Finally! German BaFin investigates JoyTrust broker scam!

BaFin investigates JoyTrust broker scam
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We have already issued a warning against JoyTrust on May 14, 2021 (see notice here). The German regulator BaFin has followed our warning and announced investigations against the illegal broker JoyTrust (www.joytrust.net) and its operator, the UK registered Top Suite Ltd. According to our research, the JoyTrust scam has been active since 2020 with various payment processors such as iPayTotal or NeoBanQ. The illegal broker works with the Israeli PROFTIT CRM platform.

According to the BaFin announcement, the JoyTrust website offers German consumers banking transactions or financial services without the required regulatory permission. After our review, we can also state that JoyTrade operates illegally and is a scam that rips off its customers.

Top Suite Ltd, a company registered in the UK in January 2021, allegedly operates the JoyTrust broker scam. Latvian Natalja Zunda, born in January 1991, is registered as the sole director and beneficial owner (Companies House). We do not have evidence that Top Suite and/or JoyTrust is part of the Latvian Racket.

JoyTrust works with the CRM system of the Israeli PROFIT (www.proftit.com). Integrated into the system are cashier solutions from Praxis Cashier and BridgerPay. However, these are not currently active. Currently, victims can make deposits with credit and debit cards via notorious UK high-risk payment processor NeoBanQ.

It should not be difficult for BaFin to determine the identity of the scammers. Both PROFTIT and the supporting payment processors should have the data of their customers (merchants). In addition, the required information can be obtained from Natalja Zunda, the registered beneficial owner of the scam operating entity.

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