GPay Ltd, which traded as XtraderFX and formerly as Cryptopoint, targeted people in the UK and abroad, advertising its services online and via social media channels. Customers were encouraged to use its trading platform through advertisements that falsely claimed the service was supported or endorsed by Martin and other entrepreneurs.
The Insolvency Service said the firm was wound up on 23 June 2020. Following complaints, investigators found that at least 108 people claimed they had lost just under £1.5 million in total while using the company’s online trading platform. In some cases, the firm’s customers lost money despite paying insurance which was meant to retrospectively cover their losses.
MSE founder Martin Lewis said: “I don’t know whether to dance a jig that these despicable scum have been shut down, or cry that they managed to take so many people’s money. I’ve been fighting scam ads with my face on for four years now – sadly 1,000s have appeared. It’s always been tough to get at the actual scammers, which is why I sued Facebook to try and cut off their publicity.
“Of course this isn’t going to stop scams. It’s just one company of many out there doing similar things, duping people into parting with cash under false promises, and leeching off the reputation of trusted people to do it. I certainly never do any adverts or endorsements (barring for charities), so all those with me in them are false.
“And as online advertising is a Wild West, I’d beware any advert with a well-known face endorsing a slightly offbeat product. Go and do a search first to check it’s legit. Remember though, these ads often appear on legit sites, even broadsheet newspaper sites, so you need to ensure it’s the content you’re looking at, not the ad bars.”
See how to spot Fake Martin Lewis ads for full info.