German BaFin Launches Investigation Into JoyTrust Broker Scam
Background of the JoyTrust Scam
On May 14, 2021, Scam-Or Project issued a warning about the fraudulent broker JoyTrust (www.joytrust.net). Following this alert, the German financial regulator BaFin announced an official investigation into JoyTrust and its operator, Top Suite Ltd, which is registered in the United Kingdom.
Overview
|
Entity |
Details |
|
Broker |
JoyTrust |
|
Website |
www.joytrust.net |
|
Operator |
Top Suite Ltd (UK) |
|
Director & Owner |
Natalja Zunda, Latvian, born January 1991 |
|
CRM Platform |
Israeli PROFTIT (www.proftit.com) |
|
Payment Processors |
iPayTotal, NeoBanQ, Praxis Cashier, BridgerPay |
Scam Operations and Regulatory Violations
Based on BaFin’s recent announcement, JoyTrust has been offering German consumers banking and financial services without holding the necessary licenses. Scam-Or Project’s own examination confirms that JoyTrust operates unlawfully and defrauds its clients.
Operator and Corporate Structure
Top Suite Ltd, registered in January 2021 in the United Kingdom, is listed as the operator of JoyTrust. Companies House records identify Latvian national Natalja Zunda as the sole director and beneficial owner. Currently, there is no evidence connecting Top Suite Ltd or JoyTrust directly to the broader Latvian Racket network.
Technology and Payment Infrastructure
JoyTrust utilizes the CRM system from the Israeli provider PROFTIT. Its integrated cashier systems include Praxis Cashier and BridgerPay, although these are not active at the moment. At present, customers are instructed to deposit funds via credit or debit card transactions processed by NeoBanQ, a known UK high-risk payment processor.
Investigative Prospects for BaFin
The investigation by BaFin should be facilitated by the availability of data held by PROFTIT and the associated payment processors. Additionally, information can be obtained from Natalja Zunda, who is officially registered as the beneficial owner of Top Suite Ltd, the company behind JoyTrust.
Key Points for Investigation
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CRM provider (PROFTIT) holds merchant data
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Payment processors store transaction details
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Registered owner (Natalja Zunda) can provide corporate records
Reporting Fraud
Victims and industry observers are encouraged to continue reporting scams like JoyTrust along with their facilitating platforms and individuals to ensure swift regulatory action and public awareness.
