Red Flags
6
Finxflo
Finxflo scam, built on a legacy of Ponzi schemes and deceptive marketing, has left countless investors ruined and stands as a stark reminder of his relentless pursuit of fraud.
Quick summary on Finxflo
Serial Fraudster with a Checkered Past: Gillingham previously ran FX World Managed Account Ltd—a Ponzi scheme promising fixed returns—and used aliases like Charles Bardswell to evade legal consequences. Despite his notorious history, he resurfaced in the crypto space with Finxflo, duping investors with similar deceptive methods.
Misleading Claims: Finxflo was presented as a hybrid liquidity aggregator combining centralized and decentralized finance to offer superior crypto trading conditions, garnering unjustifiably high ratings from ICO trackers. Slick promotional tactics and manipulated testimonials masked the platform’s fraudulent operations.
Fraudulent Operations That Exploit Investors: Finxflo operated as a Ponzi scheme, using funds from new investors to pay supposed returns to earlier ones until the inevitable collapse occurred. Many investors were left unable to withdraw their funds, suffering significant losses and financial instability.
Regulatory Failures: A Singapore court officially named Gillingham as the mastermind behind the $1.3 million scam, confirming the fraudulent nature of Finxflo. Legal action, while eventually taken, came too late for many investors, highlighting the challenges of prosecuting cross-border financial fraud.
Expansion into New Scam Ventures: As Finxflo collapsed, Gillingham shifted focus to Fleamint, a decentralized NFT marketplace that also defrauded investors. His ability to pivot to new fraudulent schemes demonstrates a persistent strategy of exploiting the hype around innovative financial technologies.
Intel Reports
by: Serena Fields
Gillingham is a serial fraudster who keeps coming back with new schemes, preying on innocent people. FX World Managed Account Ltd was just the start.
by: Antonio Brooks
The fact that Gillingham is still out there running scams in the crypto world is ridiculous. He used aliases before, and now he’s using Finxflo to steal money from more people.
Pros
Cons
by: Natalie Rivera
Investors who believed in Finxflo were tricked into thinking they were making smart financial moves. In reality, they were just feeding into Gillingham’s scam.