The UK regulator FCA issued a warning against the broker scam CMG Markets (www.cmgmarkets.io), operated by Mitz Group with Mitz Partnership OÜ, Estonia, and its parent company Mitz Holdings Ltd, St. Vincent and the Grenadines. The scam is related to the Paragon Finance scam (www.pargon-finance.io and www.paragon-finance.cc). Their payment processors are the Russian Piastrix for credit and debit cards and the Lithuanian Fuselma UAB and Skylas UAB with Trustcom Financial UAB for bank transfers. The scams of course take cryptos too.
The managing director of the Estonian Mitz Partnership OÜ is Christos Vasileiou, a Cyprus citizen born in Jan 1981 (companies register data). The Mitz Group also operates the scams LuxisTrade (www.luxistrade.io), InsureTrade (www.insure-trade.io), or Finlay (www.finlay.io) through this entity.
The operating entity behind the Paragon Finance scam allegedly is Xertz Consulting Inc, registered in the Commonwealth of Dominica.
Another Wilfred Services Client
The Mitz Group scam is from one of the many scam factories and again uses Wilfred Services on St. Vincent and the Grenadines as Company Builder. Wilfred Services (www.wilfredinternationalservices.com) has become a mini-me version of the infamous Mossack Fonseca, the companies services provider at the very heart of the Panama Papers. and are the premier address for offshore construction on St. Vincent and the Grenadines.
This is convenient in that Law & Regulation Enforcement agencies access the scammers via Wilfred Services. Most recently the CFTC did this in a complaint against the PaxForex scam and the operator Laino Group Ltd (see FinTelegram report here).
A usual suspect is also involved as a payment processor. Credit and debit card payments of both scams are processed via the cashier is Paytrio of the Russian Piastrix (www.piastrix.com). Client-victims of the scam can lose their money via additional payment channels offered by Piastrix such as Yandex Money, Perfect Money QIWI, and some other Payment services Provider.
The bank transfers of client-victims of the sams are processed via illegal payment processors and the licensed Lithuanian e-Money Institution Trustcom Financial UAB:
- CMG Markets bank wires are processed through the Lithuanian Fuselma UAB (companies register data) and their bank account (IBAN LT613690023810004371) with Trustcom Financial UAB. Customer victims will receive a fake invoice for alleged consulting services for the deposit.
- Paragon Finance bank wires are processed through the Lithuanian Skylas UAB (companies register data) and their bank account (IBAN: LT833690023810004266) with Trustcom Financial UAB. Customer victims will receive a fake invoice for alleged consulting services for the deposit.
The process is automated. Invoices are automatically generated via the payment pages of both scam and provided as PDF files with consecutive invoice numbers. Fuselma and Skylas are an integrated part of the scam and have already been associated with other scams.
Both Fueselma UAB of Svetlana Tikhonova and Skylas UAB of Iurii Egorovact as an illegal payment processor and is part of the money laundering. According to the company’s website www.fuselma.com, the company is engaged in IT consulting and software development for ERP systems.