OFXB - CNMV warns against participating in online forex trading

The alleged online broker OFXB sells itself as a serious platform for online trading. However, there is a lot of information that there are significant shortcomings at OFXB. More and more traders are coming forward talking about telephone terror, rip-offs and investment fraud at OFXB. Many have lost their capital invested with OFXB. Doubts are the order of the day. Meanwhile, many OFXB investors are worried that it is an investment scam. All OFXB investors are wondering if they have been victims of an investment scam? And what can OFXB investors do if the suspicion of investment fraud is substantiated? How can OFXB investors get their money back? Does it make sense to file a criminal complaint against OFXB with the police? Where can I get help with investment fraud?



OFXB: Unsubstantiated promises on the website www.ofxb.io!
What are the perplexed prospects on ofxb.io being led to believe? "Transparent registration conditions...Daily analyses and free educational materials...Multiple methods for deposits and withdrawals...Approved broker" This is just a small excerpt of the untrustworthy promises that the curious find on OFXB's website. Not a single one of these promises given by OFXB has been kept. Disappointingly, the suspicious business behaviour rather makes for disappointed investors and bad experiences!


OFXB: Hide and seek domain entry!
Remarkable for the business practices of the OFXB makers is that the website does not contain an imprint. Thus, the full details of the legally responsible operators of the website are missing. If one takes a look at the domain data of the OFXB website, there are no references to the operators. However, one learns that the domain was only registered on 23.05.2020 with NameCheap, Inc. by a Donnybrook Consulting LTD. 


OFXB: Who is behind it?
Many investors will find it rather difficult to answer this question, as the OFXB makers do everything they can to conceal the true circumstances. However, this is nothing unusual. The perpetrators usually operate several of these websites with the same fraudulent business model. These are created in advance, quickly put on the net and just as quickly shut down. The top-level domain is often changed to deceive the financial supervisory and law enforcement authorities. But who is the operator? On the OFXB website there is only scanty information about this. The company DONNYBROOK CONSULTING LTD. with the business address 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica is listed, but the makers of OFXB cannot be found under this address. However, a DONNYBROOK CONSULTING LTD was incorporated on 19/10/2018 by Tristan Arnold with a registered office at 840 Ibis Court, Centre Park, Warrington, England, WA1 1RL and was dissolved in August 2021. 


OFXB: The customer acquisition of investment fraudsters
The same approach can be found here again and again: In order to attract new customers, OFXB offers are advertised in all possible media and channels. Again and again, the offers are false promises. In addition, they upload promotional films on Youtube or Vimeo in which interested investors are convinced with fictitious references. Here, supposed celebrities report on their experiences with online trading and cryptocurrencies, often with a misleading reference to the TV show "Die Höhle der Löwen". In parallel, an affiliate programme is often launched to encourage others to advertise intensively for OFXB.


OFXB: Criminal business practices
As soon as the customer has registered on the trading platform, he receives calls from alleged financial brokers who like to refer to their many years of experience and their satisfied customer base. In many cases, however, the makers of this business model are fraudsters, against whom the Federal Criminal Police Office and the Federal Financial Supervisory Authority (BaFin) also warn. Investors usually start with a small amount of money. Beforehand, investors are often motivated to install remote maintenance software, such as "AnyDesk" or "TeamViewer", on their computers so that they can supposedly receive help with the first steps. In many cases, the computer is manipulated afterwards and unwanted transactions are carried out. In the process, the investment fraudsters often also gain access to their victims' online banking. What is particularly criminal, however, is when supposed profits are displayed on the trading platform in order to entice the customer to place further high stakes. Sometimes even small sums are paid back to lull investors into a sense of security. Who then does not want to increase the stakes further? But what happens next?


OFXB: Repayment of the money will be subject to conditions
Once in, it is usually impossible to get out. Rather, the administrators of the investment scams tie a repayment of the money to further deposits. This is where employees come into play who claim alleged tax debts and commission payments. If these are settled, the alleged profits are paid out. The perpetrators send investors self-made tax and commission statements, often decorated with fake coats of arms. These would have to be paid urgently. It is never possible to offset them against the alleged profits. If an investor refuses to make further deposits, supposed profits are turned into losses through senseless transactions and the client is damaged to the maximum. The horror does not end there, but investors are permanently confronted with calls from other dubious providers. This indicates that the investors' contact details are traded on among the investment fraudsters. In the end, a "saviour" regularly calls claiming to have uncovered the whole scam. He impresses with his insider knowledge. No wonder, since he is part of the fraud gang. The next rip-off! And of course the "rescuer" also wants a small fee - in advance!


OFXB: Scheme of Investment Fraud?
There is no authorisation of the online broker OFXB. OFXB lacks the regulation of a recognised European supervisory authority, such as the English Financial Conduct Authority (FCA)or the Cyprus Securities and Exchange Commission (CySec), which is frequently used by brokers. Similarly, there is no authorization from the Swiss Federal Financial Supervisory Authority (finma) or the  Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. Instead, there is a warning from the Comisión Nacional del Mercado de Valores (CNMV) dated 19.07.2021. This is the Spanish supervisory authority for the financial market and financial services. It is hard to miss the fact that OFXB is a scheme of capital investment fraud. All victims of OFXB are advised to contact an investment fraud lawyer immediately.


OFXB: Where do the investment fraudsters operate actively?
Unfortunately, OFXB's illegal activities were not limited to the English-speaking world. Because Capital Swiss also addresses German-speaking investors, it is only a matter of time before the defrauded investors of this speaker group also come forward. Going through the list of supervisory authorities is recommended before any financial commitment in order to reduce the risk of becoming a victim of investment fraud.


OFXB: Investors want their money back!
The constellation is far more promising than it seems. The aggrieved investors can defend themselves and demand the return of their invested capital. As of now, it is not expected that the OFXB investment fraudsters will be caught soon, but there is still reason to hope. The reason for this is the fact that the money transactions took place via accounts provided by reputable financial institutions. Unfortunately, they failed to check the sometimes high and therefore controllable deposits of the investors and their forwarding for illegality. Such omissions made the investment fraud possible in the first place.


OFXB: They want their money back! How does it work?
Equipped with this knowledge, no investor would have entered into business with OFXB. Now the only option left for the defrauded is to seek redress. Many investors cannot even imagine that there is any real chance of ever seeing their money again. Probably all of them are now asking themselves whether they can get their money back? Clearly yes! There are numerous legal bases to fall back on. The generic term is "money laundering". When investment fraudsters collect money, the offence of money laundering has been committed. Financial institutions are obliged to take action against money laundering. This is where one starts with good chances of success. First, relevant questions should be clarified. Where have the funds embezzled by OFXB been taken? Is there a chance that the aggrieved investors will get back the money they invested with OFXB? What steps should be taken from now on? You can get the answers to these questions from a lawyer who specialises in investment fraud.


OFXB: Who can help?
What to do in case of investment fraud? What help with investment fraud can OFXB victims hope for? Victims of OFXB will ideally find the help they need from an experienced investment fraud lawyer. He will be able to take care of your case with OFXB both in terms of the criminal aspects of investment fraud, as well as the recovery of funds and possible claims for damages. A trading lawyer is also an option because they are also aware of the methods used by fraudulent brokers such as OFXB.


OFXB: Follow the money trail!
The internationally active investor protection law firm Resch Rechtsanwälte has been following these abuses on the grey capital market for more than three decades. The OFXB's approach is therefore nothing really new. Over the decades, Resch Rechtsanwälte has developed an extensive range of instruments for tracking down misappropriated capital and tracing the flow of money. In times of the internet, it is becoming increasingly complicated to make funds really disappear. The more swiftly investors follow the money trail, the greater the likelihood that they will get back their invested capital. Now it is important that investors who have been harmed by OFXB act promptly.


RESCH Rechtsanwälte - Experience in investor protection since 1986
If you have been a victim of OFXB and want to know if and how you can get your money back,
call +49 30 885 9770 or fill in the questionnaire. You will receive a free assessment of your case.