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Security Service of Ukraine (SSU) has revealed an illegal scheme of money embezzlement in the online forex trading, the money from which was used for financing terrorist organizations LNR/DNR, the SSU said last week. It has launched an investigation for financing of terrorism under the Criminal Code of Ukraine.
The scheme was of “an especially large scale”, according to the SSU. The Security Services did not provide the name of the forex broker, but said it performs “electronic trading in the currency international market in Kyiv, Kharkiv, Dnipro, Odesa and Lviv”.
Under the scheme, investors were defrauded by the scheme organizers which used special software for simulation of electronic trading process and specially made Web resources.
The SSU has confiscated computer equipment, special software, bank cards, and documentation that confirm the illegality of the financial activities. There is proof that part of the illegal gains was transferred to accounts in the Russian Federation – the SSU has also seized methodical guidelines and documents that pointed at cooperation with financial institutions there.
LNR and DNR stand for Luhansk People’s Republic and Donetsk People’s Republic, two separatist self-proclaimed states bordering Ukraine and which are seeking autonomy. Both LNR and DNR are categorized in Ukraine as terrorist organizations.
Forex Magnates Russia and Ukrainian financial portal Minfin both reported forex broker Forex Club was supposedly involved in the scheme. Forex Club got licensed in Russia in October this year. It one of the largest forex brokers in Russia in terms of trading volume and active clients. In addition, the brokerage is authorized in Belarus and operates in more than 120 countries, mainly within the Commonwealth of Independent States (CIS), or the former Soviet countries.
In addition, RBC-Ukraine has reported the office of IT company Lucky Labs has been under investigation and scouring by the SSU in relation to being accused of taking part in financing terrorist activities.