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June 12, 2021

CySEC Compliance Issue – Regulated FXORO illegally chases EU clients via its offshore entity

We first registered with an EU address on the offshore entity of the CySEC-regulated FXORO, which is marketed through the subdomain https://global.fxoro.com. There we could choose between two account types, each offering leverage of 1:400. Only 1:30 is allowed in the EU in the first place. After that, we wanted to register on the CySEC-regulated FXORO on its approved website www.fxoro.com with the same credentials. This was not possible because our data from the offshore registration was already there. Thus it's evident that FXORO uses only one client database for the two mutations.

June 11, 2021

Investor warning against Triton Markets facilitated by Praxis Cashier

Like on any other day, today, we have received more than a dozen emails from fraudulent marketing campaigns that are on the catch for victims of various scams. One email leads us (once again) to the already known scam campaigns Bitcoin Prime and Bitcoin Champion. From there, we are directed to the still active broker scam Triton Markets (www.tritonmarkets.com) a/k/a Triton Capital Markets. Surprise, Praxis Cashier is still active as a payment processor, although there have been warnings against this scam for months.

June 11, 2021

Daily Marketing Alert – 1K Daily Profit fraud campaign promotes Status Markets broker scam

The scams are literally looking out for the FinTelegram attention. Through the daily junk emails, we get an overview of the current (fraudulent) marketing campaigns and the scams promoted with them without much work. For example, the 1k Daily Profit campaign has been very active for many weeks. Today, the scam broker Status Markets (www.statusmarkets.com) is advertised via it. This is allegedly operated by MarCo Global Projects Ltd, registered in the Marshall Islands. Status Markets is a poorly made white-label scam; do not fall for it.

June 10, 2021

The incredible story of Wirecard Mini-me Payvision and its founder Rudolf Booker

Amsterdam FinTech entrepreneur Rudolf Booker founded the payment processor Payvision in 2002 and ran it more or less successfully. The business evidently took off in 2015 when Amsterdam real estate investor Dirk-Jan Bakker introduced German cybercrime activist Uwe Lenhoff to Booker. Lenhoff and his partners brought dozens of fraudulent binary options operators to Payvision, where Booker welcomed them with open arms. In 2018, Booker sold Payvision to ING for €360 million, fully packed with high-risk and illegal clients; in April 2020, he and his co-founders left Payvision.

June 9, 2021

Investor Alert – Broker scam RazerMarkets with PandaTS and BridgerPay still active

On 12 March 2021, the UK FCA issued an investor warning against the RazerMarkets broker scam, allegedly operated by RazerMarkets Ltd. This company is registered in the Marshall Islands. It is a PandaTS white-label scam. As a payment processor have once again discovered BridgerPay. Behind BridgerPay Cashier, we have also discovered the Estonian crypto payment processor CryptoPayIn, operated by Navasu OÜ. Until recently, Plus Exchange was also integrated as a cryptoprocessor. The scam is still active and attacks investors in Europe.

June 8, 2021

Bravo! Bank of Lithuania revokes license of Finolita Unio

As reported by FinTelegram, The Financial Times reported that German prosecutors suspect that more than €100M was stolen from Wirecard via the licensed Lithuanian e-Money..

June 8, 2021

The Latvian Racket and its Turkish broker scam outlet Preqster FX

Italian regulator Consob ordered the blackout of the websites of Pips500 broker scam (www.pips500.com). This site is a scam and is allegedly operated by the UK-registered Preqster Ltd. This entity is operated and controlled by Latvian citizen Sergejs Vasiljevs and is part of the Latvian Racket. This company also appears as the operator of the scam forex broker Preqster FX (www.preqsterfx.com). The latter apparently targets Turkish investors exclusively and claims that the operator is Australian ASIC-regulated PQ Invest Pty Ltd.

June 7, 2021

That’s a new approach – plain-sight money laundering via LinkedIn

It is common knowledge that Facebook, LinkedIn, and other social media are used by scammers to present their scams and catch victims. With beautiful photos about expensive cars, jewelry, expensive brands, or other lies. Catching victims for investment scams on Instagram has long become a kind of "cybercrime culture". What is new for us, however, is that people want to launder money quite in plain sight via Facebook. A whistleblower sent us an interesting link today to a financial business consultant looking for bank accounts to launder money.

June 6, 2021

US SEC settles fraud complaint against binary options fraudsters Kai Petersen, Gil Beserglik et al

54-year-old German Kai Petersen a/k/a Kai Haupt and his Israeli partners Gil Beserglik and his son Raz Beserglik have been major players in the binary options and forex fraud industry between 2014 and 2020. Their scam brands and boiler rooms have defrauded tens of thousands of investors out of as much as $100 million the SEC has alleged in a fraud lawsuit. The US regulator claims that Bloombex Options, Morton Finance, and Starling Capital ripped off $100 million. And these were only three of many other scams. On May 25, 2021, the SEC announced a cheap settlement in this case.

June 6, 2021

Investor warning against TradeLax broker scam facilitated by BridgerPay

The U.K. FCA issued an investor warning against the broker scam TradeLax (www.tradelax.com). The scam is allegedly operated by TradeLax Ltd, registered in St. Vincent and the Grenadines. On TrustPilot, Tradelax has been labeled as a scam for quite some time and has a 2-star rating with a "poor" trust level. As a payment processor have once again discovered the Cypriot-Israeli BridgerPay by Ran Cohen. Scam warnings against its merchants have never bothered BridgerPay.

June 4, 2021

Gambling payment processor LuqaPay, Vera John, and GameSys Group rumors!

We have already reported several times in recent weeks on the high-risk payment processor LuqaPay. This is operated by Fortis LLC, which is registered in Georgia. LuqaPay is said to be the successor brand of BestPay Card. In addition, LuqaPay is said to be the main payment processors for GameSys Group's Vera & John online gambling platform in Japan. Rumors say that Vera John is about to be sold to Bally's.

June 2, 2021

Investor Warning – Be aware of the crypto fraud in scam broker environments

Starling Bank recently announced that they are suspending the deposit of funds to crypto exchanges such as Payward Ltd d/b/a Kraken (www.kraken.com). Banks and fintechs have "observed high levels of illegal activity" related to crypto exchanges. Welcome to the new reality. We have testimonials from victims showing how ID theft and bank fraud works. Scammers use either victims' KYC records or AnyDesk to open accounts there in their name and then receive deposits from them. The money is then gone. Kraken refuses to refund the victims.