The illegal online broker XTraderFX and the non-registered payment services provider GPay Ltd have already received numerous warnings from various financial market supervisory authorities. FinTelegram has been working with investors in Germany, Austria,
Shell Companies And Fake Accounts
Customers who register with XTraderFX (XFX) and want to deposit money by bank transfer will receive the bank details of shell companies in Germany, Hungary,
These are just two examples of the many bogus companies with which these illegal broker sites work. In fact, these illegal brokers work through various Merchant Identification Number (MIDs) with a variety of payment service providers and fictitious companies. Account connections are frequently changed in order to make traceability more difficult for the authorities.
As a matter of fact, these illegally operating broker sites work with European banks such as the Postbank, Deutsche Bank, Investbank, or PayVision (ING) to defraud European investors.
Example: Payments via GPay Ltd and Georgi KOMISAROV
FXF customers will be informed on the website that all payments will be processed by GPay Ltd, registered in the UK (Company No: 10938332 see Companies House). This unregistered and/or non-licensed Payment Services Provider (PSP) has received numerous warnings from financial market regulators connected with different illegal broker sites. Managing Director of GPay Ltd is the Bulgarian Georgi
|GPay Ltd||Cryptopoint||FCA UK|
|GPay Ltd||XTraderFX||FCA UK|
|Green Oaks Ltd||ROITEKS||FCA UK, FMA New Zealand, ASIC Australian|
Money Laundering and Criminal Organizations
The revenues from the operation of illegal online brokers are by definition revenues from organised crime and must therefore be laundered. The operators of those broker sites deploay numerous offshore companies and Payment Services Providers (PSPs) such as PayVision, PayRetailers or Praxis to get their money clean. Customer funds that have to be held legally on segragated accounts are actually misappropriated and used for commission and marketing payments and moved into the privacy of the operators of these illegal broker sites.
GPay is such a platform for international money laundering around the illegal brokerage activities. According to the documents available to us, 59-year-old Georgi
EFRI Funds Recovery Campaign
FinTelegram has launched the European Funds Recovery Initiative (EFRI) together with lawyers, auditors and authorities in various countries. Damaged investors can register their claims and complaints on the EFRI website.
Next report: Forensic Analysis of Cash Flows from Bulgaria to Hong Kong,
The forensic analysis of cash flows between Bulgaria and the offshore companies Online Prospect and MUU Group based on concrete payment processes and company constructions.