In one of the misleading advertisements used by the denounced company, there is an allusion to an alleged fake interview that Pablo Motos conducted with Risto Mejide and in which he claimed to have become rich by investing in bitcoins.
The scam also makes use of the image of public figures such as Amancio Ortega, Minister Nadia Calviño, Fernando Alonso, Pedro Almodóvar or David Bustamante to defraud potential clients. Risto Mejide called the scam company live and before the spectators to ask for information, saying that he wanted to know if Risto Mejide had invested there, to which they replied that all the advertising is authentic, then Mejide himself told the interlocutor that he himself was Risto Mejide and that he was going to denounce them.
One of the clients of Royal Forex Ltd., and who is already part of the group of whistleblowers, has explained how his case was. She found out through a fake news on Facebook, in which the image of Susana Griso was used, that it had been shown on TV how to earn money by investing 250 euros.
After that amount, many others came as a result of being contacted by a person from a supposed company located in Cyprus, in which he was insisted that in order to win a large fortune he had to invest an amount of around 5,000 euros, and they explained to him that with the leverage multiplied by 200 was as if you were investing 1,000,000 euros.
This client was urged to sign a professional contract as if she had already made investments before, alleging security throughout the process. The client borrowed the money and invested. There was a "black Monday" in which she lost everything she had invested and they convinced her to put another 10,000 euros more, and the following week the client was involved in an eternal serpentine of pre-approved credits and transfers, while some benefits were rising to the balance of the account, without noticing or knowing how the negatives were going to affect, so the following Thursday and after the harassment that the client felt on the street while I was going to ask for more money pushed by the telephone insistence of the advisers Alexander and Margarita and by the supposed work plan to take advantage of the excellent market conditions, he became suspicious.
In the end, the client put about 30,000 euros through quick credits, in the account she had around 65,000 euros written down, but due to suspicions she went to the Police, went to court, was used in the hands of various lawyers and met with some others affected by the same plot of scams, filing a collective lawsuit against the companies Royal Forex Ltd., a company registered in Cyprus that operates or has operated in Spain under the trademarks and domains gmotrading.com and roinvesting.com; Panda Trading Systems Ltd., also registered in Cyprus, and lawsuits have been filed against a number of individuals, including Pavel Shabanov, CEO of Royal Forex, a Cypriot national residing in that country, and against Andreas Samatas, Administrator of Royal Forex, also a Cypriot domiciled in Cyprus.
According to information provided by the CNMV (Comisión Nacional del Mercado de Valores in Spain, or National Market Commission), "This entity, with the trademark ROInvesting, has reported since December 2021 of its decision not to accept retail clients in the future." According to the information provided by the CNMV, Royal Forex has the Official Registry number 4075 and operates in Spain since January 18, 2016, having its legal address on the third floor of a building located at numbers 128 and 130 of Limassol Avenue in the Cypriot city of Nicosia.
A similar case is reported by another victim, José Luis Soriano, who has opened a blog to denounce the scam. In the blog he says that “I was looking for an advisory service, to be able to start learning about this area and the security that the GMO Tráding website gave me. I signed up and deposited €1,000, since it is a requirement to deposit at least €200 to subscribe. I was watching all your tutorials to catch up, I was interested in learning”. In all cases, this scam asked its clients for money in advance and complementary amounts in successive contacts.
The deception orchestrated by the defendant Royal Forex Ltd. occurs through the flagrant violation of the sectoral regulations that regulate the procedures that investment services entities must observe.
The company used to operate under the umbrella of a website, GMO Trading, currently defunct after being accused of fraud, migrating operations to the new ROinvesting website (http://roinvesting.com/), from which they currently operate.