In December 2020, the Italian regulator Consob ordered the blackout of the broker scam TolTechFX (www.toltechfx.com). The scam is allegedly operated by NewTraders Holdings Ltd, registered in St. Vincent & the Grenadines. Another scam company established and managed by Wilfred Services. The scam is currently still active under the domain www.toltechfx.co and still defraud customers. Payment providers integrated are the usual suspects, including PayNetEasy, RealDeposit, MNPPay, and PayCent.
Most scams change their domains and companies after warnings from financial market regulators or media like FinTelegram. DDoS attacks from adversaries often justify this. We expect TolTechFX to disappear soon. With the money of hundreds of aggrieved small investors.
It is time for the authorities to take action against Wilfred Services, a company builder based on St. Vincent & the Grenadines, which apparently set up legal entities for hundreds of broker scams and acts as a trustee for them. The U.S. regulator CFTC served Winfred Services with a complaint just a few months ago (read this report). This is a good path for other regulators and law enforcement agencies to follow.
