9 September, AtoZForex.com, Lagos – KROUFR, the Russian non-profit body that aims to develop services and to regulate the relations of the Russian participants of international financial markets has uncovered the activities of another fraudulent firm, consequently adding the firm to its black list.
KROUFR blacklists Titanfly Group Limited, as the firm states on its official website that the company invests in shares of airlines. Investigation from the regulator revealed that this claims are false and it is a classic HYIP-project.
The regulators further discovered other false claims by Titanfly. These include:
- Fake photos of company employees, including a false picture CEO (presented photos belong to very different people who TITANFLY to have no relation);
- Forgery of various documents submitted on the official website, among them – the fake certificate of membership in NP KROUFR;
- Breach of the principles of good advertising, including obviously unrealistic promises its customers to pay interest at a rate of up to 3.5% daily.
Regulators denouncing affiliation
The company further displays fake authorization documents from England and Wales, in addition to a fake KROUFR certificate on its website. The FCA register however contains no information about the firm, therefore pointing to the fact that it is not actually regulated by the body. KROUFR has also denounced affiliation with this firm, and has warned the public against doing business with such.
Titanfly even expressly states on its website that it works at Strengthening business ties to establish friendly relations with the managers of the company at all levels, to collect insider information.
KROUFR was established in 2004 when three leading brokerage firms commenced negotiations with the responsibility of maintenance of activity conditions and coordination of participants of the international financial markets, Research activity, Certification of participants of international financial markets and so on.
The most common type of fraud
Sometime back, the body cautioned about trader malpractices in different forms which could be via bonus abuse, use of unethical automated trading systems, outright unauthorized fund management and so on.
This is unlike the status quo where regulators mainly speak out against broker dealings, specifying the use of automated system strategies as the most common type of fraud. It also says that this sort of fraud costs the most to Forex brokers, while posing great risks for traders too, therefore not justifying the risk.
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