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FinTelegram

November 28, 2021

Surprise, surprise! Notorious Serbian boiler room operator Parogan in liquidation!

The boiler room scene in Belgrade, the so-called Manhattan of the Balkans, is still vibrant. One of the largest and most notorious boiler room operators is Parogan DOO (www.parogan.com), owned by the Cyprus citizen Nikos Andreou, and managed by the former lawyer and Serbian citizen Max-Sebastian Winterfeldt. Nikos Andreou is also the only shareholder of Olympus Prime DOO, another boiler room operator in Belgrade. While the latter is still active, Parogan DOO is in liquidation.

FinTelegram

November 27, 2021

Investor warning against FlexCapital and DeltaStream broker scams!

The UK FCA has issued an investor warning against the broker scam FlexCapital (www.flexcapital.cc). The website states that the site is owned and operated by Ineffable Group Ltd, registered in the Commonwealth of Dominica, which also operates the DeltaStream (www.deltastream.cc) scam. Through the ABNCBP (https://abncbp.com) cashier, victims can lose their money via deposit using credit and debit cards or Bitcoins. Stay far away from these toxic brokers.

November 27, 2021

Analysis – Prosecuting scam networks as criminal organizations

We have been analyzing the cybercrime investigations and indictments of the Austrian and German law enforcement agencies. Most recently, the public prosecutors' offices in Bamberg, Rostock, and Cologne caused a stir with action days in Israel, Cyprus, Ukraine, Serbia, Bulgaria, and other jurisdictions. The respective law enforcement agencies investigate different cases but share their findings and coordinate their actions and charges. They do not prosecute individual scams but work on the hypothesis of criminal organizations according to §§129 and 129b of the German Criminal Code.

November 23, 2021

Munich Trial Day #1 – Jacki Fitelzon plead guilty; agreed to a 78+ months prison time but …!

On day #1 of the Munich Trial, the 44-year old Israeli Jacki Fitelzon offered a guilty plea including a full and comprehensive confession in exchange for a moderate sentence. Prosecutor and the defense attorney agreed on a sentencing between 78 to 84 months prison time. The final decision is up to the judge. In addition, the defense attorney offered that all the claims of the victims represented by EFRI would be recognized. The prosecutor started with his questions before the trial was adjourned to next Friday.

FinTelegram

November 11, 2021

CySEC-regulated FXGM still suspended because of Maltese boiler rooms?

The Cypriot regulator CySEC regulates Depaho Ltd with the license number 161/11. One of the approved brands is FXGM with the domain www.fxgm.com. On the website of FXGM, you can read that they are currently under a regulatory review, and at the time of the review, no investment services are offered or executed. On 3 November 2021, CySEC announced that the suspension of Depaho Ltd had been recalled. FXGM is also said to have worked with the Maltese ZP Services Ltd boiler rooms until some time ago, WarningTrading reported.

FinTelegram

November 10, 2021

Investor warning against Citadelex broker scam!

The fraudulent website Top Brokers Comparison redirects registrants to the broker scam Citadelex which operates with the domains www.citadelex.co and www.citadelex.cc. We did not find any information about legal entities or persons on the scam's website. Of course, there are no social media accounts either. Instead, we found the ABNCBP cashier again, which processes the victims' credit and debit card deposits. Stay far web on Citadelex.

FinTelegram

November 4, 2021

Attention! Stay away from BenefFX and Gloffix broker scams!

The fraudulent Bitcoin Up marketing campaign today promotes the BenefFX broker scam. After registering with Bitcoin Up, prospective victims are redirected to BenefFX's cashier page. There, victims can lose their money via credit and debit cards as well as PayRetailers and AcePay. The scam is allegedly operated by the offshore entity Optium Ltd, registered in the Marshall Islands. Key Solutions Ltd in Bulgaria is stated as the payment processor. BenefFX attacks victims in English, German, Chinese, Spanish, Italian, and Arabic.

FinTelegram

November 3, 2021

Much appreciated – Forex Peace Army findings on boiler room operator ZP Services!

Yesterday we brought an initial report on the Maltese boiler room operator ZP Services Ltd of the Israeli Liran Ben-Ari. The Forex Peace Army (FPA)..

November 1, 2021

Urgent Warning! Don’t fall for ExpressFX broker scam facilitated by OOBIT and MoonPay!

The fraud marketing campaign Bitcoin Prime today promotes the scam broker ExpressFX (www.expressfx.com). Anyone who registers with the Bitcoin Prime campaign is also automatically created as a future victim of ExpressFX. After registering, one is directly redirected to the scam's payment page. There, victims can make deposits to the scam via credit and debit cards through OOBIT and lose their money. We did not discover any reference to the legal entities and people behind the scam on the website. Stay far, far away.

October 12, 2021

Prosecutors filed the indictment against Israeli cybercrime lieutenant Jacki Fitelzon

We already reported a few weeks ago about the upcoming indictment of Israeli Tal-Jacki Zecharia Fitelzon. The 44-year-old guy was a lieutenant of the cybercrime organization E&G Bulgaria of Gal Barak, the "Wolf of Sofia." The latter was sentenced to four years in prison in Vienna in September 2020. The Central Office Cybercrime Bavaria (ZKB) has filed charges against Fitelzon for defrauding 335 German victims of approximately €8.7 million. Fitelzon must now face a trial in Munich. Further charges surrounding E&G Bulgaria will follow.

October 5, 2021

Attention! Another warning against Finomarkets broker scam!

We have already warned against the Finomarkets (www.finomarkets.com) scam several times. A few weeks ago, the Spanish regulator CNMV warned, and now the UK FCA issued an investor warning. The Finomarkets website does not specify an operator or a competent jurisdiction. Coinicash is the facilitating payment processor for credit and debit card payments with Texcent and AdvCash, who process the payments. Victims’ deposits are represented and miscoded as purchases of cryptocurrencies on the Coinicash exchange.

September 30, 2021

EFRI, Paytah, and quite interesting Financial Ombudsman Hearings in Malta

Phoenix Payments Ltd d/b/a Paytah, registered in Malta and regulated by the MFSA, is currently at the center of regulatory and criminal investigations in several European jurisdictions. In addition, Paytah is facing claims from scam victims who made deposits to various scams through Paytah and its affiliates. The European Fund Recovery Initiative (EFRI) represented the interests of victims at an obscure Financial Ombudsman hearing in Malta. Franklin Cachia of CSB Group represented Paytah. Cachia is currently the company's contracted compliance officer.