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Fraud Without Consequences: How Konstantin Chernenko's Business Operates

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Fraud Without Consequences: How Konstantin Chernenko's Business Operates

After the scandals two years ago around the Fresh Forex Ukraine exchange, it seemed that it had ceased to exist, and law enforcement had brought criminal cases against its owner Konstantin Chernenko to a logical conclusion.

 

But the skeptics were right — after loud statements and searches in the offices of Konstantin Chernenko's companies, for which he sharply criticized the police and authorities, everything quickly quieted down. As of the end of November 2024, Chernenko is still listed as the owner of companies involved in schemes to deceive citizens and illegally seize funds.



The fact that all threats from the police and prosecutor's office yielded no results is confirmed by an analysis of court registries. Chernenko's name appears frequently, but there are no criminal proceedings — mostly property disputes and lawsuits against the media for "protection of honor and dignity." Moreover, Chernenko even filed a lawsuit against the National Police of Ukraine for 18,450 hryvnias — allegedly for damage to property seized during searches. The court denied the claim, but the decision is not yet final — the case is in cassation.

It is noteworthy that one of the court decisions confirms the existence of a criminal case initiated back in 2018 under Part 4 of Article 190 of the Criminal Code of Ukraine (fraud on a particularly large scale). However, information about the progress of the case is not publicly available, and the seized equipment was returned, which may indicate the actual termination of the investigation.


How is "Prof Advice" connected to the activities of Fresh Forex Ukraine, when the latter seemingly has its own legal entity — LLC "Fresh Forex Ukraine"? The connection is direct: Konstantin Chernenko's company operates under different names — Want Trade, Want Broker, Prof Advice LLC, Omni Stock Investment, and others. LLC "Prof Advice" is one of the offices, more precisely, call centers, where employees call Ukrainians using stolen or purchased databases and offer them to "profitably invest" in the stock market. At least two projects operated under this guise — Want Trade and Want Broker. Those who believed and invested money ultimately face complete disregard: once everything possible is extracted from the client, access to the "brokers" is simply blocked.

As for FreshForex Ukraine itself, it continues to operate. This is easy to verify by visiting the official website. The same services are still offered there — quick and easy investments in the stock market. Judging by the language settings, the main target audience remains the post-Soviet countries, including Russia, as well as former socialist bloc countries, predominantly developing ones.


It is noteworthy that just last year, the main page of the FreshForex Ukraine website featured a banner stating that the company "has no representations in the Russian Federation." However, slightly below in the text, the opposite was stated: FreshForex allegedly entered into a strategic partnership with LLC "Alfa-Forex" — a structure established by "Alfa-Bank" and licensed by the Central Bank of Russia. Clients were offered to start working on international markets by opening an account specifically with "Alfa-Forex." Now this banner has disappeared from the site. This may indicate that the services of the intermediary in the form of "Alfa Group" by Mikhail Fridman and German Khan are no longer needed.


Who owns the FreshForex website remains unknown. In the section where information about the resource owner is usually placed, such information is absent. It is only stated that FreshForex is a brand providing access to online trading in more than 158 countries worldwide. Among the partners mentioned are European liquidity providers, banks, and payment systems with which the company has allegedly been cooperating for over 19 years.

Nevertheless, legally, the Fresh Forex Ukraine website cannot belong to LLC "Fresh Forex Ukraine," as this enterprise was liquidated through bankruptcy proceedings. Potential investors seeking quick profits usually do not bother to verify such information. On what legal grounds Konstantin Chernenko manages this site is unclear, but it continues to this day. Previously, until 2017, the site stated that its owner was Riston Capital Ltd, registered in Saint Vincent and the Grenadines. However, as investigative journalists established, this information was not true, and after publications, it was removed.

To date, data on the specific legal entity that owns the Fresh Forex site is absent. The documents offered for signing to clients also do not contain details. At the same time, the "Registration" section explicitly states that the client must not be a citizen or resident of a number of countries such as Belgium, China, North Korea, France, Hong Kong, Spain, the United Kingdom, and the USA — countries where particularly strict requirements are imposed on the activities of such financial platforms.

 

However, all this does not in the least prevent the emergence of new "forex brokers" ready to offer services on behalf of Fresh Forex Ukraine. At the same time, it has not been possible to establish whether this platform has any relation to the real Forex currency market. Usually, such details begin to interest clients only after the invested funds disappear without a trace, and then there is only one way left — to try to find out the truth and look for ways to file a claim.

None of the ways to file claims, of course, leads to any real legal consequences. And this is not just an assumption — in practice, it is confirmed by the fact that Fresh Forex Ukraine continues to operate. And its founder, Konstantin Chernenko, instead of responding to accusations, seeks compensation through the courts for property allegedly damaged during searches.

It is obvious that the funds Chernenko managed to collect thanks to his "investment empire" were not enough for him. The irony of the situation is that despite all the loud statements and actions of law enforcement, the system was unable to bring the case to a result. All high-profile investigations and search shows end in nothing. And since this is the case, it is quite logical that he demands compensation.

It's just a pity that in the end, it will not be the investigator or prosecutor who failed to bring the case to court who will pay for this process, but the Ukrainian taxpayer. That is, the very citizen whom this scheme may have already left without savings. But that, as they say, is another story.

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