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German BaFin investigates vanished broker scam Waldex Pro!

BaFin investigates Waldex Pro broker scam
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Today, the German regulator BaFin announced an investigation into the Waldex Pro (www.waldexpro.com) broker scam. There will not be much for the regulator to investigate. The scam’s website is already offline; the domain is parked at NameCheap. Silverdale Holdings Ltd on St. Vincent & The Grenadines was the official operator. However, according to German law firm Resch, Waldex Pro has operated through an Estonian company. Waldex Pro was an investment fraud that falls under the jurisdiction of law enforcement agencies.

Key data

BrandsWaldex Pro, TopInvestus
Domainswww.waldexpro.com, www.topinvestus.com
Legal entitiesSilverdale Holdings Ltd, Vindigo Systems OÜ
Related individualsRami El Ramah
JurisdictionsSt. Vincent & The Grenadines, Estonia
PlatformPumaTS
WarningsBaFin, CNMV

Scam narrative

Silverdale Holdings Ltd, together with Estonian Vindigo Systems OÜ, also operated the vanished broker scam TopInvestus (www.topinvestus.com), against which BaFin issued a warning in May 2020 (see our report here). We assume that Vindigo Systems was also the co-operator of Waldex Pro and processed the victims’ deposits. TopInvestus and Waldex Pro have been running on the notorious PumaTS platform.

Toothless European regulators

In Europe, regulators in Europe have much less authority than U.S. regulators such as the CFTC or SEC. They cannot bring lawsuits on behalf of injured investors as U.S. regulators do. Through these civil fraud suits, the U.S. receives a lot of money for restitution payments to victims. Assuming the perpetrators are known and accessible to the courts. In Europe, regulators can only report scams and investment fraud to the appropriate law enforcement agencies. In the case of Waldex Pro, too, the only result of the BaFin investigation is a report for investment fraud. Whether the BaFin files a criminal complaint in the Waldex Pro case remains to be seen.

If you have any information about Waldex Pro, TopInvestus, Silverdale Holdings, Vindigo Systems, and their operators, please share it with us via our whistleblower site, Whistle42.

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