The Spanish regulator CNMV issued several investor warnings against several scam brokers earlier this week. These include LMFX operated by Global Trade Partners Ltd, Macedonia, and GTP Global Solutions Ltd in St. Vincent and the Grenadines and FinmaxFX operated by Max Capital Limited in Vanuatu and Gatelinas UAB in Lithuania. As payment processors, both scams …
FinTelegram was asked by an EU law enforcement agency to ask for information about the broker scam HybridReserve. The authorities have received several fraud complaints from retail investors. Already in February 2019 the Belgian regulator Financial Services and Markets Authority (FSMA) and other regulators issued an investor warning against HybridReserve, which is operated by Singlebell Ltd in St. Vincent and the Grenadines and Singlebell OÜ from Estonia.
A few days ago, the Austrian Financial Market Authority FMA issued an investor warning against the broker scam StarkMarkets, which is operated by the entities Krisimark Ltd and SWISSGEM Ltd. This week, the Spanish regulator CNMV issued a warning against SWISSGEM and the broker scam MarketsCFD which it operates. In May 20120 the Italian CONSOB has already blocked MarketsCFD (www.marketscfd.net).
After the UK FCA had already warned against the PumaTS white-label broker Scam BlueSave in July 2020, the Spanish regulator CNMV also issued an investor warning. The scam is operated under the domain www.bluesave.io via the Buen Solutions Ltd, a company registered in St. Vincent and the Grenadines. The scam is still active as we have checked but the payment processors have changed.
The Spanish regulator CNMV has issued an investor warning against the scam broker GlobalspotFX (www.globalspotfx.com). The scam is allegedly operated by Trade Com Limited for an office in London. As a payment provider we have found the Russian PayeCards (www.payecards.com). Already in July 2020, the Italian regulator CONSOB had issued a warning against the scam.
According to a report by Gerald Segal of FX News Group (FNG), the Spanish regulator CNMV is planning tough measures against regulated brokers to protect Spanish customers. Specifically, these are mainly CySEC regulated brokers who operate in Spain through the EU Passporting License. The CNMV measures are designed to prohibit the common illegal practices of many regulated brokers and their respective boiler rooms.
The Spanish regulator CNMV today issued investment warnings against some scam broker brands which are operated by serial scammers. They are are “Quick-and-Dirty” mutations of standard scam broker templates and apparently have been produced in the very same scam factory. All of these scams have a strong relationship into the Russian scene and deploy Russian payment processors.
The UK watchdog FCA and the Spanish regulator CNMV issued investor warnings against the scam broker LincolnFX operated by Lincolnfx.capital Ltd. It’s still online on August 5, 2020. The FinTelegram Research team has received documents from some of the scam’s victims and thus has taken a closer look. Consequently, facilitating payment processors like Plus Exchange or Titan Payments as well as interesting connections have been identified.
It’s stunning. Before the eyes of the world public, the scandal of the DAX listed Wirecard unfolded over years while the BaFin did nothing but file complaints against investigative journalists and traders. BaFin has the legal mandate to protect the capital market and investors. Despite numerous warnings and circumstantial evidence, it has not fulfilled this mandate. BaFin must be accused of gross negligence and embezzlement.
On 25 July 2020, the Austrian Financial Market Authority FMA issued an investor warning against Joshua Development Ltd and its new broker scam 10CryptoMarket (www.10cryptomarket.com). In the past years, the Joshua Group has operated a number of scams via various dummy companies such as Joshua Consulting Ltd, Joshua Partners EOOD, or Joshua Development Ltd. Financial market supervisory authorities have issued corresponding investor warnings against the Joshua Group.