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Screenshot of a breaking news alert e-mail from Q2 2017
The Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN), Russia’s Forex self-regulatory organization, has been pretty active lately in enlarging its list of fraudulent companies. The latest company to join the “Black List” is Panteon-Finance Ltd.
The SRO has decided to blacklist the company after receiving numerous complaints by investors over their inability to withdraw their funds. The organization warns the public against dealing with Panteon-Finance Ltd as using its services hides extremely high risks.
Panteon-Finance offers its services via https://panteon-finance.com, which is available in Russian and English languages. One can easily spot the resemblance between this website and the website of Forex Trend another fraudulent company that was blacklisted by CRFIN recently. Both companies use the same forum to provide information. The resemblance in promoting PAMM accounts is also visible.
What has attracted the attention of CRFIN is a set of announcements by Panteon-Finance LTD from the end of January 2015. The company announced back then that it had suffered technical issues that had led to changes in the client account stats. Saying that an audit needs to be done, the company prohibited its clients to access their funds.
CRFIN highlights the following problematic features in the business model of Panteon-Finance LTD:
1. Promises of artificially high and guaranteed returns;
2. Lack of objective guarantees that the funds could be withdrawn;
3. Signs of misleading regarding regulations and licenses: In an announcement dated October 24, 2013, the company boasts its membership in the experts council at the Council of Federation Committee on Budget and Financial Markets. A check shows this has never happened.
The full “Black List” can be viewed here.