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German law enforcement allegedly arrested GetFinancial scammers in Israel!
This morning it was announced via Israeli media that up to 20 arrests had been made in Israel at the request of the German prosecutor’s office. Allegedly, 4 to 6 Israelis are to be extradited to Germany to face binary options and broker fraud charges. According to the latest information, it is said to be an action by the prosecutor’s office in Bamberg, Germany, in connection with the GetFinancial scam. We do not have a definite confirmation yet. The international law enforcement operation is said to have taken place in Israel and Georgia, where the organization has operated boiler rooms.
Latest Updates
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Attention! UK regulator warns against Funds Back fund recovery scheme!
It may be dull, like the flight crew safety briefing. You've seen it a hundred times and don't think you'll use it again. The truth, however, is that safety briefings and warnings can't be done often enough. Fund recovery schemes, in particular, are the meanest scam done often performed by scammers or former scammers. Today, the UK FCA warned against the Israeli Funds Back. It was the fourth warning against a fund recovery scheme over the last few days!
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Breaking News – 20 people arrested in Israel on German request
The Israeli online news platform News 13 reported that some 20 people had been arrested on charges of binary options fraud in a joint law enforcement operation of Israeli and German authorities. Six of the detained allegedly will be remanded in custody for a request for extradition to Germany. Later today, six of the suspects will be brought to the Jerusalem Magistrate's Court for a hearing on the extension of detention for the purpose of requesting their extradition to Germany.
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Consob orders black-out of 10 illegal financial websites!
On 18 October 2021, Italian regulator Consob ordered the black-out of ten new sites illegally offering financial services to Italian consumbers. Since July 2019, the Italian watchdog has blocked 532 websites for the Italian market. Consob is currently, unfortunately, the only European regulator that has this power in regulatory enforcement. It would be desirable if other jurisdictions also gave their regulators such authorization to fight scams more efficiently.
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R4I – Have you heard about the WALP Entertainment?
We did not know about WALP Entertainment S.R.L. until recently. The company supposedly is registered in Costa Rica and is massively involved in crypto gambling. This offshore entity also operates the unlicensed crypto gambling site Pasino (www.pasino.com) and the unregulated crypto payment processor FaucetPay (www.faucetpay.io). WALP Entertainment is also the issuer of the Feyorra (www.feyorra.com) crypto token, which is positioned as a payment token for the gambling industry. Pasino advertises on one of Gery Shalon's websites.
Payment Processors
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German BaFin warns against HandelXP broker scam
Today the German regulator BaFin announced an investigation against the broker scam HandelXP (www.handelxp.de) and its operator. On the website, we did not find any information about the legal entity behind the scam and, of course, no information about persons. The scam is available in English and German and is apparently operated through boiler rooms in Belgrade. Deposits of victims are processed via the website Special Gift Cards (www.specialgiftcards.co.uk) and Trustly.
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Urgent warning against CoinsTrades facilitated by BridgerPay!
During the next law enforcement action day in Cyprus, agents should also visit the offices of the Israeli-Cypriot payment processor BridgerPay in Limassol. This would be a very efficient way to follow the trail of money stolen by scammers. For very many of the big scams, BridgerPay processed the payments through its cashier. So also for CoinsTrades (www.coinstrades.com) against which FinTelegram has warned several times. Today, the German BaFin announced investigations.
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German BaFin investigates InfluxFinance broker scam!
The German regulator BaFin has announced an investigation into the broker scam InfluxFinance. According to the regulator's findings, the operator is Incendiary Group Ltd registered on the Commonwealth of Dominica. Victims can lose their money through the ABNCBP cashier via credit and debit cards as well as using cryptocurrencies. The ABNCBP Cashier was most recently found on 24funds, SolidInvesting, and MarketLtd which also run on the same white-label platform as InfluxFinance.
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Alert! TIOMarkets facilitated by Praxis Cashier and FCA-regulated Monsas attacks consumers!
The Spanish regulator CNMV today issued a warning against broker scam TIOMarkets (www.tiomarkets.com). TIO Markets Ltd, registered in St. Vincent & The Grenadines, is allegedly running the scam. Potential victims are chased via the fake site of DonauCapital Wertpapier GmbH (www.donaucapital.es) pretends to be a German investment company regulated by the CNMV. After registration, victims receive a welcome email from TIOMarkets and are redirected to their website.
Cybercrime Court Cases
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R4I – SmartApe, the Russian-Israeli hosting company for cybercriminals!
Many evil people hate FinTelegram. For a good reason. These people are cybercrime activists who steal money from consumers through illegal websites and get rich doing it. Many of these bad people are Israelis who use the considerable potential of their highly-gifted FinTech pundits to steal money in the cyberfinance space. FinTelegram writes about these people. We are hated and slandered for this, for example, by people around Gery Shalon, Gal Barak, or Vladislav Smirnov, who run defamatory websites via the hoster SmartApe.
Regulatory Updates
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Attention! Don’t fall for the Active Refunds fund recovery scam!
Unfortunately, it is a sad truth that the majority of so-called fund recovery providers are either directly operated by scammers or work with dubious methods. We know that many fund recovery providers cooperate closely with scammers and receive victim data from them. This way, the already damaged victims of scams are ripped off once again and for good. The UK FCA has today warned against Active Refunds (www.activrefunds.com) falsely presenting itself as an FCA-regulated company.
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Investor warning against FXVC with-label scam broker TopMarketCap!
The Austrian Financial Market Authority (FMA) has issued an investor warning against TopMarketCap broker (www.topmarketcap.com). On the scam's website, no legal entity is listed as an operator. This information is mostly worthless anyway because these are usually offshore entities with nominee directors. In the case of TopMarketCap, we could easily see that it is a white label solution of CySEC-regulated Finteractive d/b/a FXVC. Their platform is used by many big scams.
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Investor warning against FXVC with-label scam broker TopMarketCap!
The Austrian Financial Market Authority (FMA) has issued an investor warning against TopMarketCap broker (www.topmarketcap.com). On the scam's website no legal entity is listed as operator. This information is mostly worthless anyway, because these are usually offshore entities with nominee directors. In the case of TopMarketCap, we could easily see that it is a white label solution of CySEC-regulated Finteractive d/b/a FXVC. Their platform is used by many big scams.
Support Scam Victims
Join the fight against cybercrime!
European Funds Recovery Initiative (EFRI) is a non-government organization with the mission to support scam and cybercrime victims.
