Update on the Trade Com Scam Racket and its facilitating payment processors
The Trade Com Racket is believed to have a headquarters in Albania. JPM Capitals, ProfxCredit, FMA Crypto, Coinmond, GlobalSpotFX, Spotfinex, FXonspot, and TopEuroFX are part of the racket. In January and August 2020, the UK FCA issued investor warnings against the FXonspot scam; in September 2020, the Spanish CNMV followed. The racket offers the trading app TopEuroFX for free download in the Google store. As facilitating payment processors, we have recently discovered Payecards, the Estonian Woodstock OÜ, the UK Cashaa Technologies Ltd, and Net Kantor.
Wirecard, Finolita Unio, and the Lithuanian Connection
In our researches on scam-facilitating payment processors, Finolita Unio UAB, regulated by the Bank of Lithuania with authorization code LB000490, came to our attention only once as a payment facilitator in the GlobalSpotFX scam with the Estonian Woodstock OÜ (report here). The Financial Times reports that Finolita Unio is part of Senjo Group, a former Wirecard partner through which hundreds of millions have flowed and vanished. More than €100M have been processed through its Lithuanian subsidiary.
Licensed Estonian scam-facilitator Woodstock and its payments network
We have recently discovered the licensed Estonian crypto payment processor Woodstock OÜ as a payment processor in the Trade Com scams network with GlobalSpotFX, Spotfinex, FXonspot, or TopEuroFX. These scams' victims deposited money through Woodstock's bank accounts with Lithuanian financial institutions Finolita Unio UAB, GlobalNetInt UAB, the Maltese Secure Trading Financial Services Limited, and crypto exchanges. Woodstock is controlled by Marianna Charalampous and does not even have a functioning website.
Investor Warning – Trade Com Group, GlobalSpotFX, Spotfinex, FXonspot, and TopEuroFX scams
GlobalSpotFX, Spotfinex, FXonspot, and TopEuroFX are associated with a Trade Com Limited, which does not appear to exist. In January and August 2020, the UK FCA issued investor warnings against the FXonspot scam; in September 2020, the Spanish CNMV. Until recently, the Google App Store offered the Spotfinex trading app. This has been renamed TopEuro FX (www.topeurofx.com) and is still available for download. As facilitating payment processors, we have discovered Payecards and Estonian Woodstock OÜ with the Lithuanian e-Money Institution Finolita Unio.