The BForex broker scam is one of the very old pre-binary options scams in the FX retail scene. The Italian Alberto Maria Comelli already started in 2008. He can thus hold the questionable title of a scam pioneer of the FX retail scene.
The Bforex Scam
The BForex broker scheme has been officially recognized as a scam by the Forex Peace Army (FPA) in October 2010 already:
October 13, 2010: The FPA Investigations Committee has confirmed a scam complaint against BForex. This broker is now blacklisted by the Forex Peace Army. We recommend against depositing funds with BForex.com. If you have an account with them, we recommend that you try to withdraw all of your funds immediately.Forex Peace Army judgement.
Financial markets supervisory authorities such as the Spain CNMV have issued investor warnings against the illegal BForex scheme. The Cypriot CySec has added the domain www.bforex.com to the list of non-approved domains. French financial regulator AMF warned investors against Bforex as did the UK FCA.
Cubbon Services is also stated as the payment services administrator of the broker scam FinancikaTrade (www.financikatrade.com).
Ultimate Beneficial Owner
According to the information and documents available to FinTelegram, the Italian citizen Alberto Maria Comelli was the ultimate beneficial owner (UBO) and hence the principal of the scheme. He worked with the offshore entity BForex Limited (Company No: 1436829) registered on the British Virgin Islands (BVI) and the Cubbon Services Limited (Company No: HE219627 ) registered in Cyprus.
Payment Services Provider
BForex held a bank account for bank wires with Czech Ceska Sporitelna in Praha:
ccount holder: Cubbon Services Limited
- Account number (IBAN) EUR : CZ32 0800 0000 0000 0660 3312
- Account number (IBAN) USD : CZ17 0800 0000 0000 0660 3582
Report Broker Scams
Illegally operating broker schemes and their boiler rooms are part of fast-growing global cybercrime activities. Millions of investors are defrauded by those broker sites losing billions of euros every year. Hence, it is important to warn investors of such illicit sites. If you are a victim of an illegally operating broker site such as Tradeinvest90, Option888,