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In April 2022, we warned against the broker scam soltechX, operated by the offshore entity Maxx LLC, registered in St. Vincent & The Grenadines. This entity has also operated other scams. As payment facilitators, we found the notorious BridgerPay, PayPound, and PayStudio. The boiler rooms behind soltechX and related scams are in Ukraine and Serbia. Max LLC is related to Cubic Services Ltd, another offshore scam operator with boiler rooms in Ukraine and Serbia.
Global Markets (Glob Markets)
|Legal entity||Max LLC (SVG), est. Aug 2020|
|Corporate advisors||Euro-Caribbean Trustees Ltd|
|Related entity||Cubic Services Ltd (Seychelles, Ukraine)|
|Jurisdictions||St. Vincent & The Grenadines|
|Platform||Sirix by Leverate (www.sirixtrader.com)|
|Payment options||Credit and debit card|
|Payment processor||BridgerPay, PayPound, PayStudio|
|Warnings||FCA, FINMA, FSMA|
The Short Fraud Narrative
The offshore entities used by scammers are just empty shells with no operational meaning. They are only used to register as merchants with payment processors, either directly or via subsidiaries. As in the case of Max LLC with BudsFX or soltechX or Cubic Services Ltd with Global Markets. The latter is registered in Seychelles but had its headquarters in Odesa, Ukraine, until recently. The actual attackers behind the scams are located in boiler rooms in Ukraine, Serbia, and other Balkan countries.
soltechX is a white-label broker on the SirixTrader platform of the Israeli-Cyprus Leverate Group.
Exposed Payment Processors
Our April review found the Israeli-Cypriot BridgerPay and PayPound as facilitating payment processors. In the new review in September 2022, PayStudio facilitated victims’ deposits via credit and debit cards. Without supporting payment processors, these scams would not be possible. Therefore, we also consider them as co-conspirators in the fraud.
The Swiss FINMA and the UK FCA issued investor warnings against the BudsFX scam and Max LLC in November 2020. The related GlobalMarkets scam has already been the subject of an investor warning by the Belgian FSMA in September 2019. In July 2019, the Spanish regulator CNMV issued an investor warning against the GlobalMarkets scam and its operator. The UK FCA warned against GlobalMarkets and the then-operator Cubic Services Ltd in January 2020. The Belgian FSMA warned against soltechX in August 2022.
If you have any information about soltechX, its operators, and facilitators, please let us know via our whistleblower system, Whistle42.