Pointless 404 investigation – German BaFin launches probe into vanished Finexics

BaFin investigates Finexics broker scam
Spread financial intelligence

Whistleblower Credits: We would like to thank our whistleblowers for their reports and insights, which help us expose scammers and their payment processors. Together we can make a difference in cyberspace. Together we are an invincible force.

FinTelegram has issued several warnings against the Finexics broker scam (www.finexics.com and www.finexics.io). Likewise, some regulators such as the Austrian FMA have issued investor warnings. The scam was operated through Slinqo Group Ltd, allegedly registered in Cyprus. As predicted, the scam has since disappeared. Nevertheless, the German BaFin has announced investigations against the scam and its operators. BaFin will probably not find anything to find the scammers, and investors cannot be protected now either. It’s more a sort of forensic investigation, which is the job of law enforcement.

The Finexics broker scam is related to Finotive (www.finotive.net) scam, supposedly operated by Harmonte Group LLC, registered in St. Vincent & the Grenadines. This very same offshore entity was also the registered merchant at scam-facilitating payment processor PayTechno. Please read our report here. The Finotive website (www.finotive.net) is still online, victims can still register, but there is no payment processor linked to the scam anymore. Deposits are no longer possible. Finotive has also disappeared.

The duties of a regulator include monitoring the financial market to protect investors and the economy. Therefore, what sense does it make for a regulator to react to scams and online fraud only after they have long since disappeared? Other regulators are often much faster than the German BaFin, with German consumers having high priority among scammers. BaFin is currently not fit for the cyberfinance age.

Leave a Reply

Your email address will not be published. Required fields are marked *