On December 31, 2018, the public-listed VELTYCO of Uwe LENHOFF (main shareholder) and Marcel NOORDELOOS (CFO) announced that it expects the launch of its own regulated financial trading brand in the first quarter of 2019. The company originally announced this regulated financial brand for the last quarter of 2018 already. According to the announcement as of December 31, 2018, the Company is still awaiting the regulatory approval. This approval would come as a surprise to FinTelegram given VELTYCO’s negative track record with regulated financial activities. Given the history of the people involved as well as the history of the company, we are convinced that such an approval would not be in the very best interest of investors protection.
The Art Of Avoiding Supervisio
The question arises as to whether the regulatory authorities can grant a license or permission to operate a regulated financial trading brand as VELTYCO and its managers and shareholders have been working for years with unregistered and frequently warned of broker sites such as Option888, ZoomTrader or
These illegal VELTYCO broker sites have not only been the subject of numerous warnings from financial market regulators over several years but also the target of complaints of many defrauded investors and their lawyers. Given the many deceived investors (traders) of VELTYCO’s illegal brands, FinTelegram together with lawyers, auditors and investors launched its EFRI Campaign for funds recovery.
The Option888 Regulation
For several weeks now, VELTYCO’s non-regulated financial trading brand Option888 states on its website that the company is operated by CELESTIAL TRADING, which purportedly operates with a Montenegro sub-license. The processing of payment transactions on Option888 is carried out by non-licensed CELTIC PAY LTD, which has also received many warnings by the UK Financial Conduct Authority (FCA) and other supervisory authorities.
OPTION888 IS OWNED AND OPERATED BY CELESTIAL TRADING LTD. LICENSED AND REGULATED BY THE MONTENEGRO SECURITY EXCHANGE COMMISSION (SUB-LICENSE NUMBER; SCMN 04/4-9/6-17). PAYMENTS VIA CREDIT CARDS ARE PROCESSED CELTIC PAY LTD. DEPT 1308, 43 OWSTON ROAD, CARCROFT, DONCASTER, UNITED KINGDOM, DN6 8DA.
Source: Option888 webiste
Evidently, Montenegro is not a member of the European Union and thus this “Sub-license” most certainly may not be passported into the EU. Besides, has anybody heard about details on a “sub-license” in Montenegro? Which company provided this “sub-license” anyway?
In view of the negative history and many warnings, we cannot even imagine that a financial market supervisory authority in any developed country could grant a license to VELTYCO. But who knows? In the end, you always have to be prepared for surprises. Maybe, regulators assume that providing a license to VELTYCO is better than letting it work in the dark offshore world. Investors should, in any case, be very cautious. FinTelegram will continue to report and inform about the developments around VELTYCO.
File Your Claim With EFRI
Illegally operating broker schemes and their boiler rooms are part of fast-growing global cybercrime activities. Millions of investors are defrauded by those broker sites losing billions of euros every year. Hence, it is important to warn investors of such illicit sites. If you are a victim of an illegally operating broker site such as Tradeinvest90, Option888,
