FinTelegram has literally received dozens of complaints and inquiries regarding the Algo-Trading Scam BeAlgo and Algotechs in the last few weeks. The two brands and websites are part of the very same scheme according to their own statements on their respective websites. Allegedly Algotechs Limited, registered in the Seychelles, develops and maintains the Algo-Trading software used by BeAlgo, whereby BeAlgo’s website is allegedly operated by B.A.X EOOD, registered in Bulgaria.
Of Monkeys And Bogus Companies
The many “allegedly” in the above text are deliberately chosen. According to the experience of our FinTelegram research team, these official operators of the websites are regularly bogus companies and the acting persons are so-called “monkeys” for the ultimate perpetrators. In the case of BeAlgo (www.bealgo.com), we have uncovered the B.A.X. EOOD in Bulgaria with the Bulgarian Iliya Simeonov Nikolov as its director and partner:
Moorwand Ltd And UPayCard As PSP
We have already learned from the many claims that Moorwand Ltd, which is registered as a payment service provider in the UK, has processed a considerable part of the scheme’s payment transactions via its website or UPayCard brand. The UPayCard has already attracted attention in other scams and illegal broker schemes and thus is to be qualified as a questionable PSP. The FinTelegram database has many entries for this PSP. Moorwand Ltd and UPayCard (www.upaycard.com) have obviously knowingly and intentionally made themselves available as payment service providers for these fraudulent broker schemes. From FinTelegram’s point of view, companies such as Moorwand Ltd and the persons behind them are liable under civil and criminal law.
Director and beneficial owner of Moorwand Ltd is Alain Pierre Jacques Bazille, a veteran of the gaming and gambling scene (LinkedIn profile). He is also the beneficial owner of the UK registered UPC Consulting Ltd.
In response to our request for further information on Moorwand Ltd, UPayCard and UPC Consulting published in early April 2019, we received numerous hints which we will investigate in the course of further research.
EFRI Initiative BeAlgo-Algotechs
On the basis of the information now available and the numerous complaints, the European Funds Recovery Initiative (EFRI) is launching a BeAlgo-Algotech campaign to recover investor funds. The utilization of Moorwand Ltd represents a decisive activity in this respect. Affected investors can register their claims via the EFRI website.