Latvia’s Financial and Capital Market Commission (FCMC) has issued a securities fraud warning against EvoRich, citing the company and its representatives for soliciting investments without proper authorization. The March 9th notice specifically targets EvoRich Latvija's activities on the social network Facebook.
The FCMC’s directive is clear: EvoRich and its associates are prohibited from inviting Latvian residents to invest. This action is equivalent to a securities fraud notice in many other jurisdictions, signaling a serious regulatory concern. The commission also provided instructions for potential victims, advising them to contact the State Police in cases of loss or suspected fraud.
EvoRich is an offshoot of Skyway Capital, a known cryptocurrency Ponzi scheme. The operation is reportedly overseen by Andrey Khovratov, a former executive of Skyway Capital. This connection suggests a continuation of previous fraudulent investment practices under a new corporate identity. Khovratov’s past association with Skyway Capital, which was also involved in deceptive investment schemes, provides critical context for the FCMC’s warning. The FCMC’s intervention aims to protect consumers from potentially illicit financial activities.