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Follow the money – Global Markets scam proceeds laundered via GlobalNetInt

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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. Here’s the story.

Cubic Services and Lemster Services

The Global Markets scam is still online. However, there is currently no way for potential victims to deposit, i.e., the facilitating payment processors have finally withdrawn their support after the many warnings from regulators. Scam operator Cubic Services Ltd in Seychelles was a client GNI from the beginning until summer 2020. Since the spring of 2019, different regulators in Europe have issued investor warnings against the scam, and still, GNI processed the payments.

Not only was Cubic Services a client of GNI, but so was the related company Lemster Services Ltd (www.lemster.eu) in Larnaca, Cyprus. This is an online/affiliate marketing and payment consulting company, well-positioned to acquire victims for scams like Global Markets. Lemster Services has a British woman, Sarah Amy Grice, registered as a director. Between September and November 2020, Grice was appointed as a director at more than 20 firms in the UK.

Leverate, MNI, and GNI know

The Global Markets scam was part of the network of CySEC-regulated Leverate Financial Services Ltd. Its Israeli entity Leverate Technological Trading Ltd is a large client of both MNI and GNI.

One thing is for sure – Leverate, as well as MNI and GNI, must know the identity of the scammers behind the Global Markets scam. And also their bank accounts. That would be of massive interest to some authorities in Europe.

Money-laundering issue

Money-laundering is a huge problem at GNI. According to the information available to us, the authorities in Lithuania are currently investigating corresponding allegations. FinTelegram received documents a few months ago showing that many of GNI‘s customers were either scam operators themselves, such as Cubic Services, or scam-facilitating payment processors like Praxis Cashier and many Estonian crypto payment processors. As a high-risk payment specialist, forex and gambling are the most important segments for GNI. And these segments are very vulnerable to money laundering.

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