When the Wirecard trial begins on December 8, the main question will be: Who is responsible for the scandal? Markus Braun, the long-time chief executive officer (CEO) of the Wirecard Group, and Oliver Bellenhaus, the managing director of a Wirecard subsidiary in Dubai, will have to answer critical questions!
The German Federal Financial Supervisory Authority BaFin grants Bitpanda the "license for custody and proprietary trading of crypto assets".
The company, which is registered as...
The European Funds Recovery Initiative (EFRI) filed a criminal complaint against Payvision and its former management, Rudolf Booker, Gijs op de Weegh, Cheng Liem Li. According to EFRI, the Amsterdam-based Fintech and licensed payment processor Payvision has been knowingly and willingly facilitating cybercrime and scams. Thus, Payvision would be liable for the victims' losses and has to refund them, EFRI principal Elfriede Sixt explains.
Unit21 and other U.S. consumer fintech community members have joined forces to launch the Fintech Fraud Decentralized Autonomous Organization (DAO). Participating fintechs include Brex, Chime, PrimeTrust, Yotta and Airbase. This decentralized network uses a collaborative approach to data sharing to detect and combat fraud. The DAO is expected to process data from 20% of all U.S. fintech customers to help the industry transition from fraud detection to fraud prevention.
The 40-year-old social media influencer became known for a lavish lifestyle supported by money laundering. The Nigerian social media influencer who called himself Ray Hushpuppi and bragged about a lavish lifestyle supported by laundering millions of dollars was sentenced Monday in Los Angeles to more than 11 years in prison and has to pay $1.7 million to two fraud victims.
Aruk Fatih Özer, founder and CEO of Turkish cryptocurrency exchange Thodex, which was shut down last year, has been arrested in the Albanian coastal city of Vlora. The Turkish interior minister announced on Tuesday. Özer, 28, is accused of disappearing with his customers' money more than a year ago. Around 400,000 Thodex users were affected. He faces over 40,000 years in prison under the Turkish legal framework.
The Malaysian government has established a National Scam Response Center (NSRC) to improve inter-agency coordination and enable rapid response to online financial fraud. The command centre is a joint effort between the National Anti-Financial Crime Center (NFCC), Polis Diraja Malaysia (PDRM), Bank Negara Malaysia (BNM), the Malaysian Communications and Multimedia Commission (MCMC), and financial institutions and the telecommunications industry.
The U.S. Securities and Exchange Commission (SEC) has filed charges against Douver Torres Braga, Joff Paradise, Keleionalani Akana Taylor and Jonathan Tetreault for their roles in Trade Coin Club. This fraudulent crypto Ponzi scheme collected more than 82,000 Bitcoin worth $295 million from more than 100,000 investors worldwide. Like all MLM Ponzi schemes, Trade Coin Club enriched only its owners and top promoters. Brage fled Florida for Brazil behind MLM notes.
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 huge international high-risk payment volume. Here is the story of Wirecard's internationalization.
