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March 5, 2021

The 20+ Mio of scam operator Donnybrooker and the Lithuanian payment processors

Spanish CNMV issued an investor warning against the EuroFX scam operated by Donnybrook Consulting Ltd in the Commonwealth of Dominica. This offshore entity is also the operator of the Energy Markets scam. We have discovered the Russian Piastrix and the illegally operating Lithuanian payment processor Merelita UAB with the regulated e-money institution Epayblock as facilitators. Besides, we have discovered a BTC address with more than BTC490 (equivalent to almost $23.2M).

March 1, 2021

The Ukraine-Lithuanian Finmax scams still active with Praxis Cashier and Spanish partners

Finmax scams have been active since at least 2016. Various regulators and review sites have already issued numerous investor warnings. Nevertheless, the scam is currently active with at least two websites FinmaxFX (www.finmaxfx.com) and FinmaxBO (www.finmaxbo.com). The two Ukrainians, Olena Vakulenko and Oleksandr Vakulenko, coordinate the scams through various legal entities in Lithuania, Vanuatu, Seychelles and St. Vincent and the Grenadines. To date, despite all scam warnings at FinmaxFX, Praxis Cashier with the Spanish Redsys and Comercial Global Payments as payment processor is active.

March 1, 2021

Another warning against Max Capital scam FinMax and its mutations

Regulators have warned against the FinMax scams already. In Jan 2019, the German BaFin warned against the mutation FinMaxBO and issued a Cease-and-Desist Order today. In Oc 2020, the Spanish CNMV warned against the mutation FinmaxFX. The scams are operated by Max Capital Limited, Vanuatu, and Gatelinas UAB, Lithuania. Although Max Capital is licensed by the VFSC, it's not authorized to scam anybody. As scam-facilitation payment processors, we have uncovered Webmoney, Jeton, VLoad, advcash, and Aveia.

February 24, 2021

Post-Brexit! FCA scam warning against CySEC-regulated Brokereo

The UK FCA has issued a warning against Brokereo and qualified it as a possible scam. The operator is Concorde Investments (Cyprus) Ltd, registered in Cyprus and regulated by CySEC under license number 189/13. The domain www.brokero.com is also approved by CySEC. However, during our review, we found problems with the KYC/AML procedures of the broker. Among others, Sepaga E.M.I. Ltd in Cyprus acts as a payment facilitator.

February 22, 2021

Regulator warning against BridgerPay scam client The Forex Premium

Bridger AI Ltd is an unregulated PayTech and, therefore, apparently moves feels free to accept scam merchants without too much concern. Just recently, Cohen hired Nati Harpaz, a big name, as an additional Executive Director. One would expect legitimacy there. However, BridgerPay has come up more frequently as a payment facilitator of scams regulators warn against. So it facilitates The Forex Premium (www.4xpremium.com) operated by Premium Finance Solutions Ltd.

February 19, 2021

Ozan Ozerk’s Eurotrade Group with CySec-regulated EuroTrader and LQDFX

FinTech entrepreneur Ozan Ozerk is a remarkable man. He has built an impressive empire of regulated and unregulated FinTech companies in various jurisdictions over the last few years. These include European Merchant Bank in Lithuania, Ozan Ödeme Hizmetleri ve Elektronik Para AŞ in Turkey, and several FCA-regulated institutions in the UK. This is the official site of Ozan Ozerk, which he runs through his Akce Group and OpenPayd Group. Then there are his gambling and forex empires.

February 18, 2021

R4I – The secretive Ukrainian Paythrone focused on complex merchants

Admittedly, the website of the high-risk payment processor Paythrone looks acceptable. Not exactly majestic as the name might suggest, but visually at least nice. Other..

February 15, 2021

German-Ukrainian Capital Letter Scam Group and its payment facilitators

German Capital Letter group operatees scams such as BrightFinance, SolidInvest, GFXRoyal, STSRoyal, STSCrypto, or GFXFinance. Various European regulators such as the FCA, BaFin, or the FMA have already warned and issued Cease and Desist Orders over the last months. The Italian Consob has ordered a blackout of the sites. Some scams are still active. Now the UK FCA issued a new warning. Praxis Cashier is still facilitating the GFXRoyal scam along with the Estonian AnyCach OÜ (d/b/a any.money).

February 13, 2021

Investor Alert – Don’t fall for the Bitcoin Formula & ProfitsTrade, LucrumPro, FXCM Group scams powered by Praxis Cashier!

The crypto hype is getting stronger every day. Almost every day, we read headlines about new crypto events. PayPal reports records since they accept cryptocurrencies. Elon Musk and his Tesla are buying $1.5 billion worth of Bitcoins, and most recently, Twitter chief Jack Dorsey and Jay-Z announced the creation of a Bitcoin trust. Meanwhile, the big media houses like CNN, BBC, or the Financial Times entertain with ever new exciting crypto stories. Scammers use this hype to rip off greedy and/or naive consumers with scams like Bitcoin Formula and ProfitsTrade.

February 12, 2021

Dear Nominee Directors and Monkeys in Estonia, Serbia, Germany, and all other jurisdictions!

Scammers typically operate their legal entities through trustees and nominee directors. The so-called Companies Builders or Corporate Services providers thrive well on cybercrime. In many cases, such as obtaining a crypto license in Estonia, local directors are needed. Therefore, a booming corporate services business with Nominee Directors and trustees has developed around the (worthless in a regulatory sense) Estonian crypto licenses. The Estonian regulator FIU is openly watching or overwhelmed with their supervisory obligations.

February 10, 2021

iPayTotal Case – Who is Jason Smith?

The iPayTotal Ltd entity in the UK is insolvent and being wound up. We have reported on this, and these reports are widely read and widely shared. The high-risk processor, which is controversial in the scene, has received catastrophic ratings on rating platforms like Reviews in recent and weeks from apparently dissatisfied merchants who are not getting their money. They also refer to the alleged fake officer Jason Smith. We would like to know more about him and whether he is a real person at all.

February 6, 2021

GNI Leaks – Introducing high-risk payment processor group EMP CORP

FinTech entrepreneur Ozan Ozerk is a remarkable man. Hee has spent the last 10 years building a FinTech empire around Akce Group that ranges from the Lithuanian-registered European Merchant Bank to the FCA-regulated OpenPayd Group. He has also established processing gift card and voucher companies to process payment transactions of gambling, betting, lotteries, and online casinos for EMP CORP. We have started with the research of EMP CORP. Here is the first part of our reports.