DBX Consultants (website) is a company builder and merchant service provider in Dubai headed by the boiler room veteran Gennaro Lanza. DBX Consultants offers banking consultancy and arranges bank accounts for businesses, company incorporations, and PSP merchant accounts. A few weeks ago, the company’s CEO, Gennaro Lanza, announced they would establish a branch in Cyprus to build a bridge to Dubai. Lanza is the owner and director of the Maltese boiler room operator Capital Solutions Ltd.
Faced with an increasingly strong need to improve investments and sales, we realized that our wealth of experience, gained among the largest companies in Dubai, could also express the needs of the European market starting from Cyprus.
GENNARO LANZA, CEO DBX CONSULTANTS
One of the company’s offers is multilevel banking account consultancy crossing multiple jurisdictions. In its press release, Gennaro explains that they would have developed networks of banks and consultants to coordinate and manage bank accounts for companies and individuals worldwide, together with essential Lithuania and the United Kingdom partners.
Gennaro Lanza is a busy man. In August 2022, announced that he would relocate his real-estate agency Karma Group to Malta.
We have covered the Maltese boiler room operator Capital Solutions and the connected offshore brokers for a few months. The Italian Gennaro Lanza controls the boiler room operations and the related offshore brokers such as NewFX, Dubai FXM, DBFX, or DBinvesting.
The NewFX and DBFX websites are no longer accessible to European customers, and DBInvesting no longer accepts EU & UK clients. This is good news and probably also due to Gripeo.com reporting.
Offshore Brokers NewFX, DBInvesting, And DBFX Ceased To Attack EEA Consumers!
| Brands | NewFX, Dubai FXM, DubaiFXM Trade (offline), DBinvesting, DBFX, DBFX Trades, |
| Boiler Room | Capital Solutions Ltd, Malta |
| Domains | www.capitalsolutions.mt (boiler room) www.dbinvesting.com, https://dbfx.trade www.dubaifx.com (offline) |
| Connected individuals | Gennaro Lanza (LinkedIn), Massimiliano Moroni, Italo Mainolfi |
| Connected entities | Capital Solutions Ltd (Malta), Big Horizons Ltd (Seychelles) Big Horizons Ltd (Commonwealth of Dominica), New Forex Limited (Commonwealth of Dominica) Invest Group Global Ltd (Seychelles), Dupay LP (previously Dubai FXM LP in the UK), Dubai FXM Limited (Vanuatu), DBInvesting Limited (Vanuatu), DB Invest Limited (Seychelles) DBFX Limited (Vanuatu) Belight Capital Group Ltd (Cyprus) |
| Regulatory actions | warnings of CNMV and Consob, Belight Capital Group (license revoked by CySEC) |
| Jurisdictions | Malta, Cyprus, United Kingdom, Commonwealth of Dominica, Vanuatu, Seychelles, |
The Maltese Boiler Room Operator Capital Solutions And Its Vast Broker Network!
European visitors of the NewFX and DBFX websites get the message that the access is blocked. While the website of DBinvesting is still accessible to European visitors, European residents can’t register anymore. That is excellent news for most European consumers. However, registration is still possible for European residents outside the EEA region, like Serbia, Montenegro, or Albania.
According to the latest Similarweb statistics, these offshore brokers no longer attract visitors.
The boiler room behind the brokers is Gennaro Lanza‘s Malta-based Capital Solutions Ltd. At the end of 2020, Italo Mainofli and Massimiliano Moroni resigned as directors of Capital Solutions and sold their shares to Invest Group Global Ltd, also registered in Seychelles. Gennaro Lanza, the only director of Capital Solutions, controls this offshore entity. The Maltese companies report shows that Invest Group Global Ltd holds 99.5% of the company shares. The Indian Alpin Sha owns the remaining 0.05%, also the company secretary.
Over the last few months, Gripeo.com published several reports on the Maltese boiler room operator Capital Solutions Ltd. We very quickly received further information from whistleblowers and partners. The Italian Gennaro Lanza is the only remaining beneficial owner after his Italian co-founders, Massimiliano Moroni and Italo Mainolfi, sold him their shares. Lanza is connected to several offshore brokers such as Dubai FXM, NewFX, or DB Investing. He is operating a vast unauthorized financial business in Malta.
| Brands | Dubai FXM, DubaiFXM Trade, DB Investing, NewFX, DBFX, DBFX Trades, |
| Boiler Room | Capital Solutions Ltd, Malta |
| Connected individuals | Italian citizens Gennaro Lanza, Massimiliano Moroni, Italo Mainolfi |
| Connected entities | Capital Solutions Ltd (Malta), Big Horizons Ltd (Seychelles), Invest Group Global Ltd (Seychelles), Dupay LP (previously Dubai FXM LP in the UK), Dubai FXM Limited (Vanuatu), DBInvesting Limited (Vanuatu), Belight Capital Group Ltd (Cyprus) |
| Regulatory actions | warnings of CNMV and CNMV, revocation ofBelight Capital Group license by CySEC |
| Jurisdictions | Malta, Cyprus, Vanuatu, Seychelles, United Kingdom |
The Capital Solutions owner
The original shareholders, Italo Mainolfi, Massimiliano Moroni, and Gennaro Lanza, held their shares in Capital Solutions Ltd through Big Horizons Ltd, registered in Seychelles.
At the end of 2020, Mainofli and Moroni resigned as directors of Capital Solutions and sold their shares to Invest Group Global Ltd, also registered in Seychelles. Gennaro Lanza, the only director of Capital Solutions, controls this offshore entity. The Maltese companies report shows that Invest Group Global Ltd holds 99.5% of the company shares. The remaining 0.05% is held by the Indian Alpin Sha, also the company secretary.
Offshore and scam brokers
Big Horizons Ltd, the old shareholding entity behind Capital Solutions Ltd, is the owner and trademark holder of the unregulated offshore broker NewFX (www.newfx.co) and can thus be attributed to Gennaro Lanza. The latter is also registered as CEO at DB Invest Ltd (screenshot left), licensed by the FSA Seychelles. This is the operator of the offshore broker DB Investing (www.dbinvesting.com).
Gennaro Lanza was also the controlling person behind Dupay LP (formerly Dubai FXM LP) which was part of the corporate network surrounding the now disappeared Dubai FXM scams (www.dubaifxm.com) until its dissolution in February 2020. The Vanuatu-registered and VFSC-regulated Dubai FXM Limited and DIFC Dubai FXM Limited have been the registered partners of this UK entity.
In April 2019, the Spanish CNMV issued a warning against Dubai FXM domains, in March 2020, Italian regulator Consob ordered the blackout of Dubai FXM‘s websites. Soon after, the offshore broker vanished.
The Cyprus connection
Lanza does not only have his companies and interests in Malta. He is also present in Cyprus with DIFC Limited and, additionally, was associated with the Belight Capital Group Ltd, which operated as a CySEC-regulated investment firm until 2021.
Until late 2020, Lanza’s DB investing used to be operated by DBinvesting Limited, an offshore subsidiary of the then CySEC-regulated Belight Capital Group Ltd. In July 2020, the Spanish regulator CNMV warned against DBFX Trades (www.dbfxtrades.com), another offshore broker of the CySEC-regulated investment firm.
The ZP Services’ legacy
ZP Services Ltd brought a lawsuit against Gennaro Lanza for allegedly leaving the company early, and taking employees and clients with him to Capital Solutions Ltd. They are still fighting. Another court hearing is scheduled for December 2021.
Axi Group & Its Offshore Broker Activities With NewFX, DBFX, And Others!
FinTelegram already issued some reports on Maltese boiler room operator Capital Solutions Ltd, controlled by the Italian Gennaro Lanza, and its related offshore brokers such as NewFX, Dubai FXM, and DBFX a/k/a DBFX Trades a/k/a DBinvesting. Recently, Gripeo exposed a relationship between these schemes and Axi Group and One Financial Markets. Upon their reports, the access to these offshore for EU residents has been blocked, but UK residents can still register and trade with them. We found new payment processors and other interesting connections in our new review.
Key data
| Brands | NewFX, Dubai FXM, DubaiFXM Trade (offline), DBinvesting, DBFX, DBFX Trades, |
| Boiler Room | Capital Solutions Ltd, Malta |
| Domains | www.capitalsolutions.mt (boiler room) https://newfx.trading, https://newfx.co www.dbinvesting.com, https://dbfx.trade www.dubaifx.com (offline) |
| Connected individuals | Gennaro Lanza (LinkedIn), Massimiliano Moroni, Italo Mainolfi |
| Connected entities | Capital Solutions Ltd (Malta), Big Horizons Ltd (Seychelles) Big Horizons Ltd (Commonwealth of Dominica), New Forex Limited (Commonwealth of Dominica) Invest Group Global Ltd (Seychelles), Dupay LP (previously Dubai FXM LP in the UK), Dubai FXM Limited (Vanuatu), DBInvesting Limited (Vanuatu), DB Invest Limited (Seychelles) DBFX Limited (Vanuatu) Belight Capital Group Ltd (Cyprus) |
| Regulatory actions | warnings of CNMV and Consob, Belight Capital Group (license revoked by CySEC) |
| Jurisdictions | Malta, Cyprus, United Kingdom, Commonwealth of Dominica, Vanuatu, Seychelles, |
| Payment options | Credit and debit cards, e-wallets, crypto |
| Payment processor | Jeton, PayRetailers, FasaPay, PaySafe Card |
| Related schemata | Axi Group, One Financial Markets |
| Warnings | CNMV |
The Axi Group Connection
Gripeo has reported several times that NewFX, DBFX, and other offshore schemes are affiliated with FCA-regulated Axi Financial Services (UK) Ltd d/b/a One Financial Markets. The offshore schemes are only likely to operate as Introducing Brokers (IB) for the One Financial Markets scheme. It will download all data from NewFX, DBFX et al from the One Financial Markets servers.
When visiting the NewFX, DBinvesting, and DBFX websites, clients from the UK and EU are presented with a pop-up informing them that ESMA intention measures are not applied. It would be their responsibility to find a suitable broker.
Credit and debit cards, bank transfers, Jeton, FasaPay, Paysafe Card, and crypto are payment methods offered.
No Authorization
These offshore brokers have no authorization to offer regulated financial services in the EU and acquire clients. On top of that, the onboarding of new clients is done without proper KYC/AML. Clients can make their first-time deposits can without confirmation of identity. Thus, the three offshore brokers violate the FCA and ESMA regulatory requirements.
The Boiler Rooms
Although the brokers use offshore entities, their operations are done through offices in EU countries. For example, a Cyprus phone number for support is provided in the emails from NewFX. The boiler room behind the brokers is Gennaro Lanza‘s Cyprus-based Capital Solutions Ltd.
At the end of 2020, Italo Mainofli and Massimiliano Moroni resigned as directors of Capital Solutions and sold their shares to Invest Group Global Ltd, also registered in Seychelles. Gennaro Lanza, the only director of Capital Solutions, controls this offshore entity. The Maltese companies register shows that Invest Group Global Ltd holds 99.5% of the company shares. The remaining 0.05% are held by the Indian Alpin Sha, the company secretary.
Do not fall for OnspotBNK facilitated by BridgerPay and CoinDeck!
OnspotBNK is an offshore broker and a scam. OnspotBNK Limited, allegedly regulated by the Vanuatu Financial Services Commission (VFSC) with license number 40133/17, would be the operator. However, we have found neither the license number nor the company in the register of the VFSC. Instead, we found that the DubaiFXM and DBFX broker are connected. The same perpetrators are behind these schemes and many more. Once again, BridgerPay and Jubiter a/k/a CoindDeck came to our attention as payment processors. Stay very far away and protect your money.
Key data
| Trading name | OnspotBNK |
| Domain | https://onspotbnk.com |
| Legal entity | OnspotBNK Limited (fake) |
| Related brands | NewFX, Dubai FXM, DubaiFXM Trade (offline), DBinvesting, DBFX, DBFX Trades, |
| Related domains | https://newfx.trading, https://newfx.co www.dbinvesting.com, https://dbfx.trade www.dubaifx.com (offline) |
| Related boiler rooms | Capital Solutions Ltd, Malta |
| Connected individuals | Gennaro Lanza (LinkedIn), Massimiliano Moroni, Italo Mainolfi |
| Connected entities | Big Horizons Ltd (Seychelles) Big Horizons Ltd (Commonwealth of Dominica), New Forex Limited (Commonwealth of Dominica) Invest Group Global Ltd (Seychelles), Dupay LP (previously Dubai FXM LP in the UK), Dubai FXM Limited (Vanuatu), previously DBFX Limited DBInvesting Limited (Vanuatu), DB Invest Limited (Seychelles) Belight Capital Group Ltd (Cyprus) |
| Regulatory actions | warnings of CNMV and Consob, Belight Capital Group (license revoked by CySEC) |
| Jurisdictions | Malta, Cyprus, United Kingdom, Commonwealth of Dominica, Vanuatu, Seychelles, |
| Payment processors | Praxis Cashier, BridgerPay, CoinDeck |
The narrative
As the facilitating payment processors of OnspotBKN, we have once again discovered the Cypriot Israeli BridgerPay by Ran Cohen and the Slovakian-licensed CoinDeck (screenshot left).
The OnspotBNK broker scheme belongs to a network that operates DubaiFXM or DBFX, among others. DBFX Limited (previously Dubai FXM Limited was registered in Vanuato in 2017 with the company number 40133/17. Thus, it does not need a rocket scientist to conclude that OnspotBNK is related to this Vanuatu company (screenshot right).
The boiler room connections
We have already elaborated on this in our report in November 2021 that, at least for a certain period, the boiler rooms were operated by Gennaro Lanza‘s Maltese Capital Solutions Ltd. Through this boiler room operator, other offshore brokers such as NewFX, DBFX, or DB Investing were also operated. We know that scams always come in a swarm. The perpetrators operate with significant fixed costs for their boiler rooms and need corresponding economies of scale.
Connections to FCA-regulated broker?
Another interesting thing we found in our OnspotBNK and DBFX reviews on May 2, 2022, was a link to the FCA-regulated broker OneFinancialMarkets. We don’t know the details, but on the deposit pages of OnspotBNK and DBFX, after making the deposit request, the browser establishes a connection to the website www.onefinancialmarkets.com to present the payment options. Maybe the FCA broker is used as a payment processor? Our guess may or may not be correct! Stay tuned for our respective report.
In recent weeks, our reports have focused on boiler rooms and their operators across the globe. In fact, these are the real culprits behind the scams and illegal cyberfinance activities. Some of the larger boiler room operators are located in the middle of the EU, in Malta. Whistleblowers have also pointed us to Capital Solutions (www.capitalsolutions.mt). This boiler room operator has been running the scam brands NewFX and DBFX a/k/a DBFX Trades, among others.
Capital Solutions Ltd presents itself as a marketing agency, business process outsourcer, and call center operator like all boiler room operators. The company has been looking for sales conversion agents with Italian and Swedish languages (here on Facebook) in recent weeks. In particular, the boiler room operator seems to have strategically emphasised building a Swedish team.
There are 11 employees associated with Capital Solutions‘ LinkedIn page. The Italian Gennaro Lanza (LinkedIn and pictured left) serves as CEO of Capital Solutions Ltd in Malta and as a director of Cyprus-registered DIFC Limited and DBX Consultants in Dubai. Until December 2016, Gennaro was a senior account manager at ZP Services Ltd. It’s a small world.
On LinkedIn, Gennaro Lanza is also looking for a Head of Forex Compliance for DB Investing, an offshore broker we found in conjunction with NewFX and DBFX.
Gennaro Lanza, born in July 1983, is no stranger to the forex scam scene. Until its dissolution in February 2020, he controlled UK-registered Dupay LP (previously DUBAI FXM LP) with DUBAI FXM Limited and DIFC Dubai FXM Limited as partners.
Sources and Reference –
- https://www.gripeo.com/gennaro-lanza/
- https://fintelegram.com/introducing-dbx-consultants-of-boiler-room-operator-gennaro-lanza/
- https://fintelegram.com/offshore-brokers-newfx-dbinvesting-and-dbfx-ceased-to-attack-eea-consumers/
- https://fintelegram.com/the-maltese-boiler-room-operator-capital-solutions-and-its-vast-broker-network/
- https://fintelegram.com/update-axi-group-its-offshore-broker-activities-with-newfx-dbfx-and-others/
- https://fintelegram.com/attention-do-not-fall-for-onspotbnk-facilitated-by-bridgerpay-and-coindeck/
