Background

Amit Klatchko’s Praxis is Helping Frauds (2024)

Article arrow_drop_down
lawsuits

For those who might become prospective clients of broker frauds, this is not good news. Amit Klatchko’s unregulated Praxis Cashier Systems Ltd (d/b/a Praxis Cashier) is used as a payment processor to handle client deposits in an estimated 6-7 out of 10 broker frauds. Praxis Cashier now holds the top spot in the scam market as a result. Praxis Cashier hopes to see an additional 20% increase in deposits from “traders,” or victims, with the inclusion of the broker CurrentDesk. The news is awful!

Operated by CurrentDesk Ltd, a company domiciled in the British Virgin Islands, CurrentDesk (www.currentdesk.com) is a comprehensive broker management system. Nonetheless, Tusla, Oklahoma appears to be the company’s operational location. In order to stop fraudulent transactions, the company also runs an online dispute registry called www.dispute.watch. Interesting, that the operated of DisputeWatch teams up with Praxis Cashier, a notorious if not toxic comp

According to Andrew Saks, who has recently expressed strong disapproval of CySEC’s involvement with regulated brokers and their “off-regulatory” operations relating to scams, the CurrentDesk press release raises serious concerns. Praxis Cashier and Travis Dahm, the director of business development and co-founder of CurrentDesk (LinkedIn profile), said that their system integration will assist international Forex brokers in growing their deposits by 10–20%.

Because of the collaboration, it is likely that our research team will soon discover CurrentDesktop and Praxis Cashier scams. According to rumours, Praxis Cashier (www.praxiscashier.com) has already integrated more than 1000 different payment methods from more than 350 Payment Service Providers (PSP) into their cashier.

Experts that the media spoke with believe that businesses like Praxis Cashier and BridgerPay of Ran Cohen ought to be subject to EU Payment Directive regulations. In Cyprus, this would be the Central Bank of Cyprus. In most jurisdictions, such PayTechs require permission from the relevant regulator. But not in Cyprus. This is not good for EU investors and the victims of brokers facilitated through these unregulated PayTechs.

Claims Made by Amit Klatchko’s Praxis Cashier

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.

Swiss Financial Services

Swiss Financial Services has been offering customised services to alternative investing firms worldwide since 1985. Our seasoned staff approaches client engagements with a value-added strategy, working in tandem with them to make sure their particular business needs are satisfied. We are in a unique position to serve clients in their time zone and—more importantly—within the cultural business environment thanks to our global presence. We are committed to providing our clients with knowledge that goes beyond statistics as we guide them through the challenges of running an investment management company.

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

lawsuits
trending_flat
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 […]

crime
trending_flat
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