Today, TIOMarkets, a broker fraud, was the target of a warning from the Spanish regulator CNMV (www.tiomarkets.com). The claimed operator of the scam is the offshore company TIO Markets Ltd, which is registered in St. Vincent & The Grenadines. The phoney DonauCapital Wertpapier GmbH website (www.donaucapital.es), which poses as a German investment firm governed by the CNMV, is used to pursue potential victims. Victims are sent to TIOMarkets’ website and receive a welcome email after registering. The offshore company says it is connected to TIO Markets, a UK-registered and FCA-regulated organisation (www.tiomarkets.uk).
The TIOMarkets plan operates in the UK through TIO Markets UK Limited, which is governed by Malaysian Manmohan Singh Balbir Singh and is registered under company number 06592025. Damien Edward Francis, a British national, is listed as a director. This UK corporation is governed by the FCA under reference number 488900. The FCA-regulated and the offshore variations share the same appearance and feel and function with identical logos. It’s likely that they are indeed related.
The Israeli-Cypriot payment processor Praxis Cashier facilitates bank wire transfers and debit and credit card deposits for the offshore TIOMarkets fraud.
Monsas Ltd., a UK-registered business with company number 10189197, is designated as a payment processor for bank transactions through its cashier. Monsas Ltd., reference number 753786, is a business that is governed by the FCA. Potential victims are requested to transfer funds to the Coutts&Co bank account in London, which has the IBAN GB05 COUT 1800 9101 6075 88, in GBP or Euro US dollars. Monsas’s communication address, located at 18 Savile Row, Mayfair, London W1S 3PW, is that of a previous director.
On the official DonauCapital website (www.donaucapital.de), a warning has already been posted. It appears that scammers are aware that the company’s website is a phoney.
Avoid TIOMarkets at all costs, and protect your funds and information.
Praxis Cashier (As claimed)
The best smart cashier software has been created by Praxis Cashier, a technology business, with you in mind. Businesses like yours can now operate in industrial peace thanks to intelligent cashier software designed to tackle high-risk processing challenges! With offices in Costa Rica, Cyprus, Spain, and the Ukraine, we are ready to work around the clock.
Using Praxispay has a lot of benefits. The program is simple to use and offers customizable payment management settings. You can select the payment option that best suits your business needs and set restrictions for each customer and VIP level. Furthermore, you may set up BIN country rules and credit card regulations directly in the back office software. Praxis will automatically route all of your transactions to the top-performing payment service provider once you’ve configured your payments. You might wish to think about the Praxis Cashier for larger firms. Brokers can get a complete payment processing solution from our hosted payment page. With a comprehensive multilingual support service, the organisation operates in Spain, Cyprus, and Ukraine. Praxis Cashier offers integration with almost all PSPs and supports most card issuers. While other payment processing solutions require a third-party payment processor, Praxis Cashier does the same thing. This software allows you to accept payments from all major card issuers and support all types of payment methods.
Fraud
Fraud is defined by law as the deliberate use of deception to get unfair or illegal benefit or to deny a victim their legal rights. Fraud can be illegal under civil or criminal law; for example, a victim of fraud may sue the perpetrator to stop the fraud or obtain financial compensation; or fraud may not result in any loss of money, property, or legal rights but nevertheless constitute a component of another civil or criminal wrong. The goal of fraud can be financial gain or other advantages, such as getting a passport, travel visa, driver’s licence, or mortgage fraud, in which case the offender makes false claims in an effort to qualify for a mortgage.
- It could be a warning sign that your broker is not acting in your best interests if they do not reply to you.
- Make sure there are no complaints, do your homework, and carefully study all the fine print on paperwork to ensure you are not being taken advantage of by a dishonest broker.
- Before attempting a withdrawal, try starting a modest account with a small balance and making trades for a month.
- Your broker might be churning if you notice purchase and sell transactions for assets that don’t align with your goals.
- Before pursuing more extreme measures, go over all of your documentation and talk through your options if you are trapped with a terrible broker.
Bottom Line
Brokers are sometimes to blame for traders’ losses, even if traders sometimes hold them accountable. Before opening an account, a trader should be rigorous in their research on potential brokers. If the broker passes this scrutiny, the trader should make a small deposit, make a few trades, and then withdraw their money. If all goes according to plan, a bigger deposit may be made.
If things are already bad for you, though, you should confirm that the broker is engaging in illicit activity (like churning), make an effort to get your questions addressed, and if that doesn’t work, you should report the broker to the SEC, FINRA, or another regulatory agency that has the authority to take legal action against them.
