Good news to retail investors. Another illegal payment services provider (PSP) and back-office services provider for illegal broker schemes has been shut down by the German financial market supervisor BaFin. In this case, the German Alpha Support GmbH (previously FinTech Service GmbH) has been ordered to terminate its unauthorized services. These PSPs are actually fraud facilitators for illegal online schemes.
The Usual Suspects
According to a press statement issued by the German watchdog BaFin, the German FinTech GmbH provided payment and back office activities for unlicensed trading platforms
- www.weissfinance.com (Official Owner: Pairs Ltd., Marshall Islands),
- www.sternoptions.com (Official Owner: BP1 LP, Bulgaria) and
- www.olssoncapital.com (Offical Owner: Carter Enterprises OU, Estonia), F
Again, the illegal broker schemes are operated from the already-known locations Bulgaria, Marshall Islands, and Estonia. Already in 2018, the BaFin and the UK Financial Conduct Authority (FCA) issued investor warnings against Olsson Capital and Carter Enterprises OU. The BaFin also issued a warning against Stern Options and BP1 LP in 2018.
Knowingly And Wilfully Acting Co-Conspirators
Given the public warnings of EU regulators, it is evident that the FinTech Service guys wilfully and knowingly offered their services to illegal financial businesses which makes them co-conspirators under criminal law.
As of 8 May 2018, BaFin ordered FinTech Service GmbH to cease and desist from supporting illegally operating broker platforms. As of 10 August 2018, FinTech Service GmbHs application for the reinstatement of the suspension of the decision has been denied by the Administrative Court of Frankfurt am Main.
As the order became effective, the company changed its name into Alpha Support GmbH and installed a new director, the German Doris Haupt. That’s the way, those illegal services provider typically work.
Report Illegal Brokers And Payment Services Providers
In case you are aware of illegally operating broker schemes and/or payment services providers (PSP), please share your information with the FinTelegram team in the very best interest of all investors. Together we can make an impact!