Fintoch has received a securities fraud warning from Singapore. The Monetary Authority of Singapore added Fintoch to its Investor Alert List on May 4th. MAS cites Fintoch‘s website domains as “fintoch.com” and “fintochonline.com”. The first website is Fintoch’s official website. The second website belongs to Fintoch promoter Shaikh Noorul Amin.
The Investor Alert List provides a list of persons who, based on information available to MAS,
i) may be or may have been wrongly perceived as being licensed or in any other way authorised or regulated by MAS;
ii) have made an offer of units in a business trust or collective investment scheme which may be or may have been wrongly perceived as being authorised, recognised or registered by MAS;
iii) have made an offer of investment which may be or may have been wrongly perceived as being made in or accompanied by a document lodged or registered with MAS. As a passive returns investment scheme, points two and three apply to Fintoch. Fintoch is not registered to offer securities in any jurisdiction. The company commits securities fraud and operates illegally the world over.
The reason for this is Fintoch is a Ponzi scheme. Fronted by US actor Mike Provenzano, playing Fintoch CEO “Bobby Joe Lambert”, Fintoch is believed to be run by scammers operating out of south-east Asia.
Boris CEO Ponzi schemes are typically the work of Russians, but to date its unclear who exactly is behind Fintoch.
Back in February 2023 SimilarWeb tracked top sources of traffic to Fintochs website as Cambodia (43%), China (24%), South Korea (17%), Hong Kong (7%) and Malaysia (6%).
SimilarWeb tracked a ~300% in Fintoch website traffic since February 2023. Specific geographical data however is unavailable.