In the 2015 Igor Mazepa’s company Concorde Capital founded a forex broker Private FX, which became a technical successor of the scandalously ruined financial pyramid Forex Trend Limited developed by the arrested financial criminal Pavel Krymov in 2011.
In fact, the new company Private FX used the customer database, website platform and sсhema of the “broker” Forex Trend Ltd which run into severe payment troubles in Fall 2014.
According to the Forex trend website, the execution of the trade transactions on the financial market was assured by Skopalino Finance Ltd registered on Cyprus by Pavel Krymov
Skopalino is named Liquidity provider for Forex Trend by Pavel Krymov, its directorIn January 2015, the New Zealand offshore Forex Trend Ltd has completely stopped operating and paying investors without any notice and took off with all its customers’ money. The website itself remained activ until October 2016 and kept recievieng deposits of the new clients coming across accidentaly into the pocket of Krymov.
Warning of the New Zealand financial regulator FMA:
More info about Forex Trend scam:
Light at the end of the tunnel
The desperate investors community was starving for the least information about company’s future. Meanwhile, the blogers controlled by Pavel Krymov began popularizing a rescue plan. The Igor Mazepa’s Concorde Capital was supposed to become an investor and to start a new high standart Forex Broker called Private FX. Forex Trend clients were offered to raise their money and transfer their balances to the Private FX by depositing the equvalent value in dollars to get the double amount in use.
For example, to get back $10 000, the investor had to deposit in the new company $10 000 more . Thus the client would have already $20 000 balance, however, that amount could be used only for tranding or investment, withdrawal could be possible only after 12-15 months of hold.
The business reputation of Mazepa’s Concorde Capitale was the main point to gain the trust of investors to the new company Private FX
Start of Forex Trend 2.0
In December 2015, the new company was registered in the Offshore of St. Vincent and the Grenadines as Private Innovative Society Ltd. ( registration number 22942 IBC 2015); Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines.
Meet Alexander Bykov, CEO of Private FX and financial adviser of Igor Mazepa in Concorde Capital, working previousely in Saxo Bank
Such international brokers as LMAX, ADS Securities and Exante have been also specified as liquidity providers on Private FX webstite. All this information could not be confirmed.
In the course of the marketing company, the management of the financial pyramid spared no in advertising their business. Two months only after the company opening, achieve in the Forex market gets a Cup in the nomination “Best broker of the world” from the Academy Masterforex-V (standing media partner of Krymov)
Dozens of affiliated blogs and internet media published the fake reviews and attracted the new investors by the “revolutionary financial instruments”
To be attractive for investors, the company demonstrated constant profit for investors at its start.
The reason for those impressive profits was always the same: Most of investment PAMM-accounts were created and cooked by the company itself, beeing only the numbers on the screen. All the top traders making weekly 2-5% profit were not available for contact.
For the individual trading, the company did not pass the orders through into the interbank market. They was just offsetting traders longs and shorts against one and other.
To payout the investors, Private FX needed a constant flow of new funds. The bubble grew up until the August 2016. At the time for the first “hold releases” the investors began reporting the first withdraw issues and delays. The firm of Igor Mazepa started to “drop down’ the profitable PAMM accounts and indices in order to reduce ogligations and withdrawal. This helped just for the limited time. However, the marketing actions kept the project afloat for a few more months. Paid blogers and media did their job.
In September 2016 the PrivateFX became the General sponsor of the 17th international investment show, which was held in Guangzhou. In accordance with the results of the exhibition, the company received the award in the nomination “Best investment product”. In November 2016 PrivateFX became the General sponsor of Financial Expo In Moscow (http://en.financialexpo.ru/)
Some of clients could still recieve small payments until the March 2017, though.
In April 2017 Igor Mazepa has made a technical sale of Private FX to the uknown front company Prime Broker , without having closed the obligations to investors for almost $18 Millions. As of March 2018, the website of Prime Broker (primebroker.pro ) is no longer accessible either.
As of March 2018, the website PrivateFX.com is off,
the investors can’t acces the site,
the estimated unpaid debt of Igor Mazepa is about $18 millions.
Latest Press release of Igor Mazepa regarding Private FX situation:
As a shareholder I am expecting the full information about the acivity of Private FX and its management in the year 2016….
This release (below in Russian) has been removed from Mazepa’s site on the following day.