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April 12, 2021

EuroTrader Update – Ozan Ozerk, Soteris Georgiou, domains, and legal entities

We have brought a first report on the activities of brokers brands EuroTrader and LQDFX some ago. The EuroTrader group is regulated by CySEC for its activities in the EU. However, besides that, the group operates offshore mutations via entities in the Marshall Islands and South Africa. The FinTech emperor Ozan Ozerk controls both EuroTrader and the unregulated LQDFX. The British accountant Soteris Georgiou is also registered as Ozerk's long-time partner and accountant as the offshore entities' beneficial owner. Here is an update.

April 9, 2021

Wanted for restitution payments – Payment processor XTrabit and Vlad Kogan

For FinTelegram readers, it is certainly no secret that we are hunting scam-supporting payment processors. These payment processors are even worse than the scams themselves. Scams come and go while payment processors stay and support new scams all the time. They know the scammers and where the money goes. They facilitate these scammers in defrauding ever-new victims. One of these evil payment processors is Russian-born Australian Vladislav "Vlad" Kogan. He has laundered hundreds of millions for dozens of scams with his Czech registered Xtrabit s.r.o.

April 8, 2021

FinMax Racket – The former Ukraine Police officer, his wife, and more exposed scams

We want to extend our sincere thanks to all whistleblowers and volunteer friends of FinTelegram. They provide important information about FinMax and other scams and conduct their own research, which they make available to us. Since our last update on the FinMax Racket, we have learned that the racket's alleged boss is a former high-ranking police officer in Ukraine. We have also learned that there are other scams and a common address for all scams in Bulgaria. Here is the update.

April 7, 2021

The FinMax Racket – Connection to Atrix Group und RusVPN established

A few weeks ago, we started our reports about the FinMax Racket, which has been active with its scams under different domains like www.finmax.com, www.finmaxbo.com, www.finmaxfx.com, or www.finmaxCFD.com with binary options, CFD, and Forex since 2017. The scammers around Oleksandr Vakulenko are from Ukraine and have been attacking investors in Europe and Russia. We have received a lot of information from whistleblowers and victims and are constantly updating our reports. One of our whistleblowers found Atrix Group Ltd in the UK, publisher and operator of RusVPN, in the FinMax Racket environment.

April 7, 2021

Estonian Compliance Issue – The Estonian lawyer Igor Torsin and Eesti Firma

We asked a few days ago, who is this Igor Torsin would be. A busy man for sure. We identified him as a director of nine FIU-licensed crypto payment processors in Estonia. Among these are also some that operate as scam facilitators - PayTechno or Steveyx d/b/a Venus Exchange. Evidently, he is the frontman for getting and maintaining the FIU license. We learned that Torsin is a lawyer working in Tallinn, Estonia, at Eesti Firma OÜ, a company builder specialized in crypto licenses, among other things.

April 5, 2021

Connecting the dots – Plutus broker scam related to Galore and Lucrum

The same boiler room apparently operates the three broker scam brands. Victims report that chat history is shared about at least these three scams. We have already reported about the Plutus scam (here) and the Lucrum scam (here). The Galore scam (www.galore.pro) is allegedly operated by ITM Solutions LLC, registered in St. Vincent and the Grenadines. This entity also operates the Plutus scam. The offshore entity behind the Lucrum scam is Econdary LLC, also registered in SVG. On two BTC addresses, we have discovered a total of barely BTC58 worth more than $3.3M.

April 3, 2021

R4I – Illegal Italian Payment Processor Elmo Color with ePayComfort

We have recently brought a report on the so-called TradeCabinet scams. Boiler rooms in the Balkans operate this scam network. This includes 3 FID Tech (3fidtech) in Tirana as well as Global-Tech and Comunico88 in Belgrade. The TradeCabinet CRM software is apparently used for the back-office processes of the attached scam brands. Processing deposits from customer victims is part of these back-office processes. We found the Italian digital marketing firm Elmo Color S.R.L.S. as an illegal payment processor in combination with ePayComfort. We would like to know more about these payment processors.

March 30, 2021

Estonian compliance issue – who is Igor Torsin or about the responsibility of nominee directors

Being the director of nine regulated financial institutions? Really? Yes! It is known that cybercrime organization and their scams work with nominee directors. Sometimes they want to hide behind them, and sometimes they are needed to get licenses and bank accounts. The latter is apparently the case with Igor Torsin, who, according to our records, works as a director in nine Estonian crypto companies. All nine are FIU-licensed crypto payment processors, and some of them are involved in scams and supporting them with their services.

March 29, 2021

Daily Affiliate Warning – FXOffers fishing for victims for Investingstate broker scam

Currenlty, the fraudulent affiliate site FXOffers, promotes the broker scam Investingstate, a broker scam operated by Wooko Global Ltd, registered on the Marshall Islands. As payment processors of the scam, we have discovered iPayTotal, PayTechNo, and CryptoPayIn, operated by the licensed Estonian Navasu OÜ. The very same scammers operate Investingstate as the Broker Unity a/k/a BrokerUnity (www.brokerunity.com) and Interactive Trade (www.interactivetrade.com) scams.

March 29, 2021

Wanted – The Plutus broker scammers, its perpetrators, and facilitators

Yes, the Plutus broker scam is still active and continues to scam consumers and small investors! And yes, these scammers stole millions! We reported about it a few days ago. Until around May 2020, the scam worked with Praxis Cashier and accepted credit cards and later switched to cryptocurrency payments only. Until recently, the scam operated by ITM Solutions LLC processed payments via BitTheBank and XchangePro of the licensed Estonian crypto payment processors Lipan Services OÜ and BlueData OÜ, respectively. We are trying to track down the operators.

March 27, 2021

LegacyFX – another CySEC CIF onboarding European clients via Vanuatu mutation

LegacyFX broker operates with two mutations. The "European Mutation" is operated by A.N. Allnews Investments Ltd, an investment firm regulated by CySEC. Then there is the "International Mutation," operated by AN All News Investments Ltd regulated offshore by the Vanuatu Financial Services Commission (VFSC). While not allowed to do so, the "International Mutation" actively addresses European investors and accepts happily accepts them and their money.

March 26, 2021

Follow the money – Global Markets scam proceeds laundered via GlobalNetInt

We have recently reported on the GlobalMarkets (a/k/a Glob Markets) broker scam, which has been highly active over the last few years but seems to be disappearing. The scam was operated under various domains by Cubic Services Ltd, Seychelles. Numerous regulators have warned against the scam and the operator since 2019. Despite these public warnings, how could the scam still steal customer funds? If you follow the money trail, you again end up with MoneyNetint Group (MNI) and its GlobalNetInt (GNI) in Lithuania.