The Nigeria-based payment services provider VoguePay is involved in the Zoo Broker Scam by providing its payment services to some of the scam networks illegal broker sites such as ECNpremium, EurTrades or SwissCFD. VoguePay does so although financial supervisory authorities have warned against these scam broker sites.
Fraud Facilitator VoguePay
Evidently, VoguePay has accepted the Estonian
clients victims on its scam broker sites ECNpremium, EurTrades, SwissCFD, and others.
Payment services provider supporting illegal and/or fraudulent broker scams are to be regarded co-conspirators and have to be held liable for facilitating investment fraud. Apart from VoguePay, UPayCard, and Paymentz are participating in the Zoo Broker Scam. Read our request for Information here on FinTelegram.
Payment services provider are obliged to apply proper KYC and AML procedures when accepting new merchants to avoid money laundering and fraud. Failing to do so negligently or intentionally makes the liable to victims and authorities.
What is the Zoo Broker Scam Network?
The so-called Zoo Broker Scam Network operates a number of illegal and fraudulent forex & crypto broker sites. For this purpose, the scam network uses companies named after the animals. In addition to the offshore companies Silver Wolf Limited, Brown Fox Limited or Blue Seal Limited, the Zoo Broker Scam network in Estonia (EU) maintains the Blonde Bear OÜ, Cherry Goose OÜ or Pexil Financial OÜ. These companies registered in Estonia are registered as merchants with payment service providers such as UPayCard, VoguePay, Paymentz or Transactworld Limited and can receive payments from customers. In addition, the network also operates its own crypto exchange, ExchangeITonline.