Up
Rating
Forex Broker
0
Brokers
0
Reviews

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: Kayce | Date 2021-08-31
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.
0
0
Author of MFX Broker: Ricardo | Date 2021-08-16
Why are these people still not arrested? It is unfair that after all the losses that we've incurred, thousands of investors deceived, the owners of the company still managed to get away with what they did. It seems like only the victims are really suffering.
0
0
Author of MFX Broker: Andison | Date 2021-08-11
I can't believe that the owners of MFX Broker could go on with their lives like this. It is so unfair that we suffer from all the losses because of this fraudulent broker yet the people behind it were never punished. And to see that they act like nothing is wrong just makes it even worse.
0
0
Author of MFX Broker: Kervin | Date 2021-07-27
I traded with MFX Broker for about three months. Back then, I was believing that I am making incredible progress. Since I have accumulated a huge profit already, I decided to withdraw it. The broker rejected the request then when I tried it again, my account was shut down.
0
0
Author of MFX Broker: Neville | Date 2021-07-21
The owners of MFX Broker should be jailed. It is not fair for us that they are able to run away with our money and live freely while we are still suffering with our losses. Especially in my case, with my high respect and trust towards the broker, I invested $10000 right away. Never thought it would be gone in a snap.
0
0
Author of MFX Broker: Patrick | Date 2021-09-06
I agree! We worked so hard for the money we invested at this broker and they would just take it away from us so easily. I really don't understand why people who clearly did something wrong are still able to get away. Tons of evidence from clients are present, yet we still can't make those people accountable.
0
0
Author of MFX Broker: Mosari | Date 2021-07-16
Oh, I feel rage towards that owners of MFX Broker. They did very well in tricking us and making us believe that they would take good care of us. If I see these people anywhere again, I am going to make sure that they won't be able to run away again. They should be punished for the fraudulence that they did.
0
0
Author of MFX Broker: Balaji | Date 2021-07-06
I have been fooled by MFX Broker and I let them trick me for a full year. It's ridiculous how I did not even suspect anything about the broker when all they ever asked me was to deposit more funds. I thought it was for my benefit. I didn't think that they have been collecting more money from me through this.
0
0
Author of MFX Broker: Salman | Date 2021-06-28
MFX Broker has taken $5000 from me. I trusted this company so much and I became very comfortable with my account manager that is why I follow their recommendations all the time. Their advice also leads to positive trading results so I can't help but trust them. I never expected that I will never be able to withdraw my funds. All along, they have just been fooling me.
0
0
Author of MFX Broker: Stacey | Date 2021-06-23
When I saw one of the owners of MFX Broker on my instagram feed and saw that she has been promoting financial education, I immediately tried to contact her because of what they did to us. I just couldn't believe that after deliberately taking away our investments, she would still have the guts to go public and act like she did nothing wrong.
0
0
Author of MFX Broker: Jackie | Date 2021-08-05
She was very audacious for acting like nothing was wrong. And I feel sorry for those who followed her and believed everything that she was saying on her webinars. This woman was nothing but a liar.
0
0
Author of MFX Broker: Valentin | Date 2021-06-15
This is the worst experience I ever had. This was my first attempt to investing in Forex trading and I ended up dealing with a fraudster. To be honest, it was a little traumatizing because I really gave my full trust on the company. To find out that they have just been manipulating me all this time, it was a hard to digest.
0
0
Show more

Add comment
Text:
Brokers Reviews

RECOMMENDED BROKER
FOREX BROKER №1 IN EUROPE
30% bonus for EACH deposit
Leverage 1:1000

Forex charts and quotes





Special offers
Start trading with
no risks and investments
With new Start-Up Bonus of $1000
Get bonus
55%
from InstaForex
on every deposit
Earn up to
$50000
for inviting friends to get StartUp Bonus from InstaForex
No investments required!