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Owners of MFX Broker wanted

MFX Broker

Back in November 2016, there was an influx of negative feedback regarding MFX Broker. Traders complained they had difficulties in withdrawing their funds, while the company did nothing to solve the problems. Later in May 2017, the news broke that owners of MFX Broker were declared wanted.

MFX Group is a group of companies founded by Igor Volkov. The group includes investment companies MFX Broker, MFX Fund, and MFX Capital.

MFX Broker has legal registration in the offshore jurisdiction of Belize, and at the time of its activities had two licenses. Note that the International Financial Services Commission (IFSC), the financial regulator of Belize, has never defended interests or solved problems of clients of forex brokers under its jurisdiction.

Have you seen these people?

In May 2017, CEO of Master Services, owner of MFX Broker and MFX Capital brands, Igor Volkov and his assistant Margarita Zhiznevskaya were declared wanted by the financial police of Georgia. As it turned out, Georgia’s law enforcement bodies were investigating a large-scale fraud case with Volkov and Zhiznevskaya being the prime suspects.

Igor Volkov and Margarita Zhiznevskaya

According to investigators, Russia’s residents Volkov and Zhiznevskaya established MFX Broker in Georgia. From 2014 to 2017, the company offered residents of Georgia investment deposit programs with a monthly return of hundreds of percent and refunds on demand. However, depositors never got their money back. The investigation found that the total damage of 105 depositors amounted to $1.5 million.

Volkov and Zhiznevskaya were sentenced to imprisonment in absentia by the Georgian court for the duration of the investigation. Owners of MFX were declared wanted. A criminal proceeding was initiated under the article "Misappropriation and embezzlement committed by a group of people on preliminary conspiracy on a very large scale", which implies a prison term of 7 to 11 years.


In October 2017, customers of MFX Broker in Georgia and other regions where the broker was represented faced problems. They could not withdraw their funds, and it was impossible to contact representatives of the company.

Volkov and Zhiznevskaya at the opening of the office in Batumi, Georgia

At that time, Igor Volkov launched a new project called MFX Capital. Its clients were offered to invest and receive a fixed annual return of up to 45%. There was no clarity regarding the mechanism of MFX's work, and the broker's founders gave no official comments.

Earlier in August 2016, the company established a branch in Batumi, Georgia. The region was flooded with advertising of high-yield programs from MFX, and it worked. Meanwhile, the broker's activity in Russia noticeably declined.

The situation with payouts only worsened further, and Volkov kept a low profile for some time. However, Igor Volkov returned to hold the reins in March 2017, promising to do everything possible to revive the business and give customers their funds back.

He even gave an interview to Forex Magnates, in which he argued that payments on deposits had already been made. He also asked depositors to give him a month to settle the matter.

Apparently, the grace period was used by MFX owners for other purposes. A month later, an alarming number of complaints were received from the citizens of Georgia. The broker's clients could not contact MFX representatives, not to mention the return of lost funds. Igor Volkov vanished into thin air, while Zhiznevskaya continued to openly conduct financial activities on behalf of Master Services (MFX).

The weird thing is that Margarita Zhiznevskaya still actively promotes her business coach services and holds financial and investment webinars. She does not hesitate to post publicity materials in various social networks, while MFX clients are shedding tears over losing their money, and prosecutors are searching for evidence.

Zhiznevskaya actively runs an Instagram account. Photo posted on January 20, 2018.

The opinion of the review`s author is private and not obligated to reflect the position of the resource. If you have any remarks and suggestions on new articles please contact us via this form.
Author of MFX Broker: Gefina | Date 2019-07-17
I wonder how these people are able to get away from what they did. The woman is even publicly conducting webinars! I feel sorry for the victims of this broker. I was not a trader of this broker but I know that feeling of being deceived. And I also understand that given how they are behaving, there is no way the clients will ever be able to get their money. I just hope that whoever is in authority will take action and rightfully punish the people behind this fraudulence.
Author of MFX Broker: Dasalhi | Date 2019-07-09
It wasn't only me but two of my friends who fell victim to the fraudulent scheme of MFX Broker. More than the frustration of losing my money, I also feel guilty for dragging my friends into this mess. When I talked with a representative, it was almost magical. It made me feel like I can do anything and get everything I was after successfully trading with them. With this, I invited my friends to open an account as well. Referring other clients gives rewards me a bonus. Two of them agreed and opened an account. We all deposited $200 each. Just a few weeks after that, they can no longer access their accounts. I raised the issue to the support team but then a week later, even I can't reach them anymore.
Author of MFX Broker: Osmen | Date 2019-07-01
I hope this case ends soon. I still don't understand how Margarita is still able to freely post on her Instagram account and interact with people. I've lost track of the case since a lot has happened in my family on top of being scammed. Before my account gets terminated, I was already having a hard time contacting them and receiving response from them. I knew then that something was wrong so I decided to take what's left on my account. A few rejects and my account was terminated.
Author of MFX Broker: Abhish | Date 2019-06-19
With all of the accounts of MFX Brokers' clients, I wonder how they are still not punished properly. There was no payment of deposit that was ever made. I had been patient with them when they asked for time but years have already passed and nothing still happened. I never got a single cent from my account and I also no longer have access to it.
Author of MFX Broker: Lanie | Date 2019-06-10
Let this case of MFX Broker be a reminder to everyone that we should always be wary of what companies to trust especially those existing online. MFX Broker seemed to be a legitimate one. It's understandable how people were fooled to believe their fraudulence. Let us not just check twice. Let's check a broker's information multiple times to avoid being scammed.
Author of MFX Broker: Twenchie | Date 2019-06-06
The people behind MFX Broker are just hopeless. I don't think they would ever admit to their crime and take responsibility of what they have done. Surely, this fraudulence is already planned all along. And they could be connected to someone from the higher ups that is why they were able to get away with it this easily. I am furious and broke right now so I can't forgive them.
Author of MFX Broker: Movin | Date 2019-05-29
Margarita is still actively conducting webinars. Her followers should be aware of this issue so that they could be wary of whatever she tries to offer them. I was able to talk to her personally through call and chat and she seemed really trustworthy. Definitely, she is charismatic and she uses that to lure people and scam them. Let myself be an example. I trusted her so much and ended up depositing more than $3000. But none of it and none of all my earnings was returned to me.
Author of MFX Broker: Desman | Date 2019-06-26
I cringe everytime I see her conducting her webinars. Truly, she looks credible and professional and I think that's why a lot of people still subscribe to her. But they should know what kind of a person this woman really is. People like her makes it harder for me to trust online companies and investment firms. I built up trust issues because of MFX Broker.
Author of MFX Broker: Nemi | Date 2019-05-14
Margarita is still active in her Instagram account and she's still posting matters regarding Forex trading. After all that they did, she still has the audacity to promote Forex trading. I don't think there is any update regarding their case on fraud and it is upsetting. Igor could be living his life somewhere while their former clients are still struggling after what was done to them.
Author of MFX Broker: Lito | Date 2019-04-30
Let me share my story. Forex trading is not as popular in my country. Only few people are knowledgeable about it. I knew about it from one of my finance class and got interested in it since then. Since I had no one to ask about it from my local friends, I relied solely on online reviews, claims, and articles. MFX Broker was one of the promising brokers I found and talking to their representative made me open an account with them. It was a good start. I had a pleasant trading environment. But when I requested for a withdrawal, their treatment to me changed. The platform became unstable, the support team unresponsive. I didn't hear from them for weeks even though I've followed up my withdrawal multiple times. Until I received a termination notice. After that, my account was gone together with my funds.
Author of MFX Broker: Avemo | Date 2019-05-09
These fraudsters target those who are vulnerable and inexperienced. That's why I feel really bad to those who are only on the start of their trading journey and unfortunately landed on MFX Broker because they definitely didn't have a good start. Based on what I've been reading so far, clients started to notice that something is wrong when the company refused to release their funds. I am regularly checking on updates regarding this issue but it doesn't seem like they've been punished yet and it is so frustrating.
Author of MFX Broker: Simona | Date 2019-04-23
I've actually watched one of Margarita's webinars after the disappearance of Igor. I was very frustrated that I couldn't get a hold of their representatives when I have at least $5000 in my account. So I decided to see her webinar that she still proudly promoted amidst the chaos. And you know what? She was impressive, but negatively impressive that she was still able to remain composed talking about how to manage one's financial concerns as if nothing happened. As if she herself didn't steal other people's funds. These people are monsters.
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