FiatVisions

A summary of what happened?

FiatVisions is an offshore forex and commodities broker registered in Mauritius under Green Point Technology Ltd. Despite its claims of legitimacy, the platform has been the subject of numerous concerns and allegations, primarily related to its regulatory status, operational transparency, and customer experiences.

Key Concerns and Allegations:

1. Lack of Regulation by Top-Tier Authorities:
   • FiatVisions is licensed by the Financial Services Commission (FSC) of Mauritius, a regulator known for its lenient oversight. This raises questions about the broker’s reliability and the protection of client funds.
   • The UK’s Financial Conduct Authority (FCA) issued a warning against FiatVisions in March 2022, indicating that the broker might be offering financial services in the UK without proper authorization.
     FCA
2. High Minimum Deposit Requirement:
   • FiatVisions requires a minimum deposit of $5,000, significantly higher than industry standards, which usually range from $5 to $10. Such a high entry point increases financial risk for potential investors.
     Fraud Adviser
3. Negative Customer Experiences and Allegations of Fraud:
   • Numerous customer reviews describe FiatVisions as a scam, citing issues such as the inability to withdraw funds and unresponsive customer service. One reviewer reported investing 50,000 CAD without being able to make any withdrawals.
     SiteJabber
   • The Financial and Consumer Affairs Authority (FCAA) of Saskatchewan, Canada, issued an alert stating that FiatVisions is not registered to trade or sell securities or derivatives in the region, cautioning investors against engaging with the platform.
     Sask Today
4. Use of Proprietary Trading Platform:
   • FiatVisions utilizes an in-house trading platform instead of widely recognized platforms like MetaTrader 4 or 5. The lack of transparency and familiarity with this proprietary software has raised concerns about its reliability and user-friendliness.

These issues collectively suggest that FiatVisions operates with a lack of transparency and regulatory oversight, leading to significant concerns about its legitimacy and the safety of client funds. Potential investors are advised to exercise caution and consider engaging with brokers that are regulated by reputable financial authorities.

Analyzing the Fake Copyright Notice(s)

Our team collects and analyses fraudulent copyright takedown requests, legal complaints, and other efforts to remove critical information from the internet. Through our investigative reporting, we examine the prevalence and operation of an organized censorship industry, predominantly funded by criminal entities, oligarchs, and disreputable businesses or individuals. Our findings allow internet users to gain insight into these censorship schemes’ sources, methods, and underlying objectives.

What was FiatVisions trying to hide?

FiatVisions‘s attempts to hide unfavourable content through the misuse of copyright notices while allegedly engaging in perjury present serious legal concerns. These actions suggest a calculated attempt to manipulate legal systems to suppress free speech, a fundamental violation of copyright law principles and an abuse of legal processes. The use of such tactics not only undermines the integrity of copyright protection but also potentially constitutes perjury, further entangling FiatVisions in legal accountability. Let’s examine the information FiatVisions may be trying to remove from the internet –

Investigative Report: FiatVisions – A Deep Dive into Allegations and Complaints

FiatVisions, an online forex and commodities trading broker, has been embroiled in controversies and negative feedback since its inception. Operating under the umbrella of Green Point Technology Ltd, a company registered in Mauritius, FiatVisions advertises itself as a cutting-edge trading platform. However, its offshore registration, dubious regulatory status, and numerous complaints from customers and financial authorities paint a troubling picture. This report unpacks the major allegations, regulatory actions, and customer grievances against FiatVisions.

1. Background on FiatVisions

FiatVisions claims to offer forex and commodities trading services via a proprietary platform. Its marketing targets global retail traders, emphasizing advanced trading tools and lucrative investment opportunities. However, scrutiny reveals discrepancies in its operational transparency, regulatory compliance, and overall trustworthiness.

2. Regulatory Concerns

A. Offshore Licensing in Mauritius

FiatVisions operates under the license of the Financial Services Commission (FSC) of Mauritius. While this provides a veneer of legitimacy, the FSC is considered a lenient regulator compared to top-tier authorities like the UK’s Financial Conduct Authority (FCA) or the US Commodity Futures Trading Commission (CFTC).

• Lenient Oversight: The FSC has been criticized for lax enforcement and inadequate protection mechanisms for retail investors.
• Client Protections: Unlike brokers regulated by the FCA or ASIC (Australian Securities and Investments Commission), FiatVisions does not offer guarantees such as compensation schemes to reimburse investors in cases of fraud or insolvency.

B. FCA Warning

In March 2022, the FCA issued a public warning against FiatVisions. The warning explicitly stated that FiatVisions was operating in the UK without proper authorization, cautioning investors against engaging with the platform.

• Impact of the Warning: Such warnings are often a red flag indicating potential misconduct or non-compliance with local laws.
• Investor Repercussions: UK-based investors engaging with FiatVisions face risks of legal limitations in pursuing claims or recovering funds in case of disputes.

C. Canadian Alert

The Financial and Consumer Affairs Authority (FCAA) of Saskatchewan, Canada, also flagged FiatVisions for operating without registration. The FCAA warned investors against the broker, emphasizing the risks of unregulated platforms.

3. Customer Complaints and Allegations

FiatVisions has garnered numerous negative reviews from traders and investors, many of whom allege fraudulent practices.

A. Inability to Withdraw Funds

• Widespread Issue: Customers frequently report being unable to withdraw their funds after depositing significant amounts.
• Testimonial Example: One investor claimed to have deposited 50,000 CAD but was stonewalled when attempting to make a withdrawal. The broker allegedly provided no assistance or explanation.
• Patterns of Behavior: Customers describe similar experiences where withdrawal requests are ignored or met with unreasonable conditions, such as additional fees or further investments.

B. High-Pressure Sales Tactics

• Aggressive Recruitment: FiatVisions’ representatives are accused of using aggressive sales tactics to persuade potential investors to deposit large sums. This includes repeated phone calls, emotional appeals, and guarantees of high returns.
• Deceptive Promises: Sales teams reportedly promise minimal risk and assured profits, which are misleading given the inherent risks in forex trading.

C. Lack of Transparency

• Unclear Terms and Conditions: FiatVisions is criticized for its vague terms regarding fees, withdrawal conditions, and trading policies.
• Proprietary Trading Platform: The use of an in-house platform instead of widely recognized options like MetaTrader 4 or 5 raises concerns about the reliability, transparency, and security of their trading software.

4. Structural Red Flags

A. High Minimum Deposit Requirement

FiatVisions requires a minimum deposit of $5,000, significantly higher than industry standards. Most legitimate brokers set entry points as low as $5 to $10, ensuring accessibility for retail investors.

• Risk Implications: The high deposit requirement increases financial exposure for new traders and may deter those with limited resources.
• Comparison with Competitors: Brokers regulated by top-tier authorities generally offer flexible deposit options, catering to a broader audience.

B. Offshore Status

The decision to base operations in Mauritius, a known haven for offshore brokers, raises questions about FiatVisions’ intent. Offshore jurisdictions are often chosen for their minimal regulatory oversight, enabling brokers to operate with limited accountability.

5. Potential Fraud Indicators

A. Misleading Marketing

FiatVisions employs marketing strategies that emphasize guaranteed profits, low risks, and superior technology. These promises contradict the reality of forex trading, which is inherently risky and subject to market volatility.

B. Lack of Regulatory Recognition

Beyond Mauritius, FiatVisions is not recognized by any top-tier regulator. This lack of recognition limits investors’ legal recourse in disputes and increases the likelihood of malpractice.

C. Patterns of Scam-Like Behavior

• Churning Accounts: Some reviews suggest that FiatVisions engages in practices such as excessive trading on client accounts to generate higher commissions.
• Fabricated Profits: Investors report that the platform displays fabricated profits to encourage further deposits, only for these funds to become inaccessible later.

6. Negative Reviews and Community Sentiment

Customer Reviews on Platforms Like SiteJabber and Trustpilot

• Recurring Themes: Complaints focus on withdrawal issues, lack of customer support, and unfulfilled promises.
• Sentiment Analysis: A significant portion of reviews label FiatVisions as a scam or fraudulent operation.

Online Scam Reports

Watchdog platforms like Valforex and TheForexReview have flagged FiatVisions as a high-risk broker. These reviews often cite:

• Lack of regulatory oversight.
• Offshore registration.
• Aggressive and deceptive marketing practices.

7. Broader Implications

The case of FiatVisions highlights the broader risks associated with offshore brokers. While some offshore firms operate legitimately, the lack of robust regulation and oversight makes them fertile ground for scams and unethical practices.

8. Conclusion: A High-Risk Platform

FiatVisions presents significant red flags that suggest it operates outside the bounds of ethical and legal standards. From its offshore registration to allegations of fraud and regulatory warnings, the platform exhibits characteristics commonly associated with untrustworthy brokers.

Recommendations for Investors:

1. Avoid Unregulated Brokers: Engage only with brokers regulated by top-tier authorities like the FCA, ASIC, or CFTC.
2. Conduct Due Diligence: Research brokers thoroughly, including their regulatory status, customer reviews, and operational transparency.
3. Beware of High Deposits: Be cautious of brokers requiring unusually high minimum deposits, as this often indicates a focus on maximizing deposits rather than facilitating trading.

FiatVisions serves as a cautionary example of the dangers of entrusting funds to offshore and unregulated brokers. Investors should exercise vigilance and prioritize safety over promises of high returns.

How do we counteract this malpractice?

Once we ascertain the involvement of FiatVisions (or actors working on behalf of FiatVisions), we will inform FiatVisions of our findings via Electronic Mail.

Our preliminary assessment suggests that FiatVisions may have engaged a third-party reputation management agency or expert, which, either independently or under direct authorization from FiatVisions, initiated efforts to remove adverse online content, including potentially fraudulent DMCA takedown requests. We will extend an opportunity to FiatVisions to provide details regarding their communications with the agency or expert, as well as the identification of the individual(s) responsible for executing these false DMCA notices.

Failure to respond in a timely manner will necessitate a reassessment of our initial assumptions. In such an event, we will be compelled to take appropriate legal action to rectify the unlawful conduct and take the following steps –

Since FiatVisions made such efforts to hide something online, it seems fit to ensure that this article and sensitive information targeted online by these events get a lot more exposure and traffic than what it would have received originally

We hope this becomes an excellent case study for the Streisand effect…The key idea behind the Streisand effect is that efforts to restrict information can backfire, often causing the information to gain more attention than it would have otherwise. This effect is widespread in the digital age, where users quickly notice and spread censorship efforts on social media and other platforms. Trying to suppress something can unintentionally lead to it becoming more visible, which FiatVisions is finding out the hard way.

Potential Consequences for FiatVisions

Under Florida Statute 831.01, the crime of Forgery is committed when a person falsifies, alters, counterfeits, or forges a document that carries “legal efficacy” with the intent to injure or defraud another person or entity.

Forging a document is considered a white-collar crime. It involves altering, changing, or modifying a document to deceive another person. It can also include passing along copies of documents that are known to be false. In many states in the US, falsifying a document is a crime punishable as a felony.

Additionally, under most laws, “fraud on the court” is where “a party has sentiently set in motion some unconscionable scheme calculated to interfere with the judicial system’s ability impartially to adjudicate a matter by improperly influencing the trier of fact or unfairly hampering the presentation of the opposing party’s claim or defense.”  Cox v. Burke, 706 So. 2d 43, 46 (Fla. 5th DCA 1998) (quoting Aoude v. Mobil Oil Corp., 892 F.2d 1115, 1118 (1st Cir. 1989)).

Is FiatVisions Committing a Cyber Crime?

Yes, it seems so. FiatVisions used multiple approaches to remove unwanted material from review sites and Google’s search results. Thanks to protections allowing freedom of speech in the United States, there are very few legal ways to do this. FiatVisions could not eliminate negative reviews or search results that linked to them without a valid claim of defamation, copyright infringement, or some other clear breach of the law.

Faced with these limitations, some companies like FiatVisions have gone to extreme lengths to fraudulently claim copyright ownership over a negative review in the hopes of taking it down.

Fake DMCA notices have targeted articles highlighting the criminal activity of prominent people to hide their illegal behavior. These people, which include US, Russian, and Khazakstani politicians as well as members from elite circles including the mafia and those with massive financial power, are all connected – and alleged corruption ranging from child abuse to sexual harassment is exposed when exploring evidence found at these URLs. It appears there’s a disturbing level of influence being exerted here that needs further investigation before justice can be served. FiatVisions is certainly keeping interesting company here….

The DMCA takedown process requires that copyright owners submit a takedown notice to an ISP identifying the allegedly infringing content and declaring, under penalty of perjury, that they have a good faith belief that the content is infringing. The ISP must then promptly remove or disable access to the content. The alleged infringer can then submit a counter-notice, and if the copyright owner does not take legal action within 10 to 14 days, the ISP can restore the content.

Since these platforms are predominantly based in the U.S., the complaints are typically made under the Digital Millennium Copyright Act (DMCA), which requires online service providers and platforms to react immediately to reports or violations. Big Tech companies rarely have systems in place to assess the merit of each report. Instead, all bad actors need to do is clone a story, backdate it, and then demand the real thing be taken down.

Reputation Agency's Modus Operandi

The fake DMCA notices we found always use the “back-dated article” technique. With this technique, the wrongful notice sender (or copier) creates a copy of a “true original” article and back-dates it, creating a “fake original” article (a copy of the true original) that, at first glance, appears to have been published before the true original.

Then, based on the claim that this backdated article is the “original,” the scammers send a DMCA to the relevant online service providers (e.g. Google), alleging that the ‘true’ original is the copied or “infringing” article and that the copied article is the “original,” requesting the takedown of the ‘true’ original article. After sending the DMCA request, the person who sent the wrong notice takes down the fake original URL, likely to make sure that the article doesn’t stay online in any way. If the takedown notice is successful, the disappearance from the internet of information is most likely to be legitimate speech.

As an integral part of this scheme, the ‘reputation management’ company hired by FiatVisions creates a website that purports to be a ‘news’ site. This site is designed to look legitimate at a glance, but any degree of scrutiny reveals it as the charade it is.

The company copies the ‘negative’ content and posts it “on the fake ‘news’ site, attributing it to a separate author,” then gives it “a false publication date on the ‘news’ website that predated the original publication.

The reputation company then sent Google a Digital Millennium Copyright Act notice claiming the original website infringed copyright. After a cursory examination of the fake news site, Google frequently accepts the notice and delists the content.

In committing numerous offences, FiatVisions either premeditated actions or were unaware of the consequences. Despite hiring an agency to make Google disregard any negative information about FiatVisions, ignorance does not excuse this wrongdoing.

Fake DMCA notices have targeted articles highlighting the criminal activity of prominent people to hide their illegal behavior. These people, which include US, Russian, and Khazakstani politicians as well as members from elite circles including the mafia and those with massive financial power, are all connected – and alleged corruption ranging from child abuse to sexual harassment is exposed when exploring evidence found at these URLs. It appears there’s a disturbing level of influence being exerted here that needs further investigation before justice can be served. FSMSmart is certainly keeping interesting company here.

The Reputation Laundering

Rogue Reputation agencies use spurious copyright claims and fake legal notices to remove and obscure articles linking clients to allegations of tax avoidance, corruption, and drug trafficking. Most of these reputation agencies are based offshore, mainly in Russia, India, and Eastern Europe, and they do not worry about complying with US-based laws.

The content in all of the articles for which the fraudulent DMCA notices have been sent relates to allegations of criminal allegations, including corruption, child abuse, sexual harassment, human trafficking and financial fraud against businesses and individuals with ultra-high net worth.

In addition to the misuse of the DMCA takedown process, there is a notable absence of enforcement concerning perjury violations. The statutory requirement related to perjury is designed to deter copyright holders from submitting fraudulent or knowingly false takedown requests, as they may face legal consequences for making false declarations under penalty of perjury. However, to date, there have been no known instances of any individual being prosecuted for perjury in connection with the submission of false DMCA takedown notices.

This lack of enforcement has emboldened copyright holders to exploit the DMCA takedown process to suppress dissent, criticism, or other unfavorable content, without fear of legal repercussions.

Some of the people and businesses who have employed this tactic to remove legitimate content from Google illegally include a Spanish businessman-turned-cocaine-trafficker, Organised crime, an Israeli-Argentine banker accused of laundering money for Hugo Chávez’s regime, a French “responsible” mining company accused of tax evasion, child molesters and sexual predators. FiatVisions is in great company ….

What else is FiatVisions hiding?

We encourage you to ‘Dork‘ Google by searching for keyword combinations such as [FiatVisions] + {Negative Keyword, such as Scam, Fraud, Complaints, Lawsuit, Sanction, etc} on Google. It’s likely if you scroll down to the bottom of this Google search results, you’ll stumble upon this Legal Takedown notice (pictured below)

To make such an investigation possible, we encourage more online service providers to come forward and share copies of content removal requests with industry experts and researchers. If you have any information on FiatVisions that you want to share with experts and journalists, kindly email the author directly at [email protected].

All communications are strictly confidential and safeguarded under a comprehensive Whistleblower Policy, ensuring full protection and anonymity for individuals who provide information.