UK e-money firm Moorwand is facing claims from alleged investment fraud victims that it processed payments for two online trading scams, an investigation by PaymentsCompliance has found.
Five hopeful investors paid deposits into Moorwand accounts that were transferred to online trading platforms Bealgo and Stoxmarket. The investors said the platforms enticed huge deposits before blocking attempts to withdraw funds.
Moorwand admits it had a relationship with Bealgo — an unlicensed platform owned by a Bulgarian company whose beneficial owners are not publicly known — between July 2018 and February 2019, but denies any relationship with Stoxmarket.
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