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July 26, 2021

Review: Funded trading provider Topstep and its business model

Founded in 2012, Chicago-based TopstepTrader LLC did business as TopstepTrader (www.topsteptrader.com) until recently. Sometime in the last few months, it was renamed Topstep (www.topstep.com) a/k/a TopstepFX (www.topstepfx.com). All domains are currently redirected to the main domain www.topstep.com. This is now allegedly operated by Topstep LLC in Chicago. We have not found this company. Michael Patak is named as the economic owner and main principal. There are currently 191 people connected to the traded funding provider on LinkedIn.

July 23, 2021

R4I – Regulated brokers ForTrade and Alpari have joint interests

Recently we reported that an investor warning issued by the UK Financial Conduct Authority (FCA) against TorexFX (https://torexfx.com) was incorrect. The FCA claimed that TorexFX and the domains associated with this scam https://gloryft.com and https://fxen.gloryft.com as illegally acting clones of the FCA and CySEC regulated broker ForTrade. In fact, however, these sites are jointly operated by ForTrade and the Russian broker Alpari. Both brokers have a vast network of entities, domains, and websites. We want to learn more about them and their activities.

July 22, 2021

Disgraced Payvision founder Rudolph Booker loses motion for a preliminary injunction

Rudolf Booker was the co-founder and, until 2020, CEO of Payvision, a Dutch FinTech acquired by ING in 2018 at a valuation of €360M. Payvision and Booker were massively involved in the international scammer and cybercrime scene as payment facilitators, processing hundreds of millions of euros of illicit revenue. Victims of the scams knowingly and willingly supported by Payvision want their money back. FinTelegram has reported on Payvision's extensive scam involvement. Booker sued for defamation and asked the court for a preliminary injunction. The court rejected his request.

July 17, 2021

And again! BridgerPay facilitates illegally operating broker NATA Trading

We actually strive almost 24/7 to capture the incoming scam messages in our database, analyze them and make the cross-connections. It is almost a Sisyphean task. The number of reported scams that come in every day we can carefully record in our database, but we can't report on every single scam. Today we receive a report from a victim of the illegally operating NATA Trade broker. Allegedly, the broker is operated by NATA Trade Limited. What is certain is that the payment facilitator is once again Ran Cohen's Israeli-Cypriot BridgerPay.

July 16, 2021

Fake Media and illegal Telegram boiler room promote CySEC broker Libertex

Behind every scam are boiler rooms promoting potential victims with phone calls, emails, and various messenger services. In recent years, boiler rooms have increasingly been operating via Telegram and WhatsApp. Especially in online trading, these social media boiler rooms have become a popular scam tool. On the fake medium Wirtschaftsanzeiger (www.wirtschaftsanzeiger.com), a trading group a/k/a boiler room is currently being facilitated, which promotes CySEC broker Libertex.

July 16, 2021

Cybercrime Trials – Gal Barak’s wife acquitted but more charges to come!

E&G Bulgaria allegedly defrauded tens of thousands of consumers in Europe out of more than €200 million with its scams According to law enforcement agencies in Germany, Austria, and Switzerland, the principals of this organization were Israelis Gal Barak and Gery Shalon and their Russian partner Vladislav Smirnov. Barak was sentenced in Austria in September 2020 to four years in prison and restitution payments in the millions for investment fraud and money laundering. His wife, Marina Barak, who was also charged, was acquitted; the prosecutors appealed.

July 14, 2021

Introducing the investment network around Aqua Digital Rising and Eureeca

In the UK Companies House, you can find Aqua Digital Rising Ltd, registered since March 17, 2020. One of the beneficial owners is Brit Debasish "Dev" Dutta, also a company director beside Marc Edward Aspinall and Andreas Ruether. Interestingly, Yasin Sebastian Qureshi is listed as Founder and Head of Strategy on the website www.aquarising.com. And he is a large shareholder. Qureshi is known in Germany for founding the publicly traded The NAGA Group AG. There is also Aqua Index LLC d/b/a AllStars Trader (www.allstarstrader.com), which is the brokerage arm of Aqua Digital Rising. And then, there is Eureeca Limited, an FCA-registered investment firm controlled through the Cayman Islands.

R4I
ticker

July 13, 2021

R4I – The connections between NAGA Group and the AvaTrade broker?

We received a dossier containing a lot of information about the shareholders and background of the listed German company The NAGA Group, which operates its brokerage business in the EU through its subsidiary Naga Markets Europe Ltd with CySEC license No 204/13. Behind the NAGA Group is the Chinese Fosun of billionaire Guo Guanchang. The CySEC-regulated Naga Markets Europe Ltd operated as Ava Trade Ltd until mid-2017 and ran the broker AvaTrade.

July 12, 2021

Greylisted Malta and its disgraced regulators!

Malta is a beautiful island. No doubt about that. And like Cyprus, it is a heaven for money-laundering and high-risk businesses. Malta was grey-listed by..

July 11, 2021

Blacklist Marketing Alert – Immediate Edge fraud campaign attacking consumers

There are certainly more than a dozen fraudulent marketing campaigns that play the "get rich quick and easy" song on the piano every day. Bitcoin is currently very popular with fraud campaigns addressing young consumers. The Immediate Edge campaign, for example. Evidently, it is focused on young consumers in Europe and Asia via fake articles. We found a fake report about the purported arrest of Immediate Edge clients in Dubai for spending their excessive wealth; an almost funny-stupid article published on the fake news site The Financial Report.

July 9, 2021

BaFin- and CySEC-regulated NAGA deploys fraud marketing campaigns to chase new clients

The NAGA Group AG is a German-based FinTech company publicly listed on the Frankfurt Stock Exchange (WKN: A161NR and ISIN DE000A161NR7). The company is doing business as NAGA (www.naga.com). The subsidiary NAGA Markets Europe Ltd is an investment firm (CIF) regulated by CySEC in Cyprus with license number 204/13. Another subsidiary is the unregulated offshore entity NAGA Global Ltd, registered in St. Vincent and the Grenadines. The company labels itself as an operator of a social network for financial investments and thus similar to eToro. Today, we established that NAGA is using fraudulent marketing methods.

July 9, 2021

BitcoinX fraud campaign chases victims for ProfitsTrade facilitated by Praxis Cashier

Today we found the fraudulent marketing campaign in which Elon Musk promotes crypto and a method for getting rich with crypto. The "Elon Musk on Crypto in Wall Street Journal" campaign is run through Post Affiliate Pro by Quality Unit s.r.o. in Bratislava. You hop to the campaign via several referral hubs before you land at the PreOff website which runs at Post Affiliate Pro. Today, the campaign promotes the ProfitsTrade scam facilitated by Praxis Cashier.