The forex scams around KayaFX and StoxMarket have apparently focused on the UK. At least the EFRI initiative receives many victim reports from the island. Similar to Blue Trading, the people behind this scam have not yet been identified. We know some accounts and talk to involved payment service providers. Here, too, it must be shown whether the decentral intelligence of the FinTel Watchdogs can defeat the criminal energy of the scammers.
Stoxmarket Facebook group has a fairly even spread across Europe in fact, with Greece topping the list at 15 members – otherwise several victims in South Africa but they are not so active. Even a few in S America and SE Asia.
Recently the combined losses of the Stoxmarket group (over 80 members) more or less doubled from around an estimated USD USD 4 million WITH JUST 2 MEMBERS from SE Asia.
Focus of reporting was on the UK as we were aware that Moorwnad/Andelskasse were used for wire transfers, and Moorwand is a UK FCA licensed PSP. Recalled wire transfers also came back the same route.
Card payments are seen on statements as Podgorica, ME. DNB Bank Norway confirmed that this is Atlas Bank Montenegro
almost all the illegal PSPs registered in Montenegro used Atlas Bank Montenegro. And a few more. Montenegro was supposed to be the next illegal Forex promised land. But, apparently will not be the case.
There seems little chance of nailing illegal PSPs eg VCapital Doo Podgorica, and less of a chance of recouping lost/stolen funds from Atlas Bank. It was placed under interim administration in Dec 2018 by CBCG the Central Bank of Montenegro.
In April 2019 The Central Bank of Montenegro (CBCG) declared Montenegrin bank Atlas Banka bankrupt and has started insolvency proceedings. The bank’s head is under arrest for money laundering. To be continued… no doubt
As for the ‘legal’ PSPs eg UK FCA-licensed Moorwand, MoneyNetInt, Prepaid Financial Services etc etc – we can only wonder what if anything the FCA and other authorities can or will do. We are yet to hear from the FCA after EFRI submitted the letter re Moorwand and money laundering.
Obviously it takes a lot for a licensed company to have a public warning posted about its illicit financial services and failure to operate according to regulations!