvian Racket and Finex GroupA
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August 1, 2023

Another Regulatory Warning Against Vanished FinexTrader Broker Scam!

FinTelegram has warned several times about the Latvian Racket, a cybercrime organization attacking consumers with broker scams and boiler rooms. One of these scams is FinexTrader, against which several financial regulators have issued warnings over the last two years. Recently, the Spanish CNMV. In our review on 1 August 2023, the scam's website was not accessible. It seems the scammers vanished with their victims' money.
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MisterBit with Isunext and Xfinances and Zurich Invests broker scamsL
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August 30, 2022

Latvian Racket: Estonian Nominee Director Of Scam Operator XFinances Filed Fraud Complaint!

The disappeared Estonian XFinances OÜ d/b/a Isunext was part of the Latvian Racket and the operator or facilitator of numerous broker scams. The Estonian citizen Urmas Rooba informed us that he would not the beneficial owner of XFinances OÜ. On 15 Sept 2020, he allegedly sold 100% of XFinances OÜ to the Latvian Pavels Krasovskis. Until the moment of the sale, XFinances had developed no activity except that the company had been granted a virtual currency license.
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Latvian Racket and Finex GroupL
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July 20, 2022

Latvian Racket: Investor Warning Against FinexTrader With ChargeMoney And HighIsk

The Austrian Financial Market Authority (FMA) has issued a warning against FinexTrader broker scam, part of the so-called Latvian Racket. It is allegedly operated by the Finex Group Ltd, which has already operated the now disappeared scams XFINANCES, eXFINANCES, and ZurichInvests. The Latvian Aleksejs Kohanovs is registered as the controlling person in the UK Companies Register. As payment processors, we have discovered ChargeMoney and HighIsk. Stay far away.
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Estonian crypto payment processor InexusR
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April 14, 2022

Regulated Estonian crypto payment processor Isunext vanished?

Isunext is the trading style of the crypto payment processor XFinances OÜ, registered and licensed as a crypto payment processor in Estonia by the FIU as the competent regulator. The beneficial owners of XFinances OÜ are the Latvians, Pavels Krasovskis and Rooba Urmas. The company is a part of the so-called Latvian Racket and has facilitated scams like XFinances, eXFinances, or Zurich Invests. For several days now, the company's website has been unavailable. Visitors receive the error code 523.
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Flagged Estonian crypto payment processorsN
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April 23, 2021

New – List of scam-facilitating Estonian crypto payment processors

Digital currencies are the future in one way or another. For a few months now, online payment pioneer PayPal has also been accepting bitcoins and other cryptocurrencies. Estonia is currently the epicenter of European crypto payment processors. As of mid-2020, the Estonian FIU had issued more than 3,000 licenses (report here). Unfortunately, many of them are used to facilitate scams and illegal payment services. We have drafted a list of Estonian crypto payment companies that have come to our attention in scams.
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Latvian Racket is a cybercrime organizationL
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March 16, 2021

Latvian Racket – CNMV investor warning against XFinances

We issued an investor warning against the XFinances a/k/a eXFinances broker scam a few days ago. Now the Spanish regulator CNMV has also issued a warning against the scam. This scam is operated by Finex Group Ltd, registered in the United Kingdom. According to our findings, this scam is part of the Latvian Racket, a European cybercrime organization with a diverse portfolio of scam activities, including the licensed payment services provider Isunext in Estonia.
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Latvian Racket scam networkT
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March 15, 2021

The Latvian Racket – The e-book scams and undercover payment services

We just opened the Latvian Racket Case. One of its members is Pavels Krasovskis, the UBO of the licensed Estonian crypto payment processor Isunext. Until December 2020, he was also associated with the UK-registered e-commerce merchant K.L.A. Enterprises Ltd, which operates a portfolio of identical websites selling e-book subscriptions and the scam site www.greatoffers.email. Our educated guess is that this company is also an illegal "undercover" payment processor.
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MisterBit with Isunext and Xfinances and Zurich Invests broker scamsR
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March 14, 2021

R4I – The Latvian Racket, Estonian crypto payment processors MisterBit, and Isunext

We ask for the support of our whistleblowers to supplement the information we have and to be able to create complete profiles from it. In the last few days, we have discovered two scams, Zurich Invests (here) and XFinances (here), where MisterBit of Cristiano Chiarugi, licensed in Estonia as a crypto payment processor, acted as payment facilitators. Also, we have received information suggesting a connection between MisterBit and Estonian Isunext.
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roker XFinances networkI
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March 14, 2021

Investor Warning against Finex Group, XFinances scam with MisterBit

The XFinances broker scam was operated with domain www.xfinances.com until a few weeks ago and received some negative reviews. After that, it was switched to the currently active domain, www.exfinances.com. A tellinge name, isn't it? The scam is allegedly operated by FINEX GROUP LTD, which claims to be regulated by Swiss Financial Securities (SFINS) and Markets Financial Authority (MFA). Bullshit is this; these are no regulators! As payment processors, we have again the Estonian crypto payment processor MisterBit.
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