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Currently, the broker scam soltechX is attacking European consumers. The offshore entity Maxx LLC, registered in St. Vincent & The Grenadines, is the operator. This entity has also operated the vanished BudsFX scam. As payment facilitators, we found the notorious BridgerPay and PayPound. soltechX is a white-label broker on the SirixTrader platform of the Israeli-Cyprus Leverate Group. The boiler rooms behind soltechX and related scams are in Ukraine and Serbia. Max LLC is related to Cubic Services Ltd, another offshore scam operator with boiler rooms in Ukraine and Serbia.
Key data
| Trading name | soltechX |
| Related scams | BudsFX Global Markets (Glob Markets) MarketsCube Umarkets and counting |
| Domains | www.soltechx.com www.glob-markets.pro www.budsx.com |
| Legal entity | Max LLC (SVG), est. Aug 2020 |
| Corporate advisors | Euro-Caribbean Trustees Ltd |
| Related entity | Cubic Services Ltd (Seychelles, Ukraine) |
| Jurisdictions | St. Vincent & The Grenadines Ukraine, Serbia |
| Platform | Sirix by Leverate (www.sirixtrader.com) |
| Payment options | Credit and debit card |
| Payment processor | BridgerPay, PayPound |
| Warnings | FCA, FINMA |
The short fraud narrative
The offshore entities used by scammers are just empty shells with no operational meaning. They are only used to register as merchants with payment processors, either directly or via subsidiaries. As in the case of Max LLC with BudsFX or soltechX or Cubic Services Ltd with Global Markets. The latter is registered in Seychelles but had its headquarters in Odesa, Ukraine, until recently. The actual attackers behind the scams are located in boiler rooms in Ukraine, Serbia, and other Balkan countries.
In the case of soltechX, we have once again discovered the Israeli-Cypriot BridgerPay and the iPayTotal successor PayPound as supporting payment processors. Without supporting payment processors, these scams would not be possible. Therefore, we also consider them as co-conspirators in the fraud.
According to our information, the perpetrators and boiler rooms behind soltechX have also been operating the vanished GlobalMarkets (a/k/a Global Markets or Glob Markets).
Regulatory warnings
The Swiss FINMA and the UK FCA issued investor warnings against the BudsFX scam and Max LLC in November 2020. The related GlobalMarkets scam has already been the subject of an investor warning by the Belgian FSMA in September 2019. In July 2019, the Spanish regulator CNMV issued an investor warning against the GlobalMarkets scam and its operator. The UK FCA issued a warning against GlobalMarkets and the then operator Cubic Services Ltd in January 2020.
Share information
If you have any information about soltechX, its operators, and facilitators, please let us know via our whistleblower system, Whistle42.
