The two Israeli Chaim Elazar Bornstein and Mordechay Litke are the perpetrators behind some of the biggest binary options scams over the last couple of years such as KayaFX, StoxMarket, or Broker Yard. Typically, they acted via trustee companies. The Seychelle citizens Genevieve Magnan or Vanessa Payet acted as directors of Marketier Holdings Ltd or Profitier Ltd respectively.
FinTelegram News
The European Funds Recovery Initiative (EFRI) was founded in November 2018 by FinTelegram Investors Protection Ltd (“FinTelegram”) together with auditors and lawyers. The original EFRI mission was to provide support to scam victims in recovering their losses. The former EY partner Elfriede Sixt, was appointed as EFRI Principal. As an auditor and Certified Public Accountant, she has focused for years on FinTechs and is also an expert in IFRS and due diligence. Since its inception the EFRI mission has evolved along with the acquired information on victims, scams, and their perpetrators. Today, we are proud to announce the launch of EFRI NGO, a victim-driven vehicle to recover funds and fight cybercrime.
Payments with credit cards, bank transfers, or PayPal have the advantage that both the buyer and the seller have identified themselves to the involved payment…
German payment veteran Ruediger Trautmann was a member of the Management Board of listed Wirecard until 31st January 2010 and, as Chief Sales Officer, was…
The regulatory week ending May 22, 2020 saw a few interesting developments. While US and UK regulators have been quite busy with investor warnings and…
The US Commodity Futures Trading Commission (CFTC) published a legal notice in The Times of Israel on May 21 in an attempt to inform three…
First Data Merchant Services LLC (First Data), part of one of the US financial services technology provider Fiserv Inc., and one of its executives agreed…
It is almost boring to repeat the same statement over and over again - financial service providers have a very special responsibility for the well-being of society, the economy, and consumers. This responsibility is the reason why we do have financial market supervisory regimes and why financial service providers need licenses and permits. Efficient KYC/AML/CTF procedures are a conditio sine qua non for the dawning cybersociety. In view of the booming cybercrime, we must work much more radically on a global compliance regime.
Many good stories start with “once upon a time”. Our story about Notesco, a broker regulated by several regulatory regimes, and Wirecard client is no exception. The story took place in Bratislava in spring 2018. At that time some people met at the Grand Hotel River Park to discuss a delicate transaction that involved this globally acing broker.
The Financial Times reported that a $30m lawsuit against PwC for alleged negligence in its audits of a Guernsey-based $150m Ponzi scheme will go ahead…