9 November 2023 - News: The financial case of QBF & NOA Circle has reached the court.

💰 The investment company extracted at least 3.5 billion rubles from clients, raising questions about how they could stay on the market for so many years...

🔍 QBF promised profits of up to 20% in dollars annually, but their money only ended up in offshore accounts controlled by NOA Circle in Cyprus.

QBF Scam Exposed: A Deep Dive into Russia's Financial Deception
1. Scheme Overview:
o The Moscow-based QBF, in collaboration with its Russian sister company Q.Broker LLC and Cypriot Company Constance Investment LTD, promised investors maximum convenience, reliability, and a significant authorized capital of 333 million rubles.
o Investigations revealed that QBF did not use investors' money to buy shares related to IPO options as promised. Instead, the funds were invested in development projects of the beneficiary of the group of companies, R.V. Shpakov, and a significant portion of the client funds were withdrawn abroad.
o By 2021, QBF ceased paying investors for all over-the-counter products, blaming Q.broker LLC for not fulfilling obligations. Beneficiary Shpakov Roman reportedly disappeared abroad.
2. Key Players:
o Roman Shpakov: The beneficiary of the group of companies and the central figure behind the scam.
o Stanislav Matyukhin: The firm's head, implicated in creating a convoluted legal structure to shield the core business from liabilities.
o Linda Athanasiadou: Linked with audit services through her firm, AeliusCircle, she played a pivotal role in the scam's operations.
3. Modus Operandi:
o QBF's allure lies in its promises of substantial returns, leading investors to believe in the professional management of their funds.
4. Deceptive Practices:
o Investors were routinely provided with fabricated monthly and quarterly reports, painting a rosy picture of profitability. However, when they sought to cash out, QBF employed a myriad of excuses to deny their requests.
5. Extent of the Scam:
o The financial devastation wrought by QBF ranges between 2 to 7 billion Russian rubles. The list of victims reads like a who's who of society, encompassing religious leaders, generals, ministers, and directors of major institutions.
6. Unravelling the Scam:
o The facade began to crumble when investors encountered hurdles in accessing their funds. Further probes debunked QBF's claims of leveraging AI for investment decisions.
7. Legal Consequences:
o QBF's dubious operations culminated in revoking its license in July 2021. While some perpetrators faced the legal music, many victims remained silent, possibly due to the dubious nature of their investments.
8. Consequences:
o The QBF scandal has tarnished the Russian financial sector's reputation and underscored the dire need for stringent oversight and transparency. As the saga unfolds, it serves as a stark reminder of the perils of unchecked financial malfeasance.
The story of QBF has garnered significant media attention in Russia, with publications like Forbes shedding light on the intricacies of the financial pyramid. Notably, in November 2021, renowned Russian ballerina Anastasia Volochkova became a victim of the economic pyramid, losing millions of rubles invested in QBF. Despite the media attention and the efforts of deceived investors, the QBF fraud remains one of Russia's most significant financial scams, serving as a cautionary tale for investors.

fraudsters.exposed

📢 Public Appeal for Information

We have strong reasons to believe that the individuals and companies mentioned below have been involved in serious organised criminal activities, defrauding millions of Euros from thousands of innocent people.

We are actively seeking evidence and information related to the following individuals:
AMY ORIVEL
APOLLON ATHANASIADES
BENJAMIN MARTIN DIVES
KIRILL OLESHKO
LEPYOSHKIN DMITRY SERGEEVICH
LINDA ATHANASIADES
KSENIA TORRESS
PHILL RICHARD MILLO
ROMAN SHPAKOV

Additionally, we are interested in any information regarding the following companies:
AELIOUSCIRCLE
ARGENTO ACCESS
AXIS MUNDI GLOBAL CUSTODY
CONSTANCE INVESTMENT
DRACHENSBERG
LACASA INTERNATIONAL
LBX
LONDON BLOCK EXCHANGE
LAUNCHPAY
MAGENTA
MAGENTA CORPORATE SERVICES
MOONSYSTEMS
NOA CIRCLE
QCCI
SOLARSTEINN
SIMTELLIGENCE IN HONG KONG
WHITE LAKE MANAGEMENT IN CAYMAN ISLANDS
WLM
QCF

The individuals and companies mentioned above offered their customers accounting, audit, or investment products. They held various licenses and were regulated in multiple jurisdictions. While they may have appeared legitimate and trustworthy to most people and regulators, in reality, they were conducting illicit activities, often without the knowledge of their customers.

Their dubious practices have not only affected their direct victims but have also been used to silence and destroy anyone who has been affected by them or hold information that could expose their scams.

This announcement was shared with the parties mentioned above before publication. However, no response from any of the said parties was received.