Exposing The 'FSM SCHEME' - FSM SMART, TRADE12, HQBROKER, MTI MARKETS, MX TRADE et all

Scam Reporters

Master Sergeant
Messages
318
PART 1

Online trading scam broker called FSM Smart is part of an incredibly large scam group, rarely spoken of or systematically exposed, due to many illegal unconnected brands and quite complicated and fluid network of shells, off-shores, PSPs and BPOs worldwide. Indeed smartly put, the name serves them well. At the time, the Fintelegram did a good job in exposing some parts and initiating the public attention, that was previously restricted to warnings to particular brands and occasional info scattered across many different forums. Apparently, they had problems because of it. However, the full story is yet to be told. We hope to bring more clarity and tie the missing parts. For sure it will not be a complete report, but joint efforts bear fruits, eventually. The full story should be revealed by the Law, not us or others. So far, the representatives of the law have done very little, mainly due to scheme’s multi jurisdictional and transnational nature.

The beneficial owner(s) are well hidden and this vast group obviously has no intention to stop. We shall try to do our best to unmask this ‘giant’ as much as possible. For the purpose of clarity, we shall generically call them ‘’the FSM scheme’’ since its brand FSM Smart is probably the biggest and longest standing one. This thread will be quite long and posted in successive parts, due to the size on info we aim to display on FPA, so you are warned that it will take patience and attention to follow. No shortcuts here or easy solutions.

The named ‘FSM scheme’ is comprised of (up to now known) following scam brands/trading styles:
1. MTI Markets www.mtimarkets.com
2. TradingBanks www.grizzly-ltd.com also t/a
www.tradingbanks.com (own trade platform+TradingBanks)
3. MX Trade www.mxtrade.com
4. Trade12 www.trade12.com
5. HQBroker www.hqbroker.com (up to this thread, probably never associated to FSM Smart brand before)
6. FSM Smart www.fsmsmart.com, www.fsmsmarts.com, www.it.fsmsmart.net, www.fsmsmart-ltd.com

We are positive that more brands are involved or were a part of this. This organization is truly like an Octopus. But as any other such group, made the same mistakes when registering various companies and using 3rd parties providers, leaving traces behind. Now days, scammers are much more cautious, in general, as there is more focus on scams, narrowing down their operating boundaries.
First brand operator of MX Trade scam appeared to be a 2014 est.&CySEC regulated/FCA-passport company R Capital Solutions Ltd, FCA, CySEC, CY registrar. Owner was a Romanian citizen residing in Cyprus, Mr. Victor Florin Safta, who had another linked company in the UK, F Capital Solutions Ltd Companies House Reg. CySEC regulated R Capital Solutions claimed they never operated MX Trade by issuing a public statement:
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However, it can be easily see in web archives that they actually probably did for some time: webarchive link (bottom of the page). While this may or may not be true (e.g. scammers use clones of regulated companies names to gain clients trust), this FPA thread confirms beyond any doubt that R Capital Solutions operated MX Trade: FPA MX Trade complaint thread. Readers are encouraged to go through all 10 pages, to both see the displayed evidence and the unbelievable audacity and vulgarity of scammers, harassing the client, after ‘cleaning’ his account of 100k. Here we only wonder what the above named Management’s comment would be to this shocking agent’s behavior. In this thread you can actually see the switch to new offshore scam operator. We are not aware to this day that any sanctions or investigations were triggered against R Cap.Solutions or how R Capital solutions defended itself in this unpleasant matter (e.g. public update on law suit, liaising with regulators to clear their name etc). They did, however, clearly state in the public notice that anyone claiming they were linked to scam broker, shall be immediately sued in court (‘zero tolerance to defaming’). Strange approach, with given reputation risk in stake…

Anyhow, whoever the scam operator was, once compromised, quickly switched to 2014 est.&Belize incorporated Lau Global Services Corp www.lgs-corp.com (now defunct BZ reg.search) operating MX Trade as of April 2015 (per T&C archive) which is a standard next step that all scammers make, when the brand is exposed. Lau Global was a full scam from day one, FB page still online, ASIC warning, CySEC warning IFSC warning, FSMA warning revealing that deposits went to Taris Financial Corp, not present in offshore leaks, Cypriot, Vanuatu, Belize or Marshal Islands registers, but with bank account in Cyprus, meaning it had to be incorporated somewhere to obtain a bank account. Possible best match via google search would be a few companies named Taris from Riga, Latvia, or Sofia, Bulgaria, but it’s just a random speculation with no actual meaning, or any insinuation towards those companies. Whatever it is, it’s obvious that they continued a scam. Lau Global, thanks to ICIJ offshore leaks, can be de-masked fully: Offshoreleaks-LauGlobal. Lau Global was the sole shareholder of 2014 Malta-incorporated Grizzly Ltd. Looks like the entire structure from the start was prepared in 2014 and, once the time came, just relocated, implying a plan/intention, from the start. Grizzly Ltd has one owner, Mr. Shlomo Matan Shalom Avshalom, an Israeli national, with Philippines address, per offshore leaks. This was very indicative to us, as we had the information some time ago to pursue some lawyers and Philippines call centers direction, to get to the bottom of this scheme setup. So we did. Others who looked into this information just continued with having a name from offshore leaks, but no more. Let’s have a look at this Mr Avshalom more, shall we?

In offshore leaks, Shlomo Matan Shalom Avshalom, linked to Philippines and Israel residency addresses, is the director and legal/judicial representative of Malta based Quick Solutions Ltd (2014) and Grizzly Ltd (2015), with his registered address (another company): BSD Trading Service Corp, Office O5M, Berthaphil Compound, Jose Abad Santos Avenue, Angeles, Pampanga, Philippines. Quick Solutions is owned by Belize IBC called High Moon International Inc, while Grizzly Ltd is owned by Belize IBC Lau Global Service Corp. Both Grizzly and Quick solutions have the identical Malta address registered. It looks like this:

1592927845820.png
And you can verify all via this link: ICIJ offshoreleaks. By the way, Belize IBCs are defunct now (check BZ reg). Grizzly Ltd was the operator of another big scam, TradingBanks, at the time falsely claiming to be incorporated in British Virgin Islands as some bogus St. World Trade Inc, receiving BVI FSC warning. Furthermore, FPA 1-star review, then multiple warnings from FSB, domicile MFSA (for both TradingBanks and MX Trade, warning), FINMA, CONSOB, even Belize IFSC (warning), tradingbanks warnings, give final 2016 verdict – pure scam, operated by the above people and companies, no doubt about it. Grizzly Ltd has a secretary listed, one Mr David Meli link, a lawyer from a famous Michael Kyprianou (MT, CY) law practice office, that was used as nominee registrar intermediary. Mr Meli has a long list of offshore incorporations for their clients (check offshore leaks) which is not forbidden off course, it’s a good business and a sensitive service. Furthermore, Michael Kyprianou & Co Llc is a member of such esteemed groups like IFG (International Fraud Group, link), where one learns the office expanded its subsidiaries from CY to Greece, Malta and Ukraine. No presumptions here, just pointing out the well-known fact that many scam operators choose Paphos, Kiev, and other locations for their business. Any conclusion drawn by the readers here is their free choice solely, we do not even insinuate any connection, but merely state the industry-wide known general facts. Especially when it comes to Paphos, CY…By the way, besides Malta, Mr. Avshalom holds positions in two more companies in Cyprus. In Paphos, Cyprus, to be precise: Tevtach Ltd link (completely new one, May 2020) and A.VV.L Investments Ltd link (fresh, 2019). Sidetrack - with this Tevtach Ltd registered persons, one name search show interesting results- if not a football player or self-proclaimed LinkedIn lawyer with 1 connection, then it is most probably this Elior Vaknin, from Israeli Bynet Group, link, link, link. Just wondering what is a customer care representative from Rad Bynet Group (telecommunication, BPO, telephony, internet, outsourcing/offshoring, IP phones, etc) doing serving as co-director with Mr Avshalom, proven to be involved in illicit and questionable businesses? But that would be his private matter, off course. Finally, maybe it’s not him. This cannot be confirmed now.
But to prove we are not malicious at all, just try to state the facts or obvious indications, here is one nice achievement of Mr. Avshalom, proving he is an interesting individual indeed – a co-inventor of an important and useful patent: IL patent registrar 2018, combined scissors and comb for books.

Back to business. Following the trail of the lawyer and the Philippines address, we land at Pampanga, PH. A well-known place for numerous call-centers, as well as India for example, again industry-wide known facts. Truly a lot of customer care offices for hundreds of different businesses, an army of cheap multilingual workforce. Over the years, we all witnessed even some police raids to scam call centers, over there they even announce it on TV, with full press conference and detained agent’s close-ups on national frequencies. As for our story, the address in offshore leaks revealed Mr. Avshalom’s Pampanga address for BSD Trade Services Corp or rather, BSD Trading Services Corp. BSD Trading/Trade Serv. Corp is actually a Philippines BPO, a call-center, however incorporated in Singapore: link and maybe Hong Kong: HK search:
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Why Hong Kong? We will prove a point shortly. Here we will just complete this sentence with public document where a certain Mr. Avshalom from Israel is indicated as the President (wow!) of GWU MKTG CORP. 08F Clark Center Berthaphil III, JAS Ave., CFZP, pls see: PH alien employment permit filling. GWU MKTG Corp website, domain-big-data tool shows registration from Cyprus (?) in 2015 link, while the company website kind of gives it away, doesn’t it?
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Going back to already explained ties to BSD Trade Services Corp issue, a closer look at its nonfunctional website via domain-data tools, after checking this job add: call center job advertisement, one can learn quite a lot. Actually, too much… BSD Trade Services Corp domainbigdata check. The company registered a domain indicating a HK incorporation, domain is not privately registered but via the company (!), name and phone of the registrant also indicated, registrant’s name (2015) Mr. Richard Bula. Mr. Bula holds 31 registrations in his name, per same tool search: R-Bula-domain-registrations and the results are shocking, to say the least. Let’s memorize these information permanently here:
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TradingBanks, MXTrade, Trade12 … absolute and pure scams, tied directly to specific PH call center. Also, we encourage you to further check listed domains or check recorded Richard Bula’s mail address (bankworld227@gmail.com) , as you will find this as well linkwww.easyoption.us (Israeli Spot Option binary options broker, roof of many, many scams since 2011), tied to link, link, also Mr. Bula’s details are falsely tied to non-existing London address Badenerstrasse 549. It is actually shared-virtual Regus office space in Switzerland link, one of many deceiving attempts of scammers to confuse any investigator. Not happening. Going further with the same checks of www.easyoption.us domain, we get this result:
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This Christina Constantinou is Cypriot resident (perhaps AGP Law, maybe some other company), Exo Capital Markets Ltd, Marshal Islands was the declared operator of Trade12.com huge scam, HQBroker brand emerges for the first time tied to the scheme group… however you turn this around, it is always the same group and same crew. Also, here we can identify another company, part of this vast scam group, Eyar Financial Corp Limited, Vanuatu, struck-off in 2018.

Here we conclude PART 1 and move to PART 2 shortly.
 

Scam Reporters

Master Sergeant
Messages
318
PART 2

MTI Markets
scam broker was a bit different setup, more Europe oriented, involving directly different people, but ultimately all being connected in this generic FSM Scheme. Allegedly ran via Marshal Islands company MTI Investments Llc (search, closed in 2018). Warnings and reviews: FPA, link with operator names. MTI Markets main domain was registered like this link. 2015 registrant is the Belize company MTI Group Ltd t/a MTI Markets: link, domains screaming with known ‘exo’ and ‘mti’ pretexts. Indicated people were: Mr. Armin Ordodary, (Iranian with Cyprus residency, former Windsor Brokers employee), Mr. Ali Mahmoudi (Iran) and Mr. Mathew Bradley (??). You are encouraged to browse domain big data tools, so you can find them all and see the connections, explore domains etc. We will focus our attention here to Mr. Armin Ordodary now. For a very good reason.
Armin Ordodary, an Iranian national, with Cyprus residency, is in the business for a long time. Picture from Windsor Broker celebration link and other publicly available ones:
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Apparently likes fintechs, BDAs, startups, foreign politics (not a D. Trump fan), MENA region news. His LinkedIn profile: link, more at link. Under his name, registered domains are many: link. He worked for Windsor Broker CY and moved on to more successful positions and ventures, over the years. He holds or held the following companies (look them up your selves in registrars):
  • Benrich Holdings Ltd, Cyprus link
  • Benrich Trading Ltd, Cyprus link
  • Bythos Yacht Management OU, Estonia link, link
  • Siao Ltd, Cyprus (see more domains under this one, incl. Twitter acct link) link
  • AGFM Ltd, Cyprus link
  • Nepcore (essentially CRM gateway provider, reg. via A. Ordodary link)
  • Possibly Orden Capital HK (domain big data, linked to him, typical names like ordencapital, ordenholdings etc) link
  • BizTech DOO, Serbia link
  • BizServe DOO, Serbia, formerly known as Upmarkt DOO link
Here is where we get to the FSM Smart scam broker, FB page, LinkedIn page. While Siao, Nepcore, Orden and Bythos were reserved for CRM, PSPs, payment intermediaries, essentially different work within the scam group, Benrich offices, possibly AGFM and certainly BizTech/Serve offices were boiler rooms with agents working primarily on FSM Smart scam, while other 2 brands of the ‘fantastic scam trio’ (Trade12 and HQBroker) were handled via other arms of this vast scheme group (in BPOs located in Ukraine, Albania and Georgia, will be elaborated later on). And since Mr. Armin Ordodary directly holds ownership in both Benrich and both BizTech/Serve, directly or indirectly, this leads to the conclusion that this young man’s role in this scam scheme is for MTIMarkets and FSMSmart scams primarily. In fact, we have verified information that Benrich Holdings Cyprus was or still is a place where agents work, mainly in English and Italian language, while the Serbian subsidiary of Benrich, Upmarkt/Bizserve (allegedly closed due to bad results) was a so-called FTD center, acquiring new clients for FSM Smart scheme.

Serbian boiler room - Upmarkt doo
Companies extracts prove Benrich holds stake in Serbian subsidiary and Armin’s ownership of another one, as well as local name change :
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Upmarkt doo job advertisements 2018: link, sales agent, English, Italian, knowledge of economics,
relocation worldwide possible, etc; another one for university students link, some managers and agents interesting LinkedIn profiles:

link, team leading capacity in the office:
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link Sales agent
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link Sales agent
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link Israeli manager, outsourced by co-owners from Israel and France, per exclusive info we have, apparently longstanding in this scam business, very vague (careful?) with public display of his past experience:
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Cyprus boiler room – Benrich Holdings Ltd

A place where apparently Retention agents operated. Besides English language, this was or still is a place where most of FSM Smart scams in Italian language happen. Few of the agents operating at one point in that office, between 2018-2019, per LinkedIn reveal that a spinoff facility was probably used for scamming, as well - Topright Trading Limited Cyprus, link:

link retention agent (note previous engagement in exposed boiler Smardis doo):
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Scam Reporters

Master Sergeant
Messages
318
link retention agent (again Smardis doo boiler room connection - see our report on them):
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So, this Topright Trading Ltd Cyprus link, is per registrar, managed/owned by Ms Martha Lambrianou, per LinkedIn an employee of CYSEC regulated K-DNA Financial Services Ltd link (reg. forex brands that are defunct, badly reviewed or with no impact to the industry). As for the rest of her CV, this Tadawul is bad news definitely - link

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Here we conclude PART 2 and move to PART 3 shortly.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,602
I have not personally investigated all of the information in this thread. What I can tell you is that someone doesn't want you to see it. Someone went to a great deal of effort to try to get the FPA to remove all the information Scam Reporters posted here.

Another site owner filed a malicious and false DMCA against the FPA after Part 1 of this thread was posted. This site is filled with news items that appear to be borrowed or stolen from major news sites. In the middle of all of the latest major news items taken from news sites, a copy of Post 1 was retroactively inserted.

The complaining site is based on WordPress. WordPress makes backdating a post easy. Years ago, one of ForexGen's many spammers tried to "prove" something at the FPA had existed for more than a short period of time. The scammers behind that backdated a blog post to before the original ForexPeaceArmy.com registration date.

In this case, they first posted a backdated version of Part 1 of this post and DMCAed the FPA, demanding removal of material that was originally published here. The FPA disputed this, and then they followed up with a backdated copy of Part 2.


More details coming very soon.
 

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Scam Reporters

Master Sergeant
Messages
318
PART 3

In this part, we will focus our attention to money flow in the FSM part, followed by more close ties between FSM SMART, TRADE12 and HQBROKER, obviously set for Part 4. We actually believe this entire FSM Scheme Thread will have at least parts 4 and 5. Maybe even 6? We told you it would be complicated, so hold on. And stay tuned. A lot more is coming. And a few surprise guests to back us up here with their stories and/or documents.

FSM SMART
As we previously stated and proved, all of the 3 brands are part of the same scheme, same, for now unidentified UBOs in the end. Apparently, some dangerous people, as stated already. Ok, noted. We are neither 'impressed' nor frightened. In fact, it should be the other way around, if they have any 'smarts', because of the ongoing investigations. Slow, but getting there...

Now, let's see who are the operators (PSPs, intermediaries and a few more boiler rooms), where does the client money go and who receives it. These information may become crucial for anyone aiming to recover his ''lost'' (stolen) funds.

In the FSM Smart(s) T&C (here:link), bottom of the page 6, FSM Smart declares its operator/owner to be both FSMSmart Ltd (Marshal Islands) and Memphis Investments Sp. z o.o. (Poland).

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T&C further point that in case of misunderstanding btw the Company and the Dear Valued Client that was just ripped off by the boiler room staff and FSM's rigged MT4 replenished by Virtual Editor (default losses with FSM usually happen on minors and exotics, like RON/USD or TRY/USD), the first instance would be https://www.lawsociety.org.uk/, followed by the Marshal Islands Court as the final destination.
1600628147223.png

This Polish legal entity Memphis Investments Sp. z o.o. points to a quite interesting direction. Company details here: link. Authorized person, a lady called Pawluk Patrycja. She holds other nominations in the registrar (link) so she is not that important (a nominee director/holder, so called 'monkey', paid to register a local company, however legally liable, weather she likes it or not). Those registered in the Memphis ownership structure, on the other hand, are important, as they lead to a new direction of the FSM SCHEME environment: Memphis breakdown. As any other similar company used for the same illicit business, first ones registered as owner(s) that committed capital, are quickly removed and an actual person or persons are delegated. They do the actual business. In Memphis Poland case, it was like this:
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Patrycja transferred stake to AURORA ZUFUN SULIMAN, public registrar info. Actually, one letter missing if transcribed to UK environment, thus Aurora Zsufun Suliman. She, in turn, is connected to UK based and incorporated ENIGMA GRC LIMITED (registrar). In fact, it appears to be a Suliman family business, as there is 3 of them registered (Aurora, Alexandra and Fruszina, Hungarian, Cypriot and Israeli nationals per registrar). And there is one more, the one who holds 75% or more stake, thus the 'boss', Mr Mordechai Moshe Rosenbaum, born 28 Dec 1986, a British national, holding 100% stake actually, as of end 2019:
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So, the Suliman's were another intermediary nominees, hence we won't bother with them as well. Mr Rosenbaum is obviously the main guy there. Mr Rosenbaum also holds position in Estonian company Quantum Team OU, link, financial, admin, support activities. This is actually a standard setup for scams, these companies are necessary for either moving the money or registering as a merchant with a PSP or crypto-platform (today its both), to be able to move money deposited by FSM scheme clients to far away destinations. And it's not just reserved for FSMSmart brand, no... Just with a simple google check of Enigma GRC Ltd shows warnings for illegal and fraudulent brands operated by Enigma GRC, hence here and now officially added to FSM Scheme scam list and from direct FSMSmart environment/operators:

- Income Class
- True Capital Pro
- Profitix


Valuable links of warnings and info: ASIC, NZ.FMA, Consob,...you get the picture. After this relatively short part, it can be more clear why would an offshore FSMSmart require UK arbitration, while at all times they claim to be located in Switzerland (Lucern), although off course they are not. However, Mr Mordechai Moshe Rosenbaum is in the UK. And possibly in the USA/Canada as well. Where actually most of the FSM Scheme client deposits went. But that's the story for the following parts.

Here we conclude PART 3 and move to PART 4 shortly.
 

oscarra

2nd Lieutenant
Messages
1,237
PART 2

MTI Markets
scam broker was a bit different setup, more Europe oriented, involving directly different people, but ultimately all being connected in this generic FSM Scheme. Allegedly ran via Marshal Islands company MTI Investments Llc (search, closed in 2018). Warnings and reviews: FPA, link with operator names. MTI Markets main domain was registered like this link. 2015 registrant is the Belize company MTI Group Ltd t/a MTI Markets: link, domains screaming with known ‘exo’ and ‘mti’ pretexts. Indicated people were: Mr. Armin Ordodary, (Iranian with Cyprus residency, former Windsor Brokers employee), Mr. Ali Mahmoudi (Iran) and Mr. Mathew Bradley (??). You are encouraged to browse domain big data tools, so you can find them all and see the connections, explore domains etc. We will focus our attention here to Mr. Armin Ordodary now. For a very good reason.
Armin Ordodary, an Iranian national, with Cyprus residency, is in the business for a long time. Picture from Windsor Broker celebration link and other publicly available ones:
1595184040413.png

Apparently likes fintechs, BDAs, startups, foreign politics (not a D. Trump fan), MENA region news. His LinkedIn profile: link, more at link. Under his name, registered domains are many: link. He worked for Windsor Broker CY and moved on to more successful positions and ventures, over the years. He holds or held the following companies (look them up your selves in registrars):


Iran Iran, Bradly also from Iran…..they all hold golden Passports ?

“As the finance minister has recently confirmed, the possibility of expelling Cyprus from both the euro and the European Union is real…..

…….oh HOW SAD, ok Turks fault :confused:

https://cyprus-mail.com/2020/06/28/eu-and-un-are-losing-patience/
 

Scam Reporters

Master Sergeant
Messages
318
PART 4

This part 4 will deal with Trade12, HQBroker and FSMSmart(s) ties more closely. As proved previously, the scams are a part of the same racket. FSMSmart is to some extent covered here. Let's move on to the other 2 ones.

HQBroker scam has many bad reviews and warnings worldwide, link. Google them if you like, here's FCA . Targeted countries mainly Canada, Australia, New Zealand, a bit of UK and maybe some other Asian countries. Operated nominally by Capzone Invest Ltd, Marshal Islands, with fake Hong Kong address on their website.

Capzone Invest Ltd is now defunct/closed, as of May 2020. HQBroker still operates normally.
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Capzone's alleged website is also not accessible, www.capzone-invest.com, domain data shows no info. There is (was) apparently a company with the same name in Bulgaria, but official registrar does not show it existed, so possibly a shared space location, under another name:
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HQBroker, as already mentioned, was registered like this domain big data
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First via Mr Fabrizio Celebrini of Italy, in 2015:
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Then transferred to Exo Capital Markets Ltd, a declared operator of Trade12.com scam (the 1st one):
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Exo Capital Markets Ltd, to repeat here again, lists as registrant for many of the scheme scams: Exo on domain big data. Apparently, this Exo Capital Markets ltd is now changed with Trade12 scam to some Turbo Trading Limited:
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This would be the Vanuatu-registered Turbo Trading Ltd, another nominee for wasting time in offshores, while real work is done in Europe:
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But there is a lot online about Exo doin' the Trade12 style...too much actually. All bad. And some very useful:

https://exocapitalmarkets.wixsite.com/exocapitalmarkets/about-exocpm

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Due to limited space (pics), we continue part 4 in a separate message.
 

Scam Reporters

Master Sergeant
Messages
318
Time does fly...Finally, continuing part 4.

HQBroker brand, equally blatant scam as Trade12 and part of the very same scheme, was meant more for Asia-Pacific regions and the Americas (USA excluded, they were not that stupid). Europeans too but, mainly those regions. Aussies and Canadians were favorite, big money was taken few years ago.

Then 'bad times' hit Trade12/HQBroker scammers. Apparently, Trade12 got greedy and engaged with local people as leads to be scammed. Then in December 2018, an event took place in Ukraine, where the actual boiler rooms were located. Locals started complaining as they were loosing all money and eventually Ukrainian cyber police had to intervene - they raided offices, apartments and arrested many, seized money, IT equipment, drugs, documents and all sort of things a 'normal' boiler room contains.

This was the event:
''Ukrainian Police Arrest “Criminal Group” Behind Trade12 and HQBroker Authorities raided 26 properties in 6 different cities finding drugs and potentially incriminating data''
link and pictures:

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Ukrainian delegated court was after that overwhelmed with things to process in this case, however it was not important to foreign victims as they could not legally participate, we were explained. Pity.

3 things are interesting regarding this short press release: 2 pieces of information from it and a chain of events triggered by it. First, the news comment section:
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So, apparently the scam group walks free, which is not a surprise, as we have reviewed short version of the indictments of the Ukrainian court and it was very confusing, lacks consistency and does not determine who did what and to whom; furthermore, it is restricted only to Ukrainian citizens - victims of a scam, while many foreign victims are not even mentioned. The possible next scam comes in the form of this https://lblv.com/ LBLV Ltd, Seychelles. The broker does have a Seychelles FSA license, check via SFSA (better then nothing) but fails to state where the actual call center is (only registered Seychelles address indicated). This could be the standard business model, where IBs are engaged, which is fine, as long as the IB acts accordingly. Which they usually don't. Many brands were destroyed this way, but also raises the big question - does the broker know what the IB is doing in reality and how does the broker check their daily activities to ensure full compliance with the legal requirements across the globe are met? Finally, the Ukrainian financial authorities have warned the public about LBLV brand, which is in light of these events, very bad: link. But, we cannot conclude this, its just a hear say.
Then, at the end of the Finance Magnates news, the reporter concludes with a note: 'After the publication of this article, Igor Pejovic, the alleged Director of HQBroker reached out to Finance Magnates. Pejovic claims that the offices raided by Ukrainian police belonged to an affiliate company, one that HQBroker does not own, which the broker uses to source data and leads. Finance Magnates cannot confirm the veracity of this claim and would add that reviews of HQBroker are overwhelmingly negative and replete with assertions that the broker operates fraudulently.'
Although we cannot confirm 100%, the odds are that this gentleman is a Montenegrin citizen, holding a call center in Belgrade, Serbia, called THEIA DOO (Theia Ltd), established in May 2017 and with current address where several other boiler rooms are located already (confirmed in our other threads), for example Parogan DOO (address Boulevard Milutina Milankovica 9, Belgrade, RS). Unpleasant coincidence or how many coincidences till 'chance' is ruled out? Incorporation act, publicly available:
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Finally, the strange coincidence regarding an event that happened at the exact same time as the boiler room raid in mid December 2018. In the earlier parts of this long and exhausting thread (that will for sure require a summary in the end, to recap and digest the exposed), we pointed out that Mr Armin Ordodary's Serbian branch of Benrich Holdings Cyprus, called Upmarkt Ltd, that handled FSMSmart brand (FTD center) was closed due to quite bad results. However, it ceased operations suddenly and instantaneously, within a day or two, during early December 2018, which strangely coincides with the Ukrainian boiler room bust (first 2 weeks of December 2018). Tipped off by Kyiv 'friends'? Then, one more thing happened: another Armin Ordodary company, Estonian Bythos Yachts Management OÜ had a sudden first cash move on its bank account, in Q4 2018. We will assume it's very late 2018, December...payout, extracting money, moving it, or a lucky shot and a first yacht client of the company? Judge for your selves. For us, there are too many coincidences. Btw, apparently the company gains lots of clients with yachts in 2019 and 2020, perfectly normal to have increased turnover during covid lockdowns, while cruisers, cargos and air companies lay off staff massively, right :rolleyes:?

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Going forward, there is a FPA member Scam-Rescue, a Canadian guy, that got scammed and posted a review here but also started his own website, that we had the pleasure to see grow over the past few years, from simple and honestly angry post to a developed actions against such scams in general and possible ways through the system to retrieve lost funds (chargeback options). We are not promoting it here but state that this brave young man took a stand, all alone - and made it. Bravo! We'll show you some interesting info re his 'case'. Coming up soon...
 

Scam Reporters

Master Sergeant
Messages
318
To conclude Part 4: FPA member Scam-Rescue told his story here. That was his scam experience with HQBroker in a nutshell (stripped of his money by retention agents and recovery agents, which are usually the same). More detailed information kindly provided to us, show the following - money flow:
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Transfers were initiated by (so far unrecognized payment provider called) Sunninghill via intermediary Wells Fargo Bank N.A New York, to the final destination U.S. Bancorp (US Bank N.A.), Minneapolis. The routing code, number, benef. acct. and name CAPZONE Llc, 129 Wall Street (that old building for rent on the corner, New Yorkers passing it daily may remember - the cheapest place on the block).
Checking the routing numbers via this link, we go to California. Meet Ms NORA TOEXTON CARLOS, Vallejo, CA, nominee registrant (surely not the 'mastermind') of the following US incorporated limited liability companies that accepted client deposits via intermediaries, from the FSM scheme:

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Available at: https://www.corporationwiki.com/p/31ac4f/nora-toexon-carlos

Amongst the 4 identical US California shells, 2 we recognize easy: Capzone Llc and Fsmsmart Llc. Other 2 are Trend Line Llc and Rbc Solutions Llc. This Trend Line Llc may or may not be associated to the Ukrainian TrendLine Group (https://trendline.group/en) details here, we do not know, but that company deals in It infrastructure, domain hosting, similar services...

California business extracts link, link, shows Vcorp Services (their LA office), used for incorporation of all of them, within a few days time (7th to 13th Feb 2018).

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Vcorp is originally from NYC, founded by one Mr Isaac Muller (LinkedIn). The company dealt with a number of individuals and companies, some from Ukraine, others of Jewish decent. It's a slippery field when one writes in such manner, but this is for the sole purpose to shad light on the business environment, nothing more than that. Lastly, if we assume that a scam broker funnels money to US companies and uses the nominee incorporation, then the registrant intermediary may hold important data on the scammers, in their files. We do not state here that Vcorp are a part of it, we only state the obvious and publicly available, to complete the puzzle.
In the end, if you visit the address 1467 Ohio St, you shall see just an ordinary (overpriced, though) residential area. Houses, cars, backyards...This is where the 3 companies were registered by Ms Nora Carlos, who should be regarded as the person who officially received stolen client money. The residence itself is presumably a rent? No, not really.
Now meet the owner of the property, where Nora Carlos registered 4 companies that laundered stolen money: quick search at: http://web.ci.vallejo.ca.us/eTRAKiT3/Search/parcel.aspx and once 1467 Ohio St is found, this happens:
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Move mouse towards name of the owner and see 2 owners registered: Watson Christina and Blake JT (unknown?).
Now search closer for this Ms Christina Watson of Vallejo CA and find her here:
https://www.whitepages.com/name/Cristina-Teoxon-Watson/Broken-Bow-OK/17qew8nr

So, Cristina Teoxon Watson, added to Ms Nora Toexon Carlos. Honest mistake in misspelling? No.
Obviously related and both involved. Intentional misspelling of names in registrars is scammers specialty in forex space, we learned that long ago, especially with the Israeli, Russian, Ukrainian, Arab and Hindi names in UK registrars. It happens quite often.

Christina Teoxon Watson available details:
https://www.whitepages.com/name/Cristina-Teoxon-Watson/Broken-Bow-OK/17qew8nr (per last address, moved far away from Vallejo, CA to Broken Bow, Oklahoma).
http://www.dentistscalifornia.org/watson-cristina-teoxon (dental assistant till end 2016)

The above search and details should really be something the law enforcement should investigate, as it is a clear link to the scam scheme FSMSmart and 'co'. But, there is very low chance that it will be done. At least here victims and interested parties have a permanent record for future reference.

For a closure of Part 4, we will just add that more was available re HQBroker and its Philippines BDS Services ltd - call center exposed earlier in this long thread. But the 'smart' scheme guys made it happen and the person exposing at the time had to remove/block the content. Damn shame! Still, lot is available for readers who want to learn all that there is on this scheme at: https://wealthesteem.org/?s=hqbroker

Now we finally conclude Part 4 and move to Part 5 creation - more boiler rooms to be exposed and people around them.

Stay tuned ...
 
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