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FinTelegram

March 3, 2021

Investor Warning – TradingNetwork broker scam with illegal payment processor Skylas

TradingNetwork broker scam is another white-label scam from one of the many scam factories. The scam is allegedly operated by Wabbit Group Ltd, which is registered in the Commonwealth of Dominica. We can now operate these scams almost blindly because the processes and procedures are all the same for these scams. Only domains, brands, and operators change. Also, the scam-facilitating payment processors are almost always the same. This time, we have discovered the illegal Lithuanian payment processor Skylas UAB again.

FinTelegram

March 2, 2021

Good Morning St. Vincent – Investor warning against Sky Capital Broker Scam

There are beautiful places that, unfortunately, are also associated with terrible events. For example, today's vacation paradise Vietnam will long be associated with the Second Indochina War. The Caribbean island nation of St. Vincent and the Grenadines, on the other hand, is notorious as one of the offshore centers through which cybercriminals and scammers have conducted their crimes via offshore entities. The Sky Capital broker scam (www.skycapital.cc and www.skycapital.co) operated by Geiko Holdings Ltd is one of them. With Cashir.Live and Paystruct as its payment facilitators.

FinTelegram

February 28, 2021

Pradexx – While the high-risk payment processor’s website is back its CFO is gone

It is accessible again. We mean the website of the licensed Estonian high-risk payment processor and scam facilitator Pradexx. Its main page www.pradexx.com was not accessible via any browser for a few days due to security problems. We have reported about it. Today the site is available again. No reason is given for the inaccessibility, neither on the website nor on the associated LinkedIn channel. On the other hand, we can see that on LinkedIn, that its CFO, Matan Roee, is no longer working for Pradexx. He is now CFO of the Israeli crypto FinTech Komoline.

FinTelegram

February 18, 2021

Let’s go crypto! Canadian regulator approved first two BTC ETFs in North America

Cryptocurrencies are the future, right? At least that's what many experts and visionaries like Elon Musk claim. Apparently, North American regulators are now also giving in to the crypto trend, finally approving the first crypto ETFs and thus facilitating entry of more institutional investors into crypto. While the U.S. SEC has not yet approved a crypto ETF the Canadian Ontario Securities Commission (OSC) has approved two Bitcoin ETFs within just a couple of days.

February 13, 2021

Investor Warning – Bitcoin Formula recruits victims for Lucrum.Pro, FXCM Group, Triton Capital Markets and others

FinTelegram recently issued an investor warning against Bitcoin Formula, an affiliate system to recruit new victims for various broker scams. Among them, we have discovered the Lucrum.Pro (www.lucrum.pro) is one of the many scams promoted via Bitcoin Formula. This specific scam is allegedly operated by Econdary LLC, registered in St. Vincent and the Grenadines. Deposits can be made using an intermediate solution via Stripe and PayPal or cryptocurrencies. The scam found an interesting solution to integrate Stripe and PayPal via a Polish Sales Master Z.O.O. (d/b/a Varifilio).

February 12, 2021

Austrian FMA warns against AppleTrade broker scam with GumBallPay

The Austrian Financial Market Authority (FMA) has recently issued a warning against the scam broker AppleTrade operated under the domains www.appletrade.de and www.appletrade.io by Appletrade Ltd. No further information about the legal entity or persons can be found on the website. As a payment provider for credit and debit card payments, we have discovered the Israeli high-risk payment processor GumBallPay.

February 12, 2021

Dear Nominee Directors and Monkeys in Estonia, Serbia, Germany, and all other jurisdictions!

Scammers typically operate their legal entities through trustees and nominee directors. The so-called Companies Builders or Corporate Services providers thrive well on cybercrime. In many cases, such as obtaining a crypto license in Estonia, local directors are needed. Therefore, a booming corporate services business with Nominee Directors and trustees has developed around the (worthless in a regulatory sense) Estonian crypto licenses. The Estonian regulator FIU is openly watching or overwhelmed with their supervisory obligations.

FinTelegram

February 11, 2021

EFRI Class Action – Fund recovery claims against collapsed KBH Andelskasse and its owners

The international shadow banking system around the collapsed Danish Kobenhavn Andelskasse (a/k/a KBH Andelskasse) dominated by Jesper Bak and Wael Almarree was one of the worst payment facilitators for (legal and illegal) gambling and scams between 2016 and 2018. Also involved during this time were Danish FinTech Clearhaus and FCA-regulated Moorwand (formerly UPayCard). The European Fund Recovery Initiative (EFRI) filed the fund recovery claims with the Danish FSA and filed a criminal complaint with the Danish prosecutor's office.

January 30, 2021

Trading Gamification – Welcome to the new world of GameStop, Bitcoin, and the scammers’ paradise

The U.S. SEC is already looking into the GameStop scheme currently performed. The German and UK regulators BaFin and FCA, too, warned against it and similar stock schemes. On the other hand, celebrities like Elon Musk seem to endorse these new stock games driven by online boiler rooms on Reddit or Telegram and online trading platforms and apps like eToro, Robin Hood, Interactive Brokers, or Kraken. Social media-based market manipulation or the next generation trading approach, that's the question. Anyway, it's scammers' paradise.

FinTelegram

January 28, 2021

FinTech 2021 – German unicorn N26 still on the growth track planning acquisitions

The German FinTech unicorn N26 evidently seems to be on an unstoppable growth trajectory despite high losses. N26 said net losses at its core European business came in at 110 million euros in 2020, down from €165M in 2018. N26 has plans to make acquisitions, hire more employees , and expand into Brazil.

FinTelegram

January 26, 2021

Investor Alert – Investment Scam Marketing Qliq is not licensed by CySEC

Marketing Qliq, a marketing agency supposedly registered in Singapore, has been advertising via YouTube for investments in great stocks like Amazon that profit from the COVID-19 crisis. The scam promises a return of several hundred percent within a few weeks. Currently, a large campaign is running in this regard that addresses the German-speaking market. On its website, it is claimed that one would be a CySEC-licensed company. The provided CySEC license number 315/16 is actually connected with FXBGI Broker Financial Invest Ltd.

January 21, 2021

The Scammers War in Belgrade amidst Vienna Cybercrime Trials

A shooting attack was carried out this morning on Belgrade lawyer Marko Vujosevic. He apparently survived unharmed but badly shocked. Vujosevic was the founder and administrator of Global Payment Solutions Podgorica, which was registered in Montenegro. This was an illegal payment processor for two scammers Uwe Lenhoff and Gal Barak. The latter was sentenced to four years in prison in the Vienna Cybercrime Trials (#VCT). Lenhoff was found dead in his prison cell before the trial began. Previously, Vujosevic had claimed that Gal Barak had issued a murder order against him.