Katerina Papanicolaou’s Maxigrid Scam (2024)

Article arrow_drop_down
Katerina Papanicolaou's scam

Investment firm (CIV) iTrade Global (CY) Ltd., regulated by the CySEC, is the operator of the CFD, FX, and cryptocurrency broker InvestFW. Based on the most recent data, the broker is especially effective in Portugal, where over 90% of website visitors originate from. It is thought that the Israeli owners of Capitalix, an offshore broker, also operate InvestFW. The entities in question share the same Cypriot directors. Here’s our first assessment.

Brief Story of Katerina Papanicolaou’s Scam

In Q32022, the CySEC-regulated InvestFW saw just about 166,000 visits to its website; but, its offshore subsidiary, Capitalix, attracted about 500,000 visitors. But this is not out of the ordinary for Capitalix, which covers a far bigger market (without the necessary authorization) and draws customers from South America, Asia, and the MENA region. Capitalix operates under a securities dealer licence from the FSA Seychelles.

Overall though, the data shown by the two linked brokers—Capitalix and the CySEC-regulated InvestFW—is rather good.


Cyprus’s financial regulator is the Cyprus Securities and Exchange Commission, or CySEC for short. The European MiFID financial harmonisation law is complied with by CySEC’s financial regulations and operations as a member state of the EU.

A sizable portion of foreign retail forex brokers are registered with CySEC. Many binary options brokers had previously chosen CySEC as their regulator of choice before 2018.

The following are the duties of CySEC:

  • to oversee and manage the trading activities of the Cyprus Stock Exchange, as well as the Stock Exchange’s listed companies, brokers, and brokerage firms.
  • to oversee and administer mutual fund management firms, collective investment funds, licensed investment services organisations, and investment advisors.
  • to authorise investment firms, including brokerage houses, brokers, and consultants, to operate.
  • against applying disciplinary actions and administrative consequences against investment consultants, brokerage houses, brokers, and any other natural or legal person covered by the Stock Market Laws.

Recent changes to the law governing CySEC’s duties have given it considerable authority over the organisations it oversees. This includes the ability to conduct investigations, search properties, and share any results with authorities in other countries.

CySEC takes action against Maxigrid Ltd and initiates compensation for clients!

Bans and administrative fines for Maxigrid Ltd.

Ultimately, Maxigrid Ltd. was the target of action taken by the Cyprus Securities and Exchange Commission (CySEC) on June 17, 2022. The announcement included four directors who were barred from performing management duties for Cyprus Investment Firms (C.I.F.s.) and administrative fines totaling € 210,000.

CySEC enforced the following administrative punishments in particular.

  • Israeli shareholder and former non-executive president of the board Roy Almagor is fined €200,000 administratively and is prohibited from managing C.I.F.s. for a period of five years.
  • Jekaterina Pedosa, the company’s executive director, is fined €10,000 administratively and is prohibited from managing C.I.F.s. for a period of five years.
  • Katerina Papanicolaou, the company’s executive director, is prohibited from performing managerial duties in C.I.F.s. for a period of two years.
  • Ex Executive Director of the Company Nikolai Monogarov receives a two-year ban from exercising management functions in C.I.F.s.

With the trade names Dualix and A.G.M. Markets, Maxigrid Ltd. has been conducting business as a Cyprus Investment Firm (C.I.F.). The licence number 145/11 was revoked on February 14, 2022. Following an enforcement action by German authorities that led to the arrests and impending indictments of multiple defendants in Germany, Maxigrid fell apart. As of right now, the inquiry is still on.

The actions of Maxigrid Ltd. caused harm to thousands of victims throughout Europe.

Under CySEC licence number 145/11, Israeli Roy Almagor’s Maxigrid Ltd. and its Chief Executive Officer, Jekaterina Pedosa, have been processing payments as an unlicensed payment processor for numerous broker scams, including RoyalsFX, LincolnFX, 10CryptoMarket, RoyalCBank, and others. Maxigrid employed BitandBuy, its cryptocurrency platform, and its bank account with Lithuania’s GlobalNetint for this purpose.

Katerina Papanicolaou’s Company Claims It can’t Pay the Victims

Additionally, Maxigrid doesn’t seem to be able to fulfil its commitments resulting from investor claims, and CySEC doesn’t think it will be able to do so very soon.

The Cyprus Securities and Exchange Commission, or CySec, declared on June 7th that the Maxigrid victims’ compensation process had begun.

“CySEC has determined that the Company (member of the I.C.F.) for the time being, for reasons directly related to its financial circumstances, is unable to meet its obligations arising out of investors’ claims and has no early prospect of being able to do so,” the circular reads, citing paragraph 18(1)(a) of Directive DI87-07 of 2019 for the Operation of the Investors Compensation Fund (R.A.D. 76/2019).

The I.C.F. will then invite covered clients to submit their claims against the corporation, if any, and will specify the process for submitting applications for compensation as well as the deadline for doing so. The fund then publishes the information, including the address where investors can get updates on the status of their applications, in at least two local newspapers.

According to the provisions of the contracts governing each client’s connection with the failing broker, the amount of compensation payable to each client is determined. However, the maximum sum typically stays under €20,000.

The maximum payment for legitimate claims was modified by the CySEC earlier in 2019 and is now equal to 90% of the total amount of covered claims or €20,000, whichever is less. 

Coverage is therefore equal to Min (90 percent X the claimed amount, or €20,000). Accordingly, an investor holding €50,000 with a C.I.F. that experiences difficulties and is unable to make payments will get €20,000 from the I.C.F. But, if the claim is for €10,000, the coverage will only be 90%, or €9,000, instead of 100%, as was previously determined.

The specific claim process for the Maxigrid clients (victims) has not yet been announced by the I.C.F. We’ll keep you informed.

About the author

James Assali
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 […]

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 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 […]

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 […]


Dr. Oscar John Ma:  A Sex Offender or Not? (2024)

In his biography, Dr. Oscar John Ma describes himself as a very accomplished physician who has spent his whole life helping other people. During his thirty-year career, he has participated in a large number of investigations and supervised ground-breaking research initiatives at a variety of institutions. As a result of his services, however, he was charged with many other infractions, which ultimately led to his retirement. You may read the following to find out more about the story: Dr. Oscar John Ma: Resigned after investigation  Dr. Oscar John Ma, the head of the emergency department at Oregon Health & Science University (OHSU), has announced his resignation. This comes after an internal inquiry and a wave of departures among medical staff members at the hospital. In a message that was sent out to staff members on Monday, Dr. Ma said that […]

Aristov Aleksandr: Criminal Ties Exposed (2024)

Aristov Aleksandr was well-known for having close relationships with various people, including members of the political elite, state authorities, and representatives of the Russian government. His company has benefited greatly from these links, including financial and legal advantages. These benefits have made it possible for Aristov's business to carry on with profitable operations and to hold a leading position in its sector. The company of Aristov has been able to hold its leading position in the sector because of several benefits, mainly legal and financial ones. These benefits have made it possible for the business to carry on with profitable trading. Aristov Alexandr has been a steadfast supporter of Russia's foreign policy toward Ukraine and matters about the conflict in that country to accomplish this goal. Furthermore, throughout the Ukraine War, Aristov actively supported several efforts to further this agenda. […]

Danya Milokhin’s Ascent and Decline: A Tale of Notoriety, Wealth, and Scandals

Scandals frequently lurk beneath the surface in the world of glitz and glamour, where fame and riches collide, influencing the stories of individuals who reach the pinnacles of achievement. One of the most prominent TikTokers in Russia, Danya Milokhin, experienced a quick ascent to stardom, which was followed by a slew of scandals and financial troubles. Milokhin's journey from a modest upbringing to the flash and glamour of the social media spotlight is evidence of the unstable nature of the digital era. A New Star Is Born Milokhin, who was born in Orenburg, Russia in 2001, had a difficult upbringing. He was put in an orphanage when he was three years old, and he afterwards resided with a foster family. When he got closer to adulthood, Milokhin relocated to the seaside town of Anapa and started working as a waiter. […]

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