Malta Financial Services Authority

Category: Malta Financial Services Authority

Malta Financial Services Authority

January 23, 2023

MFSA Officials Accused Of Giving False Court Testimony

There is no end to how low the Malta MFSA can go. Shocking court testimony by an MFSA official claimed that two former officials hid documents from the magisterial inquiry into the operations of Pilatus Bank. According to Anthony Sacco, these documents were hidden in a safe on the Authority’s premises that were only accessible by two MFSA officials. However, new information shows that these officials had already left the MFSA and, as such, could not have had anything to do with concealing the documents from the inquiring magistrate.

January 10, 2023

The Intransparent Maltese Regulator

The Maltese mess around its regulators continues. Most recently, the MFSA was again in the spotlight of scandals. The resignation of short-lived Irish CEO Joseph Gavin caused turbulence because he had apparently received a lucrative agreement to carry out an orderly handover. Something that probably shouldn't be remunerated separately one would think. The MFSA and the Maltese Finance Minister Clyde Caruana refuse to publish this €65,000 contract, The Shift reports.

January 2, 2023

Really? Former MFSA Officials Hid Pilatus Bank Documents In Office!

The Malta Financial Services Authority (MFSA) just keeps making headlines for the wrong reasons. Shocking court testimony by an MFSA official revealed that two MFSA officials hid documents from the magisterial inquiry into the operations of Pilatus Bank in a safe on the Authority’s premises that was only accessible by two people who are no longer at the Authority. This testimony was revealed on Maltese television by a local NGO President.

Malta Financial Services Authority

January 2, 2023

MFSA: The Maltese Intransparency Problems With Its Regulators Continue!

The regulatory environment in Malta is different. Very different, indeed. The Maltese online platform Shift revealed that Malta Financial Services Authority (MFS) entered into a questionable arrangement to pay its retired former CEO Joseph Gavin some €65,000 for him to “give a handover” to the new acting CEO, a senior MFSA executive. Gavin stepped down last summer after being absent from work for over a month but was still paid €11,000 per month.

October 28, 2022

MFSA Warns Against Crypto Schemes NitroEx, Quickx, and CNexchange!

The Malta Financial Services Authority (“MFSA”) issued a warning against Nitro Software Technologies Ltd d/b/a NitroEx (https://www.nitroex.io). Another warning was issued against the illegal broker Quickx Limited d/b/a Quickx (https://www.quickx.io) and CNexchange (www.cnexchange.io), which promote their services as "world-class crypto platform," “online digital asset trading platform" or "the futuristic payment token." You should stay far away.

Malta Financial Services Authority

October 27, 2022

Malta’s Michael Grech Financial Investment Services Loses Bid Not To Pay For Damages

In March 2022, MFSA’s regulated Michael Grech Financial Investment Services Ltd (www.michaelgrechfinancial.com) was ordered to pay €43,000 in damages to a couple. The investment firm has its offices at Gozo, a small island within the Maltese peninsula. The Maltese Arbiter ordered the company to pay €43,000 in damages to former clients who lost a substantial part of their investments. Michael Grech is the company’s main shareholder and director.

Malta Financial Services Authority

October 18, 2022

Malta’s MFSA Refuses To Answer Questions On Calamatta Cuschieri’s Operations

Questions sent to the acting CEO of the Malta Financial Services Authority (MFSA), Michelle Mizzi Buontempo, have remained unanswered. Calamatta Cuschieri Investments Services Limited, a MFSA-licensed firm, has been named by a convicted criminal under oath in court, for dishing him out some €500,000 in cash. She was asked whether the MFSA considers such dodgy transactions as legal and if an investigation into Calamatta Cuschieri’s operations is being carried out.

September 26, 2022

Former Binary Options Provider Deriv Continues Expansion With Great Client Feedback!

The former binary options broker Deriv used to operate with the vanity domain Binary.com. It was authorized by the UK Gambling Commission and the Maltese MFSA and MGA. Binary options have been banned in most regulatory regimes due to their susceptibility to fraud. Now Deriv offers Forex, CFDs, and crypto with the new brand and domain and is expanding. One center of activity is Belarus, among other countries, according to a LinkedIn post. Here is an update.

September 18, 2022

Interesting: MFSA And Malta Face Damages Claims From Pilatus Bank Owner!

FinTelegram has already reported many times on the unorthodox approach of Maltese authorities against money laundering and illegal investment practices. The collapsed Pilatus Bank is maybe a perfect example of the failure of Maltese regulators. The online magazine Shift reports that the investigating European law enforcement agencies are coming under pressure. In a pending arbitrage case, the World Bank's ICSID recommended suspending criminal investigations against its owner Ali Sadr, who also seeks compensation for damages.

Malta Financial Services Authority

September 13, 2022

Maltese Tribunal Overturns Covid-19 Related MFSA Fines

A tribunal has overturned a fine the financial regulator imposed on the MFSA-regulated investment firm Curmi & Partners for submitting its accounts late due to “administrative difficulties” caused by the COVID-19 pandemic. They were fined €5,000 for filing their audited accounts and other statutory returns three weeks after the April 2020 deadline. The tribunal concluded that an MFSA “concession” should not be lost because of formalities.

September 4, 2022

MFSA’s CEO Called It A Day. What A Regulatory Mess!

FinTelegram reported that the Irish Joseph Gavin resigned from his post as CEO of the Maltese Financial Services Authority (MFSA). Earlier this month, MFSA announced that Gavin would resign later this year. However, he resigned before the end of the Summer. The Irish lawyer was appointed to the financial regulator in July of 2021 on a package reportedly worth €160,000. The previous CEO, Joseph Cuschieri, has had to leave in disgrace, and the Acting CEO who succeeded him, Christopher P. Buttigieg, is facing lawsuits surrounding his conduct as an MFSA official. A mess!

September 1, 2022

US Regulator Accuses Malta-Based Firm Of $75 Million Racket

A Malta-based advisory firm has been charged along with its owners with defrauding clients out of more than $75 million, the U.S. Securities and Exchange Commission (SEC) announced. The company was licensed by the Malta Financial Services Authority (MFSA). In a statement, the financial watchdog said it had charged two North Carolina-based executives, Gregory Lindberg and Christopher Herwig, and their Malta-based registered investment advisory, Standard Advisory Services Limited.