Investor Warning – Marshall Island scam schemes CityCapital, MgBroker, and Armax

FinTelegram has received information from whistleblowers strongly indicating that CityCapital, MgBroker, and Armax are part of another broker scam scheme associated and/or related with either Blue Trading and/or the Zoo Broker Scam Network. Our research team is still working on the details, a detailed report will be published shortly. Investors should stay away from those schemes.

The documents provided by whistleblowers show that the Bitcoin (BTC) address provided to clients by CityCapital ( is directly linked to the Blue Trading scheme and the Zoo Broker Scam Network. Therefore, utmost caution is required.

Like many other broker schemes CityCapital customers are obviously requested to make bank wired to a company evidently not associated with financial services:

  • IBAN: AE670260000515369240503

The operators provided on the CityCapital website are

  • Marshall Islands-registered ⴸеllаmo Нοldіngs Соrр and the
  • Cyprus-based Internаtionаl Mаrket Servicеs LTD.

CityCapital and its operators have been included on the Financial Commission‘s warning list already since April 2018. They also operate the MgBroker Scam ( and together with the Cyprus-registered International Market Services CTM LTD (headed by the Ukraine Olena Koval) the scheme ArmaxTrade (

ArmaxTrade is also included in the warning list of the Bank of Lithuania.

The FinTelegram Research Team works on the scheme and the entities provided about. Investors are advised to stay awar from CityCapital, MgBroker, and ArmaxTrade and from all other brands that work with Vellamo Holdings Corp, International Market Services Ltd, or International Market Services CMD Ltd.

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, XMarkets, XTraderFX, GToptions, StoxMarket, Bluetrading, FXTrade777, or KayaFX please file your claim and report activities via our whistleblower system: