EverFX broker banned in UK, CashFX Group ties to blame?
The Financial Conduct Authority has banned EverFX from offering services to consumers in the UK.
The ban follows EverFX denying it operated as a broker for the CashFX Group Ponzi scheme.
Whether the ties between the two companies are behind EverFX’s UK ban however are unclear.
Visitors to EverFX’s website are now greeted with the following message across the top of their screen:
From 17.05.2021, ICC Intercertus Capital Limited, trading as EverFX, is not permitted to provide regulated financial services to residents of the United Kingdom.
The FCA granted EverFX temporary permission to operate in the UK in December 2016.
That permission was revoked on May 14th, 2021.
EverFX must not conduct any regulated activities with, or in respect of, any client who is resident in the United Kingdom.
The Firm must not conduct any marketing activity to persons resident in the United Kingdom.
EverFX was ordered to close all UK resident trading positions and liquidate them by May 21st. Cash must be returned to UK residents by June 1st.
Interestingly, EverFX has also been ordered to
secure and preserve all records and/or information (physical or electronic) relating to its regulated activities from its systems in their original form.
These must be retained in a form and at a location to be notified to the Authority in writing by 24 May 2021 such that they can be provided to the Authority, or to a person named by the Authority, promptly on its request.
This suggests the FCA’s investigation into EverFX is ongoing.
EverFX appeared on BehindMLM’s radar through ties to the CashFX Group Ponzi scheme.
At a CashFX Group “grand launch event” held in late 2019, CashFX Group owner Huascar Lopez introduced EverFX COO, Najib Kassis.
I want to invite Mr. Najib Kassis as (the) Chief Operation Officer for EverFX. And also Pablo Millan, Head of the Spanish Desk of EverFX.
They became like our friends and have been backing all our operations, offering services and providing us with a platform.
Following his introduction, Najib Kassis spoke highly of CashFX Group;
The guys (CashFX Group) are just making magic.
I’m watching them for the last two months, the way how they are trading in our company, EverFX.
I’m proud that I’m gonna be working with CFX.
EverFX’s Pablo Millan was the main point of contact between CashFX Group and the broker.
In one webinar, when asked “so when it comes to CFX, you’re kind of like the account manager?”, Millan replied, “Yes.”
I’m the guy behind the magic that your guys… us, you know?
Throughout the webinar Millan placed great emphasis on regulation. He did however claim EverFX had FCA approval “for marketing purposes only”.
Millan appeared in multiple CashFX Group webinars. Video footage of the webinars were being uploaded to YouTube as late as January 2021.
In December 2020 an investigatory article by the Financial Mail’s Tony Hetherington explored the relationship between CashFX Group and EverFX.
The article brought a prompt response from EverFX, denying any such partnership existed.
EverFX has nothing to do with CashFX whatsoever. No business relationship of any kind.
The claim was certainly odd, given the representations made by EverFX executives over the past year.
Unfortunately the FCA have not made public the reason for banning EverFX.
I don’t believe the broker has issued a statement on its regulatory expulsion from the UK either.
Through ICC Intercertus Capital, Digital Age Solutions Limited and GAAM Digital Progressus LTD, EverFX operates through licenses in Cyprus, Spain and the Cayman Islands.
Through Aerarium Limited, EverFX also holds a license in Seychelles.
From a regulatory perspective, Cyprus, the Cayman Islands and Seychelles are joke jurisdictions where pretty much anything goes.
Spain’s CMNV is the only respectable regulatory jurisdiction of the bunch. That said, the regulator has thus far not taken any action against EverFX or CashFX Group.
To date CashFX Group has attracted regulatory attention in thirteen jurisdictions. The Philippines being the latest, following an SEC securities fraud advisory issued last month.
As previously stated, whether EverFX’s ties to CashFX Group are behind the FCA ban is unclear.
It is possible EverFX has engaged in unrelated suspected fraudulent activity. For now though, EverFx’s ties to CashFX Group, former or otherwise, are the chief suspect behind the crackdown.
I mentioned this to a friend who I know had been suckered in to joining CashFX (or CFX as they seem to be referring to themselves as now).
They are being told EverFX “decided to pull out of the UK” for copy trading only. They’ve been told they are still the broker for the “daily trade” part of CashFX.
Obviously complete BS, but it’s interesting to see they’re already being fed a line.
If EverFX COO Najib Kassis is the same person as the Najib Kassis who worked as a money launderer for Ruja Ignatova at her Ravenr “family office”, then the likelihood that wide range of fraudelent/criminal activity occured within EverFX. Perhaps even terrorist financing. 😉
As seen at around 1:00 and 1:26 timemarks of this OneCoin Xmas party video (youtube.com/watch?v=RaeYvmuLdbs), a guy flashes briefly whose looks could match the with EverfX Najib who appeared on 2019 CashFX event.
Hi,
My account on Ever FX was affected on 20/05/21. All open positions have been closed.
Yesterday I had a few strange phone calls from the Ever FX head office explaining the situation.
The guy advised that Ever FX will have to refund all invested funds, but they are having an issue organising the transfer.
He said that the Ever FX branch that dealt with private individuals/client was doing illegal activities with the cryptocurrency.
They used clients money for trading, and all arrested funds are now only available in BTC. As a result, the money can’t be refunded back to the UK bank accounts.
He has asked to open the BTC wallet and be available today and have the PC ready to complete the refund transaction (for some reason, they want to use a Team Viewer to record the transaction process as an evidence).
It’s very suspicious. Has anyone here received any phone calls from Ever FX recently?
Omg OneLife and its fucking tentacles in everything. Will look into this after QubitLife.
@Eugene
As per FCA’s termination notice to EverFX, the broker is required to
Don’t accept some bitcoin bullshit or anything else you’re uncomfortable with.
EverFX have to return your cash. Threaten them with a report to the FCA if they don’t comply.
Might even be worth reaching out to the FCA now in case EverFX plan to lie to them about returning client funds.
@Oz
I had many open positions, short and long term investments that were “forcibly” closed on 20/05/21, and I had significant losses.
All trades were open 2 weeks before it happens (FCA termination notice), and I was expecting to wait at least 3-8 weeks until all trades go in profit.
To me, Ever FX is liable to reimburse these losses, not just a positive balance.
That’s between you and EverFX. The FCA ordered them to liquidate your positions, with no consideration of profit/loss.
@Oz
Another point. On 18/05 Tue, the personal manager has asked me if I can invest more money.
I asked the question about the notification of termination that I received on 18/05 and Ever FX manager advised that it’s only affecting new UK clients and existing clients can continue trading.
On 21/05 I was supposed to invest more money but changed my mind in the end. Since 18/05 I can’t get hold of anyone from Ever FX. No one replying to my emails or phone calls.
It’s shocking what is actually happened.
On May 14th EverFX was told it
Then;
If they called you up on the 18th pitching you to invest more money, they were operating in violation of the FCA’s orders.
Now if they’ve gone dark on you something’s up. I think something bigger is going on here than we’re able to see.
Giving a glance over at Trustpilot regarding Everfx alotta scaly shit pops up.
Pulled the Kassis OneCoin article. Waiting on confirmation but apparently there are two different Najib Kassis’.
OK so this is RavenR’s Najib Kassis:
EverFX’s Najib Kassis is another guy. Found out post-publication but it’s here in case Kassis gets picked up by the US in the future.
The guy in the OneCoin Christmas video who looks like the EverFX’s Najib is “Anton”, a RavenR employee.
Thanks for digging out the real OneCoin Kassis. (I think he is the person at 1:27 timemark of the Xmas video sitting next to Max von Arnim). What a funny coincidence with the EverFx Kassis!
—
Checked the Trustpilot reviews of EverFX, and they indicate that EverFX is a boiler room scam. They describe essentially the same kind of MO as this article:
occrp.org/en/fraud-factory/trail-of-broken-lives-leads-to-kyiv-call-center
(Although the MO is similiar and the reviews have references to high pressure calls from Ukraine, there is no specific evidence that EverFX is related to the Milton Group from OCCRP article.)
So FCA terminating EverFX’s license could be — at least partly if not most of all — related the boiler room stuff too.
Busted!!…
financemagnates.com/forex/police-arrest-everfxs-spanish-top-gun-at-airport-in-barcelona/amp/
So EverFX was a Russian scam outfit. Not surprised.
That Finance Magnates article link is flaky but I’ve got alt sources. Article up soon.
This is huge, one client of mine lost $2.5 million to Ever FX / Axiance/ Intercertus. Over 400 seperate scam brokers involved.
Seychelles FSA and CYSEC were fronting for these crooks. They were robbing people left and right in Hong Kong and Singapore for years along with fake securities brokers. All eastern European mafia.
fxdailyreport.com/everfxs-pablo-a-arrested-by-spanish-police-at-barcelona-airport/
fxnewsgroup.com/forex-news/retail-forex/m4markets-buys-axiance-operator-icc-intercertus-and-its-cysec-license/
BBC dropped a doccy on EverFX:
youtu.be/w6JXZ3GzSCQ
Got around to watching the BBC’s documentary today.
Great to see UK authorities with their thumbs up their arses while corrupt Georgian former politician scamlords, on the run from criminal charges in Georgia, scam people out of billions through their EverFX and Milton Group scams. All the while living in 14 million GBP London mansions.
If journalists can put all of this together UK authorities have absolutely no excuse.
Three cheers for the FCA and City of London Police!
Also Georgian authorities. Can’t even get their act together and arrest Lado Okhotnikov. Fully unmasked, wanted on criminal charges for running a $300 mill+ Ponzi, free to roam Georgia as he sees fit.
So glad I’m not involved in the cleanup side of scams, I’d lose my mind with the corruption, apathy and general incompetence.
The british police do not investigate as they’re either TOO lazy or NOT educated or motivated enough. They simply want soft targets like Drivers!
Thank God for the Germans who try to protect their society (Ozedit: derail removed) but scammer wise.
And while I believe the UK are in keeping with allowing scammer murdering money laundering scumbags to live like Lords in UK Society it’s time we in the UK have a cleanup of our own Swamp.