How was the PRIVAT pyramid of Igor Mazepa a well-known scammer built?

Corruption Forex

Igor Mazepa is one of the most professional scammers in the Forex market who managed to build his pyramid right on the pyramids of other brokers. If you were wondering what is going on in the Forex market in Ukraine, you are in the right place.

Who Is The Most Influential Broker In Ukraine?

When talking about the Forex market in Ukraine, it is not regulated by law in any way. While investors are not allowed to trade, the Forex market continues to grow and develop with no regulation.

If you were wondering who was the most influential person in the Forex market in Ukraine, you might consider a few names among which the name of a widely known person, namely, Igor Mazepa. He is a founder of such companies as PrivateFX, Concorde Capital investment fund and other.

The PrivateFX company was launched in 2015. At that moment, Igor Mazepa became the inheritor of Forex Trend, a company owned by another scammer Pavel Krymov.

Before the new owner became in charge of ruling the PrivateFX company, Forex Trend did not issue money from the clients’ deposits as well as did not approve their withdrawal requests. For Igor Mazepa, cooperating with Forex Trend turned out to be a rescue.

A New Scheme For The Scam

When Igor Mazepa started to deal with real clients of the new company PrivateFX, he implemented some original schemes of withdrawing their funds. Using the former owner’s reputation, the new broker explained the victims of the PrivateFX pyramid that they can take back their money if they agree to become participants of so-called “1 + 1” scheme. The investors had to make a deposit investing the same amount as they wanted to withdrawn. If they agree, it is frozen on their account in the previous company.

One more effective way of how Igor Mazepa managed to save the funds of investors inside the company was advertising a new pyramid on the web. For this reason, the “hung” funds could not be withdrawn. The Forex Trend investors became trapped by the scam scheme of a new pyramid that started to function very actively.

After the venture achieved success, Igor Mazepa sold the PrivateFX pyramid to the PrimeBroker company. He claimed that, unfortunately, the company “did not meet financial expectations”. Once the company was sold, the mention about Concorde Сapital disappeared from the PrivateFX official website.

How The Case With PrivateFX Finished

The same year, Concorde Bermuda, registered in the offshore zone, was involved in a fraudulent scheme. This scheme was possibly initiated by Igor Mazepa who has just got money from the PrivateFX clients.

This event has not been omitted by the US Securities and Exchange Commission that has accused some of the market participants of conducting illegal financial schemes. Igor Mazepa was also a participant of other scandalous deal, namely, the takeover of the Ukrainian Media Holding (UMH).

Such schemes are not usually conducted by one person. Igor Mazepa’s business partners include Igor Kolomoisky as well as a well-known Cypriot lawyer Andreas Sofokleus.

One could assume that PrivateFX appeared not by chance. While the reputation of Igor Mazepa suffered a little, he managed to build a sophisticated financial pyramid which became one of his most successful business undertakings.


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