Date Posted: 
Monday, April 29, 2024

The Washington State Department of Financial Institutions (DFI), Securities Division has received a complaint regarding (main website page) and (account login page), operating under the name “NationTraders,” claiming to be a trusted name in the trading industry. NationTraders offers trading accounts with a tiered fee structure, with fees as high as $100,000. [HL1] 

The investor learned of from several individuals named “Pavel Novak,” “Janice Lace,” “Mark Bridman” and “Matvey Dorofeev” claiming to reside in Cheyenne, WY.  The mode of communication between the investor and these individuals was not disclosed to DFI.  The investor invested a total of approximately $12,000 through the website using the balance of his 401(k) retirement account.

The individuals had the investor wire transfer money into his Coinbase account and proceeded to connect through shared screens on a computer, after which point the individuals presumably gained control of the investor’s computer and transferred the Coinbase balance into the account. The investor executed four additional transfers in the same manner.

After a couple of months, the investor requested assistance in withdrawing the balance of $20,000. The individuals guided the investor through the withdrawal process. The investor received an email shortly after from customer service stating a $3,050 fee was due before the funds could be released, which was not previously disclosed to the investor.

The investor has been unable to withdraw his funds.  These allegations have not been verified by DFI. 

This appears to be what is commonly called and “Advance Fee Fraud”. 

DFI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services. Investment professionals need to be licensed with DFI to offer investments to Washington residents. In addition, most investment products sold need to be registered with DFI. To check the licensing status and to find out if there are any complaints against an investment professional or investment product, please visit FINRA Brokercheck or contact the Washington State Department of Financial Institutions, Securities Division at (360) 902-8760. If you live outside of Washington State, contact your state securities regulator.

If a consumer believes a person or company has violated state law or acted improperly regarding an investment product or service, they may file a formal complaint with the Securities Division.

Additional Resources

Virtual Currency, Cryptocurrency, and Digital Assets Information for Consumers

Information regarding investing strategies, investment products, and how to protect yourself from fraud

What You Can Do to Avoid Investment Fraud