Forex Broker

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: Jamiely | Date 2021-04-09
I cannot believe that the owners of MFX Broker are still not caught. Margarita was even active on her social media account after the issue on the broker was spread. Aren't the authorities supposed to go after them? They defrauded thousands of people! They cannot just get away from it so easily.
Author of MFX Broker: Vieve | Date 2021-04-01
The owners of MFX Broker must be arrested! Years have already passed yet I still haven't heard about the owners of this company being punished. They should be held accountable for what they did! I lost $3000 on this fraud broker. I trusted them because they were very pleasant to speak with and their trading services seemed great. But I was wrong because they only took my money and never communicated with me again.
Author of MFX Broker: Sangga | Date 2021-03-23
I still can't believe that I just let these people play me. It makes me furious thinking about what they might be thinking every time I spoke with them and asked for their advice. They were probably laughing to themselves and thinking how foolish I was.
Author of MFX Broker: Jonathan | Date 2021-03-15
I wonder where the owners of MFX Broker are now. It seems like they haven't been arrested. I think that it is just so unfair that fraudsters manage to get away with their illegal activities. Losing $3000 is no joke and I am highly frustrated that we don't even get justice served.
Author of MFX Broker: Jako | Date 2021-03-11
Only people with no conscience could remain active on their social media after being exposed of defrauding people. When I saw Margarita conducting webinars after taking all our money, I immediately reported her account. How was she so shameless?
Author of MFX Broker: Saria | Date 2021-03-05
MFX Broker stood out because of their quality customer service. It is very rare for the owners of brokerage firms to speak directly to their clients and provide assistance. It made me feel honored and safe when Margarita herself spoke with me to help me with my trades. Little did I know that it was only an act to keep fooling us. In the end, the broker closed down and they took all the money I invested.
Author of MFX Broker: Pavel | Date 2021-02-22
MFX Broker never paid their clients. They were only great at the beginning but they showed their real intention when I wanted to withdraw my profits. They tried to stop me at first but when I was insistent, they stopped responding to me and took away my access to my account.
Author of MFX Broker: Kelly | Date 2021-02-08
Until now, I still can't get over the fact that I was played by MFX Brokers for over a year. I feel so foolish for not sensing anything wrong at all. I just naively trusted them and believed everything that they said. In total, I invested $650 and I thought I was investing on something worthwhile. But I just threw this money away on this fraudsters.
Author of MFX Broker: Plierr | Date 2021-02-01
I was helpless when I found out that MFX Broker was a fraud. I trusted this broker so much and my account manager sounded reliable. I followed all of his advice which allowed me to earn good profit. And this is also what motivated me to deposit more funds. Then one day, I saw on the news that the broker was charged as a fraud broker and when I checked my account, I no longer have any balance.
Author of MFX Broker: Eipee | Date 2021-02-17
Me too. What's worse is that after being robbed off my own money, I bumped into one of the webinars conducted by the owner in social media. It was unbelievable that they had that much audacity to pretend like they did not just trick their clients and stole our money.
Author of MFX Broker: Tracy | Date 2021-01-26
When I started an account at MFX Broker, I was immediately assisted by an account manager. She started giving me tips and guidelines as to how I can manage my trades well. Naturally, she earned my trust right away. So when she suggested that she will make the trading activities for me, I instantly agreed. But then she only made losing trades which cleared my capital. She tried to apologize and asked me to replenish my account. She promised that she will make sure to win this time. But I did not fall for it anymore and I just closed my account.
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