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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.

Prehistory

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: Gnawa | Date 2019-09-17
I made a lot of complaints against MFX Broker. I am glad now that they have been recognized to be a fraud because that would mean they won't be able to fool people anymore. However, I hate that they are still not jailed until now. They continued to go about their business and live freely as if nothing grave happened. This broker took more than 8,000 USD from me. I can't be at peace if these people won't be punished properly.
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Author of MFX Broker: Hipps | Date 2019-09-10
When you deal with people online, there is always the risk of being scammed. That is why it is of utmost importance that we make a thorough background check on the broker you are about to deal with. MFX Broker appeared to be reliable. But look at what it did to the clients that trusted it. The owners never cared about their clients. They simply wanted to get their money by making assertive claims and enticing offers.
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Author of MFX Broker: Veronica | Date 2019-09-05
Why are these people still not jailed? Zhiznevskaya is freely posting on her socials networks as if she did nothing wrong. They should be held accountable on the fraudulence that they did to us. I was a cooperative client who listened when they told me to deposit more fund on my account. I allowed them to make some of my trading activities because they said they wanted to help me out. But in the end, all that they really are after is my money.
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Author of MFX Broker: Kosen | Date 2019-08-28
Same with my group of friends. I have been sharing my trading experience with them and they seemed amused about it. Some of them even showed interest on Forex trading. However, the news about the deception spread. And during that time, I was also having difficulties withdrawing my fund. Then I confirmed that something was wrong when my account was terminated. My friends knew about it and their positive perception was replaced with negativity.
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Author of MFX Broker: Kaney | Date 2019-08-20
The incident with MFX Broker made a huge impact on the reputation of Forex trading in our country. They have a small office in our country so a lot of people have invested with them. Which also means that they have affected a lot of people when they ran away with our funds. As an effect, many investors stopped investing on Forex market and the non-investors started to have negative perception on Forex trading. Even I would just want to take a break from any investment for now.
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Author of MFX Broker: Kosen | Date 2019-08-28
Same with my group of friends. I have been sharing my trading experience with them and they seemed amused about it. Some of them even showed interest on Forex trading. However, the news about the deception spread. And during that time, I was also having difficulties withdrawing my fund. Then I confirmed that something was wrong when my account was terminated. My friends knew about it and their positive perception was replaced with negativity.
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Author of MFX Broker: Poblacio | Date 2019-08-16
I was scammed by MFX Broker. It hurts more because I genuinely trusted them. I really thought that they were my ally in this Forex market. They told me that I will be guided well so I didn't have to worry about my trading activities. To be fair, I was really assisted but it was only to make me fully trust them. They asked me to deposit more funds a couple of times, to which I adhered to. My total investment amounted to $3000 and it was all taken away by this broker.
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Author of MFX Broker: Elizabeth Baldwin | Date 2019-08-07
My experience with binary scam broker. I invested 90% of my retirement payment in binary online investment broker Umarket trade option, with the mindset of getting it multiplied and enjoying a better retirement life. It was sweet and smooth from the start, withdrawals were easy and consistent until it gets to a point I started to be denied withdrawals and that was how I was denied access to my invested capital, I couldn't get my invested amount back not talk of the bonuses. I contacted several lawyers but it was all waste of time and money, they couldn't render an inch of help. God so good, I found on brokers reviews a certified binary options recovery expert that helped me recover my 99% of my investment back from the scam broker, Mr Gavin Lynch and his team worked relentlessly to get my refund from the scam broker. Good luck
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Author of MFX Broker: Elenor | Date 2019-08-06
The worst part of Forex trading is when you realize that you chose the wrong broker and ended up with a fraud. This sad reality of online financial services is what keeps others from trying to invest. Margarita was very professional-sounding. She has a firm voice and you couldn't just help but believe what she says. I deposited a total of $1300 but they just took it. I was never able to withdraw anything.
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Author of MFX Broker: Cerin | Date 2019-07-29
My experience at MFX broker was terrible. They kept delaying my withdrawal requests while my account manager opens trades on my account. The problem is the trades were always losing so I end up with lesser and lesser account balance. Thus, as they delayed my withdrawals, I also gradually lost my fund. I already confronted my account manager about his activities but he simply ignored me and continued what he was doing.
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Author of MFX Broker: Montalno | Date 2019-07-23
Trading at MFX Broker was the worst chapter of my life. It was a mistake from which the lessons I'll take with me for the rest of my life. I deposited a total of $4000 at this broker. My account manager kept asking me to add more fund to guarantee higher returns. I believed because they were convincing. I swear, the way they speak would really sway anyone. I traded for more than a year without taking out any money. Then one day, my account was suspended.The support team wouldn't answer so I didn't know the reason. Months later, there were reports that the owners were wanted.
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