Business risk alert
Before doing business with Ihor Mazepa or related companies, review the documents. See the cases →
File No. MD/2006–2026
PrivateFX: reports of clients' money not returned. TYME: registration cancelled. Concorde Bermuda: a USD 4.2 million settlement. We examine the consequences and check what the participants' explanations actually answer.
Independent editorial project. Not an official website of Ihor Mazepa or Concorde Capital.
SEC Civil Action No. 2:15-cv-06076-MCA-MAH · NBU 20 June 2018 · PrivateFX 22 December 2021 · SBI 21 January 2025 · Police 30 July 2026 · Compliance 28 July 2018
Key figure · Settlement ·
$4,200,000
Disgorgement (return of profits obtained) agreed by Concorde Bermuda Ltd. as part of the settlement. Settled as to Concorde Bermuda. Concorde Bermuda and the SEC's USD 4.2 million →
Counted automatically from the site data. Claims, bail amounts and settlements are never added together.
Case files
6
Sources
16
Events
24
Jurisdictions
UA / GB / US
Period
2006 — 2026
01Cases
What happened to the projects, what claims regulators and investors made, and how the participants responded. Every case file shows its sources and the limits of what is established.
USD 4.2 millionSettlement
Concorde Bermuda agreed to pay USD 4.2 million and to an injunction in the SEC case over trading on stolen press releases. A settlement without admitting the allegations does not refute them; Mazepa's personal liability in this case has not been established.
Claims over trading on stolen information
TYME assured it complied with sanctions, but the NBU cancelled its registration, citing SBU information about cooperation with a banned Russian system. Mazepa stressed his minority stake. The information is given as reported by the media.
Sanctions claims — registration cancelled
PrivateFX clients lost out: according to TSN, as of May 2018 their money had not been returned. Mazepa spoke about leaving the project. His explanations about a passive role do not answer who settled with the clients.
Investors' money not returned
Investigators alleged the illegal seizure of state land; Mazepa denied the allegations and spoke of pressure on business. According to him, in January 2025 the investigation was suspended but not closed. The further status has not been established; there is no verdict in the sources cited.
Suspicion of illegal seizure of state land
A pedestrian died after being struck by a car driven by Mazepa. The police closed the proceedings because the act did not constitute a criminal offence. The editors have not seen the decision or the expert reasoning: the conclusion cannot be independently verified on the basis of these materials.
Questions about the grounds for closing the criminal proceedings
The story of the alleged links between Ihor Mazepa, Concorde Capital and people connected with the Church of Scientology raises questions of ownership transparency, corporate control and the origin of capital. Much of the information published earlier requires independent confirmation.
Opaque structures and the risk of financial machinations
02Business dossier
Ihor Mazepa is the founder and head of Concorde Capital. This dossier focuses on consequences: PrivateFX clients' funds not returned (as reported by the media), the loss of TYME's registration, the financial terms of the Concorde Bermuda settlement, and criminal proceedings. Explanations about a minority stake, a passive role or pressure are shown next to the outcome of each case. They do not replace answers to questions about people's money and the companies' actions. At the same time, different cases and legal entities are not merged into a single accusation: the nature of each link to Mazepa is stated separately.
03Key events
Suggitt's appointment as director of the UK company ends
06 Concorde Capital: ownership structure and compliance risksThe SEC files SEC v. Dubovoy, et al.; Concorde Bermuda Ltd. is among the defendants
01 Concorde Bermuda and the SEC's USD 4.2 millionThe SEC announces a settlement with Concorde Bermuda Ltd.: injunction and USD 4.2 million, without admitting the allegations
01 Concorde Bermuda and the SEC's USD 4.2 millionMazepa interview: Concorde Capital is a passive co-investor in PrivateFX
03 PrivateFX: a co-investor's exit and clients' lossesThe NBU decides to cancel the registration of the TYME payment system
02 TYME lost its NBU registrationMazepa detained at the Shehyni checkpoint; searches
04 Land case near the Kyiv HPPThe appeals court reduces bail to UAH 21 million; Mazepa is released
04 Land case near the Kyiv HPPMazepa says the investigation has been suspended but not closed
04 Land case near the Kyiv HPPRoad accident on the Kyiv–Chop highway in Zhytomyr region; a pedestrian died
05 Fatal accident and the police decisionThe National Police reply on closing the proceedings for lack of an offence is published
05 Fatal accident and the police decision04Key documents
Official document
Litigation Release No. 23458 — SEC v. Dubovoy, et al. (opens in a new tab)
Official notice of the settlement: Concorde Bermuda Ltd. consented to an injunction and to paying USD 4.2 million, without admitting or denying the allegations.
Court filing
Complaint — SEC v. Arkadiy Dubovoy et al. (D.N.J.) (opens in a new tab)
The SEC's complaint: sets out the regulator's version of Concorde Bermuda's trading (paras. 41, 124–128). These are the plaintiff's allegations, not facts found by a court.
Media report
Reports the NBU decision and its reasoning; gives information on the owners of the TYME operator and Mazepa's comment about a minority stake.
Interview
2016 interview: Mazepa confirms that Concorde Capital is a co-investor in PrivateFX and calls the company's role passive.
Interview
Ihor Mazepa's interview with Ekonomichna Pravda (D. Riasnoi, M. Maksymchuk) (opens in a new tab)
Mazepa's later position: a stake in PrivateFX of up to 10%, exit from the project; a statement that old bank claims were settled and repaid.
Media report
Sets out the prosecution's version (according to the Prosecutor General's Office and the SBI) and Concorde Capital's statement about pressure on business.
Media report
Справу Мазепи поставили на паузу: з моменту гучного затримання пройшов рік (opens in a new tab)
The latest source available to the editors on the land case: according to Mazepa, the investigation has been suspended, not closed.
Media report
Contains the National Police reply: the proceedings were closed because no criminal offence was found; no one was served a notice of suspicion.
Registry
CONCORDE CAPITAL UK LIMITED — officers (opens in a new tab)
Official register: officers of the UK company and the dates of their appointments (extract as of 22.10.2026). It does not show owners.
05Participants' positions
Statements about a passive role, a small stake and an exit from the project do not mean clients got their money back. We set the participants' explanations against the known consequences and flag separately what has not been established.
Concorde Bermuda Ltd.
Concorde Bermuda Ltd. agreed to the settlement “without admitting or denying” the SEC's allegations. The editors found no separate public statements by the company or Ihor Mazepa about the case.
01 Concorde Bermuda and the SEC's USD 4.2 millionIhor Mazepa
Ihor Mazepa, according to Interfax-Ukraine, stated that his stake in OMP-2013 was a minority one and that the volume of foreign transfers was insignificant.
02 TYME lost its NBU registrationIhor Mazepa
2021: Mazepa said the stake was a minority one, up to 10%, so he had no influence over the company. When management began using his name to attract investors, he asked the majority shareholders to buy out the stake; according to him, they lost money on the project.
03 PrivateFX: a co-investor's exit and clients' lossesIhor Mazepa
In January 2025 Mazepa stated that the SBI had neither closed the case nor brought evidence to court within the one-year period, but had suspended the investigation, citing international legal assistance.
04 Land case near the Kyiv HPPIhor Mazepa
Mazepa, according to reports of 10 February 2026, said he was cooperating with the investigation.
05 Fatal accident and the police decision06Latest updates