Igor Mazepa: illegal financial pyramids and other frauds
He studied Law and Economics at Kyiv National Economic University.
He started working as an investment banker in 1997 in a Russian-American Firm Prospect Investments.
Within 2000 and 2002, he was the manager at the IC Foyil Securities New Europe. He was also the director at International Financial Corporation.
Igor Mazepa created Concorde Capital in 2004. This company was among the leading investment banks within Ukraine for a very long time. Concorde Capital has actually attracted over 2.5 billion dollars in investment for firms in Ukraine in fields like auto manufacturing, agriculture, real estate and pharmaceuticals.
In 2008 he became the leader of Ukraine Exchange and up to now he is still acting in this capacity.
Within July and September in 2014, he was an official at the PJSC Alfa-Bank Supervisory Committee.
He also took part in an ICTV project as an investor who promises business ideas.
When it comes to serious scams, the name Igor Mazepa often emerges. His most recent scam was about cashing in temporary occupied territories of funds via the terminals of his company (Concorde Capital).
TYME was created in 2017. In the end of 2017, it had become the biggest money transfer system within Ukraine. This success was due to the fact that, TYME functioned as a layer between the prohibited systems and recipients in Ukraine. In that, a system that was sanctioned transfers the sender’s funds to a layer outside Ukraine Jurisdiction. In this case, the layer was Turkey, it transferred money to Ukraine and gave it to the customer.
TYME was a record holder mostly because Privatbank was its partner. Also, Igor Mazepa was the owner of TYME.
Apart from TYME funds transfer system, Igor Mazepa also owns another electronic payment system called QIWI. The two were the biggest until Yandex Money and Webmoney also got sanctions.
Generally, Igor Mazepa understands investments broadly. It is good to invest good relations with those who are managing. Investments like those often pay off.
The journalists who carried out the investigation believe that Igor Mazepa through his company (OMP-2013) which was under the name QIWI has a group of mobile terminals. The terminals are working in the Lugansk and Donetsk filled territories. The terminals in fact take the place of separatists with a non-cash bank payments system. The system is not accessible to those territories.
Use facts by the managers of QIWI for their personal benefits were always recorded by security. In August 2014, MVD and SBU looked for the payment system office and arrested its accounts in banks.
SBU and MVD at that time said that the company utilized electronic money illegally. Money was systematically moved from e-wallets and other accounts that belonged to the separatists through Igor Mazepa. In the beginning of 2015, SBU blocked over two hundred and fifty payment terminals that entrepreneurs gave terrorists. Fifteen percent tax was paid to the state security ministries of people’s republics in order to work in the filled territories.
After QIWI, W1 and other e-payment systems were cleaned. The authorities discovered that it is easy to gain a good amount of money using electronic purses. So, they started imposing sanctions with that discovery.
In 2018 May, the National Bank abandoned the registration of WebMoney.ua. This was from the submission of the president and the National Security and Defense council. Besides that, in relation to WebMoney, online service providers are not allowed to offer services for getting access to online resources for internet users or services to forty sub domains.
In the WebMoney issue whose head office is situated in the British Cambridge, sanctions are imposed because it functions in Russia as well. This logic allows closing McDonald offices in Ukraine, for instance.
WebMoney officials see this decision by Ukraine leaders as being political. Of course the function of an important player like that cannot attract the attention of other leaders, who attempted to stop the function of the system within Ukraine. Also, to take the users money to the financial flows required. Whenever money cannot get squeezed legally, political leverage assists members. This is why when under the government interest; it is easy to clean up the market.
But there was someone who remained victorious. TYME payments system owners, that appeared first with transfers at the point of 1.3 billion dollars moments after the ban of NBU. Igor Mazepa is the key beneficiary of the TYME payment system.
The main businessperson from the Presidential Administration of the funds processing system currently is Igor Mazepa. He is the owner of TYME payment system. The 2nd beneficiary is the previous head of finance during the reign of Azarov. He is managed by the money system known as GlobalMani. The two are also looking forward to share four million WebMoney clients between them.
As per the expert, the TYME counter party (a Turkish firm known as UTP) got a request from Turkey central bank. In the request, members wanted to know about the business peculiarities for doing transactions between TYME and UPT.
Dubinsky explained that TYME functions as the intermediary when sending money from Russia to Ukraine via the funds transfer systems, Contact and Golden Crown.
Initially, when funds were transferred via those systems, they were divided into two sections within the systems of payment. The 1st section of the path was Russia to Turkey (Contact or WK – UTP). The 2nd section was Turkey – Ukraine (UPT – TYME). The transfer would then be gotten.
Upon getting a letter from leaders, Turkish UPT asked Igor Mazepa to switch carousel to a different payment system. As per the expert, the routing of the transfers from Ukraine – Russia via TYME intermediation is done via Kuwait.
Igor Mazepa being an expert went ahead of the amateurs and created a pyramid right for their pyramid.
Forex market trade is not regulated in Ukraine. The markets exist and grow with no regulations. If the person who wins is considered carefully, you will discover that it is the popular banker who just pumps out funds from investors. The PrivateFX pyramid which was created by Mazepa is the main example.
He created PrivateFX in 2015. This turned out to be the Forex Trend heir. Forex Trend is a pyramid which was planned by a famous fraudster known as Pavel Krymov.
When the leader of Concorde Capital visited online websites, Forex Trend had not provided funds from customer deposits for quite some time and customer requests were never responded to. The Concorde Capital founder then came up with the idea of rescuing the operations by investing in that website.
Igor Mazepa took advantage of the reputation of the founder and PrivateFX never took on any Forex Trend liabilities (only rights in form of the predecessor’s client base). The Forex Trend pyramid victims were offered some original withdrawal schemes. The fundamental scheme was “one plus one”, meant to return the invested money. Investors required depositing a similar amount frozen on the accounts of the Forex Trend.
Additionally, other rare options for the withdrawal of hung money were proposed. The new pyramid by Igor Mazepa (PrivateFX) offered to refund a section of the Forex Trend investment for advertising PrivateFX online. So, the investors of Forex Trend created another pyramid, removing all criticism in the information area.
PrivateFX website goes on operating, promising to invest one thousand dollars and get profits beginning from five times the amount; attempts to block PrivateFX are blocked.
Upon receiving money, Igor Mazepa got rid of PrivateFX. PrimeBroker firm bought PrivateFX pyramid because the venture never met financial expectations. Interestingly, all details about the relationship PrivateFX and Concorde Capital disappeared from the main website.
An offshore firm known as Concorde Bermuda was involved in fraud in the United States. This company is also associated with the Concorde Capital founder. The United States Securities and Exchange Commission accused several participants in the market of using information that is illegally acquired.
This simply shows that PrivateFX did not come about by chance. It was created through so much experience and skills that cannot be accessed by townsfolk.
The Concorde Capital founder has also emerged in other scandalous deals for instance the takeover of the Ukraine Media Holding by structures of a business favourite, Sergei Kurchenko.
The government in Ukraine keeps changing as time goes by. Every incoming leader promises citizens a bright future but within a short period of leadership, citizen land on old rakes that show a poor living standard. Again citizens are starting to resent and wait for another election. This happens because the leaders earn money and shovel them without making the country safe.
With time, the nice sponsors from Europe will lose their patience. They will no longer want to hear anything from Ukraine leaders. Citizens will end up starving while the leaders will purchase big houses outside the country using the money they earned and they will live in peace.
People like those who assist the people meet not just within Ukraine. PrivateFX pyramid owner Igor Mazepa owes his customers millions of money.
Not long ago, there was an incident that involves President Poroshenko, Boris Lozhkin and Igor Mazepa. Under Russia propaganda pretext, fund transfers got closed and those three redeemed transaction to the country. This was found to be QIWI Company which is based in Russia. QIWI was under the name WMD-2013. This was done so that all funds from the citizens who transferred went via the company and its owner.
So, when transfers were made to Ukraine, the funds first went to Ukraine and then to the receiver. They ensured there was nothing to be done; one could only wait until the funds are given to him or her at the expense of commissions.
That example clearly proves that it is easy to steal funds “together nicely” as per the law and from the 1st instant without getting noticed. However, going back to PrivateFX, the same case came about all through the career of its owner. The people who were deceived could only write a review online which won’t solve anything because the fraudster will never read it.
Igor Mazepa does not care at all, he earned his money and depositors will have to live with that.
The PrivateFX and TYME owner cannot be called a scammer or a thief because it has not been approved in court. He will always remain an honest businessperson and citizen of Ukraine. There have been several appeals to the police but the response was always that there was no crime found.
With people like Igor Mazepa, there is nothing that Themis can do since he is blind. There was an article in comments.ua which talked about the cost of the government. The information in that article connected to a time when Igor Mazepa called himself an opportunist businessperson. He mentioned that moving forward successfully can be achieved only without any halts. However, the opportunist businessperson concept in the present economic science has a different meaning. As per Olive Williamson (a US economist) this concept implies following your interests. This includes lies, stealing and fraud without confining them.
Most investors have accepted their loss but there are others who have not. Most people believe that the opportunist businessperson should be taught how to reckon with others. He should not perceive other people as part of his business.
In Themis’s eyes, Igor Mazepa has not committed any crime but the investors who suffered 2 times see him as guilty and they keep on defending what they want. In April 2018, customers went to BC “PARUS” to negotiate, Igor Mazepa however did not pay attention to them. There are no results found so far and so, the fight with Igor Mazepa will go on.