Money Laundering | FinTelegram News

Category: Money Laundering

December 1, 2020

PPRO Group and its involvement in vast scam operations

PPRO Group consists of PPRO Financial Limited (www.ppro.com), an e-money institution (EMI) regulated by the UK FCA and several other entities in different jurisdictions including South America and Asia. The German PPRO Holding GmbH is the controlling entity. Philipp Nieland, a German citizen, is a director in both companies. The FCA-regulated PPRO Financial has a bank account with the BaFin-regulated Deutsche Handelsbank and through these accounts, it processes payments from scam customers and their victims.

November 30, 2020

KBH Andelskasse clients convicted in the U.S. for $250 Mio money-laundering scheme

The Swedish Monark Finance AB was one of 183 foreign high-risk customers of collapsed KBH Andelskasse. In 2018, transactions with these customers triggered 1,645 money laundering alarms. The bank processed €4.1 billion in that year, the majority of which were suspicious and came from these customers. While the Danish prosecutors investigate KBH Andelskasse the Canadian Firoz Patel, beneficial owner of Monark Finance, has been sentenced to a 3-years prison term for money-laundering in the United States.

November 30, 2020

OneCoin Update – German prosecutors bring charges of money laundering

German prosecutors have not yet brought charges against the crypto-fraud scheme OneCoin and its principals, but are now taking action against the German payment processors involved. This is a somewhat strange approach and legally contestable. The public prosecutor's office in Bielefeld has brought charges against three people for money laundering for the OneCoin scam. which is not yet legally binding. German payment processors processed more than €360 million for the OneCoin Ponzi scheme.

November 11, 2020

FinTech Payvision – Is it really the Dutch Wirecard mini-me?

EFRI was founded in 2018 by FinTelegram together with auditors, lawyers, and victims of scams. The NGO initiated a mass movement with more than 1,000 registered victims and members. EFRI represents the interests of victims towards scammers and their facilitators. The Dutch FinTech Payvision was one of them. EFRI even goes so far as to call Payvision the Wirecard of the Netherlands.

November 2, 2020

Capital Way Group Scam – Update on Facilitating CoinTandam Payment Processor

The UK FCA issued an investor warning against the disclosed broker Scam Capital Way (www.capitalway.com). The forex and crypto broker scam is operated by Eastridge Capital Ltd, a Marshall Islands, and is identical with the Capital Way Group scam (www.capitalway-group.com) and Capital Group Ltd, Bulgaria. Credit and debit card payments are processed through Bitcoin and the Estonian payment processor CoinTandem.

November 1, 2020

Payvision and the EFRI fight for victims’ money!

Without the collaboration of payment processors, scam operations and online fraud schemes would be very difficult if not impossible. Currently, EFRI, co-founded by FinTelegram, is fighting with the Dutch FinTech Payvision for restitution payments to the victims of scams of Uwe Lenhoff and Gal Barak who has been found guilty of investment fraud and money-laundering in the Vienna Cybercrime Trials ("#VCT").

October 11, 2020

Lessons from BitMEX Case – Arrests, warrants, and bribing regulators with coconuts

The U.S. Prosecutors charge the BitMex founders Arthur Hayes, Benjamin Delo, Samuel Reed along with the senior manager Gregory Dwyer with (a) violating the Bank Secrecy Act and (b) conspiring to violate the Bank Secrecy Act, by willfully failing to establish, implement, and maintain an anti-money laundering (“AML”) program at the crypto exchange or BitMEX. The charges each carry a maximum penalty of five years in prison.

October 7, 2020

More news from Danish scam facilitator KBH Andelskasse

The extent of the two scandals surrounding the Georgian-Ukrainian-Israeli scam broker network of the Milton Group on the one hand and the money laundering of the Danish KBH Andelskasse on the other hand is involving exponentially. Authorities from Spain via Denmark to Ukraine are currently conducting intensive investigations. Whistleblowers and victims have provided us with bank details to trace the scammers. As the victim cases of the Milton Group scams, FXPrime and InvestingPro expose.

September 25, 2020

Vienna Cybercrime Trials connected to JP Morgan hack and U.S. Indictment

Georgian-born Israeli Gery Shalon is the son of former Georgian MP and entrepreneur Shota Shalelashvili and the alleged mastermind in the largest financial hack in U.S. history (read DoJ press release). He was arrested in Israel in July 2015 and extradited to the U.S. There he stands in a kind of house arrest, waits for his trial, and is said to help U.S. authorities in their fight against Russia in a bid for leniency.

September 25, 2020

Vienna Cybercrime Trials – Following the Money to former Vienna Stock Exchange CEO

The Israeli Gal Barak was sentenced to four years in prison in the Vienna Cybercrime Trials ("#VCT"). The court ordered that the seized funds and assets be used for restitution payments to the victims. Currently, this is a few million and thus only a fraction of the stolen funds. Millions of the Gal Barak's scams were processed via the Austrian-Ukraine payment processor Fondy, which is controlled by the former head of the Vienna Stock Exchange Stefan Zapotocky.

September 25, 2020

CySEC Tourism – More scams and victims of Maxigrid’s BitandBuy fraud facilitator identified

Sometime in April 2020, the discussion with Maxigrid started. A customer lost several hundred thousand Euros via the broker Scam RoyalsFX. He had made the deposits on the instructions of RoyalsFX via the BitandBuy crypto platform of the CySEC-regulated Maxigrid. He lost everything and involved FinTelegram in the complaint and shortly afterward BitandBuy disappeared without a trace. However, more scams and victims appeared after our Request 4 Information in June 2020.

September 24, 2020

FinCEN Leaks meet Vienna Cybercrime Trials

FinCEN Leaks are currently a big topic in the financial industry. The analysis of the approximately 2,500 Suspicious Activity Reports (SARs) leaked FinCEN documents demonstrates what FinTelegram has been stretching out for years now - money-laundering is still not really taken seriously by financial institutions. The FinCEN Leaks also have a direct connection to the Vienna Cybercrime Trials and the collapsed Austrian Meinl Bank.