PRIVAT style pyramid of Igor Mazepa

Igor Mazepa

Igor Mazepa, who is definitely the professional, went further than the amateurs, and built a pyramid right on their pyramids

Trade in the Forex market in Ukraine is not legally regulated and similar to the work of underground casinos. Meanwhile, the market lives and develops without any regulation. And if you carefully consider who is the winner, you can find the names of well-known investment bankers, who is, in fact, simply pump out money from trusting investors. One of the most striking examples is the PrivateFX pyramid, organized by Igor Mazepa, is the head of the famous Concorde Capital investment fund.

In 2015, Igor Mazepa founded PrivateFX, which became the heir of the forex broker Forex Trend — a pyramid organized by the well-known fraudster Pavel Krymov.

When the head of Concorde Capital went to the Internet sites, Forex Trend had not issued money from client deposits for a long time and did not respond to clients’ requests. From the side of Igor Mazepa, investing in this site, was presented as a rescue operation.

Taking advantage of the founder’s reputation, the new company PrivateFX did not take on any liabilities to Forex Trend — only “rights” in the form of the customer base of the predecessor. The only thing that the new broker offered to victims of the Forex Trend pyramid was a few original withdrawal schemes. The basic scheme was called “1 + 1”: in order to return the invested funds, investors needed to deposit the same amount that was frozen on the accounts of the previous pyramid.

Also there were proposed more unusual options for the withdrawal of “hung” funds. So, PrivateFX offered to return part of the investment in Forex Trend for advertising a new pyramid on the Internet. Thus, the ForexTrend investors themselves developed a new pyramid, “drowning out” any criticism in the information field.

The PrivateFX site continues to function, offering to invest a thousand dollars, and to receive profits as from five, any attempt to publicly report a pyramid is blocked.

After getting money, Igor Mazepa got rid of the compromising asset. This year, he sold PrivateFX to PrimeBroker company allegedly due to the fact that the venture “did not meet financial expectations.” It is interesting that all the information about the connection between Concorde Сapital and PrivateFX has disappeared from the official site. Although in 2015, press releases on the fund’s exit to the forex market were published on concorde.ua.

In 2015, the offshore company Concorde Bermuda, associated with Igor Mazepa, was involved in a fraudulent scheme already in the US. The US Securities and Exchange Commission (SEC) has accused a number of market participants of using illegally harvested corporate information.

So, we can assume that PrivateFX arose not by chance — the pyramid was built on the basis of a lot of experience and knowledge, inaccessible to the townsfolk.

Business partner of Igor Mazepa in the Latvian PrivatBank along with Igor Kolomoisky and Gennady Bogolyubov is the controversial Cypriot lawyer Andreas Sofokleus.

And earlier Igor Mazepa figure appeared in another scandalous deal-the takeover of the Ukrainian Media Holding (UMH) by the structures of the odious business favorite of the “family” Yanukovych, Sergei Kurchenko.

Igor Mazepa’s reputation from all these scandals suffered, which can’t be said about his business undertakings. He just transferred the gray schemes, which can be costly off-line, on the Internet site. Same story as in Las Vegas: everything that is done on Forex remains on Forex.