Before starting his scam project Private FX ( Forex Trend 2.0) in 2015, Igor Mazepa and Concorde Capital got involved into a large international scandal with a lawsuit in USA. The group of ukranian hackers broke into newswires and stole important financial news. The hackers went on to pass the insider information to traders.
The entire illicit affair resulted in a staggering $100 million in profits for those involved.
In an interesting twist, it has come to light that it may not just be the hackers and a few dozen traders who took part in the fraud. A Ukrainian broker is currently fending off allegations that it was involved in the insider trading scam.
The company in question was nothing else than Concorde Bermuda Ltd., which was faced fraud charges from the U.S. Securities and Exchange Commission (SEC). Concorde Bermuda is the part of Concorde Capital Group. Concorde Capital Partners have also being accused to wiring about $1.5 million to Jaspen. Jaspen is an entity that took part in CFDs trading through several online brokers, and the trades the firm executed are considered suspicious as they occurred between the time important news were uploaded to Newswire computer services and when the news were released to the public.
Here below presented the SEC complaint to the Court if New Jersey, USA against 32 hackers and traders. Concorde Bermuda is included in this complaint.
And this is how the story finishes for Concorde
..”Without admitting or denying the Commission’s allegations, Concorde consented to the entry of a court order enjoining it from violating Section 10(b) of the Securities Exchange Act …. and ordering it to pay $4.2 million in disgorgement.
The Commission’s litigation continues against the remaining defendants charged in the case”
Put simply, Concorde Capital could not refute the allegation and preferred to pay $4.2 Millions to bury the scandal.
Full resume of Igor Mazepa