US court orders South African CEO to pay $3.4 billion for Forex fraud in a CFTC case LeapRate

April 28, 2023 BY Steffy Bogdanova

US court orders South African CEO to pay $3.4 billion for Forex fraud in a CFTC case

As per the regulator's statement, Steynberg, the CEO of Mirror Trading International Proprietary Limited (MTI) allegedly used Bitcoin (BTC) payment to lure investors into the commodity pool, as per the regulator's statement. Despite this, MTI, which was founded and headed by Steynberg, has failed to register itself as a commodity pool operator (CPO) and comply…

March 22, 2023 BY Steffy Bogdanova

Crypto scam OneCoin’s head of compliance extradited and facing charges in the US

U.S. Attorney Damian Williams said: Irina Dilkinska, the supposed Head of Legal and Compliance for the OneCoin cryptocurrency pyramid scheme, accomplished the exact opposite of her job title and allegedly enabled OneCoin to launder millions of dollars of illegal proceeds through shell companies. Dilkinska helped perpetuate a wide-ranging scheme with millions of victims and billions…

February 24, 2023 BY Steffy Bogdanova

FCA announces compensation for 24HR Trading Academy Ltd victims

Background The 24HR Trading platform provided trading signals to clients, promising significant profits if they followed the instructions sent via WhatsApp and other messengers, involving CFDs contracts on currencies and commodities. However, the platform did not hold the necessary regulatory license, and the FCA issued a warning against it in September 2019. The regulator froze…

December 12, 2022 BY Steffy Bogdanova

Four Chinese nationals based in Australia charged in a A$150 million cyber scam

The Scam The Aussie authorities found that the fraudsters employed sophisticated tactics in their operation. They used sophisticated social engineering methods to get in contact with the victims, including targeting them through dating sites, employment sites and messaging platforms before approaching them with the fraudulent investment opportunities. The victims who fell for the scam were…

Bankman-Fried jailed ahead of his October trial

October 24, 2022 BY Steffy Bogdanova

FTX offers $6 million compensation to phishing attack victims

FTX’s Founder and CEO, Sam Bankman-Fried commented on Twitter: We’ve mostly stamped out sites that try to phish users by masquerading as FTX. But we can’t fix fake sites impersonating *other* services. A few users accidentally registered at fake other sites, including 3 Commas. The reimbursement for the phishing scam is a one-time step taken…

October 14, 2022 BY Steffy Bogdanova

US Federal Court imposes a $7.6 million penalty in a CFTC commodity pool fraud case

The scheme According to the CFTC, the fraudulent scheme began in August 2014 when Hewko and MPC began seeking investments into a pooled investment vehicle operated by MPC and marketed to prospective investors as the Global Opportunity Fund (Fund). The regulator detailed that over $1.1 million were collected from the investors from September 2014 to…

October 12, 2022 BY Steffy Bogdanova

Ztegrity slapped with a $940K fine for FX pool trading fraud

The forex scheme According to the CFTC, the fraudulent scheme ran from October 2019 to June 2021. The operators used different websites and social media platforms to advertise their forex trading pool “The Black Club” and “The Forex Savings Club.” They were marketed as a version of a savings account that offered a greater yield…

June 06, 2022 BY Steffy Bogdanova

Australians lose $205 million to scams since the beginning of the year

Rickard added: Australians should be very wary of anyone asking them to invest in or transfer money using cryptocurrency, especially if it’s someone you have only met online. Many consumers are unfamiliar with the complexities of cryptocurrency and this can make them more vulnerable to scams. Between January and May 2022, there has also been…

May 05, 2022 BY Steffy Bogdanova

FCA warns that screen sharing scams are on the rise with £25 million already lost

The “Share my screen” scam According to the FCA, the scammers are targeting people between the age of 18 and 70. The regulator explained that the scammers gain control of the victim’s computer with screen-sharing software in order to steal information or access the financial accounts. The potential victims are usually contacted “out of the…

March 24, 2022 BY Steffy Bogdanova

ASIC warns against impersonation scams

ASIC said: ASIC is aware of scammers impersonating legitimate companies and then use convincing reasons for the victim to give them remote access (i.e. the ability to log into the victim’s computer or phone from their location). If someone asks you for remote access it is probably a scam. The Australian regulator has also observed…

Tag: scam