Illegal broker schemes would not have been conceivable without willingly participating payment services providers (PSP). FinTelegram already pointed out this fact several times unnoticed. Especially the illegal PSPs in Germany and the Czech Republic such as B2G GmbH, StronIT GmbH, Germanika GmbH or TrustSecure GmbH are to be mentioned as co-conspirators. FinTelegram has focused its research on these Illegal PSPs and recently published a portrait of the Czech Xtrabit s.r.o.
Fictitious Transactions, Tax Fraud, And Money Laundering
The involvement of these illegal PSPs in the fraudulent broker schemes is substantial. These PSPs accept payments on behalf of the operators of the fraudulent broker schemes even though they are aware of the illegal nature of their business and the many warnings issued by regulators.
Customers of these broker schemes make bank wires to these PSPs and are instructed to provide false payment purposes like “Marketing Services“, for example. However, customers do not receive a corresponding invoice for these alleged marketing services. How could they? Fake payment references, fake transactions, fake records in the accounting and probably also false internal invoices are issued for financial authorities. These PSPs are therefore also most likely to commit tax fraud besides their violation of regulatory frameworks. Marketing services are regularly subject to VAT, for example. In addition, these companies and their employees launder money for the related broker schemes.
The German financial market supervisory authority BaFin has become aware of some of these unauthorized payment service providers and has requested them to cease business operations. For example StronIT GmbH or Germanika GmbH.
Damages and Intel
The EFRI campaigns and their lawyers will therefore increasingly turn to these payment service providers. Apart from criminal liability, these PSPs are, in our opinion, liable for damages to the depositing clients. They are co-conspirators of the perpetrators behind fraudulent broker schemes. In addition, they have the data of the perpetrators at their disposal and must disclose these voluntarily or by force of law. These payment service providers such as B2G GmbH and its managing directors Oleg Shvartsman and Rainer Treuer know the operators of illegal broker schemes such as Blue Trading, Markets-Trading, Option888 or XtraderFX. And their bank details.
In the next couple days, the lawyers of the various EFRI campaigns will launch corresponding campaigns against these illegally operating payment services providers. Another step in the fight against rip-offs by illegal brokers. And yet another step to recover funds for investors.