Fintoch securities fraud warning from Singapore
Fintoch has received a securities fraud warning from Singapore.
The Monetary Authority of Singapore added Fintoch to its Investor Alert List on May 4th.
MAS cites Fintoch’s website domains as “fintoch.com” and “fintochonline.com”.
The first website is Fintoch’s official website. The second website belongs to Fintoch promoter Shaikh Noorul Amin.
The Investor Alert List provides a list of persons who, based on information available to MAS,
i) may be or may have been wrongly perceived as being licensed or in any other way authorised or regulated by MAS;
ii) have made an offer of units in a business trust or collective investment scheme which may be or may have been wrongly perceived as being authorised, recognised or registered by MAS;
iii) have made an offer of investment which may be or may have been wrongly perceived as being made in or accompanied by a document lodged or registered with MAS.
As a passive returns investment scheme, points two and three apply to Fintoch.
Fintoch is not registered to offer securities in any jurisdiction. The company commits securities fraud and operates illegally the world over.
The reason for this is Fintoch is a Ponzi scheme. Fronted by US actor Mike Provenzano, playing Fintoch CEO “Bobby Joe Lambert”, Fintoch is believed to be run by scammers operating out of south-east Asia.
Boris CEO Ponzi schemes are typically the work of Russians, but to date it’s unclear who exactly is behind Fintoch.
Back in February 2023 SimilarWeb tracked top sources of traffic to Fintoch’s website as Cambodia (43%), China (24%), South Korea (17%), Hong Kong (7%) and Malaysia (6%).
SimilarWeb tracked a ~300% in Fintoch website traffic since February 2023. Specific geographical data however is unavailable.
Thanks for the investigative work that government agencies should be doing but aren’t despite their mandate to regulate such matters.
Truly saving lives. You should start a patreon or something for donations.
Thank you for the kind words. For me the work itself is rewarding enough.
If BehindMLM is ever unable to sustain itself financially I’ll let the readership know.
Fintoch alleges that is a registered company in california (see archived webpage: web.archive.org/web/20230518162634/https://www.fintochonline.com/ ).
How can someone check that this is indeed a legitimate registration in California?
It is favorable either way. If it is indeed a US company, that opens it up to the US legal system. Otherwise, it has once again published another falsehood.
Outside of when they’re used to gain access to banking channels (ala GSPartners), shell companies are meaningless with respect to both MLM due-diligence and regulation.
MLM shell companies are incorporated with bogus details by scammers in other jurisdictions. Certificates on a website are used to dupe gullibles into thinking paying a registration fee equates to legitimacy.
I agree with your comment. Numerous case studies of scams in the past have proven that scammers operate with registered companies without much issue.
I wrote in about this because I was afraid that the relevant US authorities might not take up the case if Fintoch wasn’t a US company or did not have US actors. I wonder if any of the purported management are US citizens.
The US actors angle is a stronger entry point for US regulators than a shell company.
The current guy they’ve got swanning along is a US or Canadian national with ties to Bangkok if I’m not mistaken (some random backpacker type living there).
Where things fall apart though is the US not being a primary source of Fintoch recruitment. When BehindMLM reviewed Fintoch in March it was spreading throughout China and south-east Asia.
SimilarWeb has gotten a bit flaky with providing geo data over the last month or so, so we don’t have an update since then. Fintoch website traffic has continued to climb, so it’s possible recruitment in the US has picked up.
At the end of the day though you’ve got Chinese/Russian scammers hiding abroad. That’s another hurdle to overcome.
Now the withdrawal for fintoch was BLOKES FOR ALMOST 4 days. no body can answer when it will comeback … they keep covering by hype events that is coming soon ..
alot of singaporean were invested and i dont know how to recover my money since they blocked the withdrawal .. but yhe apps still working and profits were still accumulating ..
GG guys, was fun while it lasted. Lost almost all the money (83k) I was going to place on my BTO with my wifey (soon to be ex wife if we can’t put aside our differences).
Alas my greed got me in the end. #greedisnogood
Hi Rui Hachimura,
You may consider lodging a police report online. I have lodged a report and the Singapore Police Force is responsive. Within hours of lodging a report, I spoke with a senior investigator and submitted evidence.
You may also consider filing a complaint with MAS (Monetary Authority of Singapore), this is something I did, and MAS replied in 7 days.
The reality in many countries is that the authorities are swarmed with problems. There needs to be more people filing reports about Fintoch to surface it to the attention of the authorities.
Hi i am Isaac i was planing to invest in fintoch but every day some rumors that they are scammers and so many other complaints. Guide me pls.
Fintoch is a Ponzi scheme, run by Chinese scammers and fronted by US actors.
You invest into Fintoch –> scammers steal your money –> you’re left bagholding worthless FTC tokens –> sorry for your loss
I went for meeting 2, month ago, with my wife.i though of investing,a huge amount of money, because at the meeting they told me that not to worry, will get back, 20 times of what I have invested.
that’s huge money I will get back ,so I agreed.but when we came back home ,at night I can’t sleep, something chicknocking my mind, must I go forward with the investment? or not.
when I woke up,went to brush teeth, I saw my face in the mirror, and I tell myself, I am not going forward in fintoch investment, because something is very fishy.
i told my wife not to go forward. so now I an my wife happy with our money what we have ,so would like to advise those who read please be cautious with your money, try not to take up sudden decision, and regret.
that’s too late money is very precious, money very hard to earn, please don’t spoil your own entire life by trusting, all kinds of scammers in these days.
those scammers very sweet talking because they will have to earn the trust in you first. please be mindful.
place your trust in which ever religion you belong too. GOD WILL HELP YOU.
Mixing religion with finance is terrible advice.
Someone will eventually come along and exploit your belief. E.g. Cynthia “The Reverend CEO” Petion.
Behold Reverend Cositorto of the Church of the Zoecoin and the lost dolaritos (sic)
A recent demonstration in Buenos Aires by followers of Leonardo Cositorto shows that they consider him a messianic leader
I’m gradually losing faith in humanity, but I seek refuge in the knowledge that perhaps the never-ending war between scammers, their victims, and the authorities is a three-sided eternal conflict, a perpetual cycle where a sucker is born every minute alongside his would-be adversary and his adversary’s adversary.
Ah, while we ourselves are mired in this labyrinth, let us take a moment to gaze and admire the complexities of evolution itself.