Category: Law and Order
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FinTelegram Uncovers The Beginnings Of Collapsed Wirecard!
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According to the latest FinTelegram report, Wirecard was a local German payment processor until 2007. The international take-off started with the acquisition of Trustpay International AG and the two payment veterans Ruediger Trautmann (2005) and Dietmar Knoechelmann (2006). Wirecard acquired companies from them in complicated and secretive transactions, creating a…
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Leonteq Defends Itself Against Allegations Of Money Laundering!
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Fintech Leonteq defends itself against accusations from the media that the company has enabled money laundering and tax evasion. Derivatives provider Leonteq has again denied allegations concerning two products it issued. A series of investigations had not revealed any evidence that would justify accusations of aiding and abetting money laundering…
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ING Subsidiary Payvision And Its Founder Prosecuted For Alleged Money Laundering And Cybercrime Facilitation!
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According to a report by De Nederlandsche Bank (DNB), criminal investigations have been launched against Payvision, the Dutch media outlet FD reports. The Amsterdam-based ING subsidiary allegedly deliberately neglected money laundering controls for years. The Dutch regulator DNB reportedly warned ING about the deficiencies several times but saw little improvement.…
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Former Binary Options Scammer Launched A Startup Fund For Convicted Cybercriminals!
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In September 2020, Israeli Gal Barak was sentenced to four years in prison by a court in Vienna for investment fraud and money laundering. He was released on parole in 2021 and has since launched the Vantage Fund in Israel to fund convicted cybercriminals and their startups. However, German prosecutors…
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Searching The Wirecard Millions? FinTelegram’s Investigative Journey To Find Answers!
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FinTelegram launched a new series about the search for the vanished Wirecard millions. The only big question at Wirecard was and is where around €1.9 billion remained. The Wirecard collapse in 2020 triggered one of the biggest financial scandals in Germany. While founder and CEO Markus Braun is still in…
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Wanted: Vanished Serbian BoomBill Allegedly Stole Millions From Its Merchants!
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The vanished BoomBill was the trading name of the Serbian Boom Financial Management DOO, registered in Belgrade. It was a merchant of record or master merchant of Xcepts and allegedly used a fake individual and a fake company to receive an account from Xcepts. Boom had many sub-merchants, one of…
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Flutterwave Has Accounts Frozen In Kenya Over Money-Laundering Allegations!
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A Kenyan tribunal froze more than $40m in accounts belonging to fintech company Flutterwave under the country’s anti-money laundering laws. Kenya’s Assets Recovery Agency sought and was granted a High Court order to freeze several accounts with three banks belonging to Kenyan-registered Flutterwave Payment Technology Ltd.
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Maximum Money Mobility, Fraud Protection, And Money Laundering!
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An interesting report of Money Mobility Tracker®, a PYMNTS and Ingo Money collaboration, presents a survey that shows that customers of financial institutions (FI) expect both maximum money mobility and fraud protection. The faster money moves, the greater the risk of fraud but consumers typically resist fraud prevention measures, mainly…
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US FCA Reports Exposes Crypto & Social Media As Preferred Cybercrime Tools!
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Cybercriminals and scammers embraced crypto ever since its inception. The US FTC reported that since the start of 2021, more than 46,000 people have reported losing over $1 billion in crypto to scams – that’s about one out of every four dollars reported lost, more than any other payment method.…
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Breaking! Reuters Report Accuses Binance Of Crime Facilitation!
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Reuters published an interesting report about the world’s largest crypto platform Binance. According to the report, Binance processed transactions totaling at least $2.35 billion stemming from hacks, investment frauds, and illegal drug sales between 2017 and 2021. Allegedly, in 2019 Binance processed criminal funds totaling $770 million.