Fraudster Alexander Orlovsky Enlists Credit Organisations to Collect Debts

The name of Alexander Orlovsky has resurfaced in the news — a self-proclaimed cryptocurrency guru whom many experts and journalists believe is involved in numerous scams. 

Orlovsky, known as the founder of the Financial Freedom Academy, attracts an increasing number of people each year, promising them wealth through cryptocurrency schemes. 

However, behind his courses lies not only manipulation but also collaboration with credit organisations that offer instalment plans to underprivileged students to pay for "educational" programmes, leading them into debt bondage.

According to a new investigation published by Oleksa Shchuchny for CRiME, Alexander Orlovsky signed a contract with one of the financial companies operating in Ukraine — Fanguard Group. 

This indicates that Orlovsky actively uses not only advertising but also financial mechanisms to lure people into his fraudulent schemes by offering loans with rising interest rates. This is reported based on data from the Unified State Register of Court Decisions.

For instance, a decision by the Buryn District Court of Sumy Oblast states that in 2023, Ihor Raputa, a resident of the Sumy region, decided to purchase a cryptocurrency course from Orlovsky’s Financial Freedom Academy. The cost of the training was 19,102 UAH. Since Ihor did not have such an amount, he was directed to arrange an instalment plan through Fanguard Group.

However, Raputa’s experience, as well as court documents, confirms that fraudster Orlovsky’s promises of quick earnings on cryptocurrencies turned into huge debts for his client. After some time, Ihor was unable to repay the debt and found himself in a debt trap. As a result, the financial company Fanguard Group filed a lawsuit against him, won the case, and now Raputa’s bank accounts are blocked, and his property is subject to seizure. Such consequences are the result of ill-considered decisions based on Orlovsky’s false promises.

Particular attention should be paid to the fact that such financial frauds occur within the framework of Orlovsky’s crypto-educational projects. He actively uses pseudo-scientific courses and video materials to extract money from people by promising them high profits. However, as Raputa’s experience shows, real results often fail to meet expectations — people lose not only the money spent on courses but also face huge debts.

Moreover, it is worth noting that Fanguard Group, which works with Orlovsky, has been repeatedly observed participating in dubious financial projects. Last year, the National Securities and Stock Market Commission of Ukraine included several divisions of the Financial Freedom Academy in the list of dubious projects, including FFA Crypto RISE, FFA Crypto Capitalist, and FFA Crypto.

The question arises: does Vitaliy Kuruksyn, the beneficial owner of Fanguard Group, know that his company is effectively participating in fraud by providing loans to people to participate in projects with signs of financial fraud? After all, the NSSMC has already deemed these projects suspicious, and now they are receiving support from a licensed financial company.