In February 2019 FinTelegram published the first report on the illegal broker scheme of Floris Pieter Bartel Waals and his Estonian-registered companies Grau International OÜ and TR System OÜ. These companies still operate the two illegal broker platforms VEmarkets.com and CFDS100.com. Their boiler rooms and payment services providers are operated in Ukraine, Serbia and Montenegro. Thanks to our whistleblowers, FinTelegram was able to extend the report and establish connections with other people, brands, and companies.
- The Montenegrin MRT Technology DOO Podgorica is used as one of the schemes own payment service providers (PSP);
- Beside Floris Pieter Bartel Waals and his partner Gaele de Graf, the Hungarian citizen Zoltan Korcsog and the Ukrainian Iuliia Davydenko have been identified as perpetrators;
- Kho Tech Ltd, AF Technologies Ltd, FGM Technology Ltd, BonumChange OÜ, PayPeq Holdings OÜ, Euro Wealth OÜ, CCLR Solutions OÜ, Nostro Partnership LP, D.A.B. BG, Nostro Technology Limited, and BiWeTech OÜ are identified companies in the scheme;
- MRTmarkets.com, 10brokers.com, GlobalFXm.com, TopTrade.
fm, Prestige. fm, RoyalTrade.fm, and AlphaCapital.fm have been uncovered as illegal trading styles of the MRTmarkets scheme.
The Main Actors Of MRTmarkets Scheme
FinTelegram has so far identified the four individuals Iuliia Davydenko, Zoltan Korcsog, Gaele de Graf and Floris Pieter Bartel Waals as responsible managers and/or beneficial owners associated with the MRTmarkets scheme. Reading through the different commercial registers, public forex forums, and bank accounts, those people are the perpetrators of the scheme or at least some of them.
Please note: typically, the main perpetrators of those illegal broker schemes are associated with different schemes. They often agree to operate some schemes in partnership while others are operated with other partners. That said, that our FinTelegram research team has been able to establish connections of the perpetrators named above in the MRTmarkets scheme via their connections with illegal broker brands, payment services providers (PSP), and shared resources.
Involved Jurisdictions And C
Illegal broker schemes always act across different jurisdictions. That’s a sort of operating paradigmt. So far we have identified involved persons and companies from the following jurisdictions in this scheme:
- Germany (German)
- United Kingdom
- Marshall Islands
The MRTmarekts scheme like all other illegal broker schemes essentially works with the following patterns:
- Similar company names: companies with similar names are founded in various jurisdictions, which then act as official operators of the illegal broker platforms and/or ultimate beneficial owners (e.g. Nostro Partnership LP, Nostro Technology Limited, Nostro Technology OÜ)
- Frequently changed company names: company name changes after some time if there are too many negative comments and banks become nervous (e.g. Nostro Technology OÜ was renamed into Euro Wealth OÜ, MRT Technology Ltd was renamed into AF Technologies Ltd)
- Frequently changed operators: illegal broker platforms (i.e.domains) frequently change the official operator. It’s all pixie dust as the people and organizations in the background (the ultimate perpetrators) stay the same.
- Resource sharing: the different illegal broker schemes share the so-called dark resources like boiler rooms or illegal payment services providers (PSP)
- Israel connection: some of the illegal broker brands such as CFDs100.com are related to Bulgarian companies such as D.A.D. BG founded by Israel citizens such as Nissim Lassri.
The main perpetrators either directly or via frontmen and trustees establish complex company structures across different jurisdictions which
Payment Service Providers (PSP)
In addition to the various credit card companies, the scheme set up its own payment transaction service providers (PSP) for bank wires. In Montenegro, for example, MRT Technology DOO Podgorica was founded via Nostro Technology Limited (UK) to receive investors bank wires associated with the illegal broker brands given below:
Moreover, according to the bank documents available to us, the “usual” suspects from the area of illegal payment service providers were also used. Bank transfers were made to VEmarkets.com via the German B2G GmbH.
Report Broker And PSPs
We are well aware that there are more people, brands, and companies connected to this scheme around Iuliia Davydenko, Zoltan Korcsog, Floris Pieter Bartel Waals, and Gael de Graf. We just discovered the tip of the iceberg and need more information to paint the whole picture and shut them down. Please share your information and experience with our FinTelegram team using our whistleblower scheme. Together we can make a difference!