The German financial market supervision authority BaFin issued a cease and desist order against P & B Modern Management, a Berlin-based German company that accepts funds from private persons on its own accounts for the sole purpose of transferring these funds to mainly foreign accounts of companies based abroad. According to the German Regulator, the owners of the forex broker scam BFX International (www.bfxinternational.com) are among the clients of this unauthorized German payment processor.
The unauthorized payment processor was established in December 2018. The only director of the company is the Polish citizen Pawel Bukalski.
In recent weeks, BaFin has issued a number of these Cease and Desist Orders against unauthorized and thus illegally operating payment processors. It is a sad truth that Germany is home to many of these shabby payment processors that facilitate scams. In this respect, the approach of BaFin is to be applauded in the very best interest of investor protection.
