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.
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My friend and I both opened an account at MFX Broker. I was contacted by the broker and I liked its offers. I immediately shared it with my friend that is why we both invested. Unfortunately, it did not last long. Just a few days after depositing money, the broker terminated our accounts.
I was so excited to open an account at MFX Broker because of their lucrative offers. And while making my trades, I was very happy because I was really earning well. I did not know that behind all this was the plan of the broker to never return my funds. When I made a withdrawal request, all I got was a suspended account.
I can't believe the audacity of the owners of MFX Broker for setting up their own social media accounts and acting like financial experts. They fooled thousands of clients and took all our investments. Then after all that, they tried to fool more people by providing unreliable financial advice.
This company made a fool out of me and that is what angers me the most. I was manipulated. I can't believe I trusted all their lies. I lost $10000 on this fraudulent broker, yet the owners does not seem like they are anywhere close to getting arrested.
When I opened an account at MFX Broker, I was introduced to one of their owners. She was pleasant to speak with and this encounter made me trust the company even more because the owners themselves connect with their clients. Unfortunately, it was all part of the scheme and all the company wanted was to take huge funds from us.
I will never deal with an unregulated broker ever again. And I will make sure not to be blinded by empty promises again. I have learned from my experience at MFX Broker and it is disappointing that this learning came at a cost.
I had an opportunity to speak directly with Margarita when I had an account at MFX Broker. Back then, I felt so honored for being able to connect with one of the owners. It also left an impression of humility and genuine care. I never imagined that this was only a part of their bigger plan to gain our trust and take as much money as possible from us.
It was nothing but a ploy to maintain our trust and to keep believing in everything that they say. When I made my first withdrawal request, the nice and polite customer support team was nowhere to be found and I found myself blocked from the company.
Wherever the owners of MFX Brokers are, I hope that they are getting the right punishment they deserve. They tricked thousands of people and they did not even take responsibility over it. I lost more than $1000 to this broker. I never even got a single penny back.
I had a trading account at MFX Brokers for almost a year. The trading experience was good. It felt like I was trading with a real broker that is why I was really surprised when it was reported that the broker is a fraud. Upon seeing that, I immediately requested to withdraw my funds but unfortunately, it was no longer released.
If you look at MFX Broker, you will really think that they are reliable. Especially since they establish good communication and rapport with their clients. Sadly, it was only their way to keep their clients and attract more. In the end, the broker still turned out to be a fraud and took away all the money of their clients.
That's true. They were able to earn our trust and this made things easier for them. I was very confident about my trading experience with this broker because I thought that they were giving me honest services. I got so heartbroken when I tried withdrawing my funds but my account got terminated instead.
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Owners of MFX Broker wanted