The Maltese Up & Down Marketing Limited d/b/a OneTwoTrade allegedly scammed hundreds of victims and millions of euros with its binary options fraud scheme. It went into liquidation. However, Jean-Paul Debono, the liquidator, resigned in January 2023. He informed the Maltese Business Registry of his decision. One of its former directors Ivan Grixti (LinkedIn), is a former Malta Labour Party MEP candidate and a lecturer at the Department of Accountancy at the University of Malta.
Regulators across the globe warned against the OneTwoTrade scam. In 2015, Canadian regulators OSC, BCSC, and MSC issued warnings against OneTwoTrade. The Australian ASIC has also issued warnings.
Up & Down Marketing Limited is registered in Malta with company number C50369. Its registered address shows an empty office at 2 Geraldu Farrugia Street, Zebbug, Malta. Up & Down Marketing was also licensed by the Malta Gaming Authority (MGA). The MGA did not act against this company despite the many regulatory warnings in other jurisdictions. Carl Brincat heads the MGA.
The board of Governors of MFSA, embroiled in various scandals, includes Carl Brincat. It also includes Edward Scicluna, the former Finance Minister of Malta, who issued the license to Pilatus Bank. Scicluna has been appointed as the Central Bank Governor of Malta and avoids answering any questions from the media.
GVZH Advocates enjoy retainers on direct order basis from MGA. Fintelegram is exclusively publishing correspondence between MGA and GVZH. Andrew J. Zammit, who heads GVZH Advocates, is a director at Moneybase Limited, a company affiliated with Calamatta Cuschieri. Indeed one big cobweb. Calamatta Cuschieri, just like Up & Down Marketing, was never fined by FIAU.
