WILL IGOR MAZEPA AND HIS CRIMINAL GANG BE IMPRISONED FOR FOREX TREND 2.0?
Security Service of Ukraine has blocked the activity of the criminal gang led by Igor Mazepa. He launched a financial pyramid called Forex Trend.
The SSU has blocked the activity of the criminal gang that organized the large financial pyramid called Forex Trend. The SSU carried out a search of premises belonging to the gangsters and their accomplices. The SSU seized documents, fake seals and discs containing information that confirmed the illegal activities of the suspects.
What do Forex Trend and PrivateFX have in common?
Forex Trend was founded in the late 2000s and by the spring of 2015 the withdrawal of funds from the accounts was completely blocked. A few months later, another broker, C created by Concorde Capital owned by Igor Mazepa, promised to help the Forex Trend clients and return the blocked funds. In 2017, PrivateFX ceased payments too. Shortly before the incident, Igor Mazepa sold PrivateFX to an offshore company PrimeBroker. The media called this deal a scam.
How Pavel Krymov and Igor Mazepa earned money
Prior to Forex Trend, Pavel Krymov and his partner Vladimir Lozovitsky made money on creating hype projects that, under the guise of private investment funds, attracted customer funds, promising a return of over 100% per year. The hype projects, as a rule, existed for several months, after which they went bankrupt.
The sphere of Igor Mazepa's activity was broader and more profitable. The businessman earned good money from his main company Concorde Capital buying shares of leading Ukrainian enterprises.
Taking into account all this, it is extremely difficult to believe that such an experienced investment specialist as Igor Mazepa sincerely wanted to help deceived clients of Forex Trend. It is much easier to admit that the vulture professional of the investment market has once again decided to make some cash in a convenient situation.
So, a newly created broker company PrivateFX offered all the Forex Trend clients who had funds in a blocked account to register again. The clients must replenish the account with an amount equal to the one in the blocked Forex Trend account in order to receive it in the PrivateFX account.
It was tempting and many followed the advice. Moreover, the SSU just stated that the scammers Krymov and Lozovitsky withdrew all the money from Forex Trend to accounts in the unrecognized Donetsk and Luhansk Republics. A friend of Putin, the famous Russian biker Zaldostanov, nicknamed the Surgeon, was known to help them. Realizing that returning money from a friend of Putin during the war is unrealistic task Forex Trend clients decided to use this chance.
Here a logical question arises: how can Forex Trend clients prove that they had money in the FT accounts and confirm their affiliation to them? But it turns out that for Igor Mazepa's company this is not a problem, since, by chance, he is able to establish cooperation with the remaining Forex Trend representatives. They respectively have access to the client database and the possibility to confirm their data. Thanks to this, Igor Mazepa's PrivateFX additionally notifies every authenticated Forex Trend client about the promotion and story continues.
First, Igor Mazepa is believed to be a trustful professional as his company Concorde Capital has a reputation as a reliable investment company operating since 2004. Second, the promotion is quite tempting. However, bonus funds cannot be withdrawn according to the terms of promotion for 6 months, but clients are allowed to use them for trading.
In the end, PrivateFX stopped payments but Igor Mazepa pretended not to have anything to do with it. Whether the scammer Igor Mazepa will be punished, time will show.
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