The scam network around FSM Smart and the so-called Lau Scheme is vast. At the center of it is the Iranian-born Cypriot Armin Ordodary. Together with his partners, he has operated a network of scams and boiler rooms stretching from Georgia to the Balkans and Italy. We recently published a Request 4 Information (R4I) and asked for additional information from our whistleblowers to uncover the scam network. We have already received further information. That’s great; please continue. Let’s expose this network.
| Brands | FSM Smart, Trade12, MXTrade, HQBroker, MTIMarkets, and counting |
| Legal entities | Upendo Limited, FSM Smart Ltd, BizServe DOO, BizTech DOO, Benrich Holdings Ltd, Benrich Trading Ltd, SIAO Ltd, Lau Global Services Corp, Exo Capital Markets Ltd, Global Fin Services Ltd, MTI Investments LLC, MTI Markets Ltd, Grizzly Ltd, R Capital Solutions Ltd, Eyar Financial Corp Limited, 100 Marketing Solutions Ltd, Spike Labs Srl, Studio Synthesis Srl, Nethesis srl, AT Consulting shpk |
| Jurisdictions | United Kingdom, Cyprus, Malta, Italy, Serbia, Ukraine, Georgia, Albania, Marshall Islands, Belize, Vanuatu, and counting |
| Related individuals | Armin Ordodary |
| Related fund recovery scams | Eternity Law, Roshental Law |
| Warnings | European Bank for Reconstruction and Development, FCA, Consob, FINAM, FMA New Zealand, ASIC, OSC, MSC, and counting |
The fight against cybercrime and scams would not be possible without whistleblowers. It needs insiders who, for whatever reason, provide the necessary information to expose the operators. This was also the case with FSM Smart and the Lau scheme. A whistleblower told us that Upendo Limited in Cyprus is also part of the network and operates a boiler room in Paphos. Some Serbian nationals are also said to work there. This makes sense as Armin Ordodary also has companies in Belgrade and runs a boiler room.
Upendo was registered in December 2018 with the company number HE392291. AMF Global Services Limited and Christoforos Andreou are registered as directors. These appear to be trustees for the beneficial owners.
Do you know more about Upendo, FSM Smart, and the Lau Scheme? If so, please let us know via our whistleblower system, Whistle42.
