Charlene Lensburg | FinTelegram News

Author: Charlene Lensburg

September 27, 2023

Business Insider reports on the EFRI lawsuits filed by scam victims against ING and Payvision!

FinTelegram has reported a number of stories since 2018 about Dutch FinTech Payvision's involvement as a payment processor in broker scams. Payvision was acquired by major Dutch bank ING in 2018 and continued its illicit activities. The European Fund Recovery Initiative (EFRI) has coordinated victim lawsuits against supporting payment processors like Payvision for years. Business Insider has now also reported on these lawsuits.

FinTelegram

September 25, 2023

U.S. SEC Fines Deutsche Bank Subsidiary DWS With $25 Million for AML & ESG Violations!

The U.S. SEC announced two separate enforcement actions against DWS Investment Management Americas Inc. (DIMA or DWS), an affiliate of Deutsche Bank AG. The first action pertains to DIMA's negligence in establishing an Anti-Money Laundering (AML), while the second addresses misleading statements about its Environmental, Social, and Governance (ESG) investment practices. DIMA has consented to pay penalties totaling $25 million to resolve these charges.

September 22, 2023

Former Wirecard Supervisory Board Member Paints A Dark Wirecard Picture In The Munich Trial!

Since the end of 2022, the Wirecard scandal has been under trial at the Munich Regional Court. Witness and former supervisory board member Vuyiswa M'Cwabeni explains why even the Supervisory Board failed to prevent it. Her testimony is partly disturbing, court reporters say. She tells of appeasement, moments of shock and bewilderment. The former Wirecard supervisory board member M'Cwabeni testified in the Munich Wirecard trial.

September 21, 2023

Italian Watchdog Consob Finally Has Awakened From Hibernation And Ordered 5 Blackouts.

After many weeks of summer break, the Italian financial regulator Consob has finally returned with investor warnings. The long break was incomprehensible and irresponsible, as we have complained about here. In the press release of September 20, 2023, Consob announced the blackout of five illegal financial websites. This brings the total number of websites blocked for Italian visitors to date to 935.

September 21, 2023

A Steep Fall From Grace: Standford University To Return FTX Donations!

Stanford University allegedly plans to return substantial charitable donations it received from collapsed crypto exchange FTX, founded Sam Bankman-Fried (SBF). The contributions, amounting to over $5.5 million, were allegedly influenced by Joseph Bankman and Barbara Fried, both professors at Stanford Law School and parents of SBF. Allegedly, these donations were made to enhance the professional and social standing of the professors at the expense of FTX Group.

People Radar

September 18, 2023

People Radar: Latvian Payment Veteran Edgars Lasmanis And His Ventures!

We have stated in our review of the offshore broker RoboForex that it offers its financial products in the jurisdictions of the EEA without the appropriate regulatory permission. New clients without KYC can also make quick deposits via credit/debit cards. One of the facilitating payment processors is Walletto, founded by Edgars Lasmanis and supervised by the Bank of Lithuania. Here is a short portrait.

September 11, 2023

Attention: Do Not Fall For The Crypto Investment Scheme ATLE LECTRA!

The ATLE LECTRA crypto investment scheme offers various investment plans that are supposed to deliver up to 2.3% interest per day. Yes, indeed, interest rates are currently high, but not that high. This is complete bullshit. The operator is the Danish registered financial company ATLE Invest ApS, which has nothing to do with it. The ATLE LECTRA scam simply hijacked the credentials of this company. Stay far away and protect your financial health.

September 8, 2023

Attention: Be Careful With The Fund Recovery Scheme Aemilius Cupero!

Fund recovery for victims of cyberscams is becoming an increasingly large field of activity for scammers and lawyers. The latter are not scammers, of course, but have state licenses to give legal advice and represent people. In many cases, however, the result is also meager. Clients pay high fees and in 9 out of 10 cases do not get their money back. We advise caution with US fund recovery scheme Aemilius Cupero.

September 7, 2023

French-Israeli Diamond Tycoon Beny Steinmetz Released On Bail In Cyprus!

FinTelegram and other media outlets reported last week that Israeli entrepreneur Beny Steinmetz was arrested in Cyprus on a conviction and arrest warrant in Romania. According to the court verdict, he was allegedly involved with Tal Silberstein and other partners in Romania's large-scale fraud and corruption scheme. He was sentenced to 5 years in prison. Steinmetz has now been released on bail in Cyprus.

September 3, 2023

US Regulator SEC Under Pressure With Its Lawsuits Against U.S. Crypto Firms!

The U.S. SEC has been embroiled in various legal battles with crypto companies to exert its authority over the rapidly evolving digital asset landscape. Notably, Coinbase, the public-listed US crypto platform, and Ripple, a crypto remittance network, have heatedly confronted the SEC. Biden's appointed Chair of the SEC, Gary Gensler has come under pressure recently for his approach against the crypto industry.

August 31, 2023

The Interesting Bankruptcy Case Of The U.S. Crypto Company Prime Trust And The Lessons To Learn!

In a remarkable series of events that underscores the evolving legal challenges of the digital age, crypto firm Prime Trust has found itself facing bankruptcy following an incident involving the loss of access to a crypto wallet containing $38.9 million. This situation has stirred debates and discussions in the crypto industry and again raised questions about the efficient regulatory supervision of crypto companies. Here is a short analysis of the Prime Trust Case.

August 31, 2023

Introducing Hyphe: Dutch Crypto Service Provider Hyphe Secured BaFin License!

Amsterdam-based digital asset liquidity firm Hyphe, with its registration as a crypto service provider under the Dutch Central Bank (DNB), has marked a significant milestone. Its German arm, Hyphe Markets GmbH, has acquired a license as an Investment Firm per the German Securities Institutions Act (WpIG) and European Investment Firm Regulation (IFR). This positions the company to extend trading services to financial entities in Germany.