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: Vallery | Date 2020-03-24
I just really don't understand why the owners of MFX Brokers are still not in jail. How can they live so freely when they have deceived a huge number of investors? Especially this Margarita. How can she still conduct webinars like she has done nothing? And what I wonder most is why people are still following her. They should not trust this woman. I hope that justice prevails and these people get punished for what they did wrong.
Author of MFX Broker: Satty | Date 2020-03-11
What I want now is an update on what has happened to the owners of MFX Broker. I have already accepted that there is a zero chance that my money would be returned to me. But I will never be able to accept it if these people would easily get away from what they did. This fraud. This is theft. And it is large-scale. They must be punished according to law and must never get away with it.
Author of MFX Broker: Jacky | Date 2020-03-02
If you look at them, you wouldn't think that they would do such a thing. They appear to be professional and the way they interact with the clients would make you think that they could be trusted. I have already accepted that they would never give me back my money anymore. But what angers me is that they are still not duly punished. They have deceived a lot of people but they seem to be fine as if they did nothing wrong. I hope justice prevails.
Author of MFX Broker: Regie | Date 2020-02-26
MFX Broker was a big news in our country. A lot of my fellow citizens were investing on this company and this broker was really popular. That is why when their fraudulent scheme was exposed, it was really the talk of the town. I had an account here and started with $500. I made a few more deposits as advised by my manager which I regrets so much now. I just really hope that justice will prevail and these people would get what they truly deserve.
Author of MFX Broker: Stefano | Date 2020-02-20
The customer support of MFX is the worst in this broker. I guess that is because they really had no plan on talking to their clients again after they take our deposits. They sounded very sincere and dependable when I was talking with them before I opened an account. This is also the reason I decided to start an account with them. Because they appeared to be worth the trust. But as it turns out, they only intended to scam their clients.
Author of MFX Broker: Krista | Date 2020-03-30
Most of the fraud companies use their quality customer relation in order to attract clients. Novices are especially easier to be fooled in this case. They believe easily and are often swayed by grand promises. They can't be blamed as well because who wouldn't want to earn money, right? But this is exactly how MFX Broker and its owners were able to deceive a huge number of investors. It is just so frustrating that they are not being punished as they should be.
Author of MFX Broker: Messiano | Date 2020-02-11
The owners of MFX broker should have been found now and should be lawfully punished. They can't roam freely as if nothing has happened! They have ruined the trust of their clients and robbed them off their money. I just don't understand how a fraudulence this big is able to slip away from the authorities. There have been accounts from former clients raising their complaints but why does it seem like nothing is being done about it?
Author of MFX Broker: Arafin | Date 2020-02-04
It has been a long time now since the issue has been exposed but these people are still not punished properly. I don't understand why Zhiznevskaya is still able to live her life freely as if she hasn't done her clients any wrong. I was one of those who fell to their tricks. I deposited $500 and was able to trade for about three months. After that, the platform became very shaky and everything that I have were lost. Even when I stopped my trading activities.
Author of MFX Broker: Esmie | Date 2020-01-28
My friend is a former client of MFX Broker. I have almost witnessed all of her trading activities because she is constantly showing me her trades. The reason she's doing it is that she wanted me to trade with them as well. She was showing me how profitable she has become and that the broker she helped her. However, she didn't know that this broker's real intention was to never release the money she deposited and the amount she profited. She learned it too late and now she is devastated.
Author of MFX Broker: Sahil | Date 2020-01-20
It has been a few years now since I last had my trading activities at MFX Broker. Presently, I've already found myself a reliable and honest broker. It was hard to trust again. My experience from the fraudulence of MFX Broker made me a lot more meticulous in the details that the broker provides. I make sure that every single claim they have is true. I lost more than five hundred dollars at MFX Broker so I didn't want it to happen again. It was a terrible experience but I am happy now with my current broker.
Author of MFX Broker: Krina | Date 2020-01-14
I want to know what happened to the owners of MFX Broker. I think what they did is punishable enough by law but how is it that they were able to easily get away with it? This Margarita is even out in the public making her own webinars. It's infuriating because their former clients are devastated while they get to live their life normally. This is unfair!
Author of MFX Broker: Takbira | Date 2020-03-20
This is what I want to know as well. I am already way past the desire to retrieve my fund. I know that I couldn't do anything about that anymore. But I would not allow it if the people who took the money of thousands of clients would just be able to get away with it. That is very unfair! I want justice and I want these people to get what they deserved. Fraudulence is a huge crime and has a huge impact to its victims.
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