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.
It is often a challenge for regulators, law enforcement agencies, or attorneys for victims of scams to identify the scammers and serve the complaint on them. Scammers, like other cybercriminals, like to hide behind offshore companies and trustees. Specialized companies like Wilfred Services Ltd on St. Vincent & the Grenadines facilitate scammers with their services. …
Offshore Challenge – CFTC complaint was served on Wilfred Services. Read More »
On Sept 24, 2020, the U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against PaxForex (www.paxforex.com), an offshore CFD broker operated by Laino Group Limited which is a company registered on St. Vincent and the Grenadines. The Commission alleges that PaxForex is offering services without having the legally required FCM registration. PaxForex is accepting cryptocurrencies as a means of settlement.
