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March 26, 2022

Urgent warning! Do not fall for illegal job offers to test bank accounts!

BaFin warns that scammers post job offers on various job exchanges in Germany. Employees are being recruited to open bank accounts for alleged process optimization or similar purposes. The scammers claim that the accounts will be deactivated or deleted afterward. In reality, however, they are used to process payments, including in connection with fraudulent trading platforms. This happens without the knowledge of the people who opened these accounts. Thus, innocent employees become involved in organized crime.

March 25, 2022

Vanished Daxiron broker scam cooperated with German Solaris Bank

We have reported and warned about the PandaTS white-label broker Daxiron several times over the last few months. After each report, the Daxiron scam changed a bit. Most recently, the domain was changed, which we also brought to our readers' attention. Now the broker seems to have disappeared. Daxiron victims have sent us documents that prove that Daxiron cooperated with the German Solaris Bank to deceive customers about bonus programs and account insurance.

March 25, 2022

Whistleblower Request – Please let us know more about Broctagon Prime, the Asian Kraken in Cyprus!

Broctagon Prime, a wholly-owned subsidiary of Broctagon Fintech Group, Singapore, is a regulated Cyprus Investment Firm (CIF) and acts as a liquidity provider to an impressive number of other CySEC regulated brokers. The Broctagon FinTechGroup is an Asian venture controlled by Soh Kai Jun and Choon Keit Wong. These guys have also been behind the Starfish FX, which renounced its CySec license in Sept 2016. scheme. The UK entity behind Starfish FX was dissolved via compulsory strike-off in 2019. We want to learn more about this Asian Kraken in Cyprus.

March 24, 2022

Next indictment! Former boiler room agent Benjamin Goldblueth has to stand trial!

Germany: Bamberg's public prosecutor has filed charges against former boiler room agent Benjamin Goldblueth. He is accused of having defrauded and damaged numerous investors from 2016 to July 2021 for various broker scams in conscious and deliberate cooperation with various accomplices in German-speaking countries. He has approached victims under different stage names such as Johan Roberts, Lennhard Herrhausen, Michael Mentzer, or Thomas Braun.

March 24, 2022

NAGA Update – The 2021 numbers, NAGA Pay, and legal troubles in Germany!

NAGA is a Cyprus Investment Firm (CIF) regulated by CySEC with license number 204/13. It is certainly not a scam but applies offshore approaches that are not compliant with ESMA and CySEC rules. We have already exposed that NAGA is chasing European clients with fraud marketing campaigns and offshore onboarding via its entity NAGA Global LLC, St. Vincent & The Grenadines. German lawyers representing NAGA clients have already filed complaints against NAGA for their aggressive Margin Booster Bonus Scheme offered via its offshore entity.

March 24, 2022

PGSELLERS – A high-jacked illegal payment processor or a made-up story?

Over the last few years, UK registered PGSELLERS has come to our attention as an illegal payment processor in several major broker scams. Scam victims were asked to deposit funds into PGSELLERS' accounts at Deutsche Handelsbank, Klarna, and other banks. A few days ago, the registered director and economic owner of PGSELLERS, Paul Solinsky, contacted us and claimed that the entity was hijacked by scammers and used as an illegal payment processor without his knowledge.

March 23, 2022

Notorious Russian payment veteran and ChronoPay founder Pavel Vrublevsky arrested!

On or around 10 March 2022, Pavel Vrublevsky, founder of the Russian payment technology firm ChronoPay, was arrested in Moscow on fraud charges. Russian law enforcement alleges that Vrublevsky operated several fraudulent SMS-based payment schemes and facilitated money laundering for Hydra, the largest Russian darknet market. However, according to KrebsOnSecurity, Vrublevsky may have been arrested because he publicly documented the links between Russia’s state security services and the cybercriminal underground.

March 23, 2022

Former Gal Barak Lieutenant Chen Ganon also prosecuted in Germany

Chen Ganon was one of the former lieutenants of the convicted principal of the cybercrime organization E&G Bulgaria, Gal Barak. He was the manager in charge of the broker scam SafeMarkets and has managed the boiler rooms in Belgrade and Sarajevo. Until recently, only the Austrian law enforcement prosecuted Ganon. Now the Bamberg prosecutor's office also prosecutes Ganon in Germany.

March 22, 2022

Interesting analysis! The Russian invasion of corporate Europe!

According to an Italian report, almost 44,000 Russian individuals are beneficial owners of companies registered in the European Union, in the United Kingdom, and in Switzerland. The highest number can be observed in the Czech Republic, followed by the United Kingdom, Latvia, Germany, Bulgaria, and Cyprus. More than 10,000 Russians own firms registered in the area of Prague, and more than 3,000 in the province of Riga, Latvia’s capital. In terms of corporate value owned by Russian oligarchs, Cyprus is the #1 in Europe!

March 21, 2022

Breaking News! Please read the statement of the PGSELLERS director!

FinTelegram has received a statement from Paul Solinsky, the director and beneficial owner of the UK entities PGSELLERS LTD and Ecore Payments Ltd d/b/a Ecore Merchant Services (Ecore). We have exposed PGSELLERS as an illegal payment processor and scam facilitator in various broker scams. However, Paul Solinsky claims that he has been a victim of a group of fraud gangs. He already applied to the Companies House for a voluntary strike-off of PGSELLERS. Below is his statement to FinTelegram:

March 20, 2022

Confirmed! Israeli lawyer and scam-facilitator David Bar-El to be extradited to Germany!

Israelis media reports confirm FinTelegrams reports regarding the German request regarding the Israeli lawyer David Bar-El. According to Posta, the International Department of the State Attorney's Office confirmed that David Bar-El, 37, a citizen of Israel and Georgia, is in the process of being deported to Germany for prosecution in the GetFinancial Case. The German prosecutor Mamkus Karmann leads the case. David Bar-El is the brother-in-law of cybercrime mastermind Gery Shalon.

March 20, 2022

MGA-regulated Maltese gambling companies systematically violate EU laws!

Casinodep is an iGgaming website operated by Maltese Winzon Group Limited, regulated by the Malta Gaming Authority. Recently, the Belgian Gaming Commission added Casinodep to its List of illegal gambling sites. The Latvian nationals Dmitrijs Kuznecovs and Maksims Terehovics are the beneficial owners of the Winzon Group. According to the Malta Business Registry, the Maltese Lawyer David Meli is the company director.