I found the company's name: Finanzas Forex. The Spanish financial regulatory CNMV issued a public warning about the company, stating that it did not have a licence to trade forex. A few highlights:
-FINANZASFOREX is the commercial name of the company EVOLUTION MARKET GROUP INC, incorporated and with its official address in Panama with the Spaniard GERMAN CARDONA as Chairman.
- The activity of this company consists of the offering of investments in the Forex market, guaranteeing a profitability ranging from 10 to 21 per cent.
- The company offers the possibility of becoming promoters to investors. This means that by becoming a promoter, they become customer’s recruiters and are offered an accumulative percentage of the amounts deposited by the recruited clients up to the seventh step, plus a series of bonuses including luxury cars and financial grants for an amount of 60.000 euro for the acquisition of housing for this activity. This is why, investors/promoters are keen on finding new ones.
- The Comisión Nacional de Valores of Panama has already issued a warning against this company for carrying out restricted activities from Panama without having obtained the required licence.
- The company has been carried out its activity not only in Spain but also all around the world. The company’s web page is in the following languages: Spanish, English, French, Italian, German and Portuguese.
- According to information disclosed by staff linked to the company, on 15th March 2008, the number of clients recruited by the company in the countries where the company performs business activity has added up to 18,720 clients and the amount collected up to 121,154,519 $. The company presents an increase of 600 clients and 2 million $ a day.
- Regarding the cash flow, clients must transfer their deposits to the American company CROWNE GOLD, which pools all cash entries. Once a week, the amount received is sent to an account held at the alleged Swiss broker DUKASCOPY (Suisse), S.A.
-The number of promoters all around the World is unpredictable due to the extremely high number of clients.
- Up till now the number of promoters performing activities in Spain is unknown, however, the CNMV knows that there are several promoters operating in the areas of Barcelona, Madrid and Basque Country, having recruited, only in the area of Baracaldo, more than 100 clients.
- SANTIAGO FUENTES JOVER is the most active promoter in Spain, this individual has his own web page, , where he explains, among other issues, that FINANZASFOREX is in the process of regularising its status before the CNMV since it has started the formalities to obtain the status of “Casa de Bolsa” (investment firm), qualifying this fact as a good news to enhance investors’ confidence.
- According to the information available to the CNMV, SANTIAGO FUENTES JOVER has been involved, since 2002, in different business activities performed through the Internet (communication systems, bets, games, etc) that have produced important losses to clients."
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