A Key Figure of a Massive Network of Scam was Arrested - "Pablo A", the head of EverFX

On December 14, Spanish police arrested "Pablo A", a key figure in a massive online fraud, at Barcelona airport. The European-based fraud ring has been making billions of dollars in ill-gain money worldwide.

The arrest of Pablo A is part of a multi-year operation coordinated by Eurojust, a European cross-border judicial cooperation agency, to take down fake investment brands and call center networks where criminals pose as brokers and trick investors into claiming they can make high profits by investing in cryptocurrencies in small amounts.

Investigators in Spain say the scam network has caused massive losses to thousands of victims worldwide, while the scam group earns up to 400 euros per minute, or 50 million euros per quarter.

EverFX is one of the 470 investment "brands" associated with the scam, but the platform stands out because of its high profile in Spain, where it even sponsored the Serbian soccer club for at least one season.

Pablo A is allegedly the head of EverFX in Spain, who communicates with victims through call centers on the periphery of the European Union and is responsible for "managing" Spanish victims and convincing them to invest in the scam. However, right on last month, European authorities shut down 15 of the scam's call centers across Europe in a joint operation.

EverFX is a brand of ICC Intercertus Capital Limited. The company is regulated by CySEC under regulation number 301/16, but the company has told Spanish media that it has now changed its name and been acquired by another group and that it had no idea about the authorities' investigation into EverFX. Now EverFX is only regulated by CIMA in Cayman with regulation number 1444866.

Although the broker is very active in Spain, it has never been authorized by the Spanish National Securities Market Commission CNMV.

Last May, the FCA, the UK's Financial Conduct Authority, banned Cyprus-based EverFX operator ICC Intercertus Capital Limited from offering CFD instruments in the country. FCA said EverFX was recruiting UK traders at the time but was not authorized to offer its services in the UK.

EverFX's related websites everfx.com, everfxglobal.com, global.everfx.com, and intercertus.com have been added to the list of fraudulent websites implemented and published by Mossos d'Esquadra.