Administrative fines and bans for Maxigrid Ltd Finally, on June 17th 2022, The Cyprus Securities and Exchange Commission (CySEC) took action against Maxigrid Ltd. It announced administrative fines totalling € 210,000 and bans against four exercising directors for management functions in Cyprus Investment Firms (C.I.F.s). In specific, CySEC imposed the
The professionalism of today’s cybercriminal organizations (in short: the scammers’ industry) correspond to the professionalism and procedures of legitimate big international corporations. Technology, development activities, human resources, accounting, finance, marketing, legal departments are carried out by different departments independently under the professional leadership of the management people hired by criminals.
Kobenhavns Andelskasse: A Small Bank’s Role in Massive Financial Fraud Kobenhavns Andelskasse (a.k.a. Copenhagen Cooperative Fund or KBH Andelskasse), a small Danish-regulated bank, became a key enabler of international fraud by collecting and transferring hundreds of millions of euros in stolen funds to boiler room scammers in 2017 and 2018.
Our research shows that Postbank Germany (a subsidiary of Deutsche Bank) was definitely “the bank to go” for scammers in 2016 – 2020 to open bank accounts for shell companies. We collected the data of more than 90 shell companies with bank accounts with different Postbank branches all over Germany.
As we have seen so often in the past years, the European authorities have been mainly concerned with protecting the interests of the business users in drafting the Digital Markets Act (DMA) and have forgotten about the so much-needed consumer protection. It is about time to enhance consumer protection in
The 1st Criminal Division in Bamberg, Germany, has submitted a request for a ruling to the European Court of Justice (ECJ) for the next steps in the Gal BARAK case on June 4, 2021. The pending ruling of the ECJ will not only be important in the criminal case of
Uwe Lenhoff, a German national, was arrested on 25 January 2019 in Tyrol, Austria, and faced multiple charges related to fraud. He was identified as the beneficial owner of the investment scam websites Option888, Xmarkets, Tradovest, and Zoomtrader/ZoomtraderGlobal, as well as Tradeinvest90. His criminal proceedings were subsequently transferred to Germany.
At the end of January 2019, Gal Barak, the owner of several investment scam websites, including XtraderFX, OptionStars/OptionStarsGloball, Safemarkets, and Golden Markets, was arrested by law enforcement agencies in Austria and Germany. Barak, an Israeli citizen, was apprehended in Bulgaria at the request of Austrian authorities due to his involvement
