As reported by FinTelegram, the German BaFin announced an investigation into the broker scam operator Axis Solutions Ltd and its Swiss24 scam. Axis Solutions is also operating other scams like RoyalTradeFX or AxisTrading. The scams have already vanished, but TopCapital24 (https://topcapital24.com) and SwissFXM are the next ones attacking European consumers. The Spanish CNMV issued a warning against this latest white-label broker scam facilitated by the notorious payment processor Paypound. It is a vast network of scam brands and boiler rooms!
|Legal entity||Axis Solutions Ltd, Commonwealth of Dominica|
KBS Capital Markets Ltd, Marshall Islands
|Jurisdiction||Commonwealth of Dominica|
|Attacking languages||English, Spanish, Italian, German|
|Related scams||AxisTrading (axistradingtr.com)|
Larco a/k/a Larco Global (https://larco-global.com)
IMC Trades (www.imctrades.com)
|Warnings||BaFin, CNMV, Consob|
The scam narrative
During our simulated deposit via the Paypound option, we noticed that the support email is SwissFXM (pictured left). Basically, these offshore entities are empty shells where nominee directors sit behind which the scammers hide. Sometimes they hold bank accounts to receive the laundered money. The real attackers are the agents in the boiler rooms. However, these offshore constructions can be used to access the payment processors. Again and again, we receive internal documents from whistleblowers about the ultimate beneficial owners of these offshore entities.
The website of SwissFXM claims that they would have been one of the sponsors of the top Dutch football club Ajax Amsterdam since January 2021.
Paypound has been active as an unregulated high-risk payment processor for just under a year and has since emerged as an aggressive scam facilitator. Rumors say that Paypound was founded by former iPayTotal people.
If you have any information about Axis Solutions and its various scams, the boiler rooms, or supporting partners such as Paypound, please let us know via our whistleblower system, Whistle42.