Contents
In brief
PrivateFX clients lost out: according to TSN, as of May 2018 they had not got their funds back, and the PrivateFX and PrimeBroker websites were down. Before that, in April 2017, the broker was sold to PrimeBroker, according to the same source. Concorde Capital was a co-investor in PrivateFX — Mazepa publicly confirmed this in 2016. In 2021 he said he had left the project, explaining this by the use of his name to attract investors. The editors have not established the exact date and terms of his exit from documents.
Editorial conclusion According to TSN, as of May 2018 PrivateFX clients had not had their money returned. They lost out. Mazepa, for his part, described his own exit from the project, citing a passive role, a stake of up to 10% and the use of his name. For those affected, these explanations resolve nothing: a co-investor's exit is not the return of their funds. The sources cited contain an account of his exit but no confirmation that clients were paid. It is this unresolved problem for them that defines the assessment of the episode. Mazepa also spoke of his own losses; there are no grounds to claim that he left without losses or deliberately left clients without their money. The further status of the claims has not been established.
Status
Status of claims not established
Status as of
No court or regulatory decisions concerning PrivateFX or its clients' claims were found in the sources available to the editors. The status of investor claims after May 2018 has not been established.
Case passport
- Period
- 2015–2018; public explanations — 2016 and 2021
- Jurisdiction
- Not established (forex broker, clients in Ukraine)
- Case number
- Not established in available sources
- Participants
- PrivateFX
- Concorde Capital (co-investor, according to Mazepa)
- PrimeBroker (buyer, per media)
- PrivateFX client-investors
- Status
- Status of claims not established ·
What is established
- Documented
On 11.04.2016 Gazeta.ua published an interview in which Ihor Mazepa, as owner and CEO of Concorde Capital, confirmed that the company was a co-investor in PrivateFX. [1]
- Media report
According to TSN, PrivateFX was sold to PrimeBroker in April 2017; as of May 2018 investors had not recovered their funds and the PrivateFX and PrimeBroker websites were down. TSN also describes PrivateFX as the technical successor of Forex Trend. [2]
- Editorial assessment
For the editors' assessment, the key point is the gap between the explanations about involvement and the outcome for clients: Mazepa spoke of a passive role, a stake of up to 10% and an exit, while the media reported investors' money not returned. Leaving the capital and settling with those affected are different events. Mazepa described the first; the sources cited contain no confirmation of the second. [1][2][3]
What the parties say
Ihor Mazepa
- Party's position
2016: Mazepa stated that Concorde Capital played an “absolutely passive” role, was only a co-investor and did not interfere in PrivateFX's operations. [1]
- Party's position
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. [3]
PrivateFX clients (as reported by the media)
- Media report
Investors, according to media reports, complained that they could not recover their funds after the PrivateFX and PrimeBroker websites were closed. [2]
Timeline
Launch of PrivateFX (according to Mazepa in a 2016 interview — at the end of 2015) [1]
Mazepa interview: Concorde Capital is a passive co-investor in PrivateFX [1]
Sale of PrivateFX to PrimeBroker (per media) [2]
Investors had not received their funds; the PrivateFX and PrimeBroker websites were closed (per media) [2]
Interview with Ekonomichna Pravda: Mazepa speaks of a stake of up to 10% and his exit from the project [3]
Documents and materials
- 1
2016 interview: Mazepa confirms that Concorde Capital is a co-investor in PrivateFX and calls the company's role passive.
https://gazeta.ua/ru/articles/economics/_igor-mazepa-concorde-capital-yavlyaetsya-soinvestorom-novoj-brokerskoj-kompanii-privatefx/691250
- 2
Ігор Мазепа та Concorde Capital: що відомо про бізнесмена, якого затримало ДБР (opens in a new tab)
Background piece on Mazepa's biography, Concorde Bermuda, TYME and PrivateFX. A media report without references to primary documents.
https://tsn.ua/ukrayina/igor-mazepa-ta-concorde-capital-scho-vidomo-pro-biznesmena-yakogo-zatrimalo-dbr-2496073.html
- 3
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.
https://epravda.com.ua/rus/publications/2021/12/22/680883/
What remains unknown
- The editors have not obtained documents confirming the size of Concorde Capital's stake, the date of exit or the terms of the company's sale.
- There is no verified total of investor claims; the editors do not publish estimates without a documentary basis.
- The RBC investigation (2018) could not be accessed for verification (HTTP 401); its findings are not used.
- Whether clients filed lawsuits has not been established in the available sources.
Related cases
TYME: assured it complied with sanctions — and lost its registration
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
Concorde Bermuda: USD 4.2 million to settle the SEC's claims
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
Change history
Last editorial check:
- — Editorial update: new title, card, summary and editorial conclusion.
- — First publication. The RBC investigation is marked as unreachable.
There have been no material corrections.