Another regulator warning against TradeVtech facilitated by BridgerPay

TradeVtech broker scam facilitated by BrdigerPay
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FinTelegram issued an investor warning against TradeVtech (www.tradevtec.com) in early July 2021. At the time, the scam was operated by UMedia LLC a/k/a UM Media LLC in St. Vincent and the Grenadines; we uncovered BridgerPay as the scam-facilitating payment processer. Later, the offshore entity Universal Services LLC was stated as the scam operator. Israeli-Cyprus BridgerPay does not seem to mind that its scam clients attack and defraud consumers in Europe. On 30 July 2021, the UK FCA issued a warning against TradeVtech; today, the Austrian FMA warned against it.

We checked again today after the FMA warning whether BridgerPay is still involved as a payment processor at TradeVTech. And yes, we were able to determine that. Despite multiple notices from financial market regulators, BridgerPay has not terminated the business relationship with the scam operator – via various legal entities. Well, we are not surprised.

The same offshore entities have been operating other scams such as Universal Markets (www.umarkets.io, www.umarketspro.com, or www.umarketspro.net). Please read this report here. The UK FCA issued an investor warning against the Universal Markets scam back in March 2021. The scam is now offline and has apparently been replaced by the TradeVtech scam. Both scams are operated on the Sirix platform of Israeli Leverate.

BridgerPay facilitates the TradeVtech broker scam

TradeVtech is a broker without any license, not even an offshore one. The website does not show any social media presence. All signs of a scam. We do not know which European entity is registered as the TradeVtech merchant with BridgerPay, but we know that the business is illegal. We are happy to see that regulators like UK FCA and FMA share our opinion.

If you have any information about TradeVtech or BridgerPay, we would be grateful if you could share it with us. You can either do this through our whistleblower system or post your information in our new Whistle42 payment processor forum in the BridgerPay discussion.

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