On May 27, 2019, the Financial and Consumer Affairs Authority (FCAA) of Saskatchewan published a Sanctions Order in the Matter of Coperstone Limited, Coperstone Partners Limited, Chad Neuburger and Randall Silverman. The FCAA found that the Coperstone scheme was engaged in illegal securities trading in Saskatchewan, Canada. A corresponding cease and desist was ordered and an administrative penalty of $25,000 was imposed.
Closed but wanted
Meanwhile, Coperstone has closed its illegal and fraudulent brokerage website. But the scheme’s victims are still around and want their money back.
Before the last warning in Saskatchewan, Coperstone had received investor warnings in 2018 from various financial market regulators in Europe and Canada and has been including in their respective warning lists:
- UK Financial Conduct Authority (FCA) on 9 May 2018
- British Columbia Securities Commission (BCSC) on August 24, 2018
- Québec warning list
The domain www.coperstone.com was registered in August 2016 by the US-American Chad Neuburger. He provided an address in Florida and has registered a number of other domains related to Forex brokerage activities. Via a Sky Financial Ltd Neuburger is also associated with Apex Signals (www.apexsignals.com), an alleged provider of news and analyses for the financial sector. While Coperstone is still listed as a partner on the website, the operating entity behind Apex Signals, the UK-registered Apex Signals Limited, however, has been dissolved in March 2019. This company’s director was the US citizen Geraldo Larriu. All three companies have resided on the very same address in London.
Ultimate Perpetrator
Chad Neuburger is also listed as a Director of Coperstone Group Limited, registered in the UK in Nov 2016 with the company no 10486221 and Coperstone Partners Limited, registered in the UK in July 2017 with the company no 10853714. The controlling entities of these UK companies are Coperstone Limited, registered in Vanuatu, and Chad
Involved Payment Services Provider
As payment service providers, the Coperstone broker scheme also involved the illegally operating German payment service scene. FinTelegram has documents available which show that TrustSecure GmbH was involved in Cologne. Aslan Electronic FZE, registered in the United Arab Emirates, was also involved and accepted bank transfers for Coperstone. Both TrustSecure and Aslan Electronic are well known and notorious names for illegal payment services. They have also been used by many other illegal broker schemes such as E&G Bulgaria. Read this FinTelegram report on the illegal German payment provider scene here.
Report Broker Scams and Illegal Payment Services
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,
