Merle Liivand’s Name Dragged into Fraud: XTCC Founders Mislead Investors Without Her Consent

As XTCC began attracting skeptical attention, Merle Liivand, an Estonian competitive swimmer and environmental ambassador, wrote to clarify her non-involvement with the company after her name was misused by Scott Levy, Alper Deniz, and Stuart Gordon in an ESG scam.

Liivand wrote. “After visiting their headquarters in Tallinn, Estonia, I decided not to collaborate. My lawyer and I made this decision after a brief meeting and a Zoom session. I am not involved with them.”

This email was a crucial blow to XTCC. It exposed how Scott Levy, Stuart Gordon, and Alper Deniz were willing to leverage false claims to lure investors, using names like Liivand’s without permission. Her email not only discredited XTCC but also painted a clearer picture of the scheme’s true masterminds.

The Real Faces Behind XTCC: Scott Levy, Stuart Gordon, and Alper Deniz

With Liivand’s name cleared, attention turned back to the three central figures of XTCC and Bedford Row Capital: Scott Levy, Stuart Gordon, and Alper Deniz. Their previous involvement in multiple scandals now came to light as part of a broader, calculated effort to deceive investors and exploit the rising trend in ESG (Environmental, Social, and Governance) and green investments.

Scott Levy: The “Visionary” Behind Bedford Row Capital

Dr. Scott Levy, CEO and co-founder of Bedford Row Capital (BRC), is a name well known in structured finance. With a background in debt capital markets and a portfolio spanning London, Tallinn, Monaco, Dubai, and Singapore, Levy has built a global presence, marketing himself as an innovator in capital raising. His resume highlights his extensive experience in Islamic finance, sukuk issuance, and structured products, as well as his leadership in the “democratization of capital markets.” Yet, beneath this impressive facade lies a history of using innovation and “disruption” as covers for fraudulent schemes. His involvement in the XTCC venture underscores a willingness to manipulate trending markets, like ESG, for personal gain.

Alper Deniz: The Untouchable Lawyer

Alper Deniz, a solicitor since 1999 (SRA ID: 30020), has long navigated the legal side of controversial financial ventures. As a director at Truva Legal Services Limited and a consultant at Keystone Law Limited, Deniz has experience across banking, financial services, and restructuring. Known for escaping previous legal repercussions, Deniz has cleverly portrayed himself as an unwitting participant in questionable dealings. However, his deep involvement in Bedford Row Capital’s Ponzi scheme and his subsequent role with XTCC suggest otherwise. Deniz used his legal knowledge to shield his partners and the company from scrutiny, positioning XTCC as a legitimate ESG investment opportunity to lure unwary investors.

Stuart Gordon: The Mastermind in Thailand

Stuart Gordon, the Chairman of Bedford Row Capital Advisors and co-founder of Financial Engineering Solutions Ltd, has over 50 years of experience in financial services. A qualified actuary, Gordon built a career in asset management, advising pension funds, and co-founding companies like Escher UK Asset Management. Currently based in Pattaya, Thailand, he is known for his extensive directorships and an outward dedication to financial innovation. However, Gordon’s expertise in investment management has often been wielded to design complex schemes that deceive rather than deliver value, as seen in his key role in both Bedford Row Capital and XTCC.

XTCC’s Desperate Attempt to Attract Investors

Desperation set in as XTCC’s founders realized they needed credible names to maintain their scheme. Merle Liivand’s environmental advocacy and passion for ocean conservation initially made her an ideal candidate. Without consent, they used her name to bolster XTCC’s ESG appeal, hoping that associating with a Guinness World Record holder and global ambassador would draw investors. When Liivand discovered the misuse of her identity, her legal team quickly demanded her name be removed from any XTCC affiliation, exposing the company’s manipulative tactics.

This wasn’t the only time XTCC resorted to false claims. Levy, Deniz, and Gordon continuously sought other influential figures to create a semblance of legitimacy, falsely implying connections with respected ESG professionals and creating fabricated endorsements to attract funds. This pattern of deception illustrated their willingness to exploit anything—false endorsements, inflated credentials, and industry buzzwords—to maintain their operations.

The Unraveling of XTCC: Exposing Levy, Deniz, and Gordon as Scam Artists

With Liivand’s public denial and mounting evidence against XTCC, it became clear that Scott Levy, Alper Deniz, and Stuart Gordon were nothing more than seasoned scam artists. Their modus operandi involved launching companies with high ideals, promoting themselves as industry disruptors, and carefully selecting trending sectors like ESG to exploit investors’ goodwill. The trio’s willingness to bend the truth—creating fake partnerships, overstating endorsements, and even fabricating board members—underscored a deeper pattern of manipulation.

As XTCC’s latest scam unraveled, their previous scams under Bedford Row Capital came back under scrutiny, highlighting how they had successfully avoided accountability in the past. Investors, initially captivated by XTCC’s ESG mission, began to see through the facade, realizing that Levy, Deniz, and Gordon’s main expertise lay not in sustainable finance but in sustained deception.

Conclusion: A Warning to Investors

The exposure of XTCC serves as a potent warning to investors about the dangers of greenwashed investments and false promises in the ESG sector. The likes of Scott Levy, Stuart Gordon, and Alper Deniz prove that even sophisticated investors can fall prey to well-orchestrated frauds, especially when the masterminds understand how to appeal to popular trends and values.