Background

Amit Klatchko’s Praxis and the Universal Markets Scam (2024)

Article arrow_drop_down
scam
Amit Klatchko is involved in another scam

Two suspects come up again when examining the frauds that the UK Financial Conduct Authority (FCA) issued an investor warning against: Praxis Cashier, which acts as a payment gateway, and St. Vincent and the Grenadines, which is the address provided by the scam operating firms. Universal Markets (www.umarkets.io, www.umarketspro.com, or www.umarketspro.net) is likewise like this. Universal Services LLC, registration number 193LLC2019, and/or UM Media LLC, registration number 240LLC2020, are purportedly behind the hoax. Whoa! The addresses of both businesses are Kingstown, St. Vincent and the Grenadines.

Amit Klatchko's involvement

We found a little mutation that we were unaware of when using Praxis Cashier to handle payments for the Universal Markets fraud. Praxis Cashier is not present on the initial payment page of the fraud. The link under “Customer Service and Deposit Help” on this page points to a different page with the domain www.ccsecpay.com (CCSECPAY), which contains Praxis Cashier documentation. But the paperwork is tailored specifically for Universal Markets (www.universalmarkets.com), the scammer.

It appears like Praxis Cashier is changing and attempting to conceal its involvement in scams behind a page and domain that are in between. We discovered that Praxis Cashier would be connected to the domain www.ccsecpay.com.

We also found Ecommpay (www.ecommpay.com), a high-risk payment processor situated in the UK, operating behind the payment gateway. However, this payment method was no longer functional when we examined the scam.

The Universal Markets scam was alerted to by the Spanish regulator CNMV in June 2020 (see the report available here). Additionally, the UK FCA issued a warning to investors on March 1, 2021. It is therefore shocking that payment processors like Praxis Cashier, who act as gateway operators, continue to knowingly and voluntarily aid in the fraud.

Should FCA Look into Amit Klatchko’s Praxis Cashier?

FCA

The UK government has no control over the Financial Conduct Authority (FCA), a financial regulator that is funded by fees collected from participants in the financial services sector. The FCA protects the integrity of the UK financial markets by regulating financial companies that offer services to consumers.

It focuses on how financial services companies, both retail and wholesale, are expected to behave. Similar to the FSA, which it replaced, the FCA is set up as a company limited by guarantee.

To establish regulatory standards for the financial industry, the Financial Policy Committee, the Prudential Regulation Authority, and the FCA collaborate. The FCA is responsible for the conduct of around 58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the economy in the United Kingdom.

The authority has a wide range of authority, including the ability to control behaviour pertaining to financial product promotion. It has the authority to impose requirements on goods and set minimum standards. It has the authority to look into businesses and people. Furthermore, the FCA has the authority to impose a one-year ban on financial products and is also considering an indefinite ban. It has the authority to order companies that it deems to be deceptive to immediately withdraw or alter promotions, and to make such decisions public. Moreover, whether a person or organisation is being investigated for a crime or not, the FCA has the authority to freeze their assets. Since taking over on April 1, 2014, the authority has been in charge of regulating the consumer credit business. The authority has been responsible for regulating the consumer credit industry since 1 April 2014, taking over the role from the Office of Fair Trading.

The FCA announced changes in July 2023 with the goal of reducing the use of social media by “influencers” to persuade UK customers to buy risky financial products. A few of the regulations included outlawing cryptocurrency incentives like “refer a friend” bonuses, requiring influencers to disclose all potential risks, and giving products a 24-hour cooling down period so that novice investors could properly weigh their options. The action was taken in response to a notable increase in 2022—14 times more financial product promotions by influencers on social media than the year before.

Claims Made by Praxis Cashier (Amit Klatchko’s Company)

The best smart cashier software has been created by Praxis Cashier, a technology business, with you in mind. Businesses like yours can now operate in industrial peace thanks to intelligent cashier software designed to tackle high-risk processing challenges! With offices in Costa Rica, Cyprus, Spain, and the Ukraine, we are ready to work around the clock.

Using Praxispay has a lot of benefits. The program is simple to use and offers customizable payment management settings. You can select the payment option that best suits your business needs and set restrictions for each customer and VIP level. Furthermore, you may set up BIN country rules and credit card regulations directly in the back office software. Praxis will automatically route all of your transactions to the top-performing payment service provider once you’ve configured your payments. You might wish to think about the Praxis Cashier for larger firms. Brokers can get a complete payment processing solution from our hosted payment page. With a comprehensive multilingual support service, the organisation operates in Spain, Cyprus, and Ukraine. Praxis Cashier offers integration with almost all PSPs and supports most card issuers. While other payment processing solutions require a third-party payment processor, Praxis Cashier does the same thing. This software allows you to accept payments from all major card issuers and support all types of payment methods.

Fraud

Fraud is defined by law as the deliberate use of deception to get unfair or illegal benefit or to deny a victim their legal rights. Fraud can be illegal under civil or criminal law; for example, a victim of fraud may sue the perpetrator to stop the fraud or obtain financial compensation; or fraud may not result in any loss of money, property, or legal rights but nevertheless constitute a component of another civil or criminal wrong. The goal of fraud can be financial gain or other advantages, such as getting a passport, travel visa, driver’s licence, or mortgage fraud, in which case the offender makes false claims in an effort to qualify for a mortgage.

  • It could be a warning sign that your broker is not acting in your best interests if they do not reply to you.
  • Make sure there are no complaints, do your homework, and carefully study all the fine print on paperwork to ensure you are not being taken advantage of by a dishonest broker.
  • Before attempting a withdrawal, try starting a modest account with a small balance and making trades for a month.
  • Your broker might be churning if you notice purchase and sell transactions for assets that don’t align with your goals.
  • Before pursuing more extreme measures, go over all of your documentation and talk through your options if you are trapped with a terrible broker.

Bottom Line

Brokers are sometimes to blame for traders’ losses, even if traders sometimes hold them accountable. Before opening an account, a trader should be rigorous in their research on potential brokers. If the broker passes this scrutiny, the trader should make a small deposit, make a few trades, and then withdraw their money. If all goes according to plan, a bigger deposit may be made.

If things are already bad for you, though, you should confirm that the broker is engaging in illicit activity (like churning), make an effort to get your questions addressed, and if that doesn’t work, you should report the broker to the SEC, FINRA, or another regulatory agency that has the authority to take legal action against them.

About the author

James Assali
trending_flat
James Assali was Charged for Transnational Mortgage Modification Fraud?

The owner of a Costa Mesa-based loan company, James Assali, is the target of aggressive legal action from law enforcement agencies. James Assali is charged with participating in dishonest practices about loan modification. The individual in charge of the Costa Mesa-based mortgage and escrow company's refinancing is the target of intense pursuit by law authorities. This man is charged with running a loan modification scheme that cheated and mistreated people in California and other states on purpose. The prosecution has demonstrated that victims have been caused by dishonest actions not just in California but also in Washington, Florida, Minnesota, and Maryland. The subject of the investigation, an Irvine native by the name of James Toufic Assali, is presently the target of numerous serious accusations. The defendant faces eighteen criminal counts with suspected grand theft and three more felonies specifically connected […]

trending_flat
Warning Against Phoenix Capital Group Holdings for Consumers

To clarify the crucial aspects of this organization, I have several grievances with Phoenix Capital Group Holdings. There are some favorable reviews as well, but since that's just how things work, we tend to focus on the bad ones. It is necessary to understand the background and history of Phoenix Capital Group Holdings before proceeding. Phoenix Capital Group Holdings, LLC: A Brief Overview A disputed oil and gas mineral rights acquisition and investment organization, Phoenix Capital Group Holdings, LLC was founded in 2019 and has its headquarters in Denver, Colorado. The company's operations mostly include mineral rights purchases.  Several locations, including Irvine, California, Casper, Wyoming, Dallas, Texas, and Fort Lauderdale, Florida, are included among its satellite offices.  The corporation, which is controlled by a family, directs its efforts toward aggressive capital deployment and asset management. It often gives priority to […]

Futurenet
trending_flat
Futurenet Scam Warning: All You Need to Know

In 2014, FutureNet emerged as a fraudulent operation disguised as a multi-level marketing platform offering huge profits via a matrix cycler technology. It entered the cryptocurrency space in 2017 with the introduction of FuturoCoin, which quickly crashed and caused investors to suffer large losses.  FutureNet, which was founded by Roman Ziemian and Stephan Morgenstern, scammed thousands of people worldwide before the co-founders were subject to legal action and international arrest orders. Roman Ziemian: A co-founder of FutureNet, was arrested in Italy and fled the scene Roman Ziemian, a co-founder of the infamous Ponzi scam FutureNet, was detained by Italian police, freed, and then left the nation. This arrest comes in response to a South Korean warrant alleging Ziemian engaged in a multimillion-dollar fraud. In 2014, Ziemian founded FutureNet with Stephan Morgenstern as a business partner. With the launch of FuturoCoin […]

trending_flat
Carl Koenemann: A Criminal Alcoholic? (2024)

Carl Koenemann claims to be a motivational speaker who stimulates future inventors through motivating lectures. As previously said, the global entrepreneurial scene changes, with visionary entrepreneur Carl Koenemann emerging as a source of inspiration and empowerment for future innovators. Carl Koenemann believes that his fascinating motivational presentations are rewriting the success story, driving individual growth, and inspiring ambitious entrepreneurs to build their own paths. Carl Koenemann states that his story is one of determination, honesty, and a strong desire to encourage innovation across technology, marketing, and business consultancy. Carl Koenemann, despite his self-absorbed nature, claims to have rapidly found his stride in the dynamic world of technology, beginning with a solid academic background in electronics and communications. Carl Koenemann boasts about his early experiences, stating that they created the framework for a meteoric rise inside a huge technology corporation, as […]

Related

James Assali
trending_flat
James Assali was Charged for Transnational Mortgage Modification Fraud?

The owner of a Costa Mesa-based loan company, James Assali, is the target of aggressive legal action from law enforcement agencies. James Assali is charged with participating in dishonest practices about loan modification. The individual in charge of the Costa Mesa-based mortgage and escrow company's refinancing is the target of intense pursuit by law authorities. This man is charged with running a loan modification scheme that cheated and mistreated people in California and other states on purpose. The prosecution has demonstrated that victims have been caused by dishonest actions not just in California but also in Washington, Florida, Minnesota, and Maryland. The subject of the investigation, an Irvine native by the name of James Toufic Assali, is presently the target of numerous serious accusations. The defendant faces eighteen criminal counts with suspected grand theft and three more felonies specifically connected […]

crook
trending_flat
Chris Rapczynski: A Fraudster? (2024)

Boston construction firm Sleeping Dog Properties and New England Construction Resources owner and president Chris Rapczynski has been charged with various workers' compensation fraud violations. Six workers' compensation fraud charges, one failure to produce insurance charge, and five theft charges over $250 are filed. Suffolk Superior Court will arraign Rapczynski after a Suffolk County grand jury indicted him. The State's Insurance Fraud Bureau investigated these charges. Attorney General Maura Healey spoke out against firms not having workers' compensation insurance, citing worker hazards and financial burdens. She committed to working with the IFB to punish personal fraudsters. Anthony M. DiPaolo, Chief of Investigations at the Insurance Fraud Bureau, stressed the IFB and Attorney General's commitment to fighting premium evasion and its harmful effects on the system and honest businesses. In 1997, Rapczynski founded Sleeping Dog Properties as co-owner and president. Investigators […]

lawsuits
trending_flat
Spencer Schneider: A Criminal?(2024)

In the case, Schneider is charged with defamation for calling the group a cult that supports "Manhattan Cult Story: My Unbelievable True Story of Sex, Crimes, Chaos, and Survival" and using forced labor and human trafficking. First, we must understand Spencer Schneider. Who is Spencer Schneider?  Spencer Schneider, the ex-husband, has drawn a lot of attention to himself. He details the activities of the alleged cult in his book, which is chock full of horrible charges of racism, homophobia, physical and mental torture, and child abuse. Maybe a member of the cult once.  Schneider, who joined the group in 1989, tells how the cult's leader Gans ordered him to marry May straight away. Schneider's tale is given the cult's background. In "Manhattan Cult Story: My Unbelievable True Story of Sex, Crimes, Chaos, and Survival," he writes of the horrifying experiences […]

crook
trending_flat
Adam Vincent Gilmer: A Fraudster? (2024)

Originally from Johannesburg, South Africa, Adam Vincent Gilmer relocated to the United States in 1989. He asserts that he is an entrepreneur and that he was born there. According to Adam Vincent Gilmer, his companies produce and market certified organic consumer goods through major online retailers, retail and convenience stores like 7-Eleven, health food stores, and wholesale purchasing clubs like Costco. What he claims about his work life is that his companies create and market these products. Adam Vincent Gilmer asserts that he has acquired more than 34 years of experience in direct sales, which encompasses direct-to-consumer, convenience stores, Multi-Level Marketing (MLM), and Merchandising platforms. He is happy with his professional abilities and the work that he has accomplished. Adam is attempting to fulfill his desire to amass wealth. In his phony articles, Vincent Gilmer refers to the fact that […]

lawsuits
trending_flat
David Baker: A Criminal? (2024)

A spokesman for the clinic said that following a board of directors inquiry into a claim that David Baker-Hargrove had sexually abused a worker, the renowned psychologist and LGBT community member from Orlando will resume his role as president of the Two Spirit mental health clinic. Psychologist and seasoned mental health counsellor Dr. David Baker-Hargrove is located in Orlando, Florida. More than 25 years of service have been provided to the LGBTQ+ community, with an emphasis on transgender-specific mental health therapies. Dr. David Baker-Hargrove has been licensed as a mental health counsellor by the State of Florida. In 2002, she received her Ph.D. in counselling psychology from Barry University. In 1995, he started his professional career. But one of Both the 23-year-old employee Bobby Hermida and the 53-year-old psychotherapist David Baker-Hargrove acknowledged engaging in "inappropriate communication" in a statement provided […]

lawsuits
trending_flat
ALEX PODGURSKI California:  A Criminal? (2024)

It has been determined that two individuals, namely Alex Podgurski California and Savanna Farmer, have been arrested in Arizona on suspicion of engaging in money laundering activities from the state of California. Multiple charges have been brought against them, and they have been put into a jail in Maricopa County. Extradition hearings are now being held.  Alex Podgurski California was detained for money laundering:    Arizona officials arrested two defendants wanted in California for money laundering. On Tuesday, 33-year-old Alex Podgurski and 29-year-old Savanna Farmer were arrested in a rented home in Paradise Valley, Arizona. Paradise Valley police served a warrant at the suspects' home to arrest them. Law enforcement found a large cache of electronic and paper records at the scene during this warrant execution and seized them for further investigation. After their arrest and evidence seizure, Alex Podgurski and […]

Be the first to leave a comment

Leave a comment

Your email address will not be published. Required fields are marked *

Login to enjoy full advantages

Please login or subscribe to continue.

Go Premium!

Enjoy the full advantage of the premium access.

Stop following

Unfollow Cancel

Cancel subscription

Are you sure you want to cancel your subscription? You will lose your Premium access and stored playlists.

Go back Confirm cancellation