Pay Back fund recovery scam

Fund Recovery – A Financial Ombudsman reports scams

The Israeli fund recovery service Pay Back a/k/a PayBack a/k/a Money Back are owned by Amir Geva and Daniel Poleb. They ask victims for several thousand euros or dollars down payment and, in addition, profit sharing. In many cases, it would be easier for victims to go directly to the relevant financial ombudsman and reclaim the money from the facilitating bank. Here is a report.

Bafin issues cease and desist order against Fronter Decsision

BaFin cease-and-desist order against unauthorized payment processor Fronter Decision

Fronter Decision GmbH, registered in Offenbach, Germany, was entered into the commercial register in April 2019. The Ukrainian Nikitin Oleksiy was appointed as the sole managing director. In fact, many of the German money laundering companies have Ukrainian directors. As non-EU citizens, these are hardly legally enforceable. BaFin issued a cease-and-desist order against the company in November 2020, which is now final.

Jay Clayton resigns as SEC chair

The SEC on a new regulatory course after Jay Clayton’s departure?

The U.S. Securities and Exchange Commission (SEC) is undoubtedly the world’s leading regulator, making decisions and setting standards that go far beyond the U.S. That said, the appointment of the SEC chair is a political statement with far-reaching consequences for the global community of regulators. Jay Clayton, the SEC chairman of the Trump announced his departure and makes way for his successor under the Biden era.

Whistleblower radar

Whistleblower Programs – U.S. SEC awards $900,000 for exposing overseas violations

The U.S. Whistleblower programs of regulators such as the SEC and CFTC are becoming a lucrative business for agencies that focus on the procurement of whistleblower information. This includes activities outside the U.S. This week the SEC awarded $900,000 for the detection of securities law violations overseas. Whistleblowers get their awards from monetary sanctions paid to the regulator from the offenders.

FCA warns against QTECK and Online Trading scams

Toxic Brokers – FCA warns against QTECK and Online-Trading Scams

SVG is a popular offshore destination with scammers. This is where they establish their offshore companies as operators of broker scams like QTECK or Online Trading. These legal entities are usually by Wilfred Services in Kingstown, St. Vincent & the Grenadines. At QTECK, Praxis Cashier is again integrated as a payment processor. The FCA issued investor warnings against these broker scams today.

Consob terminats six scam broker websites

Regulatory Enforcement – Italian Consob ordered black-out for another five scam brokers

The Italian Consob is the only EU regulator with the power to block websites of unauthorized financial service providers and scams as a means of regulatory enforcement action. The black-out of the respective website is intended to prevent Italian consumers from accessing these offers and being cheated. On Nov 9, 2020, Consob ordered the black-out of another five websites.